References for tax advisers
The following links and references may be helpful to tax advisors whose clients want to explore the Iowa Charitable Conservation Contribution Tax Credit.
Summary description from Iowa Department of Revenue.
Iowa Code Primary references
Individual: Iowa Code 422.11(W)
Corporate: Iowa Code 422.33 (25)
Tax credit is equal to 50 percent of the fair market value of a qualified real property interest located in Iowa that is conveyed as an unconditional charitable donation in perpetuity to a qualified organization exclusively for conservation purposes -- as defined below. - 422.11(W)
"Qualified real property interest" is defined in Federal Internal Revenue Code, Section 170(h)(2)
"Qualified organization" is defined in the federal Internal Revenue Code, Section 170(h)(3)
"Conservation purposes" is defined in the federal Internal Revenue Code, Section 170(h)(4)
Except that for purposes of this Iowa tax credit, a conservation purpose does not include donating land "for open space for the purpose of fulfilling density requirements to obtain subdivision or building permits."
Iowa Administrative Code Primary references
Individual: Rule 701-42.38(422)
Corporate: Rule 701-52.37(422)
Rule 701-41.5(15) - itemized Iowa charitable deduction is not allowed for individuals for amount of the contribution that's eligible for the charitable conservation contribution tax credit.
Regarding the sequence of tax credits to be deducted:
- 701-42.23(422) shows the listing for individual income tax.
- 701-52.12(422) shows the listing corporation income tax.