Relating to the Hoover presidential library tax credit available against the individual and corporate income taxes, the franchise tax, the insurance premiums tax, and the moneys and credits tax

Where it is now

1. ✓
   Done: IntroducedApril 10, 2023
2. –
   Skipped: SubcommitteeSkipped
3. ✓
   Done: House committeeApril 19, 2023
4. ✓
   Done: Passes the HouseApril 19, 202395–0
5. ✓
   Done: Senate committeeApril 25, 2023
6. ✓
   Done: Passes the SenateMay 3, 202348–0
7. ✓
   Done: To the GovernorMay 9, 2023
8. ✓
   Done: Signed into lawJune 1, 2023

Signed into law What’s a funnel?

What’s in it

This bill relates to the Hoover presidential library tax credit available against the individual and corporate income taxes, the franchise tax, the insurance premiums tax, and the moneys and credits tax. Currently, the tax credit applies to tax years beginning on or after January 1, 2021, but before January 1, 2024. The bill extends the tax years a taxpayer is able to take the tax credit by one tax year. Under the bill, a taxpayer is able to take the tax credit through tax years beginning before January 1, 2025.

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

Senate subcommittee

Named April 20, 2023. On April 24, 2023 it recommended passage. [].

• Sen. Brad Zaun R
• Sen. Dan Dawson REmail
• Sen. Pam Jochum D

Three legislators hear a bill first and recommend what the committee should do; it’s the best time to weigh in. How to take part

Fiscal note

Less revenue: up to $560,000 Compare with other bills

Extending the tax credit award deadline will allow credits to be awarded that will not be available without a law change that extends the availability of the tax credits. The tax credit extension is projected to reduce General Fund revenue by the following amounts: • FY 2025 = $560,000. • FY 2026 through FY 2030 = $38,000 per fiscal year.

• Final Fiscal Note — Hoover Tax Credit Extension · May 12, 2023
• Hoover Tax Credit Extension · April 11, 2023

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§15E.364

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