SF 460: Relating to the child and dependent and early childhood development tax credits, and including retroactive applicability provisions

What it does

This bill relates to the Iowa child and dependent care tax credit and the early childhood development tax credit available against the individual income tax. IOWA CHILD AND DEPENDENT CARE TAX CREDIT. The Iowa child and dependent care tax credit is a refundable credit calculated as a percentage of the federal child and dependent care tax credit, depending on the Iowa net income of the taxpayer. Currently, there are seven graduated Iowa net income thresholds used to calculate the credit. The bill reduces the number of Iowa net income thresholds from seven thresholds to five thresholds, but increases the Iowa child and dependent care tax credit by increasing the allowable percentage of the federal child and dependent care tax credit that may be used by the taxpayer to calculate the Iowa child and dependent care tax credit.

Senate subcommittee · named March 2, 2023

• Sen. Carrie Koelker (R) · carrie.koelker@legis.iowa.gov
• Sen. Dan Dawson (R) · dan.dawson@legis.iowa.gov
• Sen. Cindy Winckler (D) · cindy.winckler@legis.iowa.gov

In plain words

1. February 28, 2023Filed in the Senate and sent to the Ways and Means committee
2. March 2, 2023Senate subcommittee named: Koelker, Dawson and Winckler