Bill Text: IA HSB270 | 2025-2026 | 91st General Assembly | Introduced
Bill Title: A bill for an act relating to the historic preservation tax credit available against the individual and corporate income taxes, the franchise tax, and the insurance premiums tax.
Spectrum: Committee Bill
Status: (Introduced) 2025-02-27 - Subcommittee: Young, Hermanson and McBurney. H.J. 464. [HSB270 Detail]
Download: Iowa-2025-HSB270-Introduced.html
House
Study
Bill
270
-
Introduced
HOUSE
FILE
_____
BY
(PROPOSED
COMMITTEE
ON
WAYS
AND
MEANS
BILL
BY
CHAIRPERSON
KAUFMANN)
A
BILL
FOR
An
Act
relating
to
the
historic
preservation
tax
credit
1
available
against
the
individual
and
corporate
income
taxes,
2
the
franchise
tax,
and
the
insurance
premiums
tax.
3
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
4
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_____
Section
1.
2022
Iowa
Acts,
chapter
1002,
section
53,
is
1
amended
to
read
as
follows:
2
SEC.
53.
PRESERVATION
OF
EXISTING
RIGHTS.
3
1.
This
Except
as
provided
in
subsection
2,
this
division
4
of
this
Act
is
not
intended
to
and
shall
not
limit,
modify,
or
5
otherwise
adversely
affect
any
amount
of
tax
credit
issued,
6
awarded,
or
allowed
prior
to
January
1,
2023,
nor
shall
it
7
limit,
modify,
or
otherwise
adversely
affect
a
taxpayer’s
right
8
to
claim
or
redeem
a
tax
credit
issued,
awarded,
or
allowed
9
prior
to
January
1,
2023,
including
but
not
limited
to
any
tax
10
credit
carryforward
amount.
11
2.
The
section
of
this
division
of
this
Act
amending
the
12
historic
preservation
tax
credit
is
not
intended
to
and
shall
13
not
limit,
modify,
or
otherwise
adversely
affect
any
amount
of
14
the
tax
credit
issued,
awarded,
or
allowed
prior
to
July
1,
15
2023,
nor
shall
it
limit,
modify,
or
otherwise
adversely
affect
16
a
taxpayer’s
right
to
claim
or
redeem
the
tax
credit
issued,
17
awarded,
or
allowed
prior
to
July
1,
2023,
including
but
not
18
limited
to
any
tax
credit
carryforward
amount.
19
EXPLANATION
20
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
21
the
explanation’s
substance
by
the
members
of
the
general
assembly.
22
During
the
2022
legislative
session,
House
File
2317
was
23
enacted
which
gradually
reduced
the
refundability
of
the
24
historic
preservation
tax
credit
commencing
with
the
tax
year
25
beginning
January
1,
2023,
until
75
percent
of
the
credit
in
26
excess
of
tax
liability
is
refundable
for
tax
years
beginning
27
on
or
after
January
1,
2027.
Previously,
the
tax
credit
28
was
100
percent
refundable.
House
File
2317
also
enacted
29
a
provision
preserving
existing
rights
to
the
tax
credit
30
issued,
awarded,
or
allowed
prior
to
January
1,
2023,
to
31
reduce
the
effect
House
File
2317
had
on
existing
tax
credits
32
being
awarded.
This
bill
expands
the
applicability
of
the
33
preservation
of
existing
rights
provision
from
January
1,
2023,
34
to
July
1,
2023,
to
historic
preservation
tax
credits
issued,
35
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