Bill Text: IA HF620 | 2021-2022 | 89th General Assembly | Introduced

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Bill Title: A bill for an act providing for an infertility coverage tax credit available against the income, franchise, gross premiums, and moneys and credits tax, and including applicability date provisions.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2021-02-18 - Introduced, referred to Ways and Means. H.J. 487. [HF620 Detail]

Download: Iowa-2021-HF620-Introduced.html

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House File 620 - Introduced
HOUSE FILE 620
BY GOBBLE
A BILL FOR
An Act providing for an infertility coverage tax credit
available against the income, franchise, gross premiums, and
moneys and credits tax, and including applicability date
provisions.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
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H.F. 620
Section 1. NEW SECTION . 514C.36 Infertility coverage tax
credit.
1. The taxes imposed against the income tax imposed under
chapter 422, subchapter II or III, the franchise tax imposed
under chapter 422, subchapter V, the gross premiums tax under
chapter 432, or the moneys and credits tax imposed under
section 533.329 shall be reduced by an infertility coverage
tax credit equal to five hundred dollars per employee who have
coverage benefits provided by the employer for the diagnosis
and treatment of infertility, not to exceed fifty thousand
dollars.
2. Any credit in excess of the tax liability is not
refundable but the excess for the tax year may be credited
to the tax liability for the following five years or until
depleted, whichever is earlier.
Sec. 2. NEW SECTION . 422.12O Infertility coverage credit.
1. The taxes imposed under this subchapter, less the
credits allowed under section 422.12, shall be reduced by an
infertility coverage tax credit allowed pursuant to section
514C.36.
2. An individual may claim the tax credit allowed a
partnership, S corporation, limited liability company, estate,
or trust electing to have the income taxed directly to the
individual. The amount claimed by the individual shall be
based upon the pro rata share of the individual’s earnings of a
partnership, S corporation, limited liability company, estate,
or trust.
Sec. 3. Section 422.33, Code 2021, is amended by adding the
following new subsection:
NEW SUBSECTION . 31. The taxes imposed under this subchapter
shall be reduced by an infertility coverage tax credit allowed
pursuant to section 514C.36.
Sec. 4. Section 422.60, Code 2021, is amended by adding the
following new subsection:
NEW SUBSECTION . 14. The taxes imposed under this subchapter
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H.F. 620
shall be reduced by an infertility coverage tax credit allowed
pursuant to section 514C.36.
Sec. 5. NEW SECTION . 432.12N Infertility coverage tax
credit.
The taxes imposed under this chapter shall be reduced by an
infertility coverage tax credit allowed pursuant to section
514C.36.
Sec. 6. Section 533.329, subsection 2, Code 2021, is amended
by adding the following new paragraph:
NEW PARAGRAPH . l. The moneys and credits tax imposed under
this section shall be reduced by an infertility coverage tax
credit allowed pursuant to section 514C.36.
Sec. 7. APPLICABILITY. This Act applies to tax years
beginning on or after January 1, 2022.
EXPLANATION
The inclusion of this explanation does not constitute agreement with
the explanation’s substance by the members of the general assembly.
This bill provides businesses with an infertility coverage
tax credit for providing coverage benefits for the diagnosis
and treatment of infertility, and is available against the
income, franchise, gross premiums, or moneys and credits tax.
The amount of the credit equals $500 per employee with the
infertility coverage, not to exceed $50,000.
The credit is nonrefundable but any excess may be carried
forward for up to five years.
The bill applies to tax years beginning on or after January
1, 2022.
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