House Amendment 2083


PAG LIN




     1  1    Amend Senate File 590, as passed by the Senate, as
     1  2 follows:
     1  3 #1.  Page 1, by inserting after line 8 the
     1  4 following:
     1  5    <Sec.    .  Section 422.12C, Code 2007, is amended
     1  6 by adding the following new subsection after
     1  7 subsection 1:
     1  8    NEW SUBSECTION.  1A.  For tax years beginning on or
     1  9 after January 1, 2007, but before January 1, 2008,
     1 10 each net income amount specified in subsection 1 shall
     1 11 be increased by five thousand dollars.  For tax years
     1 12 beginning on or after January 1, 2008, each net income
     1 13 amount specified in subsection 1 shall be increased by
     1 14 ten thousand dollars.
     1 15    Sec.    .  Section 422.12C, subsection 2,
     1 16 unnumbered paragraph 1, Code 2007, is amended to read
     1 17 as follows:
     1 18    The taxes imposed under this division, less the
     1 19 amounts of nonrefundable credits allowed under this
     1 20 division, may be reduced by an early childhood
     1 21 development tax credit equal to twenty=five percent of
     1 22 the first one thousand dollars which the taxpayer has
     1 23 paid to others for each dependent, as defined in the
     1 24 Internal Revenue Code, ages three through five for
     1 25 early childhood development expenses.  In determining
     1 26 the amount of early childhood development expenses for
     1 27 the tax year beginning in the 2006 calendar year only,
     1 28 such expenses paid during November and December of the
     1 29 previous tax year shall be considered paid in the tax
     1 30 year for which the tax credit is claimed.  This For
     1 31 the tax year beginning before January 1, 2007, this
     1 32 credit is available to a taxpayer whose net income is
     1 33 less than forty=five thousand dollars.  For tax years
     1 34 beginning on or after January 1, 2007, but before
     1 35 January 1, 2008, this credit is available to taxpayers
     1 36 whose net income is less than fifty thousand dollars.
     1 37 For tax years beginning on or after January 1, 2008,
     1 38 this credit is available to a taxpayer whose net
     1 39 income is less than fifty=five thousand dollars.  If
     1 40 the early childhood development tax credit is claimed
     1 41 for a tax year, the taxpayer and the taxpayer's spouse
     1 42 shall not claim the child and dependent care credit
     1 43 under subsection 1.  As used in this subsection,
     1 44 "early childhood development expenses" means services
     1 45 provided to the dependent by a preschool, as defined
     1 46 in section 237A.1, materials, and other activities as
     1 47 follows:>
     1 48 #2.  Title page, line 1, by inserting after the
     1 49 words <relating to> the following:  <the increase in
     1 50 the child and dependent care and early childhood
     2  1 development tax credits and to>.
     2  2
     2  3
     2  4                               
     2  5 UPMEYER of Hancock
     2  6 SF 590.702 82
     2  7 mg/gg/10051

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