Iowa SF511 modifies urban renewal and revitalization laws to exclude certain gaming properties from tax exemptions.

Iowa SF511 amends the state's urban renewal and revitalization laws to exclude property used for gaming from tax exemptions. Specifically, it prohibits urban renewal plans from including projects related to gaming properties licensed after January 1, 2025. The bill also excludes these properties from urban revitalization tax exemptions and prevents the use of increased revenues for such properties. The changes apply retroactively to assessment years beginning on or after January 1, 2025, and to property taxes due in fiscal years starting July 1, 2025.

Iowa SF511 modifies urban renewal and revitalization laws to exclude certain gaming properties from tax exemptions.

Iowa SF511 amends the state's urban renewal and revitalization laws to exclude property used for gaming from tax exemptions. Specifically, it prohibits urban renewal plans from including projects related to gaming properties licensed after January 1, 2025. The bill also excludes these properties from urban revitalization tax exemptions and prevents the use of increased revenues for such properties. The changes apply retroactively to assessment years beginning on or after January 1, 2025, and to property taxes due in fiscal years starting July 1, 2025.