S.F. 279 Section 1. Section 422.11S, subsection 8, paragraph a, 1 subparagraph (2), Code 2017, 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, for tax years beginning 6 on or after January 1, 2008, but before January 1, 2012, seven 7 million five hundred thousand dollars, for tax years beginning 8 on or after January 1, 2012, but before January 1, 2014, eight 9 million seven hundred fifty thousand dollars, and for tax years 10 beginning on or after January 1, 2014, but before January 1, 11 2018, twelve million dollars , and for tax years beginning on or 12 after January 1, 2018, twenty million dollars . 13 EXPLANATION 14 The inclusion of this explanation does not constitute agreement with 15 the explanation’s substance by the members of the general assembly. 16 This bill increases the total approved school tuition 17 organization tax credits that may be issued per year to $20 18 million from $12 million for tax years beginning on or after 19 January 1, 2018. 20 The school tuition organization tax credit is an income 21 tax credit allowed for voluntary contributions to certain 22 private nonprofit school tuition organizations that award 23 tuition scholarships to eligible students to attend accredited 24 nonpublic elementary or secondary schools in this state. 25 -1- LSB 2544XS (2) 87 mm/jh/sc 1/ 1