SF 2257: Creating a child tax credit available against the individual income tax, and including retroactive applicability provisions

What it does

This bill creates a child tax credit available against the individual income tax. Under the bill, the child tax credit is a refundable tax credit available for a taxpayer based upon the income of the taxpayer and the number of dependent children the taxpayer has under years of age. The tax credit is refundable and in lieu of claiming a refund, the taxpayer may elect to have the overpayment shown on the taxpayer’s final, completed return credited to the tax liability for the following tax year. The bill requires nonresidents or part-year residents of this state to determine their tax credit in the ratio of their Iowa source net income to their all source net income.

Senate subcommittee · named February 15, 2024

• Sen. Carrie Koelker (R) · carrie.koelker@legis.iowa.gov
• Sen. Dan Dawson (R) · dan.dawson@legis.iowa.gov
• Sen. Pam Jochum (D)

Lobbying · 2 for, 0 against

For: AFSCME Iowa Council 61; Iowa Atheists and Freethinkers

In plain words

1. February 7, 2024Filed in the Senate and sent to the Ways and Means committee
2. February 15, 2024Senate subcommittee named: Koelker, Dawson and Jochum