ARC 8047C

ARC 8047C

ECONOMIC DEVELOPMENT AUTHORITY[261]

Notice of Intended Action

Proposing rulemaking related to major economic growth attraction program and providing an opportunity for public comment

The Economic Development Authority hereby proposes to adopt Chapter 67, "Major Economic Growth Attraction (MEGA) Program," Iowa Administrative Code.

Legal Authority for Rulemaking

This rulemaking is proposed under the authority provided in Iowa Code section 15.106A and 2024 Iowa Acts, Senate File 574.

State or Federal Law Implemented

This rulemaking implements, in whole or in part, 2024 Iowa Acts, Senate File 574.

Purpose and Summary

2024 Iowa Acts, Senate File 574, establishes the MEGA Program. The program is intended to attract investments in the state exceeding $1 billion by advanced manufacturing, bioscience, and research businesses. Businesses must create jobs that will pay 140 percent of the laborshed wage to be eligible for the program.

The proposed Chapter 67 describes how the program will be implemented by the Authority. Senate File 574, section 14, directs the Authority to adopt emergency rules and file a Notice of Intended Action within 60 days of the effective date of the legislation. The Authority was directed to initiate this rulemaking by the Administrative Rules Coordinator on May 2, 2024.

Fiscal Impact

This rulemaking has no fiscal impact to the State of Iowa beyond that of the legislation it is intended to implement.

Jobs Impact

Businesses that participate in the program will be required to create jobs.

Waivers

Any person who believes that the application of the discretionary provisions of this rulemaking would result in hardship or injustice to that person may petition the Authority for a waiver of the discretionary provisions, if any, pursuant to 261—Chapter 199.

Public Comment

Any interested person may submit written or oral comments concerning this proposed rulemaking. Written or oral comments in response to this rulemaking must be received by the Authority no later than 4:30 p.m. on July 2, 2024. Comments should be directed to:

Public Hearing

No public hearing is scheduled at this time. As provided in Iowa Code section 17A.4(1)"b," an oral presentation regarding this rulemaking may be demanded by 25 interested persons, a governmental subdivision, the Administrative Rules Review Committee, an agency, or an association having 25 or more members.

Review by Administrative Rules Review Committee

The Administrative Rules Review Committee, a bipartisan legislative committee which oversees rulemaking by executive branch agencies, may, on its own motion or on written request by any individual or group, review this rulemaking at its regular monthly meeting or at a special meeting. The Committee's meetings are open to the public, and interested persons may be heard as provided in Iowa Code section 17A.8(6).

Emergency Rulemaking Adopted by Reference

This proposed rulemaking is also published herein as an Adopted and Filed Emergency rulemaking (see ARC 8046C, IAB 6/12/24). The purpose of this Notice of Intended Action is to solicit public comment on that emergency rulemaking, whose subject matter is hereby adopted by reference.