Bills › 90th General Assembly
Creating a child tax credit available against the individual income tax, and including retroactive applicability provisions
Where it is now
- Done: IntroducedFebruary 7, 2024
- Done: SubcommitteeFebruary 15, 2024
- Stopped: Senate committeeDied when the General Assembly ended
- Next: Passes the Senate
- Next: House committee
- Next: Passes the House
- Next: To the Governor
- Next: Signed into law
Died when the session ended The 2024 session adjourned on April 19, 2024, the General Assembly’s last regular session. Bills that didn’t pass both chambers died. What’s a funnel?
What’s in it
AI summary Iowa is creating a new tax credit for people who have children under the age of 17. This credit can lower the amount of income tax a person owes, and if the credit is more than what they owe, they can receive the extra money back as a refund. People who only live in Iowa part of the year will receive a portion of the credit based on how much of their income came from the state.1
Read the official explanation
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. The department of revenue is required to adopt rules to administer the bill. The bill applies retroactively to tax years beginning on or after January 1, 2024.
Senate subcommittee
Named February 15, 2024. It hasn’t reported yet.
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