House File 2522 - Introduced HOUSE FILE 2522 BY COMMITTEE ON WAYS AND MEANS (SUCCESSOR TO HSB 718) A BILL FOR An Act relating to the maximum amount of tax credits that may 1 be granted to taxpayers under the endow Iowa tax credit, and 2 effective date and including applicability provisions. 3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 4 TLSB 6152HV (1) 89 jm/jh

H.F. 2522 Section 1. Section 15E.305, subsection 2, paragraph a, Code 1 2022, is amended to read as follows: 2 a. The maximum amount of tax credits granted to a taxpayer 3 shall not exceed five percent of the aggregate amount of tax 4 credits authorized one hundred thousand dollars in a calendar 5 year . 6 Sec. 2. EFFECTIVE DATE. This Act takes effect January 1, 7 2023. 8 Sec. 3. APPLICABILITY. This Act applies to endowment gifts 9 made to an endow Iowa qualified community foundation on or 10 after January 1, 2023. 11 EXPLANATION 12 The inclusion of this explanation does not constitute agreement with 13 the explanation’s substance by the members of the general assembly. 14 This bill relates to the endow Iowa tax credit available 15 against the individual and corporate income taxes, the 16 franchise tax, the insurance premiums tax, and the moneys and 17 credits tax. 18 Under current law, the aggregate amount of endow Iowa tax 19 credits authorized annually shall not exceed $6 million, and 20 current law prohibits a taxpayer to be granted more than 5 21 percent of the $6 million aggregate amount. 22 The bill reduces the maximum amount of endow Iowa tax credits 23 that may be granted to a taxpayer from 5 percent of the $6 24 million aggregate amount to an amount not to exceed $100,000. 25 The bill takes effect January 1, 2023, and applies to 26 endowment gifts made on or after that date. 27 -1- LSB 6152HV (1) 89 jm/jh 1/ 1