Text: HF00117                           Text: HF00119
Text: HF00100 - HF00199                 Text: HF Index
Bills and Amendments: General Index     Bill History: General Index

House File 118

Partial Bill History

• Bill Introduced: H.J. 217
• Complete Bill History

Bill Text

PAG LIN
  1  1    Section 1.  Section 422.12C, subsection 1, paragraph f,
  1  2 Code 2003, is amended to read as follows:
  1  3    f.  For a taxpayer with net income of forty thousand
  1  4 dollars or more, zero but less than fifty thousand dollars,
  1  5 thirty percent.
  1  6    Sec. 2.  Section 422.12C, subsection 1, Code 2003, is
  1  7 amended by adding the following new paragraphs:
  1  8    NEW PARAGRAPH.  g.  For a taxpayer with net income of fifty
  1  9 thousand dollars or more but less than sixty thousand dollars,
  1 10 twenty percent.
  1 11    NEW PARAGRAPH.  h.  For a taxpayer with net income of sixty
  1 12 thousand dollars or more but less than seventy thousand
  1 13 dollars, ten percent.
  1 14    NEW PARAGRAPH.  i.  For a taxpayer with net income of
  1 15 seventy thousand dollars or more, zero percent.
  1 16    Sec. 3.  APPLICABILITY DATE.  This Act applies
  1 17 retroactively to January 1, 2003, for tax years beginning on
  1 18 or after that date.  
  1 19                           EXPLANATION
  1 20    Under present law, a child and dependent care credit is
  1 21 allowed under the individual income tax.  This credit is a
  1 22 percentage of the federal credit for those with Iowa net
  1 23 incomes of less than $40,000.  This bill expands this credit
  1 24 to those with net income of up to $70,000.  The bill provides
  1 25 that those with net incomes between $40,000 and $50,000
  1 26 receive a credit equal to 30 percent of the federal credit.
  1 27 Those between $50,000 and $60,000 receive a 20 percent credit,
  1 28 those between $60,000 and $70,000 receive a 10 percent credit,
  1 29 and those with $70,000 or over in net income receive no
  1 30 credit.
  1 31    The bill applies retroactively beginning with the 2003 tax
  1 32 year.  
  1 33 LSB 1621YH 80
  1 34 mg/pj/5
     

Text: HF00117                           Text: HF00119
Text: HF00100 - HF00199                 Text: HF Index
Bills and Amendments: General Index     Bill History: General Index

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