Bill Text: IA HF67 | 2023-2024 | 90th General Assembly | Introduced
Bill Title: A bill for an act relating to the adoption tax credit available against the individual income tax.(See HF 351.)
Spectrum: Partisan Bill (Republican 2-0)
Status: (Introduced) 2023-04-12 - Withdrawn. H.J. 824. [HF67 Detail]
Download: Iowa-2023-HF67-Introduced.html
House
File
67
-
Introduced
HOUSE
FILE
67
BY
LOHSE
and
JONES
A
BILL
FOR
An
Act
relating
to
the
adoption
tax
credit
available
against
1
the
individual
income
tax.
2
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
3
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Section
1.
Section
422.12A,
subsection
2,
Code
2023,
is
1
amended
to
read
as
follows:
2
2.
a.
(1)
The
For
tax
years
beginning
before
January
3
1,
2024,
the
taxes
imposed
under
this
subchapter
,
less
the
4
credits
allowed
under
section
422.12
,
shall
be
reduced
by
an
5
adoption
tax
credit
equal
to
the
amount
of
qualified
adoption
6
expenses
paid
or
incurred
by
the
taxpayer
in
connection
with
7
the
adoption
of
a
child
by
the
taxpayer,
not
to
exceed
five
8
thousand
dollars
per
adoption.
9
(2)
This
paragraph
is
repealed
January
1,
2029.
10
b.
(1)
For
the
tax
year
beginning
January
1,
2024,
the
11
taxes
imposed
under
this
subchapter,
less
the
credits
allowed
12
under
section
422.12,
shall
be
reduced
by
an
adoption
tax
13
credit
equal
to
the
amount
of
qualified
adoption
expenses
paid
14
or
incurred
by
the
taxpayer
in
connection
with
the
adoption
15
of
a
child
by
the
taxpayer,
not
to
exceed
seven
thousand
five
16
hundred
dollars
per
adoption.
17
(2)
This
paragraph
is
repealed
January
1,
2030.
18
c.
For
tax
years
beginning
on
or
after
January
1,
2025,
the
19
taxes
imposed
under
this
subchapter,
less
the
credits
allowed
20
under
section
422.12,
shall
be
reduced
by
an
adoption
tax
21
credit
equal
to
the
amount
of
qualified
adoption
expenses
paid
22
or
incurred
by
the
taxpayer
in
connection
with
the
adoption
of
23
a
child
by
the
taxpayer,
not
to
exceed
ten
thousand
dollars
per
24
adoption.
25
EXPLANATION
26
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
27
the
explanation’s
substance
by
the
members
of
the
general
assembly.
28
This
bill
relates
to
the
adoption
tax
credit
available
29
against
the
individual
income
tax.
30
Currently,
the
adoption
tax
credit
equals
the
amount
of
31
qualified
adoption
expenses
paid
or
incurred
by
the
taxpayer
in
32
connection
with
the
adoption
of
a
child,
not
to
exceed
$5,000
33
per
adoption.
34
The
bill
phases
in
an
increase
to
the
maximum
amount
of
the
35
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67
adoption
tax
credit
as
follows:
for
the
tax
year
beginning
1
January
1,
2024,
the
maximum
amount
of
the
adoption
tax
credit
2
increases
from
$5,000
per
adoption
to
$7,500
per
adoption;
3
and
for
tax
years
beginning
on
or
after
January
1,
2025,
the
4
maximum
amount
of
the
tax
credit
increases
from
$7,500
per
5
adoption
to
$10,000
per
adoption.
6
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