HF 31: Creating the new resident and new graduate tax credits, available against the individual income tax, and including retroactive applicability provisions

What it does

This bill creates the new resident and new graduate tax credits, which are available against the individual income tax. The bill applies to tax years beginning on or after January 1, 2025. NEW RESIDENT TAX CREDIT. and employed full-time in this state while claiming the credit, and who has not been a resident of this state at any time during the previous 12-month period prior to establishing residency. The new resident tax credit authorized in the bill is available to a new resident for up to four consecutive tax years following the establishment of residency in this state.

House subcommittee · named January 23, 2025

• Rep. David E. Young (R) · david.young@legis.iowa.gov
• Rep. Lindsay James (D) · lindsay.james@legis.iowa.gov
• Rep. Megan Jones (R) · megan.jones@legis.iowa.gov

Lobbying · 4 for, 1 against

For: Greater Des Moines Partnership; Iowa Business Council; Professional Developers of Iowa (PDI); Quad Cities Chamber of Commerce

Against: Common Good Iowa

In plain words

1. January 14, 2025Filed in the House and sent to the Ways and Means committee
2. January 23, 2025House subcommittee named: Young, James and Jones
3. January 29, 2025Subcommittee recommended passing it