Bills › 88th General Assembly
Providing for the future repeal of certain tax credits
Where it is now
- Done: IntroducedJanuary 17, 2019
- Done: SubcommitteeJanuary 22, 2019
- Stopped: House committeeDied when the General Assembly ended
- Next: Passes the House
- Next: Senate committee
- Next: Passes the Senate
- Next: To the Governor
- Next: Signed into law
Died when the session ended The 2020 session adjourned on June 14, 2020, the General Assembly’s last regular session. Bills that didn’t pass both chambers died. What’s a funnel?
What’s in it
This bill provides for the future repeal of certain existing state income tax credits, and provides for the future repeal of tax credits enacted by the general assembly in the future. DIVISION I —— FUTURE REPEAL OF EXISTING TAX CREDITS. Division I repeals on January 1, 2025, the following tax credits that currently have no repeal date: the accelerated career education program job tax credit; the agricultural assets transfer tax credit; the assistive device corporate tax credit; the sales and use tax refund, corporate tax credit for certain sales taxes paid by third-party developers, investment tax credit, insurance premiums tax credit, and supplemental research activities tax credit available under the high quality jobs program; the redevelopment tax credits; the school tuition organization tax credit; the solar energy system tax credit; the innovation fund investment tax credit; the tax credit for investments in a qualifying business; the wind energy production tax credit; the charitable conservation contribution tax credit; the new jobs credits from withholding available under the Iowa industrial new job training program; the research activities credits; the renewable energy tax credit; and the targeted jobs withholding tax credit.
Read the full explanation
The bill amends the repeal date of the renewable chemical production tax credit from July 1, 2030, to January 1, 2025. The bill provides that the repeal of a tax credit shall not affect tax credits issued, awarded, or allowed prior to January 1, 2025, or affect a taxpayer’s ability to claim or redeem such tax credits, including but not limited to any tax credit carryforward amount, and further provides that the bill shall not constitute grounds for rescission or modification of agreements entered into for a tax credit, and that such agreements shall remain in effect until they expire under their own terms and shall be governed by the applicable provisions of law as they existed immediately prior to January 1, 2025.16 for submission to the legislative services agency to implement the repeal of the tax credits. DIVISION II —— FUTURE REPEAL OF FUTURE TAX CREDIT PROGRAMS. Division II provides that any tax credit program available against the individual or corporate income tax, the franchise tax, the insurance premiums tax, or the moneys and credits tax, enacted by the general assembly on or after January 1, 2020, is repealed after five years, unless another provision of law provides for an earlier repeal date. The bill provides that the repeal of a tax credit program pursuant to this provision shall not affect the tax credits or tax credit agreements entered into prior to the repeal of the tax credit program in the same manner as described above for the repeal of the existing tax credits.
House subcommittee
Named January 21, 2020. It hasn’t reported yet.
Three legislators hear a bill first and recommend what the committee should do; it’s the best time to weigh in. How to take part
Iowa Code it changes
Creates§15.293C§15.337§15E.47§422.3A§476B.11§476C.8
Amends§15.322§15A.7§15E.52§16.80§260E.5§260G.4A§403.19A§422.10§422.10B§422.11L§422.11S§422.11W§422.33
Lobbying
1 for · 10 against · 20 undecided · Who →
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88th General Assembly
Picked up later
Earlier and later bills are matched by wording or an identical title.
Similar bills
- HF 36 Providing for the future repeal of certain tax credits89th General Assembly · In committeeNearly identical
- HF 625 Providing for the future repeal of tax credits91st General Assembly · In committeeVery similar
- HF 2342 Providing for the future repeal of tax credits91st General Assembly · In committeeSimilar
Matched by wording or an identical title.