Senate File 170 - Introduced SENATE FILE 170 BY LOFGREN A BILL FOR An Act relating to the historic preservation tax credit 1 available against the individual and corporate income taxes, 2 the franchise tax, and the insurance premiums tax. 3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 4 TLSB 2486XS (2) 91 jm/jh
S.F. 170 Section 1. 2022 Iowa Acts, chapter 1002, section 53, is 1 amended to read as follows: 2 SEC. 53. PRESERVATION OF EXISTING RIGHTS. 3 1. This Except as provided in subsection 2, this division 4 of this Act is not intended to and shall not limit, modify, or 5 otherwise adversely affect any amount of tax credit issued, 6 awarded, or allowed prior to January 1, 2023, nor shall it 7 limit, modify, or otherwise adversely affect a taxpayers right 8 to claim or redeem a tax credit issued, awarded, or allowed 9 prior to January 1, 2023, including but not limited to any tax 10 credit carryforward amount. 11 2. The section of this division of this Act amending the 12 historic preservation tax credit is not intended to and shall 13 not limit, modify, or otherwise adversely affect any amount of 14 the tax credit issued, awarded, or allowed prior to July 1, 15 2023, nor shall it limit, modify, or otherwise adversely affect 16 a taxpayers right to claim or redeem the tax credit issued, 17 awarded, or allowed prior to July 1, 2023, including but not 18 limited to any tax credit carryforward amount. 19 EXPLANATION 20 The inclusion of this explanation does not constitute agreement with 21 the explanations substance by the members of the general assembly. 22 During the 2022 legislative session, House File 2317 was 23 enacted which gradually reduced the refundability of the 24 historic preservation tax credit commencing with the tax year 25 beginning January 1, 2023, until 75 percent of the credit in 26 excess of tax liability is refundable for tax years beginning 27 on or after January 1, 2027. Previously, the tax credit 28 was 100 percent refundable. House File 2317 also enacted 29 a provision preserving existing rights to the tax credit 30 issued, awarded, or allowed prior to January 1, 2023, to 31 reduce the effect House File 2317 had on existing tax credits 32 being awarded. This bill expands the applicability of the 33 preservation of existing rights provision from January 1, 2023, 34 to July 1, 2023, to historic preservation tax credits issued, 35 -1- LSB 2486XS (2) 91 jm/jh 1/ 2
S.F. 170 awarded, or allowed prior to July 1, 2023. 1 -2- LSB 2486XS (2) 91 jm/jh 2/ 2