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House File 2522 - IntroducedA Bill ForAn Act 1relating to the maximum amount of tax credits that may
2be granted to taxpayers under the endow Iowa tax credit, and
3effective date and including applicability provisions.
4BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
1 Section 1. Section 15E.305, subsection 2, paragraph a, Code
22022, is amended to read as follows:
3a. The maximum amount of tax credits granted to a taxpayer
4shall not exceed five percent of the aggregate amount of tax
5credits authorized one hundred thousand dollars in a calendar
6year.
7 Sec. 2. EFFECTIVE DATE. This Act takes effect January 1,
82023.
9 Sec. 3. APPLICABILITY. This Act applies to endowment gifts
10made to an endow Iowa qualified community foundation on or
11after January 1, 2023.
12EXPLANATION
13The inclusion of this explanation does not constitute agreement with
14the explanation’s substance by the members of the general assembly.
15This bill relates to the endow Iowa tax credit available
16against the individual and corporate income taxes, the
17franchise tax, the insurance premiums tax, and the moneys and
18credits tax.
19Under current law, the aggregate amount of endow Iowa tax
20credits authorized annually shall not exceed $6 million, and
21current law prohibits a taxpayer to be granted more than 5
22percent of the $6 million aggregate amount.
23The bill reduces the maximum amount of endow Iowa tax credits
24that may be granted to a taxpayer from 5 percent of the $6
25million aggregate amount to an amount not to exceed $100,000.
26The bill takes effect January 1, 2023, and applies to
27endowment gifts made on or after that date.
-1-jm/jh
2be granted to taxpayers under the endow Iowa tax credit, and
3effective date and including applicability provisions.
4BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
1 Section 1. Section 15E.305, subsection 2, paragraph a, Code
22022, is amended to read as follows:
3a. The maximum amount of tax credits granted to a taxpayer
4shall not exceed five percent of the aggregate amount of tax
5credits authorized one hundred thousand dollars in a calendar
6year.
7 Sec. 2. EFFECTIVE DATE. This Act takes effect January 1,
82023.
9 Sec. 3. APPLICABILITY. This Act applies to endowment gifts
10made to an endow Iowa qualified community foundation on or
11after January 1, 2023.
12EXPLANATION
13The inclusion of this explanation does not constitute agreement with
14the explanation’s substance by the members of the general assembly.
15This bill relates to the endow Iowa tax credit available
16against the individual and corporate income taxes, the
17franchise tax, the insurance premiums tax, and the moneys and
18credits tax.
19Under current law, the aggregate amount of endow Iowa tax
20credits authorized annually shall not exceed $6 million, and
21current law prohibits a taxpayer to be granted more than 5
22percent of the $6 million aggregate amount.
23The bill reduces the maximum amount of endow Iowa tax credits
24that may be granted to a taxpayer from 5 percent of the $6
25million aggregate amount to an amount not to exceed $100,000.
26The bill takes effect January 1, 2023, and applies to
27endowment gifts made on or after that date.
-1-jm/jh