A bill for an act relating to matters under the purview of the economic development authority and the Iowa finance authority including the strategic infrastructure program, brownfield, grayfield, and redevelopment tax credits, community attraction and tourism, vision Iowa, sports tourism marketing, the historic preservation tax credit, homelessness, the title guaranty board, arts and culture, and the Iowa reinvestment Act and including applicability and retroactive applicability provisions.

SF 642 modifies several programs under the Iowa Economic Development Authority and Iowa Finance Authority. The bill adjusts application review processes for programs like strategic infrastructure, community attraction and tourism, and sports tourism. It also alters the administration and eligibility criteria for various tax credits, including brownfield, grayfield, redevelopment, and historic preservation tax credits. For instance, it limits the historic preservation tax credit for single-family dwellings unless a project creates multiple new units. These changes primarily affect businesses, developers, and communities seeking state financial assistance or tax incentives for development and preservation projects.