Iowa 2021-2022 Regular Session Status: Enacted

HF 588 — A bill for an act creating a Hoover presidential library tax credit available against the individual and corporate income taxes, the franchise tax, the insurance premiums tax, and the moneys and credit tax. (Formerly HF 255.) Effective date: 07/01/2021.

Last action — Fiscal note.

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. ✓
    Passed House
  4. ✓
    Passed Senate
  5. ✓
    To Executive
  6. 6
    Enacted

This bill has been enacted into law. Introduced February 18, 2021. Enacted.

Prognosis

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Where this bill stands today.

Odds of enactment

High

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Bill Text

What changed in the latest version

84 added · 130 removed

84 line(s) added, 130 removed.

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O FICE OF THE GOVERNOR CMREYOLS ADAMGEG GOVERNOR ITGOVERNOR ue10,01 heHnoabePulae ertryfSaeofowa tteaiol esMins,owa039 earI.ertr, Ieeytasi:
House File 588 - Enrolled House File 588 AN ACT CREATING A HOOVER PRESIDENTIAL LIBRARY TAX CREDIT AVAILABLE AGAINST THE INDIVIDUAL AND CORPORATE INCOME TAXES, THE FRANCHISE TAX, THE INSURANCE PREMIUMS TAX, AND THE MONEYS AND CREDIT TAX.
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For tax years beginning on or after Januar, 2021, but before January, 2024, a tax credit shall be allowed against the taxes imposed in chapter 422, subchapters II, III, and V, and in chapter 432, and against the moneys and credits tax imposed in section 533.329, equal to twenty—five percent of a perso's donation to the Hoover presidential foundation for the Hoover presidential library and museum renovation project fund.
For tax years beginning on or after January 1, 2021, but before January 1, 2024, a tax credit shall be allowed against the taxes imposed in chapter 422, subchapters II, III, and V, and in chapter 432, and against the moneys and credits tax imposed in section 533.329, equal to twenty-five percent of a person’s donation to the Hoover presidential foundation for the Hoover presidential library and museum renovation project fund.
The amount claimed by the individual shall be based upon the pro rata share of the individual's earnings from the partnership, limited liability company, S corporation, estate, or trust.
The amount claimed by the individual shall be based upon the pro rata share of the individual’s earnings from the partnership, limited liability company, S corporation, estate, or trust.
The amount of the donation for which the tax credis i claimed shall not be deductible in determining taxable income for state income tax purposes.
The amount of the donation for which the tax credit is claimed shall not be deductible in determining taxable income for state income tax purposes.
Any tax credit in excess of the person's tax liability House File 588, p .
Any tax credit in excess of the person’s tax liability House File 588, p.
If any portion of the reserved tax credits have not been distributed by September 1 , 2023, the remaining reserved tax credits shall be available to any other eligible person.
If any portion of the reserved tax credits have not been distributed by September 1, 2023, the remaining reserved tax credits shall be available to any other eligible person.
This section i s repealed December 3 , 2029.
This section is repealed December 31, 2029.
Section 422.33, Code 2021, i s amended by adding the following new subsection:
Section 422.33, Code 2021, is amended by adding the following new subsection:
NEW SUBSECTION.
NEW SUBSECTION .
Section 422.60, Code 2021, i s amended by adding the following new subsection:
Section 422.60, Code 2021, is amended by adding the following new subsection:
House File 588, p .
House File 588, p.
3 NEW SUBSECTION.
3 NEW SUBSECTION .
Section 533.329, subsection 2 , Code 2021, is amended by adding the following new paragraph:
Section 533.329, subsection 2, Code 2021, is amended by adding the following new paragraph:
NEW PARAGRAPH.
NEW PARAGRAPH .
The moneys and credits tax imposed under this section shall be reduced by a Hoover presidential library tax credi-t-allowed under section 15E.364.
l.
• 9J• PA GRASSLEY AKE CHAPMAN Speaker of thé House President of the Senate I hereby certify that this bill originated in the House and is known as House File 588, Eighty-ninth General Assembly.
The moneys and credits tax imposed under this section shall be reduced by a Hoover presidential library tax credit allowed under section 15E.364.
NELSON Clerk of the House Approved /•AA j_ JV " , 2021 Governor KMREYOLS O FICE OF THE GOVERNOR ADAMGEG GOVERNOR LTGOVERNOR ue1,221 heHnoabePulae ertryfSaeofowa tteaiol es%ons,owa039 earr.ecea, Ieeytasi:
______________________________ ______________________________ PAT GRASSLEY JAKE CHAPMAN Speaker of the House President of the Senate I hereby certify that this bill originated in the House and is known as House File 588, Eighty-ninth General Assembly.
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______________________________ MEGHAN NELSON Chief Clerk of the House Approved _______________, 2021 ______________________________ KIM REYNOLDS Governor
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Action History

  1. Fiscal note.

  2. Signed by Governor.

  3. Reported correctly enrolled, signed by Speaker and President, and sent to Governor.

  4. Explanation of vote.

  5. Message from Senate.

  6. Immediate message.

  7. Passed Senate, yeas 46, nays 0.

  8. Substituted for SF 575.

  9. Explanation of vote.

  10. Explanation of vote.

  11. Read first time, attached to companion SF 575.

  12. Message from House.

  13. Immediate message.

  14. Passed House, yeas 87, nays 3.

  15. Placed on calendar under unfinished business.

  16. Fiscal note.

  17. Introduced, placed on Ways and Means calendar.

Sponsorship breakdown

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0 sponsors · 0 co-sponsors · 150 not signed on

Sponsors (0)

None.

Co-sponsors (0)

None.

Not signed on (150)

150 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

taxation
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

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What is the current status of HF 588?
This bill has been enacted into law. Introduced February 18, 2021. Enacted.
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