Bills › 90th General Assembly
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
Where it is now
- Done: IntroducedFebruary 22, 2023
- 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 People who give money to certain community foundations can receive a tax credit. If a person cannot use their full tax credit within five years, the state can add that leftover amount back into the total pool of money available for everyone to use. This change affects taxpayers and the total amount of credits the state provides each year.1
Read the official explanation
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. The bill takes effect January 1, 2024, and applies to tax years beginning on or after that date.