Bill Text: IA HF255 | 2021-2022 | 89th General Assembly | Introduced
Bill Title: A bill for an act creating a Hoover presidential library tax credit available against the individual and corporate income taxes, the franchise tax, the insurance premiums tax, and the moneys and credit tax.(See HF 588.)
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2021-04-06 - Withdrawn. H.J. 894. [HF255 Detail]
Download: Iowa-2021-HF255-Introduced.html
House
File
255
-
Introduced
HOUSE
FILE
255
BY
KAUFMANN
A
BILL
FOR
An
Act
creating
a
Hoover
presidential
library
tax
credit
1
available
against
the
individual
and
corporate
income
taxes,
2
the
franchise
tax,
the
insurance
premiums
tax,
and
the
3
moneys
and
credit
tax.
4
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
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Section
1.
NEW
SECTION
.
15E.364
Hoover
presidential
library
1
tax
credit.
2
1.
For
tax
years
beginning
on
or
after
January
1,
2021,
but
3
before
January
1,
2024,
a
tax
credit
shall
be
allowed
against
4
the
taxes
imposed
in
chapter
422,
subchapters
II,
III,
and
V,
5
and
in
chapter
432,
and
against
the
moneys
and
credits
tax
6
imposed
in
section
533.329,
equal
to
twenty-five
percent
of
a
7
person’s
donation
to
the
Hoover
presidential
foundation
for
8
the
Hoover
presidential
library
and
museum
renovation
project
9
fund.
An
individual
may
claim
a
tax
credit
under
this
section
10
of
a
partnership,
limited
liability
company,
S
corporation,
11
estate,
or
trust
electing
to
have
income
taxed
directly
to
12
the
individual.
The
amount
claimed
by
the
individual
shall
13
be
based
upon
the
pro
rata
share
of
the
individual’s
earnings
14
from
the
partnership,
limited
liability
company,
S
corporation,
15
estate,
or
trust.
16
2.
The
amount
of
the
donation
for
which
the
tax
credit
is
17
claimed
shall
not
be
deductible
in
determining
taxable
income
18
for
state
income
tax
purposes.
19
3.
Any
tax
credit
in
excess
of
the
person’s
tax
liability
20
for
the
tax
year
may
be
credited
to
the
tax
liability
for
the
21
following
five
years
or
until
depleted,
whichever
occurs
first.
22
A
tax
credit
shall
not
be
carried
back
to
a
tax
year
prior
to
23
the
tax
year
in
which
the
person
claims
the
tax
credit.
24
4.
a.
The
aggregate
amount
of
tax
credits
authorized
25
pursuant
to
this
section
shall
not
exceed
a
total
of
five
26
million
dollars.
27
b.
The
maximum
amount
of
tax
credits
granted
to
a
person
28
shall
not
exceed
five
percent
of
the
aggregate
amount
of
tax
29
credits
authorized.
30
c.
Ten
percent
of
the
aggregate
amount
of
tax
credits
31
authorized
shall
be
reserved
for
those
donations
in
amounts
32
of
thirty
thousand
dollars
or
less.
If
any
portion
of
the
33
reserved
tax
credits
have
not
been
distributed
by
September
1,
34
2023,
the
remaining
reserved
tax
credits
shall
be
available
to
35
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any
other
eligible
person.
1
5.
The
tax
credit
shall
not
be
transferable
to
any
other
2
person.
3
6.
The
authority
shall
develop
a
system
for
authorization
4
of
tax
credits
under
this
section
and
shall
control
the
5
distribution
of
all
tax
credits
to
persons
providing
a
6
donation
subject
to
this
section.
The
authority
shall
7
adopt
administrative
rules
pursuant
to
chapter
17A
for
the
8
qualification
and
administration
of
the
donations
made
pursuant
9
to
this
section.
10
7.
This
section
is
repealed
December
31,
2029.
11
Sec.
2.
NEW
SECTION
.
422.11T
Hoover
presidential
library
12
tax
credit.
