House
File
300
-
Introduced
HOUSE
FILE
300
BY
T.
OLSON
,
S.
OLSON
,
and
COWNIE
A
BILL
FOR
An
Act
affecting
the
annual
aggregate
tax
credit
authorization
1
limit
for
the
endow
Iowa
tax
credit
and
the
use
of
wagering
2
tax
revenues
for
the
credit,
and
including
effective
date
3
and
retroactive
applicability
provisions.
4
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
5
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300
Section
1.
Section
15E.305,
subsection
2,
Code
2013,
is
1
amended
to
read
as
follows:
2
2.
The
aggregate
amount
of
tax
credits
authorized
pursuant
3
to
this
section
shall
not
exceed
a
total
of
three
six
million
4
five
hundred
thousand
dollars
plus
such
additional
credit
5
amount
as
provided
by
this
section
annually.
6
a.
The
maximum
amount
of
tax
credits
granted
to
a
taxpayer
7
shall
not
exceed
five
percent
of
the
aggregate
amount
of
tax
8
credits
authorized.
9
a.
b.
Ten
percent
of
the
aggregate
amount
of
tax
credits
10
authorized
in
a
calendar
year
shall
be
reserved
for
those
11
endowment
gifts
in
amounts
of
thirty
thousand
dollars
or
less.
12
If
by
September
1
of
a
calendar
year
the
entire
ten
percent
of
13
the
reserved
tax
credits
is
not
distributed,
the
remaining
tax
14
credits
shall
be
available
to
any
other
eligible
applicants.
15
b.
For
purposes
of
this
subsection
,
the
additional
credit
16
amount
shall
be
an
amount
for
each
applicable
calendar
year
17
determined
by
the
department
of
revenue
equal
to
the
amount
of
18
money
credited
as
provided
by
section
99F.11,
subsection
3
,
19
paragraph
“d”
,
subparagraph
(3),
for
the
prior
fiscal
year.
20
Sec.
2.
Section
99F.11,
subsection
3,
paragraph
d,
21
subparagraph
(3),
Code
2013,
is
amended
by
striking
the
22
subparagraph.
23
Sec.
3.
EFFECTIVE
UPON
ENACTMENT.
This
Act,
being
deemed
of
24
immediate
importance,
takes
effect
upon
enactment.
25
Sec.
4.
RETROACTIVE
APPLICABILITY.
This
Act
applies
26
retroactively
to
January
1,
2012,
for
endow
Iowa
tax
credits
27
authorized
on
or
after
that
date
and
for
endow
Iowa
tax
credit
28
applications
received
on
or
after
that
date.
29
EXPLANATION
30
This
bill
relates
to
the
annual
aggregate
tax
credit
31
authorization
limit
for
the
endow
Iowa
tax
credit
and
the
use
32
of
wagering
tax
revenues.
33
Under
current
law,
the
amount
of
endow
Iowa
tax
credits
that
34
may
be
authorized
in
a
calendar
year
cannot
exceed
a
total
of
35
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300
$3.5
million
plus
a
certain
percentage
of
the
wagering
tax
1
receipts
as
provided
in
Code
section
99F.11.
The
bill
amends
2
this
annual
limit
to
provide
that
a
maximum
of
$6.5
million
per
3
calendar
year
may
be
authorized
and
to
provide
that
amounts
4
collected
from
the
wagering
tax
pursuant
to
Code
section
99F.11
5
will
no
longer
be
used
to
fund
the
endow
Iowa
tax
credit.
6
The
bill
takes
effect
upon
enactment
and
applies
7
retroactively
to
January
1,
2012,
for
endow
Iowa
tax
credits
8
authorized
on
or
after
that
date
and
for
endow
Iowa
tax
credit
9
applications
received
on
or
after
that
date.
10
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