Text: SF00179 Text: SF00181 Text: SF00100 - SF00199 Text: SF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. NEW SECTION. 422.11D ADOPTED DEPENDENT
1 2 CREDIT.
1 3 1. The taxes imposed under this division less the credits
1 4 allowed under section 422.12 shall be reduced by an adopted
1 5 dependent credit equal to one thousand dollars for each
1 6 dependent claimed who was legally adopted and is less than
1 7 seven years of age at the beginning of the tax year. Any
1 8 credit in excess of the tax liability is refundable. In lieu
1 9 of claiming a refund, the taxpayer may elect to have the
1 10 overpayment shown on the taxpayer's final, completed return
1 11 credited to the tax liability for the following tax year.
1 12 This credit is in addition to any credit allowed under section
1 13 422.12, subsection 1, paragraph "c".
1 14 2. Married taxpayers electing to file separate returns or
1 15 filing separately on a combined return may avail themselves of
1 16 the adopted dependent credit by allocating the adopted
1 17 dependent credit to each spouse in the proportion that each
1 18 spouse's respective net income bears to their total combined
1 19 net income. Taxpayers affected by the allocation provisions
1 20 of section 422.8 shall be permitted a deduction for the credit
1 21 only in the amount fairly and equitably allocable to Iowa
1 22 under rules prescribed by the director.
1 23 Sec. 2. EFFECTIVE DATE AND RETROACTIVE APPLICABILITY.
1 24 This Act, being deemed of immediate importance, takes effect
1 25 upon enactment and applies retroactively to January 1, 1999,
1 26 for tax years beginning on or after that date.
1 27 EXPLANATION
1 28 The bill provides an individual income tax credit of $1,000
1 29 for each dependent who is adopted and is less than seven years
1 30 of age at the beginning of the tax year. The credit is
1 31 refundable or may be applied to the following year's taxes.
1 32 The bill takes effect upon enactment and applies
1 33 retroactively to January 1, 1999, for tax years beginning on
1 34 or after that date.
1 35 LSB 2331XS 78
2 1 mg/sc/14
Text: SF00179 Text: SF00181 Text: SF00100 - SF00199 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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