Text: HSB00118 Text: HSB00120 Text: HSB00100 - HSB00199 Text: HSB Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 422.9, subsection 2, paragraph f, Code 1 2 1995, is amended by striking the paragraph. 1 3 Sec. 2. Section 422.12, subsection 2, unnumbered paragraph 1 4 1, Code 1995, is amended to read as follows: 1 5For those who do not itemize their deductions, aA tuition 1 6 credit equal tofiveseven percent of the first one thousand 1 7 dollars which the taxpayer has paid to others for each 1 8 dependent in grades kindergarten through twelve, for tuition 1 9 and textbooks of each dependent in attending an elementary or 1 10 secondary school situated in Iowa, which school is accredited 1 11 or approved under section 256.11, which is not operated for 1 12 profit, and which adheres to the provisions of the federal 1 13 Civil Rights Act of 1964 and chapter 216. As used in this 1 14 subsection, "textbooks" means books and other instructional 1 15 materials and equipment used in elementary and secondary 1 16 schools in teaching only those subjects legally and commonly 1 17 taught in public elementary and secondary schools in this 1 18 state and does not include instructional books and materials 1 19 used in the teaching of religious tenets, doctrines, or 1 20 worship, the purpose of which is to inculcate those tenets, 1 21 doctrines, or worship, and does not include books or materials 1 22 for extracurricular activities including sporting events, 1 23 musical or dramatic events, speech activities, driver's 1 24 education, or programs of a similar nature. Notwithstanding 1 25 any other provision, all other credits allowed under sections 1 26 422.12 and 422.12B shall be deducted before the tuition credit 1 27 under this subsection.The credit in this subsection does not1 28apply to a taxpayer whose net income, as properly computed for1 29state tax purposes, is forty-five thousand dollars or more.1 30In the case where the taxpayer is married, whether filing1 31jointly or separately, the credit does not apply if the1 32combined net income of the taxpayer and spouse is forty-five1 33thousand dollars or more.1 34 Sec. 3. This Act, being deemed of immediate importance, 1 35 takes effect upon enactment, and applies retroactively to 2 1 January 1, 1995, for tax years beginning on or after that 2 2 date. 2 3 EXPLANATION 2 4 The bill eliminates the income tax deduction for amounts 2 5 paid for tuition and textbooks for taxpayers who itemize 2 6 deductions. The bill increases the rate for the tuition and 2 7 textbook credit from 5 to 7 percent and makes the credit 2 8 available to all eligible taxpayers. The bill is effective 2 9 upon enactment and applies retroactively to tax years 2 10 beginning on or after January 1, 1995. 2 11 LSB 1492XL 76 2 12 mg/sc/14
Text: HSB00118 Text: HSB00120 Text: HSB00100 - HSB00199 Text: HSB Index Bills and Amendments: General Index Bill History: General Index
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