Bills › 89th General Assembly
Providing for the future repeal of certain tax credits
Where it is now
- Done: IntroducedJanuary 12, 2021
- Stopped: SubcommitteeDied when the General Assembly ended
- Next: House committee
- 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 2022 session adjourned on May 24, 2022, the General Assembly’s last regular session. Bills that didn’t pass both chambers died. What’s a funnel?
What’s in it
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, 2027, the following tax credits that currently have no repeal date: the accelerated career education program job tax credit; the beginning farmer 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 January 1, 2033, to January 1, 2027. The bill provides that the repeal of a tax credit shall not affect tax credits issued, awarded, or allowed prior to January 1, 2027, 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, 2027.16 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, 2022, 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.
Iowa Code it changes
Creates§15.293C§15.337§15E.47§422.3A§476B.11§476C.8
Amends§15.322§15A.7§15E.52§16.81§260E.5§260G.4A§403.19A§422.10§422.10B§422.11L§422.11S§422.11W§422.33
Lobbying
0 for · 1 against · 11 undecided · Who →
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Tried before
89th General Assembly
Picked up later
Earlier and later bills are matched by wording or an identical title.
Tried before
This idea has been filed in an earlier General Assembly. None got through a chamber.
- HF 12 Providing for the future repeal of certain tax credits88th General Assembly · In committee · same titleCleared committee
Similar bills this General Assembly
- 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.