Bill
Bill > SF575
IA SF575
IA SF575A bill for an act creating 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.(Formerly SF 94.)
summary
Introduced
03/10/2021
03/10/2021
In Committee
Crossed Over
Passed
Dead
05/24/2022
05/24/2022
Introduced Session
89th General Assembly
Bill Summary
A bill for an act creating 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.(Formerly SF 94.)
AI Summary
This bill creates a Hoover presidential library tax credit that can be applied 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 library and museum renovation project, with a maximum aggregate credit of $5 million and a cap of 5% of the total for any single person. The bill also reserves 10% of the credits for donations of $30,000 or less. The tax credit is available for tax years 2021 through 2023 and is non-transferrable.
Committee Categories
Budget and Finance
Sponsors (0)
No sponsors listed
Other Sponsors (1)
Ways & Means (Senate)
Last Action
Withdrawn. S.J. 925. (on 04/21/2021)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | https://www.legis.iowa.gov/legislation/BillBook?ga=89&ba=SF575 | 03/11/2021 |
| Fiscal Note - Hoover Presidential Library Tax Credit | https://www.legis.iowa.gov/docs/publications/FN/1217171.pdf | 03/16/2021 |
| BillText | https://www.legis.iowa.gov/docs/publications/LGI/89/attachments/SF575.html | 03/11/2021 |
| Bill | https://www.legis.iowa.gov/docs/publications/LGI/89/SF575.pdf | 03/11/2021 |
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