Text: SF02152 Text: SF02154 Text: SF02100 - SF02199 Text: SF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. NEW SECTION. 422.12F CHILD CARE TAX CREDIT.
1 2 1. The taxes imposed under this division, less the credits
1 3 allowed under section 422.12 and section 422.12B, shall be
1 4 reduced by a child care tax credit for married taxpayers where
1 5 one spouse is not gainfully employed for more than one hundred
1 6 four hours during each calendar quarter during the tax year
1 7 and that spouse provides household services and care for a
1 8 qualifying child. The amount of the credit is equal to two
1 9 hundred fifty dollars for each qualified child.
1 10 2. Any credit in excess of the tax liability is
1 11 nonrefundable. The credit is only available to married
1 12 taxpayers filing jointly. A taxpayer shall not claim a credit
1 13 under this section and section 422.12C for the same tax year.
1 14 3. "Qualifying child" means a dependent with respect to
1 15 whom the taxpayer is entitled to a deduction under section
1 16 151(c) of the Internal Revenue Code who is a child, stepchild,
1 17 or adopted child, or other lineal descendent of the taxpayer
1 18 and who is less than six years of age at the end of the tax
1 19 year.
1 20 Sec. 2. RETROACTIVE APPLICABILITY. This Act applies
1 21 retroactively to January 1, 2000, for tax years beginning on
1 22 or after that date.
1 23 EXPLANATION
1 24 This bill provides a $250 individual income tax credit for
1 25 each qualified child for married taxpayers where one spouse
1 26 remains at home to provide household services and care for a
1 27 qualifying child and is not gainfully employed for more than
1 28 104 hours during each calendar quarter during the tax year.
1 29 A qualifying child is a dependent who is a child,
1 30 stepchild, adopted child, or other lineal descendent of the
1 31 taxpayer who is less than six years old at the end of the tax
1 32 year.
1 33 The bill applies retroactively to January 1, 2000, for tax
1 34 years beginning on or after that date.
1 35 LSB 5745SS 78
2 1 mg/gg/8.1
Text: SF02152 Text: SF02154 Text: SF02100 - SF02199 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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