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Amendment H-8096 to HF 2595
Relating to the construction of child care facilities by providing developers with sales and use tax refunds and income, franchise, moneys and credits, and gross premiums tax credits, providing for a fee, and including applicability provisions
Never voted on
Filed March 5, 2020 in the House by
What it changes
- Page 1, before line 1 by inserting: “DIVISION I CHILD CARE FACILITIES”
- Page 9, line 11, after “This” by inserting “division of this”
- Page 9, after line 13 by inserting: “DIVISION II ADDITIONAL PERSONAL EXEMPTION CREDIT Sec. ___. NEW SECTION . 422.10C Additional personal exemption credit —— child.
- The taxes imposed under this division less the credits allowed under this division, except for the credits for withheld tax and estimated tax paid in section 422.16, shall be reduced by an additional personal exemption credit in the amount of one thousand dollars for each dependent.
- The additional personal exemption credit shall be added to any personal exemption claimed under section 422.12, subsection
- The tax credit shall be reduced but not below zero by the amount of the child and dependent care or early childhood development tax credits claimed by the taxpayer pursuant to section 422.12C.
- Any credit in excess of the tax liability is refundable. However, for nonresidents or part-year residents, the amount of the credit in excess of the tax liability that may be refunded shall be in the ratio of their Iowa source net income to their all source net income under rules prescribed by the director.
- For purposes of this section, “dependent” has the same meaning as provided by the Internal Revenue Code, except the dependent must be under the age of thirteen. Sec. ___. EFFECTIVE DATE. This division of this Act takes effect January 1,
- Sec. ___. APPLICABILITY. This division of this Act applies to tax years beginning on or after January 1,
- ”
- Title page, by striking lines 1 through 5 and inserting “An Act relating to tax credits and sales and use tax refunds for the construction of child care facilities, adding an additional personal exemption credit against the individual income tax for a child, and including effective date and applicability provisions.”
- By renumbering as necessary.