HF 695: Relating to economic development including child care, grants and tax credits relating to child care, and state child care assistance, and including applicability provisions

What it does

This bill relates to economic development including child care, grants and tax credits relating to child care, and state child care assistance. DIVISION I —— CHILD AND DEPENDENT CARE TAX CREDIT. The bill adjusts the percentage of the federal child and dependent care tax credit by which a taxpayer may reduce the taxpayer’s individual state income taxes. A taxpayer with net income of $45,000 or less receives 100 percent of the credit; a taxpayer with net income exceeding $45,000 but not exceeding $50,000 receives percent of the credit; a taxpayer with net income exceeding $50,000 but not exceeding $60,000 receives percent of the credit; a taxpayer with net income exceeding $60,000 but not exceeding $70,000 receives percent of the credit; a taxpayer with net income exceeding $70,000 but not exceeding $80,000 receives percent of the credit; a taxpayer with net income exceeding $80,000 but not exceeding $90,000 receives percent of the credit; a taxpayer with net income exceeding $90,000 but not exceeding $100,000 receives percent of the credit; a taxpayer with net income exceeding $100,000 but not exceeding $125,000 receives percent of the credit; a taxpayer with net income exceeding $125,000 but not exceeding $150,000 receives percent of the credit; a taxpayer with net income exceeding $150,000 but not exceeding $175,000 receives percent of the credit; a taxpayer with net income exceeding $175,000 but not exceeding $200,000 receives percent of the credit; a taxpayer with net income exceeding $200,000 but not exceeding $250,000 receives percent of the credit; and a taxpayer with net income exceeding $250,000 receives percent of the credit.

Lobbying · 2 for, 0 against

For: AFSCME Iowa Council 61; Iowa Federation of Labor, AFL-CIO

In plain words

1. April 10, 2023Filed in the House and sent to the Economic Growth and Technology committee