House File 2594 H-8091 Amend House File 2594 as follows: 1 1. Page 1, by striking lines 1 through 29 and inserting: 2 < Section 1. NEW SECTION . 237A.31 Employer child care tax 3 credit. 4 1. The taxes imposed against the income tax imposed under 5 chapter 422, division II or III, the franchise tax imposed 6 under chapter 422, division V, the gross premiums tax under 7 chapter 432, or the moneys and credits tax imposed under 8 section 533.329 shall be reduced by an employer child care tax 9 credit equal to the amount of the federal employer-provided 10 child care tax credit provided in section 45F of the Internal 11 Revenue Code the taxpayer was eligible for in the same tax 12 year. 13 2. Any credit in excess of the tax liability is not 14 refundable but the excess for the tax year may be credited 15 to the tax liability for the following five years or until 16 depleted, whichever is earlier. 17 3. The director of the department of revenue shall adopt 18 rules pursuant to chapter 17A to administer this section. > 19 2. Page 1, line 34, by striking < received > and inserting 20 < allowed > 21 3. Page 2, line 10, by striking < received > and inserting 22 < allowed > 23 4. Page 2, line 15, by striking < received > and inserting 24 < allowed > 25 5. Page 2, line 20, by striking < received > and inserting 26 < allowed > 27 6. Page 2, line 26, by striking < received > and inserting 28 < allowed > 29 ______________________________ BOSSMAN of Woodbury -1- HF2594.3574 (1) 88 jm/jh 1/ 1 #1. #2. #3. #4. #5. #6.