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Status: (Introduced - Dead) 2023-04-12 - Withdrawn.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 TLSB 1167YH (4) 90 jm/jh
H.F. 67 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7 the adoption of a child by the taxpayer, not to exceed five 8 thousand dollars per adoption. 9 (2) This paragraph is repealed January 1, 2029. 10 b. (1) For the tax year beginning January 1, 2024, the 11 taxes imposed under this subchapter, less the credits allowed 12 under section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of a child by the taxpayer, not to exceed seven thousand five 16 hundred dollars per adoption. 17 (2) This paragraph is repealed January 1, 2030. 18 c. For tax years beginning on or after January 1, 2025, the 19 taxes imposed under this subchapter, less the credits allowed 20 under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 -1- LSB 1167YH (4) 90 jm/jh 1/ 2
H.F. 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 -2- LSB 1167YH (4) 90 jm/jh 2/ 2
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