Bill > HF588

This bill creates 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. The tax credit is equal to 25% of a person's donation to the Hoover presidential foundation for the Hoover presidential library and museum renovation project fund. The bill sets an aggregate cap on the total amount of tax credits authorized at $5 million, with a maximum of 5% of the aggregate amount granted to any one person. It also reserves 10% of the aggregate amount for donations of $30,000 or less. The tax credit is non-transferable and can be claimed for tax years from 2021 to 2024. Any unused credit can be carried forward for up to 5 years. The Iowa Economic Development Authority is tasked with developing a system for authorizing and administering the tax credits.