House File 588 - EnrolledAn Actcreating a Hoover presidential library tax credit
available against the individual and corporate income taxes,
the franchise tax, the insurance premiums tax, and the
moneys and credit tax.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
   Section 1.  NEW SECTION.  15E.364  Hoover presidential library
tax credit.
   1.  For tax years beginning on or after January 1, 2021, but
before January 1, 2024, a tax credit shall be allowed against
the taxes imposed in chapter 422, subchapters II, III, and V,
and in chapter 432, and against the moneys and credits tax
imposed in section 533.329, equal to twenty-five percent of a
person’s donation to the Hoover presidential foundation for
the Hoover presidential library and museum renovation project
fund. An individual may claim a tax credit under this section
of a partnership, limited liability company, S corporation,
estate, or trust electing to have income taxed directly to
the individual. The amount claimed by the individual shall
be based upon the pro rata share of the individual’s earnings
from the partnership, limited liability company, S corporation,
estate, or trust.
   2.  The amount of the donation for which the tax credit is
claimed shall not be deductible in determining taxable income
for state income tax purposes.
   3.  Any tax credit in excess of the person’s tax liability
for the tax year may be credited to the tax liability for the
following five years or until depleted, whichever occurs first.
A tax credit shall not be carried back to a tax year prior to
the tax year in which the person claims the tax credit.
   4.  a.  The aggregate amount of tax credits authorized
pursuant to this section shall not exceed a total of five
million dollars.
   b.  The maximum amount of tax credits granted to a person
shall not exceed five percent of the aggregate amount of tax
credits authorized.
   c.  Ten percent of the aggregate amount of tax credits
authorized shall be reserved for those donations in amounts
of thirty thousand dollars or less. If any portion of the
reserved tax credits have not been distributed by September 1,
2023, the remaining reserved tax credits shall be available to
-1-any other eligible person.
   5.  The tax credit shall not be transferable to any other
person.
   6.  The authority shall develop a system for authorization
of tax credits under this section and shall control the
distribution of all tax credits to persons providing a
donation subject to this section. The authority shall
adopt administrative rules pursuant to chapter 17A for the
qualification and administration of the donations made pursuant
to this section.
   7.  This section is repealed December 31, 2029.
   Sec. 2.  NEW SECTION.  422.11T  Hoover presidential library
tax credit.
   The tax imposed under this subchapter, less the credits
allowed under section 422.12, shall be reduced by Hoover
presidential library tax credit authorized pursuant to section
15E.364.
   Sec. 3.  Section 422.33, Code 2021, is amended by adding the
following new subsection:
   NEW SUBSECTION.  31.  The taxes imposed under this subchapter
shall be reduced by a Hoover presidential library tax credit
allowed under section 15E.364.
   Sec. 4.  Section 422.60, Code 2021, is amended by adding the
following new subsection:
   NEW SUBSECTION.  14.  The taxes imposed under this subchapter
shall be reduced by a Hoover presidential library tax credit
allowed under section 15E.364.
   Sec. 5.  NEW SECTION.  432.12N  Hoover presidential library
tax credit.
   The taxes imposed under this chapter shall be reduced by a
Hoover presidential library tax credit allowed under section
15E.364.
   Sec. 6.  Section 533.329, subsection 2, Code 2021, is amended
by adding the following new paragraph:
   NEW PARAGRAPH.  l.  The moneys and credits tax imposed under
-2-this section shall be reduced by a Hoover presidential library
tax credit allowed under section 15E.364.
______________________________
PAT GRASSLEYSpeaker of the House
______________________________
JAKE CHAPMANPresident of the Senate
   I hereby certify that this bill originated in the House and is known as House File 588, Eighty-ninth General Assembly.______________________________
MEGHAN NELSONChief Clerk of the House
Approved _______________, 2021______________________________
KIM REYNOLDSGovernor
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