Bill Text: IA SF364 | 2015-2016 | 86th General Assembly | Introduced

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Bill Title: A bill for an act providing an individual income tax credit for a certain amount of educational materials purchased for use in providing competent private instruction in this state and including retroactive applicability provisions.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2015-03-10 - Subcommittee, McCoy, Feenstra, and Petersen. S.J. 541. [SF364 Detail]

Download: Iowa-2015-SF364-Introduced.html

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Senate File 364 - Introduced




                                 SENATE FILE       
                                 BY  FEENSTRA

                                      A BILL FOR

  1 An Act providing an individual income tax credit for a certain
  2    amount of educational materials purchased for use in
  3    providing competent private instruction in this state and
  4    including retroactive applicability provisions.
  5 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
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PAG LIN



  1  1    Section 1.  Section 422.12, subsection 1, Code 2015, is
  1  2 amended by adding the following new paragraph:
  1  3    NEW PARAGRAPH.  0b.  "Educational materials" means books and
  1  4 other instructional materials and equipment used in providing
  1  5 competent private instruction in this state under chapter
  1  6 299A.  "Educational materials" does not include items used in
  1  7 the teaching of religious tenets, doctrines, or worship, the
  1  8 purpose of which is to inculcate those tenets, doctrines, or
  1  9 worship.
  1 10    Sec. 2.  Section 422.12, subsection 2, Code 2015, is amended
  1 11 by adding the following new paragraph:
  1 12    NEW PARAGRAPH.  e.  An educational materials credit equal to
  1 13 the first five hundred dollars that the taxpayer has paid to
  1 14 others for the educational materials of dependents receiving
  1 15 competent private instruction in this state under chapter 299A.
  1 16    Sec. 3.  RETROACTIVE APPLICABILITY.  This Act applies
  1 17 retroactively to January 1, 2015, for tax years beginning on
  1 18 or after that date.
  1 19                           EXPLANATION
  1 20 The inclusion of this explanation does not constitute agreement with
  1 21 the explanation's substance by the members of the general assembly.
  1 22    This bill creates an individual income tax credit equal
  1 23 to the first $500 that a taxpayer pays to others for the
  1 24 educational materials of dependents receiving competent private
  1 25 instruction in this state under Code chapter 299A.  The bill
  1 26 defines "educational materials".  The credit is nonrefundable.
  1 27    The bill applies retroactively to tax years beginning on or
  1 28 after January 1, 2015.
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