SSB 1258

This bill reestablishes the individual income tax checkoff for the Iowa state fair foundation fund and the joint income tax checkoff for the veterans trust fund and the volunteer fire fighter preparedness fund. A checkoff allows a taxpayer who files an individual or a joint income tax return with the department of revenue to designate a dollar amount to be paid to a specific fund included on the individual income tax form. Currently, the following four checkoffs are included on the individual income tax return form: the Iowa state fair foundation fund, the fish and game protection fund, the child abuse prevention program fund, and the joint income tax checkoff for the veterans trust fund and the volunteer fire fighter preparedness fund. 12E(1), for tax years beginning on or after January 1, 2017, when the same four income tax return checkoffs have been provided on the individual income tax return for two consecutive years, the two checkoffs for which the least amount has been contributed, in the aggregate for the first tax year and through March of the second tax year, are repealed. The Iowa state fair foundation fund checkoff and the joint income tax checkoff for the veterans trust fund and the volunteer fire fighter preparedness fund received the least amount contributed in the aggregate for the previous tax year and through March of this tax year, and therefore have been repealed by operation of law.12E(1), if the checkoffs have the least amount of contributions in comparison to the other two checkoffs.12E, the date of the repeal is December 31. For purposes of publishing the Code, the bill requires the department of revenue to notify the Iowa Code editor which two checkoffs received the least amount of contributions during the applicable tax year, and thereby are repealed by operation of law. The bill also requires the department of revenue to notify the Iowa Code editor when more checkoffs are enacted than there is space for inclusion on the individual income tax return form, and thereby are repealed by operation of law as well.12E just as the other checkoffs are subject to repeal, if the fund is one of two checkoffs receiving the least amount of contributions over a two-year period.