SF 44: Relating to the historic preservation tax credit available against the individual and corporate income taxes, the franchise tax, and the insurance premiums tax

What it does

During the 2022 legislative session, House File 2317 was enacted which gradually reduced the refundability of the historic preservation tax credit commencing with the tax year beginning January 1, 2023, until percent of the credit in excess of tax liability is refundable for tax years beginning on or after January 1, 2027. Previously, the tax credit was 100 percent refundable. House File 2317 also enacted a provision preserving existing rights to the tax credit issued, awarded, or allowed prior to January 1, 2023, to reduce the effect House File 2317 had on existing tax credits being awarded. This bill expands the applicability of the preservation of existing rights provision from January 1, 2023, to July 1, 2023, to tax credits issued, awarded, or allowed prior to July 1, 2023.

Senate subcommittee · named January 22, 2025

• Sen. Dan Dawson (R) · dan.dawson@legis.iowa.gov
• Sen. Claire Celsi (D)
• Sen. David D. Rowley (R) · david.rowley@legis.iowa.gov

Lobbying · 7 for, 0 against

For: Ames Regional Economic Alliance; City of Des Moines; Council Bluffs Chamber of Commerce; Dr. Tanja Garrison; Iowa Chamber Alliance; Iowa Real Estate Developers Association; Marshalltown Area Chamber of Commerce

In plain words

1. January 15, 2025Filed in the Senate and sent to the Ways and Means committee
2. January 22, 2025Senate subcommittee named: Dawson, Celsi and Rowley