Iowa Code Title X. Financial Resources [Chs. 421-454] § 422.11B. Minimum tax credit

1. a. For tax years beginning before January 1, 2024, there is allowed as a credit against the tax determined in section 422.5, subsection 1, for a tax year an amount equal to the minimum tax credit for that tax year.

b. The minimum tax credit for a tax year is the excess, if any, of the net minimum tax imposed for all prior tax years beginning on or after January 1, 1987, but before January 1, 2023, over the amount allowable as a credit under this section for those prior tax years.

2. a. The allowable credit under subsection 1 for a tax year beginning before January 1, 2023, shall not exceed the excess, if any, of the tax determined in section 422.5, subsection 1, over the state alternative minimum tax as determined in section 422.5, subsection 2, Code 2018. The allowable credit under subsection 1 for a tax year beginning in calendar year 2023 shall not exceed the tax determined under section 422.5, subsection 1.

b. The net minimum tax for a tax year is the excess, if any, of the tax determined in section 422.5, subsection 2, Code 2018, for the tax year over the tax determined in section 422.5, subsection 1, for the tax year.