Bills › 89th General Assembly
Relating to investment tax credits and innovation fund tax credits, and including effective date and applicability provisions
Sponsored by the Senate Ways and Means Committee
Topics:TaxesTax credits & incentives
Same legislation: SSB 1196
Where it is now
- Done: IntroducedFebruary 16, 2021
- Done: SubcommitteeFebruary 16, 2021
- Done: Senate committeeApril 28, 2021
- Stopped: Passes the SenateDied when the General Assembly ended
- Next: House committee
- Next: Passes the House
- 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
This bill relates to investment tax credits and innovation fund tax credits. Under current law the economic development authority (authority) must allocate $2 million to investments in qualifying businesses and $8 million to equity investments in innovation funds (equity investments). The bill limits the authority’s tax credit allocations for investments in qualifying businesses and equity investments to a maximum aggregate of $10 million. The bill requires the authority to determine on or before June of each fiscal year the amount of tax credits to be allocated to each.
Read the full explanation
In addition, any amount of tax credits allocated and not awarded in that fiscal year must be reallocated to either investments in qualifying businesses or to equity investments for the next fiscal year, and those tax credits do not count towards the maximum aggregate of $10 million. This applies to tax credits allocated on or after the fiscal year beginning July 1, 2021, and for each fiscal year thereafter. The bill modifies the maximum amount of an investment tax credit that may be issued to a natural person and the person’s spouse or dependent from a calendar year basis to a fiscal year basis. The maximum amount of tax credits that may be issued for equity investments in any one qualifying business is also modified from a calendar year to a fiscal year. The bill is effective upon enactment.
From the explanation printed with the bill as introduced, written by the Legislative Services Agency. Amendments adopted later aren’t reflected. Full bill text
Senate subcommittee
Named January 19, 2022. 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
Read from the bill as introduced. Each links to every bill touching that chapter of the Iowa Code. How the Code works
Lobbying
11 for · 0 against · 5 undecided · Who →
Family tree
Where this legislation came from and where it went: earlier tries, the versions it moved through this Assembly, and later bills built on it.
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89th General Assembly
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