Senate File 2161 - Reprinted SENATE FILE 2161 BY COMMITTEE ON WAYS AND MEANS (SUCCESSOR TO SSB 3116) (As Amended and Passed by the Senate February 14, 2012 ) A BILL FOR An Act relating to the amount of the earned income tax credit 1 and including retroactive applicability provisions. 2 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 3 SF 2161 (4) 84 mm/sc/jdh

S.F. 2161 Section 1. Section 422.12B, subsection 1, Code 2011, is 1 amended to read as follows: 2 1. a. The taxes imposed under this division less the 3 credits allowed under section 422.12 shall be reduced by an 4 earned income credit equal to seven percent the following 5 percentage of the federal earned income credit provided in 6 section 32 of the Internal Revenue Code : 7 (1) For tax years beginning on or after January 1, 2012, and 8 before December 31, 2012, thirteen percent . 9 (2) For tax years beginning on or after January 1, 2013, and 10 before December 31, 2013, fifteen percent. 11 (3) For tax years beginning on or after January 1, 2014, 12 twenty percent. 13 b. Any credit in excess of the tax liability is refundable. 14 Sec. 2. RETROACTIVE APPLICABILITY. This Act applies 15 retroactively to January 1, 2012, for tax years beginning on 16 or after that date. 17 -1- SF 2161 (4) 84 mm/sc/jdh 1/ 1