Senate File 44 - Introduced SENATE FILE 44 BY LOFGREN A BILL FOR An Act relating to the historic preservation tax credit 1 available against the individual and corporate income taxes, 2 the franchise tax, and the insurance premiums tax. 3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 4 TLSB 1409XS (2) 91 jm/jh

S.F. 44 Section 1. 2022 Iowa Acts, chapter 1002, section 53, is 1 amended to read as follows: 2 SEC. 53. PRESERVATION OF EXISTING RIGHTS. This division 3 of this Act is not intended to and shall not limit, modify, or 4 otherwise adversely affect any amount of tax credit issued, 5 awarded, or allowed prior to January July 1, 2023, nor shall it 6 limit, modify, or otherwise adversely affect a taxpayer’s right 7 to claim or redeem a tax credit issued, awarded, or allowed 8 prior to January July 1, 2023, including but not limited to any 9 tax credit carryforward amount. 10 EXPLANATION 11 The inclusion of this explanation does not constitute agreement with 12 the explanation’s substance by the members of the general assembly. 13 During the 2022 legislative session, House File 2317 was 14 enacted which gradually reduced the refundability of the 15 historic preservation tax credit commencing with the tax year 16 beginning January 1, 2023, until 75 percent of the credit in 17 excess of tax liability is refundable for tax years beginning 18 on or after January 1, 2027. Previously, the tax credit 19 was 100 percent refundable. House File 2317 also enacted 20 a provision preserving existing rights to the tax credit 21 issued, awarded, or allowed prior to January 1, 2023, to 22 reduce the effect House File 2317 had on existing tax credits 23 being awarded. This bill expands the applicability of the 24 preservation of existing rights provision from January 1, 2023, 25 to July 1, 2023, to tax credits issued, awarded, or allowed 26 prior to July 1, 2023. 27 -1- LSB 1409XS (2) 91 jm/jh 1/ 1