SSB 1137 (LSB 1506XC (2) 85)

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 limit for the endow Iowa tax credit and including effective date and retroactive applicability provisions.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:

    Section 1.  Section 15E.305, subsection 2, unnumbered paragraph 1, Code 2013, is amended to read as follows:
   The aggregate amount of tax credits authorized pursuant to this section shall not exceed a total of three
 
eight million five hundred thousand dollars plus such additional credit amount as provided by this section annually. The maximum amount of tax credits granted to a taxpayer shall not exceed five percent of the aggregate amount of tax credits authorized.
    Sec. 2.  EFFECTIVE UPON ENACTMENT.  This Act, being deemed of immediate importance, takes effect upon enactment.
    Sec. 3.  RETROACTIVE APPLICABILITY.  This Act applies retroactively to January 1, 2013, for endow Iowa tax credits authorized on or after that date.
EXPLANATION
   This bill increases the annual tax credit authorization limit for the endow Iowa tax credit. Under current law, the aggregate amount of endow Iowa tax credits that may be authorized annually shall not exceed an amount equal to $3.5 million plus a certain amount of wagering tax receipts collected pursuant to Code section 99F.11. The bill increases from $3.5 million to $8.5 million the aggregate amount of endow Iowa tax credits that may be authorized, in addition to the certain amount of wagering tax receipts as provided by law.
   The bill takes effect upon enactment and applies retroactively to January 1, 2013, for endow Iowa tax credits authorized on or after that date.