House
File
38
-
Introduced
HOUSE
FILE
38
BY
SIEGRIST
A
BILL
FOR
An
Act
increasing
the
annual
aggregate
amount
authorized
for
1
the
endow
Iowa
tax
credit
and
including
effective
date
and
2
applicability
provisions.
3
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
4
TLSB
1198YH
(3)
90
jm/jh
H.F.
38
Section
1.
Section
15E.305,
subsection
2,
unnumbered
1
paragraph
1,
Code
2023,
is
amended
to
read
as
follows:
2
The
aggregate
amount
of
tax
credits
authorized
pursuant
3
to
this
section
shall
not
exceed
a
total
of
six
ten
million
4
dollars
annually.
5
Sec.
2.
EFFECTIVE
DATE.
This
Act
takes
effect
January
1,
6
2024.
7
Sec.
3.
APPLICABILITY.
This
Act
applies
to
tax
years
8
beginning
on
or
after
January
1,
2024.
9
EXPLANATION
10
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
11
the
explanation’s
substance
by
the
members
of
the
general
assembly.
12
This
bill
relates
to
the
endow
Iowa
tax
credit
available
13
against
individual
and
corporate
income
taxes,
the
franchise
14
tax,
the
insurance
premiums
tax,
and
the
moneys
and
credits
15
tax.
16
The
bill
increases
the
annual
aggregate
amount
authorized
17
for
the
endow
Iowa
tax
credit
from
$6
million
to
$10
million.
18
The
bill
takes
effect
January
1,
2024,
and
applies
to
tax
19
years
beginning
on
or
after
that
date.
20
The
endow
Iowa
tax
credit
is
a
tax
credit
equal
to
25
percent
21
of
a
taxpayer’s
endowment
gift
to
an
endow
Iowa
qualified
22
community
foundation.
23
-1-
LSB
1198YH
(3)
90
jm/jh
1/
1