Text: H03954 Text: H03956 Text: H03900 - H03999 Text: H Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Amend House File 373 as follows:
1 2 #1. Page 1, by inserting after line 24 the
1 3 following:
1 4 "NEW SUBSECTION. 35. Subtract the amount of
1 5 premiums paid by the taxpayer for the renewal of a
1 6 long-term care insurance policy or contract certified
1 7 by the division of insurance pursuant to chapter 249G
1 8 which covers the taxpayer, taxpayer's spouse, or
1 9 dependent children. The taxpayer may elect to take
1 10 for premiums paid during the tax year the deduction
1 11 authorized by this subsection or the credit under
1 12 section 422.11 to the extent the premiums have not
1 13 been deducted in subsection 32 of this section."
1 14 #2. Page 1, by inserting before line 25 the
1 15 following:
1 16 "Sec. 100. NEW SECTION. 422.11 LONG-TERM CARE
1 17 INSURANCE CREDIT.
1 18 The tax imposed under this division, less the
1 19 credits allowed under sections 422.11A, 422.11B,
1 20 422.11C, 422.12, and 422.12B, shall be reduced by a
1 21 long-term care insurance credit. The amount of the
1 22 credit is equal to the first one hundred dollars paid
1 23 in premiums by the taxpayer during the tax year for
1 24 the renewal of a long-term care insurance policy or
1 25 contract certified by the division of insurance
1 26 pursuant to chapter 249G which covers the taxpayer,
1 27 taxpayer's spouse, or dependent children. Any amounts
1 28 paid in premiums for long-term coverage that are
1 29 claimed as a credit shall not be deducted as a medical
1 30 expense under section 422.9, subsection 2, or as
1 31 health insurance costs of self-employed individuals
1 32 under section 162(l) of the Internal Revenue Code. A
1 33 credit under this section for the premiums paid in the
1 34 tax year may not be taken if the taxpayer takes a
1 35 deduction under section 422.7, subsection 35, for
1 36 those premiums.
1 37 Any credit in excess of the tax liability for the
1 38 tax year is refundable. In lieu of claiming a refund,
1 39 the taxpayer may elect to have the overpayment shown
1 40 on the taxpayer's final, completed return credited to
1 41 the tax liability for the following tax year."
1 42 #3. Page 5, line 11, by inserting after the figure
1 43 "1" the following: ", 100,".
1 44
1 45
1 46
1 47 GREIG of Emmet
1 48 HF 373.202 76
1 49 mg/jj
Text: H03954 Text: H03956 Text: H03900 - H03999 Text: H Index Bills and Amendments: General Index Bill History: General Index
Iowa General Assembly
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