Bill Text: IA SF111 | 2015-2016 | 86th General Assembly | Introduced

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Bill Title: A bill for an act increasing the amount of the tuition tax credit and including retroactive applicability provisions.

Sponsorship: Partisan Bill (Republican 1)

Status: (Introduced - Dead) 2015-02-03 - Subcommittee, Bolkcom, Feenstra, and Quirmbach. S.J. 207. [SF111 Detail]

Download: Iowa-2015-SF111-Introduced.html

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Senate File 111 - Introduced




                                 SENATE FILE       
                                 BY  ZAUN

                                      A BILL FOR

  1 An Act increasing the amount of the tuition tax credit and
  2    including retroactive applicability provisions.
  3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
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PAG LIN



  1  1    Section 1.  Section 422.12, subsection 2, paragraph b, Code
  1  2 2015, is amended to read as follows:
  1  3    b.  A tuition credit equal to twenty=five fifty percent
  1  4 of the first one thousand dollars which that the taxpayer
  1  5 has paid to others for each dependent in grades kindergarten
  1  6 through twelve, for tuition and textbooks of each dependent
  1  7 in attending an elementary or secondary school situated in
  1  8 Iowa, which school is accredited or approved under section
  1  9 256.11, which is not operated for profit, and which adheres
  1 10 to the provisions of the federal Civil Rights Act of 1964 and
  1 11 chapter 216. Notwithstanding any other provision, all other
  1 12 credits allowed under this subsection shall be deducted before
  1 13 the tuition credit under this paragraph. The department, when
  1 14 conducting an audit of a taxpayer's return, shall also audit
  1 15 the tuition tax credit portion of the tax return.
  1 16    Sec. 2.  RETROACTIVE APPLICABILITY.  This Act applies
  1 17 retroactively to January 1, 2015, for tax years beginning on
  1 18 or after that date.
  1 19                           EXPLANATION
  1 20 The inclusion of this explanation does not constitute agreement with
  1 21 the explanation's substance by the members of the general assembly.
  1 22    This bill increases the amount of tuition tax credit allowed
  1 23 under Code section 422.12 from 25 percent of the first $1,000
  1 24 paid for tuition and textbooks to 50 percent of the first
  1 25 $1,000 paid.
  1 26    The bill applies retroactively to January 1, 2015, for tax
  1 27 years beginning on or after that date.
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