Bill Text: IA SSB1155 | 2017-2018 | 87th General Assembly | Introduced
Bill Title: A 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: Committee Bill
Status: (N/A - Dead) 2017-02-23 - Subcommittee: Feenstra, Brown, and McCoy. [SSB1155 Detail]
Download: Iowa-2017-SSB1155-Introduced.html
Senate
Study
Bill
1155
-
Introduced
SENATE
FILE
_____
BY
(PROPOSED
COMMITTEE
ON
WAYS
AND
MEANS
BILL
BY
CHAIRPERSON
FEENSTRA)
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
TLSB
1811XC
(2)
87
mm/sc
S.F.
_____
Section
1.
Section
15E.305,
subsection
2,
unnumbered
1
paragraph
1,
Code
2017,
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
six
eight
million
4
dollars
annually.
5
Sec.
2.
EFFECTIVE
UPON
ENACTMENT.
This
Act,
being
deemed
of
6
immediate
importance,
takes
effect
upon
enactment.
7
Sec.
3.
RETROACTIVE
APPLICABILITY.
This
Act
applies
8
retroactively
to
January
1,
2017,
for
endow
Iowa
tax
credits
9
authorized
on
or
after
that
date
and
for
endow
Iowa
tax
credit
10
applications
received
on
or
after
that
date.
11
EXPLANATION
12
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
13
the
explanation’s
substance
by
the
members
of
the
general
assembly.
14
This
bill
increases
to
$8
million
from
$6
million
the
amount
15
of
endow
Iowa
tax
credits
that
may
be
authorized
in
a
calendar
16
year
by
the
economic
development
authority.
17
The
bill
takes
effect
upon
enactment
and
applies
18
retroactively
to
January
1,
2017,
for
endow
Iowa
tax
credits
19
authorized
on
or
after
that
date
and
for
endow
Iowa
tax
credit
20
applications
received
on
or
after
that
date.
21
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87
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1/
1
