Amendment H-8160 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 12, 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 two hundred fifty dollars for each dependent, and shall not exceed five hundred dollars in the aggregate.
- The additional personal exemption credit shall be added to any personal exemption claimed under section 422.12, subsection
- A taxpayer is only eligible to claim the additional personal exemption credit if the taxpayer has earned income. Married taxpayers who file separate returns or file separately on a combined return form must allocate the personal income credit to a spouse with the earned income in order to be eligible to claim the credit.
- A taxpayer shall be ineligible to claim the additional personal exemption credit if the taxpayer claims either the child and dependent care or early childhood development tax credit under 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 seven at the end of the tax year. 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.