IA
Iowa House Bill HSB123

Iowa 2023-2024 Regular Session

Iowa House Bill HSB123

Introduced
2/1/23  
Introduced
2/1/23  

Caption

A bill for an act relating to the Hoover presidential library tax credit available against the individual and corporate income taxes, the franchise tax, the insurance premiums tax, and the moneys and credits tax.(See HF 703.)

Impact

The bill will extend the eligibility for claiming this tax credit by one additional tax year, allowing taxpayers to benefit through tax year 2024, with an extended repeal date set for December 31, 2030. This extension is deemed significant as it aligns with current tax provisions that allow for carryforward of unused tax credits for up to five years. The measure is expected to encourage more philanthropy towards the Hoover foundation, boosting funds for essential renovations and maintenance of the library.

Summary

House Study Bill 123 is designed to amend existing tax law relating to the Hoover presidential library by extending the tax credit available for donations to the library's renovation project. Specifically, the bill allows individuals and corporations to claim a tax credit equal to 25% of their donations made to the Hoover presidential foundation. This credit applies against various state taxes, including individual and corporate income taxes, franchise taxes, and insurance premiums taxes. The bill aims to continue supporting the preservation and renovation of the library and museum, thus acknowledging the historical significance of Herbert Hoover's presidency.

Contention

There may be some contention regarding the fiscal implications of extending this tax credit. While proponents argue that the credit incentivizes donations to a culturally and historically important institution, critics may question the effectiveness of tax credits in driving charitable donations, suggesting that such initiatives might come at a cost to the state's overall tax base. The discussion surrounding the bill could explore these fiscal ramifications further, as well as the equity of offering tax benefits to certain sectors while potentially overlooking critical funding for other community needs.

Latest IA HSB123 Activity

View All Events: IA 2023-2024 Regular Session HSB123

Companion Bills

IA HF703

Replaced by A bill for an act relating to the Hoover presidential library tax credit available against the individual and corporate income taxes, the franchise tax, the insurance premiums tax, and the moneys and credits tax. (Formerly HSB 123.) Effective date: 07/01/2023.

Previously Filed As

IA HF703

A bill for an act relating to the Hoover presidential library tax credit available against the individual and corporate income taxes, the franchise tax, the insurance premiums tax, and the moneys and credits tax. (Formerly HSB 123.) Effective date: 07/01/2023.

IA HF203

A bill for an act creating a Caitlin Clark and Lisa Bluder monument tax credit and fund available against the individual and corporate income taxes, the franchise tax, the insurance premiums tax, and the moneys and credits tax.

IA HF419

A bill for an act relating to the endow Iowa tax credit available against the individual and corporate income taxes, the franchise tax, the insurance premiums tax, and the moneys and credits tax, and including effective date and applicability provisions.

IA HF2624

A bill for an act creating the railroad reconstruction or replacement tax credit available against the individual and corporate income taxes, the franchise tax, the insurance premiums tax, and the moneys and credits tax, and including effective date and retroactive applicability provisions.

IA HSB270

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 HF 1018.)

IA HF2218

A bill for an act relating to the maximum amount of workforce housing tax incentives available against the individual and corporate income taxes, the franchise tax, the insurance premiums tax, and the moneys and credits tax.(See HF 2420.)

IA HF2420

A bill for an act relating to the maximum amount of workforce housing tax incentives available against the individual and corporate income taxes, the franchise tax, the insurance premiums tax, and the moneys and credits tax.(Formerly HF 2218.)

IA HF2149

A bill for an act relating to the allocation of workforce housing tax incentives available against the individual and corporate income taxes, the franchise tax, the insurance premiums tax, and the moneys and credits tax.

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.)

IA HSB232

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.

Similar Bills

No similar bills found.