Text: HF00267 Text: HF00269 Text: HF00200 - HF00299 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. Section 422.12, subsection 2, Code 2003, is
1 2 amended by adding the following new unnumbered paragraph:
1 3 NEW UNNUMBERED PARAGRAPH. Notwithstanding the provision in
1 4 this section restricting this section's applicability to
1 5 schools not operated for profit, "textbooks" shall include
1 6 books and other instructional materials and equipment used by
1 7 a for-profit entity which provides supplemental education
1 8 services designed to increase student academic achievement in
1 9 relation to those subjects legally and commonly taught in
1 10 public elementary and secondary schools in this state, and
1 11 "tuition" shall include any charges for the expenses of
1 12 personnel, buildings, equipment and materials other than
1 13 textbooks, and other expenses charged by such a supplemental
1 14 education service. A supplemental education service shall
1 15 apply for and receive approval by the department of education
1 16 prior to qualification of textbook or tuition expenses for the
1 17 tax credit available pursuant to this section. Approval shall
1 18 be contingent upon the establishment by the supplemental
1 19 education service of a demonstrated record of effectiveness in
1 20 increasing student academic performance consistent with the
1 21 instructional program of the school district and the state's
1 22 academic standards.
1 23 Sec. 2. APPLICABILITY DATE. This Act applies
1 24 retroactively to the calculation of personal income tax
1 25 liability for the tax year beginning January 1, 2003, and
1 26 applies to succeeding tax years.
1 27 EXPLANATION
1 28 This bill provides for an income tax credit for tuition and
1 29 textbook expenses incurred through the obtaining of
1 30 supplemental education services.
1 31 Currently, Code section 422.12, subsection 2, provides for
1 32 an income tax credit equal to 25 percent of the first $1,000
1 33 which a taxpayer has paid for tuition and textbook expenses
1 34 for each dependent attending an elementary or secondary school
1 35 situated in Iowa, which school is accredited or approved under
2 1 Code section 256.11, is not operated for profit, and meets
2 2 other specified criteria. The bill provides that the credit
2 3 shall be extended to include as "textbooks" books and other
2 4 instructional materials and equipment used by a for-profit
2 5 entity which provides supplemental education services designed
2 6 to increase student academic achievement in relation to those
2 7 subjects legally and commonly taught in public elementary and
2 8 secondary schools in this state. The bill provides that
2 9 "tuition" shall include any charges for the expenses of
2 10 personnel, buildings, equipment and materials other than
2 11 textbooks, and other expenses charged by a supplemental
2 12 education service. The bill provides that a supplemental
2 13 education service shall apply for and receive approval by the
2 14 department of education prior to qualification of textbook or
2 15 tuition expenses for the tax credit. The bill additionally
2 16 provides that approval by the department shall be contingent
2 17 upon the establishment by the supplemental education service
2 18 of a demonstrated record of effectiveness in increasing
2 19 student academic performance consistent with the instructional
2 20 program of the school district and the state's academic
2 21 standards.
2 22 The bill provides that the expanded tax credit shall be
2 23 retroactively applicable for purposes of calculating personal
2 24 income tax liability for the tax year beginning January 1,
2 25 2003, and applicable for succeeding tax years.
2 26 LSB 2404YH 80
2 27 rn/cl/14
Text: HF00267 Text: HF00269 Text: HF00200 - HF00299 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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