House File 466 - Introduced HOUSE FILE 466 BY GASSMAN A BILL FOR An Act increasing the amount of total approved tax credits for 1 purposes of the school tuition organization tax credit. 2 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 3 TLSB 2371YH (2) 85 mm/sc

H.F. 466 Section 1. Section 422.11S, subsection 7, paragraph a, 1 subparagraph (2), Code 2013, is amended to read as follows: 2 (2) “Total approved tax credits” means for the tax year 3 beginning in the 2006 calendar year, two million five hundred 4 thousand dollars, for the tax year beginning in the 2007 5 calendar year, five million dollars, and for tax years 6 beginning on or after January 1, 2008, but before January 1, 7 2012, seven million five hundred thousand dollars . However , 8 for tax years beginning on or after January 1, 2012, “total 9 approved tax credits” means but before January 1, 2014, eight 10 million seven hundred fifty thousand dollars , and for tax years 11 beginning on or after January 1, 2014, fifteen million dollars . 12 EXPLANATION 13 This bill increases the total approved school tuition 14 organization tax credits that may be issued per year to $15 15 million from $8.75 million for tax years beginning on or after 16 January 1, 2014. 17 The school tuition organization tax credit is an income 18 tax credit allowed for voluntary contributions to certain 19 private nonprofit school tuition organizations that award 20 tuition scholarships to eligible students to attend accredited 21 nonpublic elementary or secondary schools in this state. 22 -1- LSB 2371YH (2) 85 mm/sc 1/ 1