HSB 727

Where it is now

1. ✓
   Done: IntroducedFebruary 22, 2024
2. ✓
   Done: SubcommitteeFebruary 22, 2024
3. ✓
   Done: House committeeMarch 13, 2024
4. –
   Skipped: Passes the HouseContinued as HF 2660
5. Next: Senate committee
6. Next: Passes the Senate
7. Next: To the Governor
8. Next: Signed into law

Became HF 2660 → Its progress continues under the new number. Go to HF 2660 What’s a funnel?

What’s in it

This bill relates to eligibility for claiming the research activities tax credit available against the individual and corporate income tax. Under current law, a person engaged in agricultural production as defined in Code section 423.1(5), is not eligible for claiming the research activities tax credit. However, the bill specifies a person conducting agriscience research is eligible to claim the research activities tax credit and is not considered agricultural production for purposes of the tax credit. The calculation of the tax credit is based upon increasing research activities in the state and is refundable. The bill defines “agriscience research”. The bill applies retroactively to January 1, 2017, for tax years beginning on or after that date.

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

House subcommittee

Named February 22, 2024. On March 5, 2024 it recommended passage. Vote Total: 3-0.

• Rep. Michael V. Sexton R
• Rep. David Jacoby DEmail
• Rep. Derek Wulf REmail

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

The proposed expansion of the RAC in House File 2660 is projected to decrease net General Fund revenue by the following amounts each fiscal year: • FY 2024 = $37.7 million • FY 2025 = $48.3 million • FY 2026 = $28.0 million • FY 2027 = $16.5 million • FY 2028 = $13.7 million • FY 2029 = $13.0 million

• Research Activities Credit, Agricultural Production · March 19, 2024 · $48.3M

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§422.10§422.33

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

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.

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