Bill Text: IA SF279 | 2017-2018 | 87th General Assembly | Introduced


Bill Title: A bill for an act increasing the amount of total approved tax credits for purposes of the school tuition organization tax credit.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2017-02-21 - Subcommittee: Feenstra, Jochum, and Smith. S.J. 371. [SF279 Detail]

Download: Iowa-2017-SF279-Introduced.html

Senate File 279 - Introduced




                                 SENATE FILE       
                                 BY  ZAUN

                                      A BILL FOR

  1 An Act increasing the amount of total approved tax credits for
  2    purposes of the school tuition organization tax credit.
  3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
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PAG LIN



  1  1    Section 1.  Section 422.11S, subsection 8, paragraph a,
  1  2 subparagraph (2), Code 2017, is amended to read as follows:
  1  3    (2)  "Total approved tax credits" means for the tax year
  1  4 beginning in the 2006 calendar year, two million five hundred
  1  5 thousand dollars, for the tax year beginning in the 2007
  1  6 calendar year, five million dollars, for tax years beginning
  1  7 on or after January 1, 2008, but before January 1, 2012, seven
  1  8 million five hundred thousand dollars, for tax years beginning
  1  9 on or after January 1, 2012, but before January 1, 2014, eight
  1 10 million seven hundred fifty thousand dollars, and for tax years
  1 11 beginning on or after January 1, 2014, but before January 1,
  1 12 2018, twelve million dollars, and for tax years beginning on or
  1 13 after January 1, 2018, twenty million dollars.
  1 14                           EXPLANATION
  1 15 The inclusion of this explanation does not constitute agreement with
  1 16 the explanation's substance by the members of the general assembly.
  1 17    This bill increases the total approved school tuition
  1 18 organization tax credits that may be issued per year to $20
  1 19 million from $12 million for tax years beginning on or after
  1 20 January 1, 2018.
  1 21    The school tuition organization tax credit is an income
  1 22 tax credit allowed for voluntary contributions to certain
  1 23 private nonprofit school tuition organizations that award
  1 24 tuition scholarships to eligible students to attend accredited
  1 25 nonpublic elementary or secondary schools in this state.
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