| 1 | 1 | | House File 203 - Introduced HOUSE FILE 203 BY NORDMAN A BILL FOR An Act creating a Caitlin Clark and Lisa Bluder monument 1 tax credit and fund available against the individual and 2 corporate income taxes, the franchise tax, the insurance 3 premiums tax, and the moneys and credits tax. 4 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 5 TLSB 1775YH (5) 91 jm/jh |
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| 3 | 3 | | H.F. 203 Section 1. NEW SECTION . 15E.365 Caitlin Clark and Lisa 1 Bluder monument tax credit. 2 1. For tax years beginning on or after January 1, 2026, 3 but before January 1, 2030, a tax credit shall be allowed 4 against the taxes imposed in chapter 422, subchapters II, III, 5 and V, and in chapter 432, and against the moneys and credits 6 tax imposed in section 533.329, equal to twenty-five percent 7 of a persons donation to the Caitlin Clark and Lisa Bluder 8 monument tax credit fund in section 15E.366. An individual 9 may claim a tax credit under this section of a partnership, 10 limited liability company, S corporation, estate, or trust 11 electing to have income taxed directly to the individual. The 12 amount claimed by the individual shall be based upon the pro 13 rata share of the individuals earnings from the partnership, 14 limited liability company, S corporation, estate, or trust. 15 2. The amount of the donation for which the tax credit is 16 claimed shall not be deductible in determining taxable income 17 for state income tax purposes. 18 3. Any tax credit in excess of the persons tax liability 19 for the tax year may be credited to the tax liability for the 20 following five years or until depleted, whichever occurs first. 21 A tax credit shall not be carried back to a tax year prior to 22 the tax year in which the person claims the tax credit. 23 4. a. The aggregate amount of tax credits authorized 24 pursuant to this section shall not exceed a total of one 25 million dollars. 26 b. The maximum amount of tax credits granted to a person 27 shall not exceed five percent of the aggregate amount of tax 28 credits authorized. 29 c. Ten percent of the aggregate amount of tax credits 30 authorized shall be reserved for those donations in amounts 31 of thirty thousand dollars or less. If any portion of the 32 reserved tax credits have not been distributed by September 1, 33 2028, the remaining reserved tax credits shall be available to 34 any other eligible person. 35 -1- LSB 1775YH (5) 91 jm/jh 1/ 5 |
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| 5 | 5 | | H.F. 203 5. The tax credit shall not be transferable to any other 1 person. 2 6. The authority shall develop a system for authorization 3 of tax credits under this section and shall control the 4 distribution of all tax credits to persons providing a 5 donation subject to this section. The authority shall 6 adopt administrative rules pursuant to chapter 17A for the 7 qualification and administration of the donations made pursuant 8 to this section. 9 7. This section is repealed December 31, 2035. 10 Sec. 2. NEW SECTION . 15E.366 Caitlin Clark and Lisa Bluder 11 monument tax credit fund. 12 1. A Caitlin Clark and Lisa Bluder monument tax credit 13 fund is created in the state treasury under the control of the 14 authority. The fund shall consist of appropriations made to 15 the fund, donations, and transfers of interest, earnings, and 16 moneys from other funds or sources as provided by law. The 17 Caitlin Clark and Lisa Bluder monument fund shall be separate 18 from the general fund of the state and the balance in the fund 19 shall not be considered part of the balance of the general fund 20 of the state. 21 2. a. Moneys in the fund shall be used by the authority to 22 fund the construction of a monument of Caitlin Clark and Lisa 23 Bluder to celebrate the accomplishments of Caitlin Clark and 24 Lisa Bluder on and off the basketball court. The authority 25 shall coordinate the solicitation of donations to the fund 26 with the governors office, the university of Iowa, and the 27 offices of the majority leader of the senate and the speaker 28 of the house to determine the location and type of monument to 29 be constructed. 30 b. The authority shall not solicit donations in excess of 31 the estimated costs to construct the monument. 32 3. Moneys in the Caitlin Clark and Lisa Bluder monument 33 fund are not subject to section 8.33. Notwithstanding section 34 12C.7, subsection 2, interest or earnings on moneys in the fund 35 -2- LSB 1775YH (5) 91 jm/jh 2/ 5 |
