HF 703 (LSB 1647HV (4) 90)

RELATING 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  This section is repealed December 31, 2029 2030.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 GRASSLEY
Speaker of the House

______________________________
AMY SINCLAIR
President of the Senate

   I hereby certify that this bill originated in the House and is known as House File 703, Ninetieth General Assembly.

______________________________
MEGHAN NELSON
Chief Clerk of the House

Approved _______________, 2023

______________________________
KIM REYNOLDS
Governor