Iowa SSB1159 modifies urban renewal and revitalization laws to set minimum property values for gaming properties and excludes them from urban renewal.
Iowa SSB1159 amends the state's urban renewal and revitalization laws to establish provisions for properties used for gaming. The bill sets the minimum actual value of gaming properties at the project cost presented to the state racing and gaming commission. It prohibits urban renewal plans from including projects related to gaming properties and excludes these properties from urban renewal areas. The bill also excludes gaming property taxes from revenue division under certain conditions. The changes apply to property taxes due and payable in fiscal years beginning on or after July 1, 2025.
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