House Journal: Page 2125: Tuesday, June 3, 2003
Page 16
1 2. The aggregate amount of tax credits authorized
2 pursuant to this section shall not exceed a total of
3 two million dollars. The maximum amount of tax
4 credits granted to a taxpayer shall not exceed five
5 percent of the aggregate amount of tax credits
6 authorized.
7 3. A tax credit shall not be transferable to any
8 other taxpayer.
9 4. A tax credit shall not be authorized pursuant
10 to this section after December 31, 2005.
11 5. The department shall develop a system for
12 registration and authorization of tax credits under
13 this section and shall control the distribution of all
14 tax credits to taxpayers providing an endowment gift
15 subject to this section. The department shall adopt
16 administrative rules pursuant to chapter 17A for the
17 qualification and administration of endowment gifts.
18 Sec. . NEW SECTION. 422.11H ENDOW IOWA TAX
19 CREDIT.
20 The tax imposed under this division, less the
21 credits allowed under sections 422.12 and 422.12B,
22 shall be reduced by an endow Iowa tax credit
23 authorized pursuant to section 15E.305.
24 Sec. . Section 422.33, Code 2003, is amended by
25 adding the following new subsection:
26 NEW SUBSECTION. 14. The taxes imposed under this
27 division shall be reduced by an endow Iowa tax credit
28 authorized pursuant to section 15E.305.
29 Sec. . Section 422.60, Code 2003, is amended by
30 adding the following new subsection:
31 NEW SUBSECTION. 7. The taxes imposed under this
32 division shall be reduced by an endow Iowa tax credit
33 authorized pursuant to section 15E.305.
34 Sec. . NEW SECTION. 432.12D ENDOW IOWA TAX
35 CREDIT.
36 The tax imposed under this chapter shall be reduced
37 by an endow Iowa tax credit authorized pursuant to
38 section 15E.305.
39 Sec. . Section 533.24, Code 2003, is amended by
40 adding the following new unnumbered paragraph:
41 NEW UNNUMBERED PARAGRAPH. The moneys and credits
42 tax imposed under this section shall be reduced by an
43 endow Iowa tax credit authorized pursuant to section
44 15E.305.
45 Sec. . EFFECTIVE AND RETROACTIVE APPLICABILITY
46 DATES. This division of this Act, being deemed of
47 immediate importance, takes effect upon enactment and
48 is retroactively applicable to January 1, 2003, for
49 tax years beginning on or after that date.
50 DIVISION XII
© 2003 Cornell College and
League of Women Voters of Iowa
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