HF 2522: Relating to the maximum amount of tax credits that may be granted to taxpayers under the endow Iowa tax credit, and effective date and including applicability provisions

What it does

This bill relates to the endow Iowa tax credit available against the individual and corporate income taxes, the franchise tax, the insurance premiums tax, and the moneys and credits tax. Under current law, the aggregate amount of endow Iowa tax credits authorized annually shall not exceed $6 million, and current law prohibits a taxpayer to be granted more than percent of the $6 million aggregate amount. The bill reduces the maximum amount of endow Iowa tax credits that may be granted to a taxpayer from percent of the $6 million aggregate amount to an amount not to exceed $100,000. The bill takes effect January 1, 2023, and applies to endowment gifts made on or after that date.

House subcommittee · named February 17, 2022

• Rep. Brent Siegrist (R) · brent.siegrist@legis.iowa.gov
• Rep. Carter F. Nordman (R) · carter.nordman@legis.iowa.gov
• Rep. Cindy Winckler (D) · cindy.winckler@legis.iowa.gov

Lobbying · 2 for, 0 against

For: Community Foundation of Greater Des Moines; Iowa Community Foundations

In plain words

1. February 15, 2022Filed in the House and sent to the Ways and Means committee · as HSB 718
2. February 15, 2022House subcommittee named: Siegrist, Gjerde and Nordman · as HSB 718
3. February 17, 2022House subcommittee named: Siegrist, Nordman and Winckler · as HSB 718
4. February 17, 2022Subcommittee recommended passing it · as HSB 718
5. February 22, 2022Approved by the House committee · as HSB 718
6. February 23, 2022Filed in the House
7. February 23, 2022Approved by the House committee, and given a new number: HF 2522 · as HSB 718