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Bills › 90th General Assembly

HF 710Signed by Governor · June 1, 2023

Relating to the endow Iowa tax credit, making appropriations, and including retroactive applicability and effective date provisions

Sponsored by the House Appropriations (successor To Hsb 122) Committee

Topics:State budgetTax credits & incentives

Same legislation: HF 673

Write your legislators about it

Also covers HF 673.

What changed before it passed
Official bill pageLobbyist declarationsOne-pager to print

Where it is now

  1. Done: IntroducedMarch 20, 2023
  2. Done: SubcommitteeApril 7, 2023
  3. Done: House committeeApril 10, 2023
  4. Done: Passes the HouseApril 13, 202399–0
  5. Done: Senate committeeMay 1, 2023
  6. Done: Passes the SenateMay 3, 202347–0
  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 concerns the distribution of tax receipts from internet fantasy sports contests and sports wagering. The bill is organized by divisions.311 and not the sports wagering receipts fund. The bill also provides that taxes imposed and collected for sports wagering shall not be deposited in the sports wagering receipts fund.311, and the remaining amount of taxes paid after all other distributions are made shall be appropriated to the economic development authority for equal distribution to qualified sponsoring organizations licensed to operate gambling games under Code chapter 99F.

Read the full explanation

The bill provides that for the fiscal year beginning July 1, 2023, any unobligated and unencumbered moneys in the sports wagering receipts fund from the previous fiscal year shall be appropriated to the county endowment fund.311 and provides that the sports wagering receipts fund is repealed June 30, 2024. Division II of the bill appropriates $7 million from the sports wagering receipts fund to the general fund for the fiscal year beginning July 1, 2022, for purposes of the endow Iowa tax credit. The division takes effect upon enactment. Division III of the bill relates to the maximum amount of tax credits authorized for the endow Iowa tax credit for the tax year beginning on or after January 1, 2023, but before January 1, 2024. The bill increases the maximum amount of tax credits authorized for tax year 2023 from $6 million to $13 million. The division takes effect upon enactment and applies retroactively to the tax year beginning on or after January 1, 2023, but before January 1, 2024. Division IV of the bill relates to the maximum amount of tax credits authorized for the endow Iowa tax credit for tax years beginning on or after January 1, 2024. The bill increases the maximum amount of tax credits authorized for tax years beginning on or after January 1, 2024, to $7 million. The division applies to tax years beginning on or after January 1, 2024. Division V of the bill provides that the changes made in 2022 Iowa Acts, chapter 1002, to the maximum amount of tax credits authorized for the endow Iowa tax credit do not apply to endowment gifts made to an endow Iowa qualified foundation prior to January 1, 2023. The division takes effect upon enactment and applies retroactively to January 1, 2023.

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 amendment and passage. [].

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

Figure 2 includes the fiscal impact to the SWRF and General Fund for FY 2023 through FY 2028 when including the increase to the General Fund from the SWRF appropriation and the anticipated timing of the Endow Iowa Tax Credit award claims from the increased award limit.

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.305§15E.311§8.57§99E.6§99F.11

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

Lobbying

5 for · 0 against · 19 undecided · Who →

Family tree

Where this legislation came from and where it went: earlier tries, the versions it moved through this Assembly, and later bills built on it.

90th General Assembly

HF 673RenumberedHF 710Became lawfrom HF 673

Earlier and later bills are matched by wording or an identical title; check the text to be sure it’s the same idea.