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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