Senate Study Bill 1137 - Introduced SENATE FILE _____ BY (PROPOSED COMMITTEE ON WAYS AND MEANS BILL BY CHAIRPERSON BOLKCOM) A BILL FOR An Act increasing the annual aggregate tax credit authorization 1 limit for the endow Iowa tax credit and including effective 2 date and retroactive applicability provisions. 3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 4 TLSB 1506XC (2) 85 mm/sc

S.F. _____ Section 1. Section 15E.305, subsection 2, unnumbered 1 paragraph 1, Code 2013, is amended to read as follows: 2 The aggregate amount of tax credits authorized pursuant to 3 this section shall not exceed a total of three eight million 4 five hundred thousand dollars plus such additional credit 5 amount as provided by this section annually. The maximum 6 amount of tax credits granted to a taxpayer shall not exceed 7 five percent of the aggregate amount of tax credits authorized. 8 Sec. 2. EFFECTIVE UPON ENACTMENT. This Act, being deemed of 9 immediate importance, takes effect upon enactment. 10 Sec. 3. RETROACTIVE APPLICABILITY. This Act applies 11 retroactively to January 1, 2013, for endow Iowa tax credits 12 authorized on or after that date. 13 EXPLANATION 14 This bill increases the annual tax credit authorization 15 limit for the endow Iowa tax credit. Under current law, 16 the aggregate amount of endow Iowa tax credits that may 17 be authorized annually shall not exceed an amount equal to 18 $3.5 million plus a certain amount of wagering tax receipts 19 collected pursuant to Code section 99F.11. The bill increases 20 from $3.5 million to $8.5 million the aggregate amount of endow 21 Iowa tax credits that may be authorized, in addition to the 22 certain amount of wagering tax receipts as provided by law. 23 The bill takes effect upon enactment and applies 24 retroactively to January 1, 2013, for endow Iowa tax credits 25 authorized on or after that date. 26 -1- LSB 1506XC (2) 85 mm/sc 1/ 1