Text: HF00141 Text: HF00143 Text: HF00100 - HF00199 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. NEW SECTION. 422.12A TEACHER EXPENSE CREDIT.
1 2 The taxes imposed under this division, less the credits
1 3 allowed under section 422.12, shall be reduced by a teacher
1 4 expense credit equal to the cost incurred to purchase supplies
1 5 by the taxpayer to assist the taxpayer in teaching at an
1 6 elementary or secondary school situated in Iowa, which school
1 7 is accredited under section 256.11. To qualify for the
1 8 credit, the costs must be nonreimbursable from any source and
1 9 nondeductible in computing federal income tax. Any credit in
1 10 excess of the tax liability is nonrefundable.
1 11 As used in this section, "supplies" includes but is not
1 12 limited to paper supplies, bulletin boards, books, maps,
1 13 charts, computer software but not hardware, and other items
1 14 directly used by the taxpayer as a teacher.
1 15 Sec. 2. APPLICABILITY. This Act applies retroactively to
1 16 January 1, 2001, for tax years beginning on or after that
1 17 date.
1 18 EXPLANATION
1 19 This bill provides an income tax credit for teachers that
1 20 incur expenses for supplies directly used by them in the
1 21 teaching at elementary or secondary schools in Iowa. To
1 22 qualify, the expenses must be nonreimbursable from any source
1 23 and nondeductible for federal income tax purposes. These
1 24 supplies include paper supplies, bulletin boards, books, maps,
1 25 charts, computer software but not hardware, and other similar
1 26 items directly used by the taxpayer as a teacher.
1 27 The bill applies retroactively to January 1, 2001, for tax
1 28 years beginning on or after that date.
1 29 LSB 1604YH 79
1 30 mg/gg/8
Text: HF00141 Text: HF00143 Text: HF00100 - HF00199 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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