The proposed bill establishes a quantum technology tax credit available against individual and corporate income taxes for eligible projects aimed at creating shared quantum facilities in Iowa. It defines key terms such as "consortium," "eligible project," "qualified applicant," and "qualifying investment," which includes capital expenditures for land, tangible personal property, and software used exclusively in the state. The bill outlines the application process for the tax credit, requiring applicants to submit a successful application to the Iowa economic development authority, including evidence of a federal grant and a project placed in service before January 1, 2031.

The bill also sets limits on the total amount of tax credits awarded, capping annual credits at $24 million and total credits at $44 million. It includes provisions for the authority to prioritize projects that meet specific criteria, such as substantial federal funding and benefits to the quantum industry in Iowa. Additionally, it stipulates that any failure to meet requirements may lead to the reduction or rescission of credits, and it mandates the authority to adopt rules for administering the program. The tax credit is applicable for tax years beginning on or after January 1, 2026, and the relevant sections of the bill will be repealed on January 1, 2038.

Statutes affected:
Introduced: 15.330, 422.12, 422.33