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Senate File 279 - IntroducedA Bill ForAn Act 1increasing the amount of total approved tax credits for
2purposes of the school tuition organization tax credit.
3BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
1 Section 1. Section 422.11S, subsection 8, paragraph a,
2subparagraph (2), Code 2017, is amended to read as follows:
3(2) “Total approved tax credits” means for the tax year
4beginning in the 2006 calendar year, two million five hundred
5thousand dollars, for the tax year beginning in the 2007
6calendar year, five million dollars, for tax years beginning
7on or after January 1, 2008, but before January 1, 2012, seven
8million five hundred thousand dollars, for tax years beginning
9on or after January 1, 2012, but before January 1, 2014, eight
10million seven hundred fifty thousand dollars, and for tax years
11beginning on or after January 1, 2014, but before January 1,
122018, twelve million dollars, and for tax years beginning on or
13after January 1, 2018, twenty million dollars.
14EXPLANATION
15The inclusion of this explanation does not constitute agreement with
16the explanation’s substance by the members of the general assembly.
17This bill increases the total approved school tuition
18organization tax credits that may be issued per year to $20
19million from $12 million for tax years beginning on or after
20January 1, 2018.
21The school tuition organization tax credit is an income
22tax credit allowed for voluntary contributions to certain
23private nonprofit school tuition organizations that award
24tuition scholarships to eligible students to attend accredited
25nonpublic elementary or secondary schools in this state.
-1-mm/jh/sc
2purposes of the school tuition organization tax credit.
3BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
1 Section 1. Section 422.11S, subsection 8, paragraph a,
2subparagraph (2), Code 2017, is amended to read as follows:
3(2) “Total approved tax credits” means for the tax year
4beginning in the 2006 calendar year, two million five hundred
5thousand dollars, for the tax year beginning in the 2007
6calendar year, five million dollars, for tax years beginning
7on or after January 1, 2008, but before January 1, 2012, seven
8million five hundred thousand dollars, for tax years beginning
9on or after January 1, 2012, but before January 1, 2014, eight
10million seven hundred fifty thousand dollars, and for tax years
11beginning on or after January 1, 2014, but before January 1,
122018, twelve million dollars, and for tax years beginning on or
13after January 1, 2018, twenty million dollars.
14EXPLANATION
15The inclusion of this explanation does not constitute agreement with
16the explanation’s substance by the members of the general assembly.
17This bill increases the total approved school tuition
18organization tax credits that may be issued per year to $20
19million from $12 million for tax years beginning on or after
20January 1, 2018.
21The school tuition organization tax credit is an income
22tax credit allowed for voluntary contributions to certain
23private nonprofit school tuition organizations that award
24tuition scholarships to eligible students to attend accredited
25nonpublic elementary or secondary schools in this state.
-1-mm/jh/sc