House Amendment 1579


PAG LIN




     1  1    Amend House File 883 as follows:
     1  2 #1.  Page 1, by inserting before line 1 the
     1  3 following:
     1  4    <Section 1.  NEW SECTION.  422.11T  TEACHER EXPENSE
     1  5 CREDIT.
     1  6    The taxes imposed under this division, less the
     1  7 credits allowed under sections 422.12 and 422.12B,
     1  8 shall be reduced by a teacher expense credit equal to
     1  9 the first two hundred fifty dollars of the cost
     1 10 incurred to purchase supplies by the taxpayer to
     1 11 assist the taxpayer in teaching at an elementary or
     1 12 secondary school situated in Iowa, which school is
     1 13 accredited under section 256.11.  To qualify for the
     1 14 credit, the costs must be nonreimbursable from any
     1 15 source.  If the cost incurred has been deducted in
     1 16 computing federal adjusted gross income, the amount of
     1 17 such deduction shall be added in determining net
     1 18 income under section 422.7.  Any credit in excess of
     1 19 the tax liability is nonrefundable.
     1 20    As used in this section, "supplies" includes but is
     1 21 not limited to paper supplies, bulletin boards, books,
     1 22 maps, charts, computer software but not hardware, and
     1 23 other items directly used by the taxpayer as a
     1 24 teacher.  The cost incurred to purchase supplies for
     1 25 which a tax credit may be received under this section
     1 26 shall not be used by a school district to supplement
     1 27 its costs of instructional materials.>
     1 28 #2.  Title page, line 1, by inserting after the
     1 29 words <relating to> the following:  <a teacher expense
     1 30 income tax credit and to>.
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     1 33                               
     1 34 TYMESON of Madison
     1 35 HF 883.302 82
     1 36 mg/cf/8354
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