Bill
Bill > HSB270
IA HSB270
IA HSB270A 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 HF 1018.)
summary
Introduced
02/27/2025
02/27/2025
In Committee
02/27/2025
02/27/2025
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, H.F. _____ awarded, or allowed prior to July 1, 2023.
AI Summary
This Study Bill, building on a previous law (House File 2317) that began reducing the refundability of the historic preservation tax credit starting in 2023, extends the deadline for preserving existing rights to this tax credit. Previously, tax credits issued, awarded, or allowed before January 1, 2023, were protected from the refundability reduction, and this protection was intended to safeguard those who had already secured credits. This bill expands that protection, meaning that historic preservation tax credits issued, awarded, or allowed before July 1, 2023, will continue to have their full refundability rights preserved, preventing them from being negatively impacted by the changes introduced by House File 2317. The historic preservation tax credit is a financial incentive available against various state taxes, such as individual and corporate income taxes, franchise tax, and insurance premiums tax, for projects that preserve historic properties.
Committee Categories
Budget and Finance
Sponsors (0)
No sponsors listed
Other Sponsors (1)
Ways and Means (House)
Last Action
Committee report approving bill, renumbered as HF 1018. (on 04/17/2025)
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.legis.iowa.gov/legislation/BillBook?ga=91&ba=HSB270 |
| BillText | https://www.legis.iowa.gov/docs/publications/LGI/91/attachments/HSB270.html |
Loading...