Text: SF00001 Text: SF00003 Text: SF00000 - SF00099 Text: SF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. Section 422.12C, subsection 1, Code 2001, is
1 2 amended by striking the subsection and inserting in lieu
1 3 thereof the following:
1 4 1. The taxes imposed under this division, less the credits
1 5 allowed under sections 422.11A, 422.11B, 422.12, and 422.12B,
1 6 shall be reduced by a child and dependent care credit equal to
1 7 the federal child and dependent care credit provided in
1 8 section 21 of the Internal Revenue Code.
1 9 Sec. 2. RETROACTIVE APPLICABILITY DATE. This Act applies
1 10 retroactively to January 1, 2001, for tax years beginning on
1 11 or after that date.
1 12 EXPLANATION
1 13 Present law allows a reduction in the taxpayer's individual
1 14 income tax for a child and dependent care tax credit. The
1 15 amount of the credit is equal to a percent of the federal
1 16 child and dependent care credit provided in section 21 of the
1 17 Internal Revenue Code based upon the taxpayer's state net
1 18 income. The bill eliminates the state credit being a variable
1 19 percent of the federal credit and provides that the state
1 20 credit equals the amount of the federal credit.
1 21 The bill applies retroactively to January 1, 2001, for tax
1 22 years beginning on or after that date.
1 23 LSB 1415XS 79
1 24 mg/cls/14.1
Text: SF00001 Text: SF00003 Text: SF00000 - SF00099 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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