Text: SF02222                           Text: SF02224
Text: SF02200 - SF02299                 Text: SF Index
Bills and Amendments: General Index     Bill History: General Index

Senate File 2223

Partial Bill History

• Bill Introduced: S.J. 294
• Complete Bill History

Bill Text

PAG LIN
  1  1    Section 1.  Section 422.12C, subsection 1, paragaphs a
  1  2 through f, Code Supplement 1997, are amended to read as
  1  3 follows:
  1  4    a.  For a taxpayer with net income of less than ten
  1  5 thousand dollars, seventy-five one hundred percent.
  1  6    b.  For a taxpayer with net income of ten thousand dollars
  1  7 or more but less than twenty thousand dollars, sixty-five
  1  8 eighty percent.
  1  9    c.  For a taxpayer with net income of twenty thousand
  1 10 dollars or more but less than twenty-five thousand dollars,
  1 11 fifty-five seventy-five percent.
  1 12    d.  For a taxpayer with net income of twenty-five thousand
  1 13 dollars or more but less than thirty-five thousand dollars,
  1 14 fifty sixty percent.
  1 15    e.  For a taxpayer with net income of thirty-five thousand
  1 16 dollars or more but less than forty thousand dollars, forty
  1 17 fifty percent.
  1 18    f.  For a taxpayer with net income of forty thousand
  1 19 dollars or more, zero but less than fifty thousand dollars,
  1 20 twenty percent.
  1 21    g.  For a taxpayer with net income of fifty thousand
  1 22 dollars or more, zero percent.
  1 23    Sec. 2.  This Act applies retroactively to January 1, 1998,
  1 24 for tax years beginning on or after that date.  
  1 25                           EXPLANATION
  1 26    Present law allows under the state individual income tax a
  1 27 child and dependent care credit equal to a certain percentage
  1 28 of the federal credit.  The credit ranges from 75 percent of
  1 29 the federal credit for a taxpayer with a net income of less
  1 30 than $10,000 to zero percent for a taxpayer with a net income
  1 31 of $40,000 or more.  The bill alters the range of rates to
  1 32 provide a credit of 100 percent of the federal credit for a
  1 33 taxpayer with a net income of less than $10,000 to a credit of
  1 34 zero percent for a taxpayer with a net income of $50,000 or
  1 35 more.
  2  1    The bill applies retroactively to January 1, 1998, for tax
  2  2 years beginning on or after that date.  
  2  3 LSB 3852XS 77
  2  4 mg/jw/5
     

Text: SF02222                           Text: SF02224
Text: SF02200 - SF02299                 Text: SF Index
Bills and Amendments: General Index     Bill History: General Index

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