Bill Text: IA SF248 | 2011-2012 | 84th General Assembly | Introduced
Bill Title: A bill for an act providing for a small employer health insurance tax credit as a percentage of the federal credit and including retroactive applicability provisions. (See SF 506.)
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2011-12-31 - END OF 2011 ACTIONS [SF248 Detail]
Download: Iowa-2011-SF248-Introduced.html
Senate
File
248
-
Introduced
SENATE
FILE
248
BY
SODDERS
A
BILL
FOR
An
Act
providing
for
a
small
employer
health
insurance
tax
1
credit
as
a
percentage
of
the
federal
credit
and
including
2
retroactive
applicability
provisions.
3
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
4
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S.F.
248
Section
1.
NEW
SECTION
.
422.12A
Small
employer
health
1
insurance
tax
credit.
2
1.
The
taxes
imposed
under
this
division,
less
the
credits
3
allowed
under
section
422.12,
shall
be
reduced
by
a
small
4
employer
health
insurance
tax
credit
equal
to
twenty-five
5
percent
of
the
federal
small
employer
health
insurance
tax
6
credit
provided
in
section
45R
of
the
Internal
Revenue
Code.
7
The
tax
credit
provided
in
this
section
is
available
to
8
eligible
small
employers.
9
2.
Any
credit
in
excess
of
the
tax
liability
is
refundable.
10
3.
For
purposes
of
this
section,
“eligible
small
employer”
11
means
a
taxpayer
who
has
ten
or
fewer
full-time
employees
and
12
who
otherwise
meets
the
requirements
of
the
small
employer
13
health
insurance
tax
credit
allowed
under
section
45R
of
the
14
Internal
Revenue
Code.
15
Sec.
2.
Section
422.33,
Code
2011,
is
amended
by
adding
the
16
following
new
subsection:
17
NEW
SUBSECTION
.
13.
The
taxes
imposed
under
this
division
18
shall
be
reduced
by
a
small
employer
health
insurance
tax
19
credit
authorized
pursuant
to
section
422.12A.
20
Sec.
3.
RETROACTIVE
APPLICABILITY.
This
Act
applies
21
retroactively
to
January
1,
2011,
for
tax
years
beginning
on
22
or
after
that
date.
23
EXPLANATION
24
The
federal
Patient
Protection
and
Affordable
Care
Act
(Pub.
25
L.
No.
111-148)
provided
for
a
small
employer
health
insurance
26
income
tax
credit
of
up
to
50
percent
for
eligible
small
27
employers.
This
bill
provides
for
a
credit
against
Iowa
income
28
tax
liability
in
an
amount
equal
to
25
percent
of
the
federal
29
credit
for
employers
with
10
or
fewer
full-time
employees.
30
The
tax
credit
is
refundable
and
is
available
against
the
31
individual
and
corporate
income
taxes.
32
The
bill
applies
retroactively
to
January
1,
2011,
for
tax
33
years
beginning
on
or
after
that
date.
34
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