Bill Text: IA HSB123 | 2023-2024 | 90th General Assembly | Introduced
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.(See HF 703.)
Spectrum: Committee Bill
Status: (Introduced - Dead) 2023-04-10 - Committee report approving bill, renumbered as HF 703. [HSB123 Detail]
Download: Iowa-2023-HSB123-Introduced.html
House
Study
Bill
123
-
Introduced
HOUSE
FILE
_____
BY
(PROPOSED
COMMITTEE
ON
WAYS
AND
MEANS
BILL
BY
CHAIRPERSON
KAUFMANN)
A
BILL
FOR
An
Act
relating
to
the
Hoover
presidential
library
tax
credit
1
available
against
the
individual
and
corporate
income
taxes,
2
the
franchise
tax,
the
insurance
premiums
tax,
and
the
3
moneys
and
credits
tax.
4
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
5
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H.F.
_____
Section
1.
Section
15E.364,
subsections
1
and
7,
Code
2023,
1
are
amended
to
read
as
follows:
2
1.
For
tax
years
beginning
on
or
after
January
1,
2021,
3
but
before
January
1,
2024
2025
,
a
tax
credit
shall
be
allowed
4
against
the
taxes
imposed
in
chapter
422,
subchapters
II
,
III
,
5
and
V
,
and
in
chapter
432
,
and
against
the
moneys
and
credits
6
tax
imposed
in
section
533.329
,
equal
to
twenty-five
percent
of
7
a
person’s
donation
to
the
Hoover
presidential
foundation
for
8
the
Hoover
presidential
library
and
museum
renovation
project
9
fund.
An
individual
may
claim
a
tax
credit
under
this
section
10
of
a
partnership,
limited
liability
company,
S
corporation,
11
estate,
or
trust
electing
to
have
income
taxed
directly
to
12
the
individual.
The
amount
claimed
by
the
individual
shall
13
be
based
upon
the
pro
rata
share
of
the
individual’s
earnings
14
from
the
partnership,
limited
liability
company,
S
corporation,
15
estate,
or
trust.
16
7.
This
section
is
repealed
December
31,
2029
2030
.
17
EXPLANATION
18
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
19
the
explanation’s
substance
by
the
members
of
the
general
assembly.
20
This
bill
relates
to
the
Hoover
presidential
library
tax
21
credit
available
against
the
individual
and
corporate
income
22
taxes,
the
franchise
tax,
the
insurance
premiums
tax,
and
the
23
moneys
and
credits
tax.
24
Currently,
the
tax
credit
applies
to
tax
years
beginning
on
25
or
after
January
1,
2021,
but
before
January
1,
2024.
The
bill
26
extends
the
tax
years
a
taxpayer
is
able
to
take
the
tax
credit
27
by
one
tax
year.
Under
the
bill,
a
taxpayer
is
able
to
take
the
28
tax
credit
through
tax
years
beginning
before
January
1,
2025.
29
The
bill
extends
the
repeal
date
of
the
tax
credit
by
one
30
year
to
align
with
the
current
carryforward
provisions
allowing
31
any
unused
portion
of
the
tax
credit
to
be
carried
forward
up
32
to
five
years.
33
The
Hoover
presidential
library
tax
credit
equals
25
percent
34
of
a
taxpayer’s
donation
to
the
Hoover
presidential
foundation
35
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