Text: SF02095 Text: SF02097 Text: SF02000 - SF02099 Text: SF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 422.12C, subsection 1, paragraphs e and 1 2 f, Code Supplement 1997, are amended to read as follows: 1 3 e. For a taxpayer with net income of thirty-five thousand 1 4 dollars or morebut less than forty thousand dollars, forty 1 5 percent. 1 6f. For a taxpayer with net income of forty thousand1 7dollars or more, zero percent.1 8 Sec. 2. This Act applies retroactively to January 1, 1998, 1 9 for tax years beginning on or after that date. 1 10 EXPLANATION 1 11 Present individual income tax law provides that a taxpayer 1 12 that has net income between $35,000 and $40,000 is entitled to 1 13 a child and dependent care credit equal to 40 percent of the 1 14 federal credit. The taxpayer receives no credit if the 1 15 taxpayer's net income is $40,000 or more. The federal child 1 16 and dependent care credit does not have an income ceiling thus 1 17 this bill allows a state tax credit of 40 percent of federal 1 18 child and dependent care credit for taxpayers whose net income 1 19 is $35,000 or over. 1 20 The bill applies retroactively to January 1, 1998, for tax 1 21 years beginning on or after that date. 1 22 LSB 3857XS 77 1 23 mg/sc/14
Text: SF02095 Text: SF02097 Text: SF02000 - SF02099 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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