Relating to eligibility for claiming the research activities tax credit available against the individual and corporate income tax, and including retroactive applicability provisions

Where it is now

1. ✓
   Done: IntroducedMarch 18, 2024
2. ✕
   Stopped: SubcommitteeDied when the General Assembly ended
3. Next: House committee
4. Next: Passes the House
5. Next: Senate committee
6. Next: Passes the Senate
7. Next: To the Governor
8. Next: Signed into law

Died when the session ended The General Assembly adjourned on April 19, 2024. Bills that didn’t pass both chambers died. What’s a funnel?

What’s in it

This bill relates to eligibility for claiming the research activities tax credit available against the individual and corporate income tax. Under current law, a person engaged in agricultural production as defined in Code section 423.1(5), is not eligible for claiming the research activities tax credit. However, the bill specifies a person conducting agriscience research is eligible to claim the research activities tax credit and is not considered agricultural production for purposes of the tax credit. The calculation of the tax credit is based upon increasing research activities in the state and is refundable. The bill defines “agriscience research”. The bill applies retroactively to January 1, 2017, for tax years beginning on or after that date.

From the explanation printed with the bill as introduced, written by the Legislative Services Agency. Amendments adopted later aren’t reflected. Full bill text

Fiscal note

Less revenue: up to $48.3M Compare with other bills

The proposed expansion of the RAC in House File 2660 is projected to decrease net General Fund revenue by the following amounts each fiscal year: • FY 2024 = $37.7 million • FY 2025 = $48.3 million • FY 2026 = $28.0 million • FY 2027 = $16.5 million • FY 2028 = $13.7 million • FY 2029 = $13.0 million

• Research Activities Credit, Agricultural Production · March 19, 2024

Nonpartisan cost estimates from the Legislative Services Agency’s Fiscal Services Division. The newest is first. Reading a fiscal note

Iowa Code it changes

Amends§422.10§422.33

Read from the bill as introduced. Each links to every bill touching that chapter of the Iowa Code. How the Code works