701—53.10 (422) Work opportunity tax and alcohol fuel credit. Where provided for in the Internal Revenue Code, as detailed below, a deduction shall be allowed for the amount of credit to the extent that the credit increased federal adjusted gross income.
	 53.10(1) For tax years beginning on or after January 1, 1977, the amount of credit allowable for federal work opportunity tax credit as provided for in Section 51 of the Internal Revenue Code shall be a deduction from Iowa taxable income to the extent the credit increased income.
	 53.10(2) For tax periods beginning on or after January 1, 1980, the amount of credit allowable for the federal alcohol fuels credit as provided for in Section 40 of the Internal Revenue Code shall be a deduction from Iowa taxable income to the extent the credit increased income.
This rule is intended to implement Iowa Code section 422.35 as amended by 1997 Iowa Acts, Senate File 129.