Bill Text: IA HF2243 | 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, and including effective date and retroactive applicability provisions.(See HF 2637.)
Spectrum: Partisan Bill (Republican 30-0)
Status: (Introduced - Dead) 2024-03-11 - Withdrawn. H.J. 565. [HF2243 Detail]
Download: Iowa-2023-HF2243-Introduced.html
House
File
2243
-
Introduced
HOUSE
FILE
2243
BY
GRASSLEY
,
SIEGRIST
,
JOHNSON
,
HOLT
,
THOMSON
,
STONE
,
ANDREWS
,
DUNWELL
,
COLLINS
,
MOORE
,
HORA
,
M.
THOMPSON
,
GEHLBACH
,
INGELS
,
FRY
,
GERHOLD
,
SHERMAN
,
LOHSE
,
DIEKEN
,
SORENSEN
,
MEGGERS
,
JONES
,
CARLSON
,
NORDMAN
,
VONDRAN
,
HENDERSON
,
P.
THOMPSON
,
YOUNG
,
WILLS
,
and
KAUFMANN
A
BILL
FOR
An
Act
relating
to
the
adoption
tax
credit
available
against
1
the
individual
income
tax,
and
including
effective
date
and
2
retroactive
applicability
provisions.
3
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
4
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2243
Section
1.
Section
422.12A,
subsection
2,
Code
2024,
is
1
amended
to
read
as
follows:
2
2.
The
taxes
imposed
under
this
subchapter
,
less
the
3
credits
allowed
under
section
422.12
,
shall
be
reduced
by
an
4
adoption
tax
credit
equal
to
the
amount
of
qualified
adoption
5
expenses
paid
or
incurred
by
the
taxpayer
in
connection
with
6
the
adoption
of
a
child
by
the
taxpayer,
not
to
exceed
five
7
twenty
thousand
dollars
per
adoption.
8
Sec.
2.
EFFECTIVE
DATE.
This
Act,
being
deemed
of
immediate
9
importance,
takes
effect
upon
enactment.
10
Sec.
3.
RETROACTIVE
APPLICABILITY.
This
Act
applies
11
retroactively
to
January
1,
2023,
for
tax
years
beginning
on
or
12
after
that
date
if
the
adoption
becomes
final
on
or
after
that
13
date.
14
EXPLANATION
15
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
16
the
explanation’s
substance
by
the
members
of
the
general
assembly.
17
This
bill
relates
to
the
adoption
tax
credit
available
18
against
the
individual
income
tax.
19
Currently,
the
tax
credit
equals
up
to
$5,000
of
qualified
20
adoption
expenses
per
adoption.
The
bill
increases
the
tax
21
credit
to
equal
up
to
$20,000
of
qualified
adoption
expenses
22
per
adoption.
Any
credit
in
excess
of
the
tax
liability
is
23
refundable.
24
“Qualified
adoption
expenses”
means
unreimbursed
expenses
25
paid
or
incurred
in
connection
with
the
adoption
of
a
child,
26
including
medical
and
hospital
expenses
of
the
biological
27
mother
which
are
incident
to
the
child’s
birth,
welfare
agency
28
fees,
legal
fees,
and
all
other
fees
and
costs
which
relate
to
29
the
adoption
of
a
child.
30
“Child”
means
an
individual
under
18
years
of
age.
31
Current
law
in
Code
section
422.12A(4)
determines
the
tax
32
year
when
qualified
adoption
expenses
are
allowed.
33
The
bill
takes
effect
upon
enactment
and
applies
34
retroactively
to
tax
years
beginning
on
or
after
January
1,
35
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