House File 38 - Introduced HOUSE FILE 38 BY SIEGRIST A BILL FOR An Act increasing the annual aggregate amount authorized for 1 the endow Iowa tax credit and including effective date and 2 applicability provisions. 3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 4 TLSB 1198YH (3) 90 jm/jh

H.F. 38 Section 1. Section 15E.305, subsection 2, unnumbered 1 paragraph 1, Code 2023, is amended to read as follows: 2 The aggregate amount of tax credits authorized pursuant 3 to this section shall not exceed a total of six ten million 4 dollars annually. 5 Sec. 2. EFFECTIVE DATE. This Act takes effect January 1, 6 2024. 7 Sec. 3. APPLICABILITY. This Act applies to tax years 8 beginning on or after January 1, 2024. 9 EXPLANATION 10 The inclusion of this explanation does not constitute agreement with 11 the explanation’s substance by the members of the general assembly. 12 This bill relates to the endow Iowa tax credit available 13 against individual and corporate income taxes, the franchise 14 tax, the insurance premiums tax, and the moneys and credits 15 tax. 16 The bill increases the annual aggregate amount authorized 17 for the endow Iowa tax credit from $6 million to $10 million. 18 The bill takes effect January 1, 2024, and applies to tax 19 years beginning on or after that date. 20 The endow Iowa tax credit is a tax credit equal to 25 percent 21 of a taxpayer’s endowment gift to an endow Iowa qualified 22 community foundation. 23 -1- LSB 1198YH (3) 90 jm/jh 1/ 1