Bill Text: IA SSB1137 | 2013-2014 | 85th General Assembly | Introduced
Bill Title: A study bill for an act increasing the annual aggregate tax credit authorization limit for the endow Iowa tax credit and including effective date and retroactive applicability provisions.
Spectrum: Unknown
Status: (N/A - Dead) 2013-02-28 - Voted - Ways and Means. [SSB1137 Detail]
Download: Iowa-2013-SSB1137-Introduced.html
Senate
Study
Bill
1137
-
Introduced
SENATE
FILE
_____
BY
(PROPOSED
COMMITTEE
ON
WAYS
AND
MEANS
BILL
BY
CHAIRPERSON
BOLKCOM)
A
BILL
FOR
An
Act
increasing
the
annual
aggregate
tax
credit
authorization
1
limit
for
the
endow
Iowa
tax
credit
and
including
effective
2
date
and
retroactive
applicability
provisions.
3
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
4
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1506XC
(2)
85
mm/sc
S.F.
_____
Section
1.
Section
15E.305,
subsection
2,
unnumbered
1
paragraph
1,
Code
2013,
is
amended
to
read
as
follows:
2
The
aggregate
amount
of
tax
credits
authorized
pursuant
to
3
this
section
shall
not
exceed
a
total
of
three
eight
million
4
five
hundred
thousand
dollars
plus
such
additional
credit
5
amount
as
provided
by
this
section
annually.
The
maximum
6
amount
of
tax
credits
granted
to
a
taxpayer
shall
not
exceed
7
five
percent
of
the
aggregate
amount
of
tax
credits
authorized.
8
Sec.
2.
EFFECTIVE
UPON
ENACTMENT.
This
Act,
being
deemed
of
9
immediate
importance,
takes
effect
upon
enactment.
10
Sec.
3.
RETROACTIVE
APPLICABILITY.
This
Act
applies
11
retroactively
to
January
1,
2013,
for
endow
Iowa
tax
credits
12
authorized
on
or
after
that
date.
13
EXPLANATION
14
This
bill
increases
the
annual
tax
credit
authorization
15
limit
for
the
endow
Iowa
tax
credit.
Under
current
law,
16
the
aggregate
amount
of
endow
Iowa
tax
credits
that
may
17
be
authorized
annually
shall
not
exceed
an
amount
equal
to
18
$3.5
million
plus
a
certain
amount
of
wagering
tax
receipts
19
collected
pursuant
to
Code
section
99F.11.
The
bill
increases
20
from
$3.5
million
to
$8.5
million
the
aggregate
amount
of
endow
21
Iowa
tax
credits
that
may
be
authorized,
in
addition
to
the
22
certain
amount
of
wagering
tax
receipts
as
provided
by
law.
23
The
bill
takes
effect
upon
enactment
and
applies
24
retroactively
to
January
1,
2013,
for
endow
Iowa
tax
credits
25
authorized
on
or
after
that
date.
26
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