Senate File 2140 - Introduced



                                       SENATE FILE       
                                       BY  KETTERING


    Passed Senate, Date               Passed House,  Date             
    Vote:  Ayes        Nays           Vote:  Ayes        Nays         
                 Approved                            

                                      A BILL FOR

  1 An Act increasing the dependent tax credit under the individual
  2    income tax and including a retroactive applicability date
  3    provision.
  4 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
  5 TLSB 5956XS 82
  6 mg/rj/5

PAG LIN



  1  1    Section 1.  Section 422.12, subsection 1, paragraph c, Code
  1  2 Supplement 2007, is amended to read as follows:
  1  3    c.  For each dependent, an additional forty one hundred
  1  4 dollars.  As used in this section, the term "dependent" has
  1  5 the same meaning as provided by the Internal Revenue Code.
  1  6    Sec. 2.  RETROACTIVE APPLICABILITY DATE.  This Act applies
  1  7 retroactively to January 1, 2008, for tax years beginning on
  1  8 or after that date.
  1  9                           EXPLANATION
  1 10    This bill increases the dependent tax credit from $40 to
  1 11 $100 under the state individual income tax.  The bill applies
  1 12 retroactively to January 1, 2008, for tax years beginning on
  1 13 or after that date.
  1 14 LSB 5956XS 82
  1 15 mg/rj/5