House File 333 - Introduced HOUSE FILE BY HEATON Passed House, Date Passed Senate, Date Vote: Ayes Nays Vote: Ayes Nays Approved A BILL FOR 1 An Act relating to an individual income tax credit for certain 2 organ transplants and providing a retroactive applicability 3 date. 4 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 5 TLSB 1764YH 81 6 mg/gg/14 PAG LIN 1 1 Section 1. NEW SECTION. 422.11K LIVE ORGAN TRANSPLANT 1 2 TAX CREDIT. 1 3 1. The taxes imposed under this division, less the credits 1 4 allowed under sections 422.12 and 422.12B, shall be reduced by 1 5 a live organ transplant tax credit. To be eligible for the 1 6 credit, the taxpayer shall, while living, devote one or more 1 7 of the taxpayer's organs to another human being for immediate 1 8 human organ transplantation. For purposes of this section, 1 9 "human organ" means all or part of a liver, pancreas, kidney, 1 10 intestine, lung, or bone marrow. 1 11 2. The live organ transplant tax credit equals the 1 12 following unreimbursed expenses, not to exceed ten thousand 1 13 dollars, incurred by the taxpayer and related to the 1 14 taxpayer's organ donation: 1 15 a. Travel expenses. 1 16 b. Lodging expenses. 1 17 c. Lost wages. 1 18 3. A taxpayer may only claim the tax credit under this 1 19 section once during the taxpayer's life. If the tax credit is 1 20 claimed, the expenses listed in subsection 2 shall not be 1 21 considered medical care expenses under section 213 of the 1 22 Internal Revenue Code for the same tax year for state tax 1 23 purposes. 1 24 4. Any credit in excess of the tax liability is 1 25 nonrefundable but may be credited to the tax liability for the 1 26 following ten years or until depleted, whichever is the 1 27 earlier. 1 28 Sec. 2. APPLICABILITY DATE. This Act applies 1 29 retroactively to January 1, 2005, for tax years beginning on 1 30 or after that date. 1 31 EXPLANATION 1 32 This bill allows a live organ transplant tax credit of up 1 33 to $10,000 under the individual income tax. The tax credit 1 34 equals the unreimbursed expenses incurred by the taxpayer who, 1 35 while alive, donates all or part of a liver, pancreas, kidney, 2 1 intestine, lung, or bone marrow to another human. These 2 2 expenses are for travel, lodging, and lost wages. The credit 2 3 may be claimed only once and is nonrefundable. Any excess 2 4 credit may be carried forward for up to 10 years. 2 5 The bill applies retroactively to tax years beginning on or 2 6 after January 1, 2005. 2 7 LSB 1764YH 81 2 8 mg:rj/gg/14