SF 434: Creating a private instruction organization tax credit available against the individual and corporate income taxes, and including effective date and retroactive applicability provisions

What it does

This bill provides an individual and corporate income tax credit equal to a maximum percent of the voluntary contributions made to a private instruction organization that is exempt from federal income tax. At least percent of total contributions must be used by the private instruction organization to provide grants to students who are members of households that have total annual income that does not exceed four times the most recently published federal poverty guidelines. The contribution may not be deducted as a charitable deduction for state tax purposes or be designated for the direct benefit of a dependent or any other student designated by the taxpayer.

Senate subcommittee · named February 24, 2021

• Sen. Dan Dawson (R) · dan.dawson@legis.iowa.gov
• Sen. Tim Goodwin (R)
• Sen. Herman C. Quirmbach (D) · herman.quirmbach@legis.iowa.gov

Lobbying · 3 for, 0 against

For: Homeschool Iowa; The Family Leader; The Family Leader Foundation

In plain words

1. February 22, 2021Filed in the Senate and sent to the Ways and Means committee
2. February 24, 2021Senate subcommittee named: Dawson, Goodwin and Quirmbach