Text: SF02234 Text: SF02236 Text: SF02200 - SF02299 Text: SF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. NEW SECTION. 422.11F IOWA COLLEGE GRADUATE
1 2 EMPLOYMENT TAX CREDIT.
1 3 1. The taxes imposed under this division less the credits
1 4 allowed under sections 422.12 and 422.12B shall be reduced by
1 5 an Iowa college graduate employment tax credit. To be
1 6 eligible for the credit, the taxpayer or taxpayer's spouse
1 7 must have graduated during or after the 2003 calendar year
1 8 from an Iowa four-year accredited higher education institution
1 9 with a baccalaureate degree or an Iowa two-year community
1 10 college with an associate degree. To receive the credit the
1 11 taxpayer or taxpayer's spouse must have been employed within
1 12 this state at the end of the tax year and the tax year must
1 13 begin during the period of eligibility.
1 14 2. The amount of the tax credit is six hundred dollars for
1 15 a baccalaureate degree earned at an Iowa accredited higher
1 16 education institution and two hundred dollars for an associate
1 17 degree earned at an Iowa community college. A taxpayer
1 18 eligible to receive the tax credit may receive the tax credit
1 19 for any tax year beginning during the period of eligibility.
1 20 Married taxpayers filing joint returns, where both spouses
1 21 qualify to receive the tax credit, are each entitled to the
1 22 tax credit. Any tax credit in excess of the tax liability is
1 23 nonrefundable.
1 24 3. For purposes of this section:
1 25 a. "Accredited higher education institution" means the
1 26 same as defined in section 261.92.
1 27 b. "Community college" means the same as defined in
1 28 section 260C.2.
1 29 c. "Employed" includes self-employment.
1 30 d. "Period of eligibility" means the ten-calendar-year
1 31 period beginning with the calendar year in which the taxpayer
1 32 or taxpayer's spouse earns the baccalaureate degree or
1 33 associate degree.
1 34 Sec. 2. APPLICABILITY DATE. This Act applies to tax years
1 35 beginning on or after January 1, 2003.
2 1 EXPLANATION
2 2 This bill provides an income tax credit for individuals who
2 3 have received a baccalaureate degree from an Iowa state or
2 4 private college or university or an associate degree from an
2 5 Iowa community college and who is employed or self-employed in
2 6 Iowa at the end of a tax year. The degrees must be received
2 7 in the 2003 or later calendar years. The amount of credit
2 8 equals $600 for the baccalaureate degree and $200 for the
2 9 associate degree. The credit is available for any year of the
2 10 10-year period beginning with the calendar year when the
2 11 degree is earned. The credit is nonrefundable. If both
2 12 spouses qualify for the credit, they may both claim the credit
2 13 even if they file jointly.
2 14 The bill applies to tax years beginning on or after January
2 15 1, 2003.
2 16 LSB 5544ST 79
2 17 mg/cf/24
Text: SF02234 Text: SF02236 Text: SF02200 - SF02299 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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