House File 2585 - Introduced



                                       HOUSE FILE       
                                       BY  COMMITTEE ON ECONOMIC
                                           GROWTH

                                       (SUCCESSOR TO HSB 535)


    Passed House,  Date               Passed Senate, Date             
    Vote:  Ayes        Nays           Vote:  Ayes        Nays         
                 Approved                            

                                      A BILL FOR

  1 An Act relating to the annual aggregate amount of tax credits
  2    available under the endow Iowa program and to the amount of
  3    credits a taxpayer may receive.
  4 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
  5 TLSB 5485HV 82
  6 tw/rj/8

PAG LIN



  1  1    Section 1.  Section 15E.305, subsection 2, Code Supplement
  1  2 2007, is amended to read as follows:
  1  3    2.  The annual aggregate amount of tax credits authorized
  1  4 pursuant to this section shall not exceed a total of two three
  1  5 million dollars plus such the additional credit amount as
  1  6 provided by this section annually determined pursuant to
  1  7 paragraph "c".
  1  8    a.  The maximum amount of tax credits granted annually to a
  1  9 taxpayer shall not exceed five three and one=third percent of
  1 10 the annual aggregate amount of tax credits authorized in this
  1 11 subsection minus the additional credit amount from paragraph
  1 12 "c".
  1 13    b.  Ten percent of the aggregate amount of tax credits
  1 14 authorized in a calendar year shall be reserved for those
  1 15 endowment gifts in amounts of thirty thousand dollars or less.
  1 16 If by September 1 of a calendar year the entire ten percent of
  1 17 the reserved tax credits is not distributed, the remaining tax
  1 18 credits shall be available to any other eligible applicants.
  1 19    c.  For purposes of this subsection, the additional credit
  1 20 amount shall be an amount for each applicable calendar year
  1 21 determined by the department of revenue equal to the amount of
  1 22 money credited as provided by section 99F.11, subsection 3,
  1 23 paragraph "e", subparagraph (3), for the prior fiscal year.
  1 24                           EXPLANATION
  1 25    This bill increases the annual aggregate amount of tax
  1 26 credits available under the endow Iowa program from $2 million
  1 27 to $3 million while also reducing the annual percentage amount
  1 28 that can be granted to an individual taxpayer.
  1 29 LSB 5485HV 82
  1 30 tw/rj/8