Bill
Bill > SF653
IA SF653
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 SF 170.)
summary
Introduced
05/09/2025
05/09/2025
In Committee
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 preservation of existing rights provision for historic preservation tax credits in Iowa. Previously, the preservation of existing rights applied to tax credits issued, awarded, or allowed before January 1, 2023, which meant that tax credits granted before that date would not be negatively impacted by recent changes to tax credit rules. The bill expands this protection, extending the preservation of existing rights to tax credits issued, awarded, or allowed before July 1, 2023. This change ensures that historic preservation tax credits granted up to this later date will maintain their original terms and can be claimed or carried forward without limitation, even if subsequent legislative changes might otherwise reduce their value. The bill essentially provides additional protection for taxpayers who have been awarded historic preservation tax credits, giving them more flexibility and certainty in how they can use these credits.
Committee Categories
Budget and Finance
Sponsors (0)
No sponsors listed
Other Sponsors (1)
Ways & Means (S)
Last Action
Fiscal note. (on 05/12/2025)
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=SF653 |
| Fiscal Note - Refundability of Historic Tax Credits | https://www.legis.iowa.gov/docs/publications/FN/1527356.pdf |
| BillText | https://www.legis.iowa.gov/docs/publications/LGI/91/attachments/SF653.html |
Loading...