Text: SF00301 Text: SF00303 Text: SF00300 - SF00399 Text: SF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. NEW SECTION. 279.59 ENRICHMENT FUND.
1 2 1. The board of directors may establish an enrichment fund
1 3 to be utilized by the school district for programs, services,
1 4 and projects which, in the opinion of the board of directors,
1 5 will enhance the quality of educational experience and expand
1 6 opportunities for learning for pupils in the school district.
1 7 The board shall encourage the organization and implementation
1 8 of school fundraising activities and events and promotional
1 9 efforts designed to increase awareness of and contributions to
1 10 the enrichment fund by parents, private businesses and
1 11 foundations, and other private funding sources. The
1 12 enrichment fund shall receive contributions solely from
1 13 private sources rather than through state foundation aid
1 14 pursuant to section 257.16 or any other existing state revenue
1 15 source. The fund shall be established within the office of
1 16 the treasurer of state in an account in the name of the school
1 17 district. Moneys in the enrichment fund are miscellaneous
1 18 income. Interest or earnings on moneys deposited in the fund
1 19 shall remain in the fund.
1 20 2. Contributions to the enrichment fund shall be eligible
1 21 for a state personal income tax credit of up to fifty dollars,
1 22 pursuant to section 422.12F, and a corporate income tax
1 23 deduction, pursuant to section 422.35, subsection 18.
1 24 Sec. 2. NEW SECTION. 422.12F ENRICHMENT FUND
1 25 CONTRIBUTION TAX CREDIT.
1 26 The taxes imposed under this division, less the credits
1 27 allowed under sections 422.11B, 422.12, and 422.12B, shall be
1 28 reduced by an enrichment fund contribution tax credit equal to
1 29 the first fifty dollars of annual contributions made to an
1 30 enrichment fund established pursuant to section 279.59. Any
1 31 credit in excess of tax liability is nonrefundable. An
1 32 individual may claim the enrichment fund contribution tax
1 33 credit allowed a partnership, S corporation, or limited
1 34 liability company electing to have the income taxed directly
1 35 to the individual. The amount claimed by the individual shall
2 1 be based upon the pro rata share of the individual's earnings
2 2 of the partnership, S corporation, or limited liability
2 3 company.
2 4 Sec. 3. Section 422.35, Code 1999, is amended by adding
2 5 the following new subsection:
2 6 NEW SUBSECTION. 18. Subtract, to the extent not deducted
2 7 for federal income tax purposes, the amount of any gift,
2 8 grant, or donation made to an enrichment fund established
2 9 pursuant to section 279.59.
2 10 Sec. 4. RETROACTIVE APPLICABILITY. Tax credits and
2 11 deductions claimed pursuant to this Act shall apply for tax
2 12 years beginning on or after January 1, 1999.
2 13 EXPLANATION
2 14 This bill provides for the establishment of an enrichment
2 15 fund by the board of directors of a school district, to be
2 16 utilized by the school district for programs, services, and
2 17 projects which, in the opinion of the board of directors, will
2 18 enhance the quality of educational experience and expand
2 19 opportunities for learning for pupils in the school district.
2 20 The bill provides that the board shall encourage the
2 21 organization, implementation, and promotion of school
2 22 fundraising activities and events to increase awareness of the
2 23 fund and fund contribution levels. The bill provides that the
2 24 fund shall receive contributions solely from private sources,
2 25 deposited into an account established within the office of the
2 26 treasurer of state in the name of the school district. The
2 27 bill additionally provides that contributions to the
2 28 enrichment fund shall be eligible for a state personal income
2 29 tax credit and a corporate income tax deduction. The bill
2 30 provides that tax credits and deductions shall be available
2 31 and applicable for tax years beginning on or after January 1,
2 32 1999.
2 33 LSB 1820SS 78
2 34 rn/jw/5
Text: SF00301 Text: SF00303 Text: SF00300 - SF00399 Text: SF Index Bills and Amendments: General Index Bill History: General Index
© 1999 Cornell College and League of Women Voters of Iowa
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