Text: SF00301                           Text: SF00303
Text: SF00300 - SF00399                 Text: SF Index
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Senate File 302

Partial Bill History

• Bill Introduced: S.J. 503
• Complete Bill History

Bill Text

PAG LIN
  1  1    Section 1.  Section 422.12C, subsection 1, Code 1997, is
  1  2 amended to read as follows:
  1  3    1.  The taxes imposed under this division, less the credits
  1  4 allowed under sections 422.11A, 422.11B, 422.12, and 422.12B
  1  5 shall be reduced by a child and dependent care credit equal to
  1  6 the following percentages of the federal child and dependent
  1  7 care credit provided in section 21 of the Internal Revenue
  1  8 Code:
  1  9    a.  For a taxpayer with net income of less than ten
  1 10 thousand dollars, seventy-five percent.
  1 11    b.  For a taxpayer with net income of ten thousand dollars
  1 12 or more but less than twenty thousand dollars, sixty-five
  1 13 percent.
  1 14    c.  For a taxpayer with net income of twenty thousand
  1 15 dollars or more but less than twenty-five thousand dollars,
  1 16 fifty-five percent.
  1 17    d.  For a taxpayer with net income of twenty-five thousand
  1 18 dollars or more but less than thirty-five thousand dollars,
  1 19 fifty percent.
  1 20    e.  For a taxpayer with net income of thirty-five thousand
  1 21 dollars or more but less than forty thousand dollars, forty
  1 22 percent.
  1 23    f.  For a taxpayer with net income of forty thousand
  1 24 dollars or more but less than forty-five thousand dollars,
  1 25 zero thirty percent.
  1 26    g.  For a taxpayer with net income of forty-five thousand
  1 27 dollars or more but less than fifty thousand dollars, twenty
  1 28 percent.
  1 29    h.  For a taxpayer with net income of fifty thousand
  1 30 dollars or more, ten percent.
  1 31    Sec. 2.  This Act applies retroactively to January 1, 1997,
  1 32 for tax years beginning on or after that date.  
  1 33                           EXPLANATION
  1 34    This bill amends the child care and dependent state income
  1 35 tax credit for taxpayers whose net income is $40,000 or more
  2  1 by reinstating the credit as it existed prior to changes made
  2  2 by the 1993 Session of the Seventy-fifth General Assembly.
  2  3    Taxpayers whose net income is more than $40,000 but less
  2  4 than $45,000 will receive a credit equal to 30 percent of
  2  5 their federal child and dependent care credit.  Taxpayers
  2  6 whose net income is $45,000 or more but less than $50,000 will
  2  7 receive 20 percent of their federal credit and those taxpayers
  2  8 whose net income is $50,000 or more will receive 10 percent.
  2  9    The bill applies retroactively to January 1, 1997, for tax
  2 10 years beginning on or after that date.  
  2 11 LSB 2073XS 77
  2 12 mg/jj/8
     

Text: SF00301                           Text: SF00303
Text: SF00300 - SF00399                 Text: SF Index
Bills and Amendments: General Index     Bill History: General Index

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