Read the full stored bill text
Senate
File
2252
-
Introduced
SENATE
FILE
2252
BY
DAWSON
,
WEBSTER
,
BOUSSELOT
,
DRISCOLL
,
KOELKER
,
GRUENHAGEN
,
and
WESTRICH
A
BILL
FOR
An
Act
modifying
the
major
economic
growth
attraction
program
1
to
include
incentivizing
the
building
of
a
professional
2
sports
stadium
by
a
national
football
league
franchise
in
3
the
state.
4
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
5
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5891XS
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jm/jh
S.F.
2252
Section
1.
Section
15.491,
Code
2026,
is
amended
by
adding
1
the
following
new
subsections:
2
NEW
SUBSECTION
.
4A.
“Business
affiliate”
means
an
entity
3
that
joins
with
or
is
an
affiliate
of
a
business
and
invests
or
4
participates
in
the
investment
in
a
sports
stadium.
5
NEW
SUBSECTION
.
24A.
“Sports
stadium”
means
a
facility,
6
stadium,
arena,
or
other
structure
where
national
football
7
league
games
are
held.
8
Sec.
2.
Section
15.492,
subsection
1,
paragraph
a,
Code
9
2026,
is
amended
to
read
as
follows:
10
a.
The
business’s
proposed
project
must
be
located
on
a
11
site
where
the
business
has
a
controlling
interest
in
,
or
12
a
certified
site
greater
than
two
hundred
fifty
acres
,
or
13
a
certified
site
where
a
sports
stadium
may
be
built
.
The
14
authority
must
determine
a
site
is
suitable
for
the
project.
15
Sec.
3.
Section
15.492,
subsection
1,
paragraph
d,
Code
16
2026,
is
amended
to
read
as
follows:
17
d.
(1)
(a)
The
business
must
be
primarily
engaged
18
in
advanced
manufacturing,
biosciences,
or
research
and
19
development
,
or
must
be
a
business
specified
in
subparagraph
20
(2)
.
The
business
shall
not
be
a
data
center
business,
21
a
retail
business,
or
a
business
where
a
cover
charge
or
22
membership
requirement
restricts
certain
individuals
from
23
entering
the
business.
24
(2)
(b)
Factors
the
authority
shall
consider
to
determine
25
if
a
business
is
primarily
engaged
in
advanced
manufacturing,
26
biosciences,
or
research
and
development
shall
include
but
are
27
not
limited
to
all
of
the
following:
28
(a)
(i)
The
business’s
North
American
industry
29
classification
system
code.
30
(b)
(ii)
The
business’s
main
sources
of
revenue.
31
(c)
(iii)
The
business’s
customer
base.
32
(2)
The
business
is
comprised
of
one
or
more
entities
33
building
a
sports
stadium.
For
purposes
of
this
subparagraph,
34
the
term
“business”
includes
a
business
affiliate.
35
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2252
EXPLANATION
1
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
2
the
explanation’s
substance
by
the
members
of
the
general
assembly.
3
This
bill
modifies
the
major
economic
growth
attraction
4
(MEGA)
program
to
include
incentivizing
the
building
of
a
5
professional
sports
stadium
by
a
national
football
league
6
franchise
in
the
state.
7
Currently,
the
MEGA
program
provides
economic
development
8
incentives
designed
to
attract
capital
investments
from
9
businesses
who
invest
at
least
$1
billion
in
the
state
and
who
10
are
primarily
engaged
in
advanced
manufacturing,
biosciences,
11
or
research
and
development.
The
bill
expands
the
MEGA
12
program
to
provide
economic
development
incentives
to
a
13
national
football
league
franchise
building
a
professional
14
sports
stadium
in
the
state.
The
business
incentives
include
15
sales
and
use
tax
refunds,
qualifying
investment
tax
credits,
16
withholding
tax
credits,
and
other
state
tax
incentives
if
17
authorized
by
the
economic
development
authority.
18
The
bill
defines
“sports
stadium”
to
mean
a
facility,
19
stadium,
arena,
or
other
structure
where
national
football
20
league
games
are
held.
21
Currently,
tax
incentives
under
the
MEGA
program
may
not
be
22
awarded
for
more
than
two
eligible
businesses
or
after
January
23
1,
2027,
whichever
comes
first.
24
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