How do I calculate the Iowa Innovation Fund Tax Credit?
The Innovation Fund Tax Credit is equal to 25% of the taxpayer's equity investment in an innovation fund certified by the Iowa Economic Development Authority.
The Iowa Economic Development Authority issues tax credit certificates including a tax credit certificate number. Any tax credit in excess of tax liability can be carried forward and applied against tax liability for the following five years or until depleted, whichever is earlier.
The credit is transferable, but may only be transferred once. If the tax credit is issued to a partnership, limited liability company, S corporation, estate, or trust, the tax credit shall be claimed by the individual based on the pro rata share of the income of the entity.
The Iowa Economic Development Authority issues tax credit certificates including a tax credit certificate number. Any tax credit in excess of tax liability can be carried forward and applied against tax liability for the following five years or until depleted, whichever is earlier.
The credit is transferable, but may only be transferred once. If the tax credit is issued to a partnership, limited liability company, S corporation, estate, or trust, the tax credit shall be claimed by the individual based on the pro rata share of the income of the entity.
