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House File 703 - IntroducedA Bill ForAn Act 1relating to the Hoover presidential library tax credit
2available against the individual and corporate income taxes,
3the franchise tax, the insurance premiums tax, and the
4moneys and credits tax.
5BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
1 Section 1. Section 15E.364, subsections 1 and 7, Code 2023,
2are amended to read as follows:
31. For tax years beginning on or after January 1, 2021,
4but before January 1, 2024 2025, a tax credit shall be allowed
5against the taxes imposed in chapter 422, subchapters II, III,
6and V, and in chapter 432, and against the moneys and credits
7tax imposed in section 533.329, equal to twenty-five percent of
8a person’s donation to the Hoover presidential foundation for
9the Hoover presidential library and museum renovation project
10fund. An individual may claim a tax credit under this section
11of a partnership, limited liability company, S corporation,
12estate, or trust electing to have income taxed directly to
13the individual. The amount claimed by the individual shall
14be based upon the pro rata share of the individual’s earnings
15from the partnership, limited liability company, S corporation,
16estate, or trust.
177. This section is repealed December 31, 2029 2030.
18EXPLANATION
19The inclusion of this explanation does not constitute agreement with
20the explanation’s substance by the members of the general assembly.
21This bill relates to the Hoover presidential library tax
22credit available against the individual and corporate income
23taxes, the franchise tax, the insurance premiums tax, and the
24moneys and credits tax.
25Currently, the tax credit applies to tax years beginning on
26or after January 1, 2021, but before January 1, 2024. The bill
27extends the tax years a taxpayer is able to take the tax credit
28by one tax year. Under the bill, a taxpayer is able to take the
29tax credit through tax years beginning before January 1, 2025.
30The bill extends the repeal date of the tax credit by one
31year to align with the current carryforward provisions allowing
32any unused portion of the tax credit to be carried forward up
33to five years.
34The Hoover presidential library tax credit equals 25 percent
35of a taxpayer’s donation to the Hoover presidential foundation
-1-1for the Hoover presidential library and museum renovation
2project fund.
-2-jm/jh
2available against the individual and corporate income taxes,
3the franchise tax, the insurance premiums tax, and the
4moneys and credits tax.
5BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
1 Section 1. Section 15E.364, subsections 1 and 7, Code 2023,
2are amended to read as follows:
31. For tax years beginning on or after January 1, 2021,
4but before January 1, 2024 2025, a tax credit shall be allowed
5against the taxes imposed in chapter 422, subchapters II, III,
6and V, and in chapter 432, and against the moneys and credits
7tax imposed in section 533.329, equal to twenty-five percent of
8a person’s donation to the Hoover presidential foundation for
9the Hoover presidential library and museum renovation project
10fund. An individual may claim a tax credit under this section
11of a partnership, limited liability company, S corporation,
12estate, or trust electing to have income taxed directly to
13the individual. The amount claimed by the individual shall
14be based upon the pro rata share of the individual’s earnings
15from the partnership, limited liability company, S corporation,
16estate, or trust.
177. This section is repealed December 31, 2029 2030.
18EXPLANATION
19The inclusion of this explanation does not constitute agreement with
20the explanation’s substance by the members of the general assembly.
21This bill relates to the Hoover presidential library tax
22credit available against the individual and corporate income
23taxes, the franchise tax, the insurance premiums tax, and the
24moneys and credits tax.
25Currently, the tax credit applies to tax years beginning on
26or after January 1, 2021, but before January 1, 2024. The bill
27extends the tax years a taxpayer is able to take the tax credit
28by one tax year. Under the bill, a taxpayer is able to take the
29tax credit through tax years beginning before January 1, 2025.
30The bill extends the repeal date of the tax credit by one
31year to align with the current carryforward provisions allowing
32any unused portion of the tax credit to be carried forward up
33to five years.
34The Hoover presidential library tax credit equals 25 percent
35of a taxpayer’s donation to the Hoover presidential foundation
-1-1for the Hoover presidential library and museum renovation
2project fund.
-2-jm/jh