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House File 710 - EnrolledAn Actrelating to the endow Iowa tax credit, making
appropriations, and including retroactive applicability and
effective date provisions.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
DIVISION I
Sports wagering receipts fund appropriation
Section 1. SPORTS WAGERING RECEIPTS FUND. There is
appropriated from the sports wagering receipts fund created in
section 8.57, subsection 6, to the general fund of the state
for the fiscal year beginning July 1, 2022, and ending June 30,
2023, the following amount to be used for purposes of section
15E.305:
.................................................. $7,000,000
Sec. 2. EFFECTIVE DATE. This division of this Act, being
deemed of immediate importance, takes effect upon enactment.
DIVISION II
Endow Iowa tax Credit — Tax year 2023
Sec. 3. ENDOW IOWA TAX CREDIT — TAX YEAR 2023.
Notwithstanding any provision of section 15E.305 to the
contrary, the aggregate amount of tax credits authorized
pursuant to section 15E.305 shall not exceed a total of
thirteen million dollars for the tax year beginning on or after
January 1, 2023, but before January 1, 2024.
Sec. 4. EFFECTIVE DATE. This division of this Act, being
deemed of immediate importance, takes effect upon enactment.
Sec. 5. RETROACTIVE APPLICABILITY. This division of this
Act applies retroactively to January 1, 2023, and applies to
the tax year beginning on or after January 1, 2023, but before
January 1, 2024.
DIVISION III
ENDOW IOWA TAX CREDIT — GIFTS MADE PRIOR TO 2023
Sec. 6. 2022 Iowa Acts, chapter 1002, is amended by adding
the following new section:
NEW SECTION. SEC. 54A. APPLICABILITY. The following
applies to endowment gifts made to an endow Iowa qualified
community foundation on or after January 1, 2023:
The section of this division of this Act amending section
15E.305, subsection 2, paragraph “a”.
Sec. 7. 2022 Iowa Acts, chapter 1002, section 55, is amended
-1-to read as follows:
SEC. 55. APPLICABILITY. This Except as otherwise provided
by this division of this Act, this division of this Act applies
to tax years beginning on or after January 1, 2023.
Sec. 8. EFFECTIVE DATE. This division of this Act, being
deemed of immediate importance, takes effect upon enactment.
Sec. 9. RETROACTIVE APPLICABILITY. This division of this
Act applies retroactively to January 1, 2023.
______________________________
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 710, Ninetieth General Assembly.______________________________
MEGHAN NELSONChief Clerk of the HouseApproved _______________, 2023______________________________
KIM REYNOLDSGovernorec/rn/md
appropriations, and including retroactive applicability and
effective date provisions.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
DIVISION I
Sports wagering receipts fund appropriation
Section 1. SPORTS WAGERING RECEIPTS FUND. There is
appropriated from the sports wagering receipts fund created in
section 8.57, subsection 6, to the general fund of the state
for the fiscal year beginning July 1, 2022, and ending June 30,
2023, the following amount to be used for purposes of section
15E.305:
.................................................. $7,000,000
Sec. 2. EFFECTIVE DATE. This division of this Act, being
deemed of immediate importance, takes effect upon enactment.
DIVISION II
Endow Iowa tax Credit — Tax year 2023
Sec. 3. ENDOW IOWA TAX CREDIT — TAX YEAR 2023.
Notwithstanding any provision of section 15E.305 to the
contrary, the aggregate amount of tax credits authorized
pursuant to section 15E.305 shall not exceed a total of
thirteen million dollars for the tax year beginning on or after
January 1, 2023, but before January 1, 2024.
Sec. 4. EFFECTIVE DATE. This division of this Act, being
deemed of immediate importance, takes effect upon enactment.
Sec. 5. RETROACTIVE APPLICABILITY. This division of this
Act applies retroactively to January 1, 2023, and applies to
the tax year beginning on or after January 1, 2023, but before
January 1, 2024.
DIVISION III
ENDOW IOWA TAX CREDIT — GIFTS MADE PRIOR TO 2023
Sec. 6. 2022 Iowa Acts, chapter 1002, is amended by adding
the following new section:
NEW SECTION. SEC. 54A. APPLICABILITY. The following
applies to endowment gifts made to an endow Iowa qualified
community foundation on or after January 1, 2023:
The section of this division of this Act amending section
15E.305, subsection 2, paragraph “a”.
Sec. 7. 2022 Iowa Acts, chapter 1002, section 55, is amended
-1-to read as follows:
SEC. 55. APPLICABILITY. This Except as otherwise provided
by this division of this Act, this division of this Act applies
to tax years beginning on or after January 1, 2023.
Sec. 8. EFFECTIVE DATE. This division of this Act, being
deemed of immediate importance, takes effect upon enactment.
Sec. 9. RETROACTIVE APPLICABILITY. This division of this
Act applies retroactively to January 1, 2023.
______________________________
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 710, Ninetieth General Assembly.______________________________
MEGHAN NELSONChief Clerk of the HouseApproved _______________, 2023______________________________
KIM REYNOLDSGovernorec/rn/md