Text: HSB00117 Text: HSB00119 Text: HSB00100 - HSB00199 Text: HSB Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. NEW SECTION. 422.11 LONG-TERM CARE INSURANCE 1 2 CREDIT. 1 3 The tax imposed under this division, less the credits 1 4 allowed under sections 422.11A, 422.11B, 422.11C, 422.12, and 1 5 422.12B, shall be reduced by a long-term care insurance 1 6 credit. The amount of the credit is equal to the first one 1 7 hundred dollars paid in premiums by the taxpayer during the 1 8 tax year for the renewal of a long-term care insurance policy 1 9 or contract certified by the division of insurance pursuant to 1 10 chapter 249G which covers the taxpayer, taxpayer's spouse, or 1 11 dependent children. Any amounts paid in premiums for long- 1 12 term coverage that are claimed as a credit shall not be 1 13 deducted as a medical expense under section 422.9, subsection 1 14 2, or as health insurance costs of self-employed individuals 1 15 under section 162(l) of the Internal Revenue Code. 1 16 Any credit in excess of the tax liability for the tax year 1 17 is refundable. In lieu of claiming a refund, the taxpayer may 1 18 elect to have the overpayment shown on the taxpayer's final, 1 19 completed return credited to the tax liability for the 1 20 following tax year. 1 21 Sec. 2. This Act applies retroactively to January 1, 1995, 1 22 for tax years beginning on or after that date. 1 23 EXPLANATION 1 24 The bill grants individuals a $100 income tax credit for 1 25 premiums paid for the renewal of a certified long-term care 1 26 insurance policy or contract on the taxpayer or taxpayer's 1 27 spouse or dependent children. The policy or contract must be 1 28 certified by the division of insurance under the long-term 1 29 care asset preservation program. If the credit exceeds the 1 30 tax liability it can be refunded or applied to the next tax 1 31 year. The amount of the credit taken may not also be deducted 1 32 under the health insurance cost deduction provisions of the 1 33 income tax law. 1 34 The bill applies retroactively to January 1, 1995, for tax 1 35 years beginning on or after that date. 2 1 LSB 1219XL 76 2 2 mg/cf/24.2
Text: HSB00117 Text: HSB00119 Text: HSB00100 - HSB00199 Text: HSB Index Bills and Amendments: General Index Bill History: General Index
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