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House Journal: Page 1604: Monday, April 17, 1995

 4     "NEW SUBSECTION.  35.  Subtract the amount of
 5   premiums paid by the taxpayer for the renewal of a
 6   long-term care insurance policy or contract certified
 7   by the division of insurance pursuant to chapter 249G
 8   which covers the taxpayer, taxpayer's spouse, or
 9   dependent children.  The taxpayer may elect to take
10   for premiums paid during the tax year the deduction
11   authorized by this subsection or the credit under
12   section 422.11 to the extent the premiums have not
13   been deducted in subsection 32 of this section."
14     2.  Page 1, by inserting before line 25 the
15   following:
16     "Sec. 100.  NEW SECTION.  422.11  LONG-TERM CARE
17   INSURANCE CREDIT.
18     The tax imposed under this division, less the
19   credits allowed under sections 422.11A, 422.11B,
20   422.11C, 422.12, and 422.12B, shall be reduced by a
21   long-term care insurance credit.  The amount of the
22   credit is equal to the first one hundred dollars paid
23   in premiums by the taxpayer during the tax year for
24   the renewal of a long-term care insurance policy or
25   contract certified by the division of insurance
26   pursuant to chapter 249G which covers the taxpayer,
27   taxpayer's spouse, or dependent children.  Any amounts
28   paid in premiums for long-term coverage that are
29   claimed as a credit shall not be deducted as a medical
30   expense under section 422.9, subsection 2, or as
31   health insurance costs of self-employed individuals
32   under section 162(l) of the Internal Revenue Code.  A
33   credit under this section for the premiums paid in the
34   tax year may not be taken if the taxpayer takes a
35   deduction under section 422.7, subsection 35, for
36   those premiums.
37     Any credit in excess of the tax liability for the
38   tax year is refundable.  In lieu of claiming a refund,
39   the taxpayer may elect to have the overpayment shown
40   on the taxpayer's final, completed return credited to
41   the tax liability for the following tax year."
42     3.  Page 5, line 11, by inserting after the figure
43   "1" the following:  ", 100,".
Amendment H-3955 was adopted.
Weigel of Chickasaw offered the following amendment H-3592 filed
by him and moved its adoption:
H-3592
 1     Amend House File 373 as follows:
 2     1.  Page 5, by striking lines 7 through 12 and
 3   inserting the following:
 4     "Sec. ___.  This Act is effective upon the
 5   enactment of a federal individual income tax provision
 6   authorizing the deduction in computing federal

Iowa General Assembly

Index: House Journal (76th General Assembly: Session 1)

© 1995 Cornell College and League of Women Voters of Iowa

Comments? hjourn@legis.iowa.gov.

Last update: Sun Jan 14 21:05:02 CST 1996
URL: /DOCS/GA/76GA/Session.1/HJournal/01600/01604.html
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