Relating to the earned income tax credit available against the individual income tax and including retroactive applicability provisions

Where it is now

1. ✓
   Done: IntroducedJanuary 25, 2022
2. ✓
   Done: SubcommitteeJanuary 27, 2022
3. ✕
   Stopped: Senate committeeDied when the General Assembly ended
4. Next: Passes the Senate
5. Next: House committee
6. Next: Passes the House
7. Next: To the Governor
8. Next: Signed into law

Died when the session ended The 2022 session adjourned on May 24, 2022, the General Assembly’s last regular session. Bills that didn’t pass both chambers died. What’s a funnel?

What’s in it

This bill relates to the earned income tax credit available against the individual income tax. Currently, the state earned income tax credit is a refundable tax credit equal to percent of the federal earned income tax credit. The bill increases the state earned income tax credit equal to the following percentage of the federal earned income tax credit: if the taxpayer does not claim a dependent, percent; if the taxpayer claims a dependent, percent. The bill applies retroactively to tax years beginning on or after January 1, 2022.

From the explanation printed with the bill as introduced, written by the Legislative Services Agency. Amendments adopted later aren’t reflected. Full bill text

Senate subcommittee

Named January 27, 2022. It hasn’t reported yet.

• Sen. Dan Dawson REmail
• Sen. Tim Goodwin R
• Sen. Pam Jochum D

Three legislators hear a bill first and recommend what the committee should do; it’s the best time to weigh in. How to take part

Fiscal note

0 million for FY 2024. For fiscal years beyond FY 2024, the projected net tax liability and State General Fund revenue reductions are expected to increase at the rate of growth in Iowa personal income. Source Department of Revenue /s/ Holly M. Lyons February 17, 2022 Doc ID 1287491 Fiscal Note Fiscal Services Division 2 The fiscal note for this Bill was prepared pursuant to Joint Rule 17 and the Iowa Code.

• Earned Income Tax Credit · February 17, 2022

Nonpartisan cost estimates from the Legislative Services Agency’s Fiscal Services Division. The newest is first. Reading a fiscal note

Iowa Code it changes

Amends§422.12B

Read from the bill as introduced. Each links to every bill touching that chapter of the Iowa Code. How the Code works