Iowa HF2688 mandates data center businesses to invest in equity for sales tax exemptions and refunds.
Iowa HF2688 establishes investment requirements for data center businesses claiming sales tax exemptions and sales and use tax refunds. Data centers must invest a minimum of 5% of the aggregate value of the exemptions and refunds claimed in the previous year as an equity investment in a qualifying business or an innovation fund. The Economic Development Authority verifies these investments.
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