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House File 703 - EnrolledAn Actrelating to the Hoover presidential library tax credit
available against the individual and corporate income taxes,
the franchise tax, the insurance premiums tax, and the
moneys and credits tax.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
Section 1. Section 15E.364, subsections 1 and 7, Code 2023,
are amended to read as follows:
1. For tax years beginning on or after January 1, 2021,
but before January 1, 2024 2025, a tax credit shall be allowed
against the taxes imposed in chapter 422, subchapters II, III,
and V, and in chapter 432, and against the moneys and credits
tax imposed in section 533.329, equal to twenty-five percent of
a person’s donation to the Hoover presidential foundation for
the Hoover presidential library and museum renovation project
fund. An individual may claim a tax credit under this section
of a partnership, limited liability company, S corporation,
estate, or trust electing to have income taxed directly to
the individual. The amount claimed by the individual shall
be based upon the pro rata share of the individual’s earnings
from the partnership, limited liability company, S corporation,
estate, or trust.
7. This section is repealed December 31, 2029 2030.
______________________________
PAT GRASSLEYSpeaker of the House______________________________
AMY SINCLAIRPresident of the Senate I hereby certify that this bill originated in the House and is known as House File 703, Ninetieth General Assembly.______________________________
MEGHAN NELSONChief Clerk of the HouseApproved _______________, 2023______________________________
KIM REYNOLDSGovernorjm/jh
available against the individual and corporate income taxes,
the franchise tax, the insurance premiums tax, and the
moneys and credits tax.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
Section 1. Section 15E.364, subsections 1 and 7, Code 2023,
are amended to read as follows:
1. For tax years beginning on or after January 1, 2021,
but before January 1, 2024 2025, a tax credit shall be allowed
against the taxes imposed in chapter 422, subchapters II, III,
and V, and in chapter 432, and against the moneys and credits
tax imposed in section 533.329, equal to twenty-five percent of
a person’s donation to the Hoover presidential foundation for
the Hoover presidential library and museum renovation project
fund. An individual may claim a tax credit under this section
of a partnership, limited liability company, S corporation,
estate, or trust electing to have income taxed directly to
the individual. The amount claimed by the individual shall
be based upon the pro rata share of the individual’s earnings
from the partnership, limited liability company, S corporation,
estate, or trust.
7. This section is repealed December 31, 2029 2030.
______________________________
PAT GRASSLEYSpeaker of the House______________________________
AMY SINCLAIRPresident of the Senate I hereby certify that this bill originated in the House and is known as House File 703, Ninetieth General Assembly.______________________________
MEGHAN NELSONChief Clerk of the HouseApproved _______________, 2023______________________________
KIM REYNOLDSGovernorjm/jh