Text: SSB02354 Text: SSB02356 Text: SSB02300 - SSB02399 Text: SSB Index Bills and Amendments: General Index Bill History: General Index
Get Version To Print
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 tofiveten 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.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 4447SC 76 2 15 mg/sc/14
Text: SSB02354 Text: SSB02356 Text: SSB02300 - SSB02399 Text: SSB Index Bills and Amendments: General Index Bill History: General Index
© 1996 Cornell College and League of Women Voters of Iowa
Comments? webmaster@legis.iowa.gov.
Last update: Thu Apr 4 03:25:54 CST 1996
URL: /DOCS/GA/76GA/Legislation/SSB/02300/SSB02355/960403.html
jhf