HF 625: Providing for the future repeal of tax credits

What it does

This bill provides for the future repeal of certain existing state income and property tax credits, and provides for the future repeal of tax credits enacted by the general assembly in the future. DIVISION I —— FUTURE REPEAL OF EXISTING TAX CREDITS. Division I repeals tax credits on a rolling basis over a five-year period beginning January 1, 2027, through January 1, 2031. The bill repeals the following tax credits that currently have no repeal date: the accelerated career education program job tax credit; the beginning farmer tax credit; the assistive device corporate tax credit; the sales and use tax refund, corporate tax credit for certain sales taxes paid by third-party developers, investment tax credit, insurance premiums tax credit, and supplemental research activities tax credit available under the high quality jobs program; the school tuition organization tax credit; the solar energy system tax credit; the innovation fund investment tax credit; the tax credit for investments in a qualifying business; the wind energy production tax credit; the charitable conservation contribution tax credit; the new jobs credits from withholding available under the Iowa industrial new job training program; the research activities credits; the renewable energy tax credit; the targeted jobs withholding tax credit; employer child care tax credit; endow Iowa tax credit; historic preservation tax credit; new jobs tax credit; emergency personnel and tuition textbook tax credits; adoption tax credit; earned income tax credit; child and dependent care or early childhood development tax credit; geothermal heat pump tax credit; public safety officer moving expense tax credit; homestead tax credit; elderly and disabled property tax credit or reimbursement; and the agricultural land credit.

Lobbying · 2 for, 2 against

For: Americans For Prosperity; VALOR Iowa

Against: Iowa Chapter, American Institute of Architects; Iowa Environmental Council

In plain words

1. February 28, 2025Filed in the House and sent to the Ways and Means committee