Bills › 90th General Assembly
Repealing the school tuition organization tax credit available against the individual and corporate income taxes and including effective date provisions
Where it is now
- Done: IntroducedFebruary 5, 2024
- 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 2024 session adjourned on April 19, 2024, the General Assembly’s last regular session. Bills that didn’t pass both chambers died. What’s a funnel?
What’s in it
AI summary Iowa is getting rid of the tax credit that people and businesses receive for giving money to school tuition organizations. Starting July 1, 2024, taxpayers can no longer use these donations to lower the amount of income tax they owe. This change also limits the total amount of these tax credits available for the rest of 2024.1
Read the official explanation
This bill repeals the school tuition organization (STO) tax credit available against the individual and corporate income taxes. DIVISION I. Under the bill, a contribution made by a taxpayer to an STO on or after July 1, 2024, shall not be used by the taxpayer as a tax credit to reduce the individual or corporate income tax. The bill prohibits an STO from issuing tax credit certificates for contributions made to the STO on or after July 1, 2024. The bill reduces the total amount of approved STO tax credits that may be issued in calendar year 2024 from $20 million to $10 million due to the repeal occurring at the midpoint of the calendar year. The bill strikes the credit occurring each calendar year after calendar year 2024.11S(3). DIVISION II.11S on the date that the Code section is repealed. The division takes effect on July 1, 2030.
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90th General Assembly
Earlier and later bills are matched by wording or an identical title.
Similar bills
- HF 811 Repealing the school tuition organization tax credit available against the individual and …91st General Assembly · In committeeNearly identical
- HF 2152 Repealing the school tuition organization tax credit available against the individual and …91st General Assembly · In committeeNearly identical
Matched by wording or an identical title.