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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:
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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
person’s
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
individual’s
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
person’s
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.
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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
governor’s
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
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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
explanation’s
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
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203
corporate,
franchise,
insurance
premium,
and
moneys
and
credits
1
taxes.
2
The
amount
of
the
credit
shall
equal
25
percent
of
a
person’s
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
person’s
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
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the
person’s
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
governor’s
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
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