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IA SF653
Bill
Status
5/9/2025
Primary Sponsor
Ways & Means
Click for details
AI Summary
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Extends the preservation of existing rights for historic preservation tax credits from January 1, 2023, to July 1, 2023, protecting credits issued, awarded, or allowed before that date from adverse modifications
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Maintains taxpayers' ability to claim or redeem historic preservation tax credits issued prior to July 1, 2023, including any carryforward amounts
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Amends 2022 Iowa Acts (House File 2317), which had gradually reduced the refundability of the historic preservation tax credit from 100% to 75% for tax years beginning on or after January 1, 2027
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Applies to credits available against individual income tax, corporate income tax, franchise tax, and insurance premiums tax
Legislative Description
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.)
Last Action
Referred to Ways and Means. S.J. 1058.
6/16/2025