H-1520

   Amend Senate File 619, as amended, passed, and reprinted by the Senate, as follows:
   1.  Page 1, by striking lines 9 through 34 and inserting: 

<CHILD AND DEPENDENT CARE TAX CREDIT

   Sec. ___.  Section 422.12C, subsection 1, Code 2021, is amended by striking the subsection and inserting in lieu thereof the following:
   1.  The taxes imposed under this subchapter, less the amounts of nonrefundable credits allowed under this subchapter, shall be reduced by a child and dependent care credit equal to the following percentages of the federal child and dependent care credit provided in section 21 of the Internal Revenue Code, without regard to whether or not the federal credit was limited by the taxpayer’s federal tax liability:
   a.  For a taxpayer with net income of less than forty-five thousand dollars, one hundred percent.
   b.  For a taxpayer with net income of forty-five thousand dollars or more but less than ninety thousand dollars, thirty percent.
   c.  For a taxpayer with net income of ninety thousand dollars or more but less than one hundred thousand dollars, twenty-five percent.
   d.  For a taxpayer with net income of one hundred thousand dollars or more but less than one hundred twenty-five thousand dollars, twenty percent.
   e.  For a taxpayer with net income of one hundred twenty-five thousand dollars or more but less than one hundred fifty thousand dollars, fifteen percent.
   f.  For a taxpayer with net income of one hundred fifty thousand dollars or more but less than one hundred seventy-five thousand dollars, ten percent.
   g.  For a taxpayer with net income of one hundred seventy-five thousand dollars or more but less than two hundred fifty thousand dollars, five percent.
   h.  For a taxpayer with net income of two hundred fifty thousand dollars or more, zero percent.>
   2.  By renumbering as necessary.

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MASCHER of Johnson