Iowa HF693 modifies the county endowment fund to restrict its use to charitable organizations located in the state.

Iowa HF693 amends the county endowment fund, which receives 0.8% of adjusted gross receipts tax from gambling games. The bill specifies that 75% of the fund must be distributed as grants to charitable organizations for charitable purposes within the county, while 25% is retained for a permanent endowment fund benefiting in-state charitable organizations. The bill also narrows the definition of "charitable organization" to those located in Iowa.

Iowa HF693 modifies the county endowment fund to restrict its use to charitable organizations located in the state.

Iowa HF693 amends the county endowment fund, which receives 0.8% of adjusted gross receipts tax from gambling games. The bill specifies that 75% of the fund must be distributed as grants to charitable organizations for charitable purposes within the county, while 25% is retained for a permanent endowment fund benefiting in-state charitable organizations. The bill also narrows the definition of "charitable organization" to those located in Iowa.