HF 349: Creating a parent investment tax credit available against the individual income tax and including retroactive applicability provisions

What it does

This bill creates a parent investment tax credit available against the individual income tax for a married person who meets certain requirements specified in the bill. First, the person must be an Iowa resident and must have a dependent enrolled in Iowa in a preschool program or in any grade from kindergarten through grade 12, or receiving private instruction in this state in accordance with Code chapter 299A. Second, the person, the person’s spouse, and the person’s dependents (person’s family) cannot be participating in a public assistance program, defined in the bill to mean the family investment, food assistance, and medical assistance programs administered by the department of human services.

In plain words

1. February 2, 2021Filed in the House and sent to the Ways and Means committee