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Bills › 88th General Assembly

HF 2638Died when the session ended · June 9, 2020

Relating to certain tax credits awarded by the economic development authority for equity investments in qualifying businesses or innovation funds and including effective date provisions

Sponsored by the House Ways and Means Committee

Topics:Business & economyTaxesTax credits & incentives

Same legislation: HSB 671

Write your legislators about it

Also covers HSB 671.

Official bill pageLobbyist declarationsOne-pager to print

Where it is now

  1. Done: IntroducedJune 9, 2020
  2. Stopped: SubcommitteeDied when the General Assembly ended
  3. Next: House committee
  4. Next: Passes the House
  5. Next: Senate committee
  6. Next: Passes the Senate
  7. Next: To the Governor
  8. 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

AI summary The state's economic development authority will now decide every June how many tax credits can be given out for investments in certain businesses and funds for the next year. These total tax credits are limited to $10 million. Additionally, the maximum amount of credits an individual or family can receive for these investments will now be calculated by the state's fiscal year instead of the calendar year.1

Read the official explanation

This bill relates to certain tax credits awarded by the economic development authority for equity investments in a qualifying business or innovation fund.52. The bill caps the aggregate amount of these tax credits at $10 million. The bill changes the maximum amount of tax credits that may be issued in a year to a natural person and the person’s spouse or dependant, or for equity investments in any one qualifying business, from a calendar year basis to a fiscal year basis. The bill takes effect upon enactment.

Full bill text2

Iowa Code it changes

Amends§15.119§15E.43

How the Code works3

Lobbying

10 for · 0 against · 3 undecided · Who →

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Study bill

HSB 671Cleared committee

88th General Assembly

HF 2638Cleared committee

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