Tax credit to spur investment in Hoover Presidential Library and Museum
Iowa’s only presidential library and museum in West Branch would see a boost in its fundraising efforts under a bill moving through the Legislature.
Allan Hoover III, great grandson of President Herbert Hoover, was at the Capitol this week to speak with lawmakers about his family’s Iowa roots and urge passage of legislation that would create a special tax credit to benefit the library and museum. It’s been nearly 30 years since the library’s last renovation.
Herbert Hoover was the only U.S. President from Iowa, serving as the nation’s 31st president between 1929 and 1933.
A $20 million renovation has been planned with a completion date in 2024 to coincide with what would be President Hoover’s 150th birthday. The National Archives requires having 90 percent of the project’s cost in hand before construction can begin.
Contributors to his presidential library’s renovation would see a tax credit of up to 25 percent, for a total of up to $5 million. Individuals could claim up to $250,000 in credits.