HF 2660: Relating to eligibility for claiming the research activities tax credit available against the individual and corporate income tax, and including retroactive applicability provisions

What it does

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.

House subcommittee · named February 22, 2024

• Rep. Michael V. Sexton (R)
• Rep. David Jacoby (D) · david.jacoby@legis.iowa.gov
• Rep. Derek Wulf (R) · derek.wulf@legis.iowa.gov

Lobbying · 2 for, 0 against

For: AMVC Management Services; Iowa Pork Producers Association

In plain words

1. February 22, 2024Filed in the House and sent to the Ways and Means committee · as HSB 727
2. February 22, 2024House subcommittee named: Sexton, Jacoby and Wulf · as HSB 727
3. March 5, 2024Subcommittee recommended passing it · as HSB 727
4. March 13, 2024Approved by the House committee · as HSB 727
5. March 18, 2024Filed in the House
6. March 18, 2024Approved by the House committee, and given a new number: HF 2660 · as HSB 727
7. March 19, 2024Cost estimate (fiscal note) posted