Text: SF02180 Text: SF02182 Text: SF02100 - SF02199 Text: SF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. Section 422.9, subsection 2, Code Supplement
1 2 1995, is amended by adding the following new paragraph:
1 3 NEW PARAGRAPH. g. Add the amount, not to exceed twenty-
1 4 five percent of the actual tuition the taxpayer has paid for a
1 5 course of study leading to an associate or baccalaureate
1 6 degree for each dependent attending an accredited
1 7 postsecondary institution situated in Iowa. As used in this
1 8 paragraph, "accredited postsecondary institution" means an
1 9 institution of higher learning under the control of the state
1 10 board of regents, a community college established under
1 11 chapter 260C, or an accredited private institution as defined
1 12 in section 261.9.
1 13 Sec. 2. Section 422.12, Code Supplement 1995, is amended
1 14 by adding the following new subsection:
1 15 NEW SUBSECTION. 4. For those who do not itemize their
1 16 deductions, a tuition credit equal to one and one-quarter
1 17 percent of the actual tuition the taxpayer has paid for a
1 18 course of study leading to an associate or baccalaureate
1 19 degree for each dependent attending an accredited
1 20 postsecondary institution situated in Iowa. As used in this
1 21 subsection, "accredited postsecondary institution" means an
1 22 institution of higher learning under the control of the state
1 23 board of regents, a community college established under
1 24 chapter 260C, or an accredited private institution as defined
1 25 in section 261.9. Notwithstanding any other provision, all
1 26 other credits allowed under sections 422.12 and 422.12B shall
1 27 be deducted before the tuition credit under this subsection.
1 28 EXPLANATION
1 29 This bill provides a taxpayer with a tax credit or a tax
1 30 deduction for tuition paid to an accredited postsecondary
1 31 institution for each dependent attending an accredited
1 32 postsecondary institution located in Iowa. The amount that
1 33 may be deducted per dependent shall not exceed 25 percent of
1 34 the actual tuition paid, and the credit is equal to 1.25
1 35 percent of the tuition paid per dependent. The course of
2 1 study for which tuition is paid must lead to an associate or
2 2 baccalaureate degree.
2 3 As used in the bill, "accredited postsecondary institution"
2 4 means an institution of higher learning under the control of
2 5 the state board of regents, a community college, or an
2 6 accredited private institution of higher learning located in
2 7 Iowa.
2 8 LSB 3309XS 76
2 9 kh/sc/14.2
Text: SF02180 Text: SF02182 Text: SF02100 - SF02199 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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