HSB 123

Where it is now

1. ✓
   Done: IntroducedFebruary 1, 2023
2. ✓
   Done: SubcommitteeFebruary 1, 2023
3. ✓
   Done: House committeeApril 5, 2023
4. –
   Skipped: Passes the HouseContinued as HF 703
5. Next: Senate committee
6. Next: Passes the Senate
7. Next: To the Governor
8. Next: Signed into law

Became HF 703 → Its progress continues under the new number. Go to HF 703 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.

Full bill text · What changed before it passed¹

House subcommittee

Named February 1, 2023. On April 4, 2023 it recommended passage. Vote Total: 3-0.

• Rep. Bobby Kaufmann REmail
• Rep. Austin Harris REmail
• Rep. David Jacoby DEmail

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

AI summary This bill extends the deadline for taxpayers to receive a tax credit for donations made to the Hoover Presidential Library Foundation through the end of calendar year 2024. The extension is projected to reduce General Fund revenue by $560,000 in fiscal year 2025 and by $38,000 per fiscal year from fiscal year 2026 through fiscal year 2030.²

From the note: 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 · $560,000
• Hoover Tax Credit Extension · April 11, 2023 · $560,000

Reading a fiscal note⁴

Iowa Code it changes

Amends§15E.364

How the Code works⁵

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