Bill Text: IA HF703 | 2023-2024 | 90th General Assembly | Enrolled
Bill Title: A bill for an act relating to the Hoover presidential library tax credit available against the individual and corporate income taxes, the franchise tax, the insurance premiums tax, and the moneys and credits tax. (Formerly HSB 123.) Effective date: 07/01/2023.
Spectrum: Committee Bill
Status: (Passed) 2023-06-01 - Signed by Governor. H.J. 1042. [HF703 Detail]
Download: Iowa-2023-HF703-Enrolled.html
House
File
703
-
Enrolled
House
File
703
AN
ACT
RELATING
TO
THE
HOOVER
PRESIDENTIAL
LIBRARY
TAX
CREDIT
AVAILABLE
AGAINST
THE
INDIVIDUAL
AND
CORPORATE
INCOME
TAXES,
THE
FRANCHISE
TAX,
THE
INSURANCE
PREMIUMS
TAX,
AND
THE
MONEYS
AND
CREDITS
TAX.
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
Section
1.
Section
15E.364,
subsections
1
and
7,
Code
2023,
are
amended
to
read
as
follows:
1.
For
tax
years
beginning
on
or
after
January
1,
2021,
but
before
January
1,
2024
2025
,
a
tax
credit
shall
be
allowed
against
the
taxes
imposed
in
chapter
422,
subchapters
II
,
III
,
and
V
,
and
in
chapter
432
,
and
against
the
moneys
and
credits
tax
imposed
in
section
533.329
,
equal
to
twenty-five
percent
of
a
person’s
donation
to
the
Hoover
presidential
foundation
for
the
Hoover
presidential
library
and
museum
renovation
project
fund.
An
individual
may
claim
a
tax
credit
under
this
section
of
a
partnership,
limited
liability
company,
S
corporation,
estate,
or
trust
electing
to
have
income
taxed
directly
to
the
individual.
The
amount
claimed
by
the
individual
shall
be
based
upon
the
pro
rata
share
of
the
individual’s
earnings
from
the
partnership,
limited
liability
company,
S
corporation,
estate,
or
trust.
House
File
703,
p.
2
7.
This
section
is
repealed
December
31,
2029
2030
.
______________________________
PAT
GRASSLEY
Speaker
of
the
House
______________________________
AMY
SINCLAIR
President
of
the
Senate
I
hereby
certify
that
this
bill
originated
in
the
House
and
is
known
as
House
File
703,
Ninetieth
General
Assembly.
______________________________
MEGHAN
NELSON
Chief
Clerk
of
the
House
Approved
_______________,
2023
______________________________
KIM
REYNOLDS
Governor
