Text: HF00018 Text: HF00020 Text: HF00000 - HF00099 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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-fiveone 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-five1 13 seventy-five percent. 1 14 c. For a taxpayer with net income of twenty thousand 1 15 dollars or more but less thantwenty-fivethirty thousand 1 16 dollars,fifty-fivesixty-five percent. 1 17 d. For a taxpayer with net income oftwenty-fivethirty 1 18 thousand dollars or more but less thanthirty-fiveforty 1 19 thousand dollars,fiftyfifty-five percent. 1 20 e. For a taxpayer with net income ofthirty-fiveforty 1 21 thousand dollars or more but less thanfortyfifty thousand 1 22 dollars, forty percent. 1 23 f. For a taxpayer with net income offortyfifty thousand 1 24 dollars or more, zerobut 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
© 1999 Cornell College and League of Women Voters of Iowa
Comments about this site or page?
webmaster@legis.iowa.gov.
Please remember that the person listed above does not vote on bills. Direct all comments concerning legislation to State Legislators.
Last update: Wed Jan 12 05:55:23 CST 2000
URL: /DOCS/GA/78GA/Legislation/HF/00000/HF00019/990111.html
jhf