Senate File 184 - Introduced



                                       SENATE FILE       
                                       BY  HANCOCK


    Passed Senate, Date                Passed House,  Date             
    Vote:  Ayes        Nays           Vote:  Ayes        Nays         
                 Approved                            

                                      A BILL FOR

  1 An Act providing emergency medical services providers and
  2    volunteer fire fighters with income tax credits and including
  3    effective and retroactive applicability date provisions.
  4 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
  5 TLSB 2461SS 81
  6 mg/sh/8

PAG LIN



  1  1    Section 1.  NEW SECTION.  422.11K  VOLUNTEER TAX CREDIT.
  1  2    1.  The taxes imposed under this division, less the credits
  1  3 allowed in sections 422.12 and 422.12B, shall be reduced by a
  1  4 volunteer tax credit as follows:
  1  5    a.  A volunteer emergency medical services provider credit
  1  6 equal to two hundred fifty dollars.  However, if the
  1  7 individual is not a volunteer emergency medical services
  1  8 provider for the entire tax year, the credit shall be prorated
  1  9 and the amount of credit shall equal two hundred fifty
  1 10 dollars, divided by twelve, multiplied by the number of months
  1 11 in the tax year the individual was a volunteer.  The credit
  1 12 shall be rounded to the nearest five dollars.  If the
  1 13 individual is a volunteer during any part of a month, the
  1 14 individual shall be considered a volunteer for the entire
  1 15 month.
  1 16    b.  A volunteer fire fighter credit equal to two hundred
  1 17 fifty dollars.  However, if the individual is not a volunteer
  1 18 fire fighter for the entire tax year, the credit shall be
  1 19 prorated and the amount of credit shall equal two hundred
  1 20 fifty dollars, divided by twelve, multiplied by the number of
  1 21 months in the tax year the individual was a volunteer.  The
  1 22 credit shall be rounded to the nearest five dollars.  If the
  1 23 individual is a volunteer during any part of a month, the
  1 24 individual shall be considered a volunteer for the entire
  1 25 month.
  1 26    2.  If the individual is a volunteer fire fighter and a
  1 27 volunteer emergency medical services provider during the same
  1 28 month, a credit may be claimed for only one volunteer position
  1 29 for that month.
  1 30    3.  The individual is required to have a written statement
  1 31 from the fire chief or other appropriate supervisor verifying
  1 32 that the individual was a volunteer fire fighter who has met
  1 33 the education requirements or was a volunteer emergency
  1 34 medical services provider for the months for which the credit
  1 35 under subsection 1, paragraph "a" or "b" is claimed.
  2  1    4.  Any credit in excess of the taxpayer's tax liability
  2  2 shall be refunded.  In lieu of claiming a refund, the taxpayer
  2  3 may elect to have the overpayment shown on the taxpayer's
  2  4 final, completed return credited to the tax liability for the
  2  5 following tax year.
  2  6    Sec. 2.  EFFECTIVE AND RETROACTIVE APPLICABILITY DATES.
  2  7 This Act, being deemed of immediate importance, takes effect
  2  8 upon enactment and applies retroactively to January 1, 2005,
  2  9 for tax years beginning on or after that date.
  2 10                           EXPLANATION
  2 11    This bill provides an individual income tax credit of $250
  2 12 for an individual who was a volunteer fire fighter or a
  2 13 volunteer emergency medical services provider for the entire
  2 14 tax year.  If the individual was not a volunteer for the
  2 15 entire tax year, the amount of credit is prorated based upon
  2 16 the months of volunteer service.  Only one volunteer position
  2 17 per month may be claimed.  The tax credit is refundable.
  2 18    The bill takes effect upon enactment and applies
  2 19 retroactively to January 1, 2005, for tax years beginning on
  2 20 or after that date.
  2 21 LSB 2461SS 81
  2 22 mg:nh/sh/8