HF 419: Relating 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, and including effective date and applicability provisions

What it does

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. The endow Iowa tax credit is a tax credit equal to percent of a taxpayer’s endowment gift to an endow Iowa qualified community foundation. The tax credit is administered by the Iowa economic development authority (IEDA).305(1), and the aggregate amount of that tax credit claimed against taxes by the taxpayer is less than the amount of that tax credit IEDA allowed the taxpayer to claim, the difference may be authorized as tax credits by IEDA and tax credits equal to the amount of the difference may be added to the annual aggregate tax credit amount of $6 million.

Lobbying · 1 for, 0 against

For: Iowa Community Foundations

In plain words

1. February 22, 2023Filed in the House and sent to the Ways and Means committee