Bills › 90th General Assembly
Increasing the earned income tax credit available against the Iowa individual income tax, and including retroactive applicability provisions
Where it is now
- Done: IntroducedFebruary 28, 2023
- Done: SubcommitteeMarch 2, 2023
- 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 People who qualify for the federal earned income tax credit will receive a larger tax credit in Iowa. This change increases the amount of money taxpayers can claim against their state income tax. The new rule applies to tax years starting on or after January 1, 2023.1
Read the official explanation
This bill increases the earned tax credit available against the Iowa individual income tax. Under current law, a taxpayer is allowed to claim an Iowa earned income tax credit equal to percent of the federal earned income tax credit under section of the Internal Revenue Code. Additionally, the Iowa earned income tax credit is a refundable credit. The bill raises the Iowa earned income tax credit from the current percent of the federal earned income tax credit to percent of the federal earned income tax credit. The bill applies retroactively to tax years beginning on or after January 1, 2023.
Senate subcommittee
Named March 2, 2023. 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