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: TLSB 2544XS (2) 87 mm/jh/sc 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,andfor 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. LSB 2544XS (2) 87 mm/jh/sc