S.F. 21 Section 1. Section 422.11S, subsection 8, paragraph a, 1 subparagraph (2), Code 2019, 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 2019, twelve million dollars, and for tax years beginning on 12 or after January 1, 2019, but before January 1, 2020, thirteen 13 million dollars , and for tax years beginning on or after 14 January 1, 2020, twenty million dollars . 15 EXPLANATION 16 The inclusion of this explanation does not constitute agreement with 17 the explanation’s substance by the members of the general assembly. 18 This bill increases the total approved school tuition 19 organization tax credits that may be issued per year to $20 20 million from $13 million for tax years beginning on or after 21 January 1, 2020. 22 The school tuition organization tax credit is an income 23 tax credit allowed for voluntary contributions to certain 24 private nonprofit school tuition organizations that award 25 tuition scholarships to eligible students to attend accredited 26 nonpublic elementary or secondary schools in this state. 27 -1- LSB 1725XS (3) 88 jm/jh 1/ 1