Text: HF02199 Text: HF02201 Text: HF02200 - HF02299 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 422.12B, subsection 1, Code 2001, is 1 2 amended to read as follows: 1 3 1. The taxes imposed under this division less the credits 1 4 allowed under section 422.12 shall be reduced by an earned 1 5 income credit equal tosix and one-halftwenty percent of the 1 6 federal earned income credit provided in section 32 of the 1 7 Internal Revenue Code. Any credit in excess of the tax 1 8 liabilityis nonrefundableshall be refunded. In lieu of 1 9 claiming a refund, a 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 taxable year. 1 12 Sec. 2. APPLICABILITY DATE. This Act applies 1 13 retroactively to January 1, 2002, for tax years beginning on 1 14 or after that date. 1 15 EXPLANATION 1 16 This bill increases from 6.5 percent to 20 percent of the 1 17 federal earned income credit the amount of earned income 1 18 credit for state individual income tax purposes. The bill 1 19 also makes the credit refundable, which under present law is 1 20 nonrefundable. 1 21 The bill applies retroactively to January 1, 2002, for tax 1 22 years beginning on or after that date. 1 23 LSB 5849HH 79 1 24 mg/cls/14
Text: HF02199 Text: HF02201 Text: HF02200 - HF02299 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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