Amendment H-8091 to HF 2594
Providing businesses with income, franchise, moneys and credits, and gross premiums tax credits for providing child care benefits to employees of the business, and including applicability date provisions
Never voted on
Filed March 5, 2020 in the House by
What it changes
AI summary This amendment replaces the original tax credit rules with a new system where the credit amount equals the federal employer-provided child care tax credit. It also changes the wording from "received" to "allowed" in several places and allows businesses to carry over any unused credit to the next five years.1
Read the amendment’s wording
- Page 1, by striking lines 1 through 29 and inserting: “Section
- NEW SECTION . 237A.31 Employer child care tax credit.
- The taxes imposed against the income tax imposed under chapter 422, division II or III, the franchise tax imposed under chapter 422, division V, the gross premiums tax under chapter 432, or the moneys and credits tax imposed under section 533.329 shall be reduced by an employer child care tax credit equal to the amount of the federal employer-provided child care tax credit provided in section 45F of the Internal Revenue Code the taxpayer was eligible for in the same tax year.
- Any credit in excess of the tax liability is not refundable but the excess for the tax year may be credited to the tax liability for the following five years or until depleted, whichever is earlier.
- The director of the department of revenue shall adopt rules pursuant to chapter 17A to administer this section.”
- Page 1, line 34, by striking “received” and inserting “allowed”
- Page 2, line 10, by striking “received” and inserting “allowed”
- Page 2, line 15, by striking “received” and inserting “allowed”
- Page 2, line 20, by striking “received” and inserting “allowed”
- Page 2, line 26, by striking “received” and inserting “allowed”