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Text: SF02466                           Text: SF02468
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Senate File 2467

Partial Bill History

Bill Text

PAG LIN
  1  1    Section 1.  Section 422.9, subsection 2, paragraph f, Code
  1  2 Supplement 1995, is amended by striking the paragraph.
  1  3    Sec. 2.  Section 422.12, subsection 2, unnumbered paragraph
  1  4 1, Code Supplement 1995, is amended to read as follows:
  1  5    For those who do not itemize their deductions, a A tuition
  1  6 credit equal to five ten 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 not
  1 28 apply to a taxpayer whose net income, as properly computed for
  1 29 state tax purposes, is forty-five thousand dollars or more.
  1 30 In the case where the taxpayer is married, whether filing
  1 31 jointly or separately, the credit does not apply if the
  1 32 combined net income of the taxpayer and spouse is forty-five
  1 33 thousand dollars or more.  The department, when conducting an
  1 34 audit of a taxpayer's return, shall also audit the tuition tax
  1 35 credit portion of the tax return.
  2  1    Sec. 3.  This Act, being deemed of immediate importance,
  2  2 takes effect upon enactment, and applies retroactively to
  2  3 January 1, 1996, for tax years beginning on or after that
  2  4 date.  
  2  5                           EXPLANATION
  2  6    The bill eliminates the income tax deduction for amounts
  2  7 paid for tuition and textbooks for nonpublic schools for
  2  8 taxpayers who itemize deductions.  The bill increases the rate
  2  9 for the nonpublic school tuition and textbook credit from 5 to
  2 10 10 percent and makes the credit available to all taxpayers
  2 11 regardless of net income.  The bill is effective upon
  2 12 enactment and applies retroactively to tax years beginning on
  2 13 or after January 1, 1996.  
  2 14 LSB 4447SV 76
  2 15 mg/sc/14.1
     
Text: SF02466                           Text: SF02468
Text: SF02400 - SF02499                 Text: SF Index
Bills and Amendments: General Index     Bill History: General Index
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