Bill
Bill > HF1018
IA HF1018
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.(Formerly HSB 270.)
summary
Introduced
04/17/2025
04/17/2025
In Committee
05/15/2025
05/15/2025
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 the existing law regarding the historic preservation tax credit by expanding the preservation of existing rights provision from January 1, 2023, to July 1, 2023. Specifically, the bill ensures that any historic preservation tax credits issued, awarded, or allowed before July 1, 2023, will not be adversely affected by recent changes to the tax credit program. This means that taxpayers who received historic preservation tax credits prior to July 1, 2023, will retain their full rights to claim and redeem these credits, including any carry-forward amounts. The bill builds upon a previous legislative change (House File 2317) that gradually reduced the refundability of the historic preservation tax credit, originally limiting 100% refundability. By extending the preservation of existing rights, the bill provides additional protection for taxpayers who have already been issued or awarded these tax credits, ensuring they are not negatively impacted by the recent changes to the tax credit program.
Committee Categories
Budget and Finance
Sponsors (0)
No sponsors listed
Other Sponsors (1)
Ways and Means (H)
Last Action
Rereferred to Ways and Means. H.J. 05/15. (on 05/15/2025)
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=HF1018 |
| Fiscal Note - Refundability of Historic Tax Credits | https://www.legis.iowa.gov/docs/publications/FN/1526234.pdf |
| BillText | https://www.legis.iowa.gov/docs/publications/LGI/91/attachments/HF1018.html |
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