Iowa SF270 establishes a tax credit program for capital contributions to rural business growth funds for qualified businesses.

Iowa SF270 creates the Iowa Rural Development Tax Credit Program, which awards tax credits for capital contributions to certified rural business growth funds investing in qualified businesses. The bill defines a qualified business as one with fewer than 250 employees, not located in a growth fund's area of operation, and not in certain industries. The economic development authority administers the program, accepting applications starting January 7, 2026. Applicants must submit documentation, including a revenue impact assessment and a $5,000 nonrefundable fee.

Iowa SF270 establishes a tax credit program for capital contributions to rural business growth funds for qualified businesses.

Iowa SF270 creates the Iowa Rural Development Tax Credit Program, which awards tax credits for capital contributions to certified rural business growth funds investing in qualified businesses. The bill defines a qualified business as one with fewer than 250 employees, not located in a growth fund's area of operation, and not in certain industries. The economic development authority administers the program, accepting applications starting January 7, 2026. Applicants must submit documentation, including a revenue impact assessment and a $5,000 nonrefundable fee.