SSB 1215 (LSB 2940XC (1) 91)

SENATE FILE _____ 

BY  (PROPOSED COMMITTEE ON WAYS AND MEANS BILL BY CHAIRPERSON DAWSON)

A BILL FOR

An Act relating to state banks’ purchase of certain federal tax credits.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:

    Section 1.  Section 524.901, Code 2025, is amended by adding the following new subsection:
   NEW SUBSECTION.  12.  A state bank may invest without limitation for its own account in federal tax credits authorized pursuant to 26 U.S.C. §45 and 26 U.S.C. §48.
EXPLANATION
The inclusion of this explanation does not constitute agreement with
the explanation’s substance by the members of the general assembly.
   This bill relates to state banks’ purchase of federal tax credits. Under the bill, a state bank may invest without limitation for its own account in federal tax credits authorized pursuant to 26 U.S.C. §45 and 26 U.S.C. §48.