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
© 1998 Cornell College and League of Women Voters of Iowa
Comments about this site or page?
webmaster@legis.iowa.gov.
Please remember that the person listed above does not vote on bills. Direct all comments concerning legislation to State Legislators.
Last update: Wed Feb 11 03:41:59 CST 1998
URL: /DOCS/GA/77GA/Legislation/HF/02100/HF02129/980203.html
jhf