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IA SF170
A bill for an act relating to the historic preservation tax credit available against the individual and corporate income taxes, the franchise tax, and the insurance premiums tax.(See SF 653.)
summary
Introduced
01/30/2025
01/30/2025
In Committee
01/30/2025
01/30/2025
Crossed Over
Passed
Dead
Introduced Session
91st General Assembly
Bill Summary
During the 2022 legislative session, House File 2317 was enacted which gradually reduced the refundability of the historic preservation tax credit commencing with the tax year beginning January 1, 2023, until 75 percent of the credit in excess of tax liability is refundable for tax years beginning on or after January 1, 2027. Previously, the tax credit was 100 percent refundable. House File 2317 also enacted a provision preserving existing rights to the tax credit issued, awarded, or allowed prior to January 1, 2023, to reduce the effect House File 2317 had on existing tax credits being awarded. This bill expands the applicability of the preservation of existing rights provision from January 1, 2023, to July 1, 2023, to historic preservation tax credits issued, awarded, or allowed prior to July 1, 2023.
AI Summary
This bill modifies an existing law related to the historic preservation tax credit by expanding the preservation of existing rights provision. Previously, the law protected tax credits issued or awarded before January 1, 2023, ensuring that those credits would not be adversely affected by changes in the tax credit rules. This bill extends that protection to tax credits issued, awarded, or allowed before July 1, 2023. The change means that historic preservation tax credits granted up to that later date will maintain their original terms and can be claimed or carried forward without limitation, even if subsequent legislative changes might have otherwise impacted their value or usability. This adjustment provides additional flexibility and certainty for taxpayers who have been issued historic preservation tax credits, essentially grandfathering in more credits under the previous, more favorable rules.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Committee report approving bill, renumbered as SF 653. S.J. 955. (on 05/09/2025)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.legis.iowa.gov/legislation/BillBook?ga=91&ba=SF170 |
| BillText | https://www.legis.iowa.gov/docs/publications/LGI/91/attachments/SF170.html |
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