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House File 19

Partial Bill History

• Bill Introduced: H.J. 25
• Complete Bill History

Bill Text

PAG LIN
  1  1    Section 1.  Section 422.12C, subsection 1, Code 1999, 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 one hundred 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 seventy-five percent.
  1 14    c.  For a taxpayer with net income of twenty thousand
  1 15 dollars or more but less than twenty-five thirty thousand
  1 16 dollars, fifty-five sixty-five percent.
  1 17    d.  For a taxpayer with net income of twenty-five thirty
  1 18 thousand dollars or more but less than thirty-five forty
  1 19 thousand dollars, fifty fifty-five percent.
  1 20    e.  For a taxpayer with net income of thirty-five forty
  1 21 thousand dollars or more but less than forty fifty thousand
  1 22 dollars, forty percent.
  1 23    f.  For a taxpayer with net income of forty fifty thousand
  1 24 dollars or more, zero but less than seventy-five thousand
  1 25 dollars, thirty percent.
  1 26    g.  For a taxpayer with net income of seventy-five thousand
  1 27 dollars or more but less than one hundred thousand dollars,
  1 28 twenty percent.
  1 29    h.  For a taxpayer with net income of one hundred thousand
  1 30 dollars or more, zero percent.
  1 31    Sec. 2.  This Act applies retroactively to January 1, 1999,
  1 32 for tax years beginning on or after that date.  
  1 33                           EXPLANATION 
  1 34    The bill increases the child and dependent care credit
  1 35 under the individual income tax.  The credit is equal to a
  2  1 percentage of the federal credit.  Under present law the
  2  2 highest credit is 75 percent if the taxpayer's net income is
  2  3 less than $10,000 with the credit phased out to zero for net
  2  4 incomes of $40,000 or more.  Under the bill the highest credit
  2  5 is 100 percent if the taxpayer's net income is less than
  2  6 $10,000 with the credit phased out to zero for net income of
  2  7 $100,000 or more.
  2  8    The bill applies retroactively to January 1, 1999, for tax
  2  9 years beginning on or after that date.  
  2 10 LSB 1365YH 78
  2 11 mg/jw/5
     

Text: HF00018                           Text: HF00020
Text: HF00000 - HF00099                 Text: HF Index
Bills and Amendments: General Index     Bill History: General Index

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