Review of certain income tax credits and exclusions

(a) The credits and exclusions under the income tax listed in subsection (c) shall be reviewed in 2022 and every fifth year thereafter. (b) The auditor shall submit the findings and recommendations of the reviews to the legislature and governor at least twenty days prior to the convening of the immediately following regular session. (c) This section shall apply to the following: (1) Section 235-4.5(a)--Exclusion of intangible income earned by a trust sited in this State; (2) Section 235-4.5(b)--Exclusion of intangible income of a foreign corporation owned by a trust sited in this State; (3) Section 235-4.5(c)--Credit to a resident beneficiary of a trust for income taxes paid by the trust to another state; (4) Sections 235-55 and 235-129--Credit for income taxes paid by a resident taxpayer to another jurisdiction; (5) Section 235-71(c)--Credit for a regulated investment company shareholder for the capital gains tax paid by the company; (6) Section 235-110.6--Credit for fuel taxes paid by a commercial fisher; (7) Section 235-110.93--Credit for important agricultural land qualified agricultural cost; (8) Section 235-110.94--Credit for organically produced agricultural products; (9) Section 235-129(b)--Credit to a shareholder of an S corporation for the shareholder's pro rata share of the tax credit earned by the S corporation in this State; and (10) Section 209E-10--Credit for a qualified business in an enterprise zone; provided that the review of this credit pursuant to this part shall be limited in scope to income tax credits.