Bills › 89th General Assembly
Where it is now
- Done: IntroducedFebruary 15, 2022
- Done: SubcommitteeFebruary 15, 2022
- Done: House committeeFebruary 22, 2022
- Skipped: Passes the HouseContinued as HF 2522
- Next: Senate committee
- Next: Passes the Senate
- Next: To the Governor
- Next: Signed into law
Became HF 2522 → Its progress continues under the new number. Go to HF 2522 What’s a funnel?
What’s in it
AI summary Currently, there is a limit on how much of the state's $6 million tax credit pool one person or company can receive. This change lowers that individual limit to a maximum of $100,000. It affects people and businesses that give money to endowments and want to use those gifts to lower their taxes.1
Read the official explanation
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. On February 17, 2022 it recommended passage. Vote Total: 3-0.
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
Family tree
Study bill
89th General Assembly