Text: S05694 Text: S05696 Text: S05600 - S05699 Text: S Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Amend House File 2513, as amended, passed, and
1 2 reprinted by the House, as follows:
1 3 #1. Page 4, by inserting after line 32 the
1 4 following:
1 5 "DIVISION
1 6 HOPE SCHOLARSHIP CREDIT
1 7 Sec. . NEW SECTION. 422.12F HOPE SCHOLARSHIP
1 8 CREDIT.
1 9 1. The taxes imposed under this division, less the
1 10 credits allowed under sections 422.12 and 422.12B,
1 11 shall be reduced by a hope scholarship credit equal to
1 12 twenty-five percent of the federal hope scholarship
1 13 credit provided in section 25A of the Internal Revenue
1 14 Code. Any credit in excess of the tax liability is
1 15 nonrefundable.
1 16 2. Married taxpayers who have filed joint federal
1 17 returns electing to file separate returns or to file
1 18 separately on a combined return form must determine
1 19 the hope scholarship credit under subsection 1 based
1 20 upon their combined net income and allocate the total
1 21 credit amount to each spouse in the proportion that
1 22 each spouse's respective net income bears to the total
1 23 combined net income. Nonresidents or part-year
1 24 residents of Iowa must determine their hope
1 25 scholarship credit in the ratio of their Iowa source
1 26 net income to their all source net income.
1 27 Nonresidents or part-year residents who are married
1 28 and elect to file separate returns or to file
1 29 separately on a combined return form must allocate the
1 30 hope scholarship credit between the spouses in the
1 31 ratio of each spouse's Iowa source net income to the
1 32 combined Iowa source net income of the taxpayers.
1 33 Sec. . This division of this Act, being deemed
1 34 of immediate importance, takes effect upon enactment
1 35 and applies retroactively to January 1, 1998, for tax
1 36 years beginning on or after that date."
1 37 #2. Title page, line 5, by inserting after the
1 38 word "credits," the following: "providing a hope
1 39 scholarship credit,".
1 40
1 41
1 42
1 43 PATRICK J. DELUHERY
1 44 BILL FINK
1 45 EUGENE S. FRAISE
1 46 WILLIAM D. PALMER
1 47 MIKE CONNOLLY
1 48 WALLY E. HORN
1 49 JOHN P. KIBBIE
1 50 ROBERT E. DVORSKY
2 1 TOM VILSACK
2 2 DON GETTINGS
2 3 MATT McCOY
2 4 TOM FLYNN
2 5 DICK L. DEARDEN
2 6 DENNIS H. BLACK
2 7 PATRICIA HARPER
2 8 MARY NEUHAUSER
2 9 ELAINE SZYMONIAK
2 10 MICHAEL E. GRONSTAL
2 11 HF 2513.310 77
2 12 mg/cf/28
Text: S05694 Text: S05696 Text: S05600 - S05699 Text: S Index Bills and Amendments: General Index Bill History: General Index
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