Bill Text: IA SF31 | 2011-2012 | 84th General Assembly | Introduced
Bill Title: A bill for an act increasing the amount of the earned income tax credit and including retroactive applicability provisions.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2011-12-31 - END OF 2011 ACTIONS [SF31 Detail]
Download: Iowa-2011-SF31-Introduced.html
Senate
File
31
-
Introduced
SENATE
FILE
31
BY
JOCHUM
A
BILL
FOR
An
Act
increasing
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
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31
Section
1.
Section
422.12B,
subsection
1,
Code
2011,
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
ten
percent
of
the
federal
earned
5
income
credit
provided
in
section
32
of
the
Internal
Revenue
6
Code.
Any
credit
in
excess
of
the
tax
liability
is
refundable.
7
Sec.
2.
RETROACTIVE
APPLICABILITY.
This
Act
applies
8
retroactively
to
January
1,
2011,
for
tax
years
beginning
on
9
or
after
that
date.
10
EXPLANATION
11
This
bill
increases
the
amount
of
the
state
earned
income
12
tax
credit.
Currently,
the
credit
is
equal
to
7
percent
of
the
13
amount
of
a
taxpayer’s
federal
earned
income
tax
credit.
The
14
bill
increases
the
amount
of
the
credit
to
10
percent.
15
The
bill
applies
retroactively
to
January
1,
2011,
for
tax
16
years
beginning
on
or
after
that
date.
17
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