Text: HF02128 Text: HF02130 Text: HF02100 - HF02199 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. Section 422.7, Code Supplement 1997, is amended
1 2 by adding the following new subsection:
1 3 NEW SUBSECTION. 35. If the adjusted gross income includes
1 4 income or loss from a business and the business allows
1 5 employees paid time off, without having to use vacation time,
1 6 to assist with the education or early childhood development of
1 7 children, an additional deduction may be taken equal to the
1 8 amount paid to each employee taking time off for such
1 9 purposes, up to the amount paid for the first one hundred
1 10 hours for each employee.
1 11 A taxpayer who is a partner of a partnership, a member of a
1 12 limited liability company, or a shareholder of an S
1 13 corporation may deduct that portion of wages qualified under
1 14 this subsection paid by the partnership, limited liability
1 15 company, or S corporation based on the taxpayer's pro rata
1 16 share of the profits or losses from the partnership, limited
1 17 liability company, or S corporation.
1 18 Sec. 2. Section 422.35, Code Supplement 1997, is amended
1 19 by adding the following new subsection:
1 20 NEW SUBSECTION. 18. If the corporation allows employees
1 21 paid time off, without having to use vacation time, to assist
1 22 with the education or early childhood development of children,
1 23 subtract an amount equal to the amount paid to each employee
1 24 taking time off for such purposes, up to the amount paid for
1 25 the first one hundred hours for each employee.
1 26 Sec. 3. EFFECTIVE DATE AND RETROACTIVE APPLICABILITY.
1 27 This Act, being deemed of immediate importance, takes effect
1 28 upon enactment and applies retroactively to January 1, 1998,
1 29 for the tax years beginning on or after that date.
1 30 EXPLANATION
1 31 The bill provides an additional deduction for purposes of
1 32 the individual and corporate income taxes for businesses that
1 33 allow employees to take time off with pay, without using
1 34 vacation time, to assist with the education or early childhood
1 35 development of children. The additional deduction equals the
2 1 amount paid each employee for the first 100 hours that the
2 2 employee used for such purposes.
2 3 The bill takes effect upon enactment and applies
2 4 retroactively to January 1, 1998, for tax years beginning on
2 5 or after that date.
2 6 LSB 3598YH 77
2 7 mg/jw/5
Text: HF02128 Text: HF02130 Text: HF02100 - HF02199 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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