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| 7 | 7 | | H.F. 203 shall be credited to the fund. 1 4. This section is repealed December 31, 2035, and any 2 remaining moneys in the fund shall be transferred to the 3 general fund of the state. 4 Sec. 3. NEW SECTION . 422.11X Caitlin Clark and Lisa Bluder 5 monument tax credit. 6 The tax imposed under this subchapter, less the credits 7 allowed under section 422.12, shall be reduced by a Caitlin 8 Clark and Lisa Bluder monument tax credit authorized pursuant 9 to section 15E.365. 10 Sec. 4. Section 422.33, Code 2025, is amended by adding the 11 following new subsection: 12 NEW SUBSECTION . 33. The taxes imposed under this subchapter 13 shall be reduced by a Caitlin Clark and Lisa Bluder monument 14 tax credit allowed under section 15E.365. 15 Sec. 5. Section 422.60, Code 2025, is amended by adding the 16 following new subsection: 17 NEW SUBSECTION . 16. The taxes imposed under this subchapter 18 shall be reduced by a Caitlin Clark and Lisa Bluder monument 19 tax credit allowed under section 15E.365. 20 Sec. 6. NEW SECTION . 432.12P Caitlin Clark and Lisa Bluder 21 monument tax credit. 22 The taxes imposed under this chapter shall be reduced by a 23 Caitlin Clark and Lisa Bluder monument tax credit allowed under 24 section 15E.365. 25 Sec. 7. Section 533.329, subsection 2, Code 2025, is amended 26 by adding the following new paragraph: 27 NEW PARAGRAPH . n. The moneys and credits tax imposed under 28 this section shall be reduced by a Caitlin Clark and Lisa 29 Bluder monument tax credit allowed under section 15E.365. 30 EXPLANATION 31 The inclusion of this explanation does not constitute agreement with 32 the explanations substance by the members of the general assembly. 33 This bill creates a Caitlin Clark and Lisa Bluder monument 34 tax credit and fund available against the individual, 35 -3- LSB 1775YH (5) 91 jm/jh 3/ 5 |
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| 9 | 9 | | H.F. 203 corporate, franchise, insurance premium, and moneys and credits 1 taxes. 2 The amount of the credit shall equal 25 percent of a persons 3 donation to the Caitlin Clark and Lisa Bluder monument fund 4 created in the bill. 5 The bill specifies that the amount of the donation for which 6 the tax credit is claimed shall not be deductible for state 7 income tax purposes. 8 A credit provided in the bill in excess of tax liability is 9 not refundable but the excess for the tax year may be credited 10 to a persons tax liability for the following five years or 11 until depleted, whichever occurs first. The tax credit shall 12 not be carried back to a tax year prior to the tax year in which 13 the person claims the tax credit. 14 The aggregate amount of tax credits authorized pursuant to 15 the bill shall not exceed $1 million. 16 The maximum amount of tax credits granted to a person shall 17 not exceed 5 percent of the aggregate amount of tax credits 18 authorized under the bill. 19 The bill provides that 10 percent of the aggregate amount of 20 tax credits authorized shall be reserved for those donations 21 in amounts of $30,000 or less. If any portion of the reserved 22 tax credits have not been distributed by September 1, 2028, the 23 remaining reserved tax credits shall be available to any other 24 eligible person. 25 The bill prohibits the transfer of the credit to any other 26 person. 27 The bill requires the economic development authority 28 (authority) to develop a system for authorization of tax 29 credits and shall control the distribution of all tax credits 30 to persons providing a donation subject to this Code section. 31 The bill applies to tax years beginning on or after January 32 1, 2026, but before January 1, 2030. 33 The tax credit is repealed December 31, 2035, to account for 34 the carryforward of any excess credit that may be credited to 35 -4- LSB 1775YH (5) 91 jm/jh 4/ 5 |
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| 11 | 11 | | H.F. 203 the persons tax liability for up to five years. 1 The bill creates a Caitlin Clark and Lisa Bluder monument 2 fund (fund) under control of the authority. The fund shall 3 consist of appropriations made to the fund, donations, and 4 transfers of interest, earnings, and moneys from other funds 5 or sources as provided by law. 6 The authority shall coordinate the solicitation of donations 7 to the fund with the governors office, the university of Iowa, 8 and the offices of the majority leader of the senate and the 9 speaker of the house to determine the location and type of 10 monument to be constructed. The bill prohibits the authority 11 to solicit donations in excess of the estimated costs to 12 construct the monument. 13 The fund is repealed December 31, 2035, to coincide with the 14 repeal of the tax credit due to the carryover provisions, and 15 any remaining moneys in the fund shall be transferred to the 16 general fund of the state. 17 -5- LSB 1775YH (5) 91 jm/jh 5/ 5 |
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