Text: HSB00760 Text: HSB00762 Text: HSB00700 - HSB00799 Text: HSB Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. NEW SECTION. 422.11C POSTSECONDARY EDUCATION
1 2 GRADUATE EMPLOYMENT TAX CREDIT.
1 3 1. The taxes imposed under this division less the credits
1 4 allowed under section 422.12 shall be reduced by a
1 5 postsecondary education graduate employment tax credit equal
1 6 to one thousand dollars. To qualify for the credit, the
1 7 taxpayer or taxpayer's spouse must have graduated during the
1 8 tax year or during the month immediately preceding the tax
1 9 year from a four-year accredited higher education institution
1 10 with a baccalaureate degree or a two-year community college
1 11 with an associate degree and must have resided and been
1 12 employed within this state beginning within three months of
1 13 graduation. Married taxpayers filing joint returns, where
1 14 both spouses qualify under this subsection for the credit are
1 15 each entitled to the credit. Any credit in excess of the tax
1 16 liability is nonrefundable.
1 17 2. A taxpayer or taxpayer's spouse who qualified for the
1 18 postsecondary education graduate employment tax credit under
1 19 subsection 1 is entitled to receive the credit for subsequent
1 20 tax years, not to exceed three subsequent tax years, until the
1 21 tax year in which the taxpayer ceases to reside or be employed
1 22 in this state.
1 23 3. For purposes of this section:
1 24 a. "Accredited higher education institution" means a
1 25 public institution of higher learning located in this state
1 26 which is accredited by the north central association of
1 27 colleges and secondary schools accrediting agency based on its
1 28 requirements as of April 1, 1969, or an institution of higher
1 29 learning located in this state which is operated privately and
1 30 not controlled or administered by any state agency or any
1 31 subdivision of this state, and which is accredited by the
1 32 north central association of colleges and secondary schools
1 33 accrediting agency based on its requirements as of April 1,
1 34 1969.
1 35 b. "Community college" means the same as defined in
2 1 section 260C.2.
2 2 c. "Employed" includes self-employment.
2 3 Sec. 2. EFFECTIVE AND APPLICABILITY DATES. This Act,
2 4 being deemed of immediate importance, takes effect upon
2 5 enactment and applies retroactively to December 1, 1999, for
2 6 tax years beginning on or after January 1, 2000.
2 7 EXPLANATION
2 8 This bill provides for a $1,000 individual income tax
2 9 credit for an individual who graduates in the tax year or in
2 10 December of the previous year from a public or private college
2 11 or university located in this state with a baccalaureate
2 12 degree or from a community college with an associate degree
2 13 and who, within three months of graduation, resides and
2 14 becomes employed within Iowa. The taxpayer is entitled to an
2 15 additional $1,000 credit for up to the next three tax years if
2 16 the taxpayer continues to reside in and be employed in Iowa
2 17 during the entire tax year.
2 18 The bill takes effect upon enactment and applies
2 19 retroactively to December 1, 1999, for tax years beginning on
2 20 or after January 1, 2000.
2 21 LSB 7159HC 78
2 22 mg/as/5
Text: HSB00760 Text: HSB00762 Text: HSB00700 - HSB00799 Text: HSB Index Bills and Amendments: General Index Bill History: General Index
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