§ 422.11W — Charitable conservation contribution tax credit

Iowa § 422.11W

• Jurisdiction: Iowa
• Title X: FINANCIAL RESOURCES
• Ch. 422: INDIVIDUAL INCOME, CORPORATE, AND FRANCHISE TAXES

Text

1. The taxes imposed under this subchapter, less the credits allowed under section
422.12, shall be reduced by a charitable conservation contribution tax credit equal to fifty
percent of the fair market value of a qualified real property interest located in the state that is
conveyed as an unconditional charitable donation in perpetuity by the taxpayer to a qualified
organization exclusively for conservation purposes. The maximum amount of tax credit is
one hundred thousand dollars. The amount of the contribution for which the tax credit is
claimed shall not be deductible in determining taxable income for state tax purposes.
2. For purposes of this section, “conservation purpose”, “qualified organization”, and
“qualified real property interest” mean the same as defined for the qualified conservation
contribution under section 170(h) of the Internal Revenue Code, except that a conveyance of
land for open space for the purpose of fulfilling density requirements to obtain subdivision
or building permits shall not be considered a conveyance for a conservation purpose.
3. Any credit in excess of the tax liability is not refundable but the excess for the tax
year may be credited to the tax liability for the following twenty tax years or until depleted,
whichever is the earlier.
4. An individual may claim the tax credit allowed a partnership, limited liability company,
S corporation, estate, or trust electing to have the income taxed directly to the individual. The
amount claimed by the individual shall be based upon the pro rata share of the individual’s
earnings of the partnership, limited liability company, S corporation, estate, or trust.