Bill Text: IA SF422 | 2013-2014 | 85th General Assembly | Introduced
Bill Title: A bill for an act relating to the amount of the earned income tax credit and including retroactive applicability provisions. (Formerly SF 88.)
Spectrum: Committee Bill
Status: (Engrossed - Dead) 2013-12-31 - END OF 2013 ACTIONS [SF422 Detail]
Download: Iowa-2013-SF422-Introduced.html
Senate
File
422
-
Introduced
SENATE
FILE
422
BY
COMMITTEE
ON
WAYS
AND
MEANS
(SUCCESSOR
TO
SF
88)
A
BILL
FOR
An
Act
relating
to
the
amount
of
the
earned
income
tax
credit
1
and
including
retroactive
applicability
provisions.
2
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
3
TLSB
1123SV
(2)
85
mm/sc
S.F.
422
Section
1.
Section
422.12B,
subsection
1,
Code
2013,
is
1
amended
to
read
as
follows:
2
1.
The
taxes
imposed
under
this
division
less
the
credits
3
allowed
under
section
422.12
shall
be
reduced
by
an
earned
4
income
credit
equal
to
seven
twenty
percent
of
the
federal
5
earned
income
credit
provided
in
section
32
of
the
Internal
6
Revenue
Code.
Any
credit
in
excess
of
the
tax
liability
is
7
refundable.
8
Sec.
2.
RETROACTIVE
APPLICABILITY.
This
Act
applies
9
retroactively
to
January
1,
2013,
for
tax
years
beginning
on
10
or
after
that
date.
11
EXPLANATION
12
This
bill
increases
the
amount
of
the
state
earned
income
13
tax
credit.
Currently,
the
credit
is
equal
to
7
percent
of
the
14
amount
of
a
taxpayer’s
federal
earned
income
tax
credit.
The
15
bill
increases
the
amount
of
the
credit
to
20
percent
of
the
16
federal
credit.
17
The
bill
applies
retroactively
to
January
1,
2013,
for
tax
18
years
beginning
on
or
after
that
date.
19
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