Bills › 88th General Assembly
SSB 1041
Where it is now
- Done: IntroducedJanuary 23, 2019
- Done: SubcommitteeJanuary 23, 2019
- Stopped: Senate committeeDied when the General Assembly ended
- Next: Passes the Senate
- Next: House committee
- Next: Passes the House
- 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
_____ tax, and the moneys and credits tax for 60 percent of a taxpayer’s contribution to a regenerative medicine research institution located in the state. Contributions claimed as a charitable deduction for Iowa tax purposes shall not be eligible for the tax credit. In order to qualify for the credit, the regenerative medicine research institute must be qualified under 501(c)(3) of the Internal Revenue Code and must engage in research that is designed to improve patient care through the development and dissemination of novel clinical therapies for the functional repair and replacement of diseased tissues and organs, including cancer research.
Read the full explanation
Postsecondary institutions and entities that receive 25 percent or more of their annual budget from a postsecondary institution do not qualify. In order to claim a tax credit, the taxpayer must submit an application to the department of revenue (department) on or after the date of the charitable contribution, and have that application approved by the department. No more than $10 million in tax credits may be approved per fiscal year. If applications for the tax credit exceed that amount, the department is required to establish a wait list in the order the applications were received and those applicants will receive priority for receiving tax credits in succeeding years. The tax credit is nonrefundable, but any amount in excess of the taxpayer’s tax liability may be carried forward for up to four years. The tax credit cannot be carried back to a prior tax year. For tax credit applications received and approved by the department in the fiscal year during which the charitable contribution is made, the tax credit shall be claimed for the tax year during which the charitable contribution is made. For applications approved by the department in any later fiscal year, the tax credit shall be claimed for the tax year during which the application is approved. _____ charitable contributions made on or after that date.
Senate subcommittee
Named January 23, 2019. 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
Lobbying
2 for · 0 against · 18 undecided · Who →
Similar bills
- SF 37 Creating a tax credit against the individual and corporate income taxes, the franchise tax…88th General Assembly · In committeeNearly identical
Matched by wording or an identical title.