Text: HF00009 Text: HF00011 Text: HF00000 - HF00099 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. NEW SECTION. 422.12F 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 first two hundred fifty dollars of
1 5 the cost incurred to purchase supplies by the taxpayer to
1 6 assist the taxpayer in teaching at an elementary or secondary
1 7 school situated in Iowa, which school is accredited under
1 8 section 256.11. To qualify for the credit, the costs must be
1 9 nonreimbursable from any source. If the cost incurred has
1 10 been deducted in computing federal adjusted gross income, the
1 11 amount of such deduction shall be added in determining net
1 12 income under section 422.7. Any credit in excess of the tax
1 13 liability is nonrefundable.
1 14 As used in this section, "supplies" includes but is not
1 15 limited to paper supplies, bulletin boards, books, maps,
1 16 charts, computer software but not hardware, and other items
1 17 directly used by the taxpayer as a teacher. The cost incurred
1 18 to purchase supplies for which a tax credit may be received
1 19 under this section shall not be used by a school district to
1 20 supplement its costs of instructional materials.
1 21 Sec. 2. APPLICABILITY. This Act applies retroactively to
1 22 January 1, 2003, for tax years beginning on or after that
1 23 date.
1 24 EXPLANATION
1 25 This bill provides an income tax credit of up to $250 for
1 26 teachers that incur expenses for supplies directly used by
1 27 them in the teaching at accredited elementary or secondary
1 28 schools in Iowa. To qualify, the expenses must be
1 29 nonreimbursable from any source. If the expenses were
1 30 deducted in computing federal adjusted gross income, the
1 31 deduction shall be added in determining Iowa net income.
1 32 These supplies include paper supplies, bulletin boards, books,
1 33 maps, charts, computer software but not hardware, and other
1 34 similar items directly used by the taxpayer as a teacher. The
1 35 cost incurred to purchase supplies for which a tax credit may
2 1 be received under this section shall not be used by a school
2 2 district to supplement its costs of instructional materials.
2 3 The bill applies retroactively to January 1, 2003, for tax
2 4 years beginning on or after that date.
2 5 LSB 1390HH 80
2 6 mg/sh/8
Text: HF00009 Text: HF00011 Text: HF00000 - HF00099 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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