13
The
tax
imposed
under
this
subchapter,
less
the
credits
14
allowed
under
section
422.12,
shall
be
reduced
by
Hoover
15
presidential
library
tax
credit
authorized
pursuant
to
section
16
15E.364.
17
Sec.
3.
Section
422.33,
Code
2021,
is
amended
by
adding
the
18
following
new
subsection:
19
NEW
SUBSECTION
.
31.
The
taxes
imposed
under
this
subchapter
20
shall
be
reduced
by
a
Hoover
presidential
library
tax
credit
21
allowed
under
section
15E.364.
22
Sec.
4.
Section
422.60,
Code
2021,
is
amended
by
adding
the
23
following
new
subsection:
24
NEW
SUBSECTION
.
14.
The
taxes
imposed
under
this
subchapter
25
shall
be
reduced
by
a
Hoover
presidential
library
tax
credit
26
allowed
under
section
15E.364.
27
Sec.
5.
NEW
SECTION
.
432.12N
Hoover
presidential
library
28
tax
credit.
29
The
taxes
imposed
under
this
chapter
shall
be
reduced
by
a
30
Hoover
presidential
library
tax
credit
allowed
under
section
31
15E.364.
32
Sec.
6.
Section
533.329,
subsection
2,
Code
2021,
is
amended
33
by
adding
the
following
new
paragraph:
34
NEW
PARAGRAPH
.
l.
The
moneys
and
credits
tax
imposed
under
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this
section
shall
be
reduced
by
a
Hoover
presidential
library
1
tax
credit
allowed
under
section
15E.364.
2
EXPLANATION
3
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
4
the
explanation’s
substance
by
the
members
of
the
general
assembly.
5
This
bill
creates
a
Hoover
presidential
library
tax
credit
6
available
against
the
individual,
corporate,
franchise,
7
insurance
premium,
and
moneys
and
credits
taxes.
8
The
amount
of
the
credit
shall
equal
25
percent
of
a
person’s
9
donation
to
the
Hoover
presidential
foundation
for
the
Hoover
10
presidential
library
and
museum
renovation
project
fund,
an
11
organization
exempt
from
federal
taxation.
12
The
bill
specifies
that
the
amount
of
the
donation
for
which
13
the
tax
credit
is
claimed
shall
not
be
deductible
for
state
14
income
tax
purposes.
15
A
credit
provided
in
the
bill
in
excess
of
tax
liability
is
16
not
refundable
but
the
excess
for
the
tax
year
may
be
credited
17
to
a
person’s
tax
liability
for
the
following
five
years
or
18
until
depleted,
whichever
occurs
first.
The
tax
credit
shall
19
not
be
carried
back
to
a
tax
year
prior
to
the
tax
year
in
which
20
the
person
claims
the
tax
credit.
21
The
aggregate
amount
of
tax
credits
authorized
pursuant
to
22
the
bill
shall
not
exceed
$5
million.
23
The
maximum
amount
of
tax
credits
granted
to
a
person
shall
24
not
exceed
five
percent
of
the
aggregate
amount
of
tax
credits
25
authorized
under
the
bill.
26
The
bill
provides
that
10
percent
of
the
aggregate
amount
of
27
tax
credits
authorized
shall
be
reserved
for
those
donations
28
in
amounts
of
$30,000
or
less.
If
any
portion
of
the
reserved
29
tax
credits
have
not
been
distributed
by
September
1,
2023,
the
30
remaining
reserved
tax
credits
shall
be
available
to
any
other
31
eligible
person.
32
The
bill
prohibits
the
transfer
of
the
credit
to
any
other
33
person.
34
The
bill
requires
the
economic
development
authority
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to
develop
a
system
for
authorization
of
tax
credits
and
1
shall
control
the
distribution
of
all
tax
credits
to
persons
2
providing
a
donation
subject
to
this
Code
section.
3
The
bill
applies
to
tax
years
beginning
on
or
after
January
4
1,
2021,
but
before
January
1,
2024.
5
The
tax
credit
is
repealed
December
31,
2029,
to
account
for
6
the
carryforward
of
any
excess
credit
that
may
be
credited
to
7
the
person’s
tax
liability
for
up
to
five
years.
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