Iowa HSB306 modifies the research activities tax credit, reducing it for corporations and individuals with mass layoffs or business closings.

Iowa HSB306 modifies the research activities tax credit available against individual and corporate income taxes. The bill reduces the credit for corporations and individuals who have incurred mass layoffs or business closings during the taxable year. The reduction percentages vary based on the number of layoffs: 50% for 1,500 or more layoffs, 25% for 1,000 to 1,500 layoffs, 12.5% for 500 to 1,000 layoffs, and 6.25% for less than 500 layoffs. The Department of Revenue must review mass layoff notices and other relevant information before allowing the credit.

Iowa HSB306 modifies the research activities tax credit, reducing it for corporations and individuals with mass layoffs or business closings.

Iowa HSB306 modifies the research activities tax credit available against individual and corporate income taxes. The bill reduces the credit for corporations and individuals who have incurred mass layoffs or business closings during the taxable year. The reduction percentages vary based on the number of layoffs: 50% for 1,500 or more layoffs, 25% for 1,000 to 1,500 layoffs, 12.5% for 500 to 1,000 layoffs, and 6.25% for less than 500 layoffs. The Department of Revenue must review mass layoff notices and other relevant information before allowing the credit.