There is a newer version of this Section
2022
2021
2020
2019
2018
Other previous versions
View our newest version here

2017 Iowa Code
Title X - FINANCIAL RESOURCES
Chapter 422 - INDIVIDUAL INCOME, CORPORATE, AND FRANCHISE TAXES
Section 422.12B - Earned income tax credit.

Universal Citation: IA Code § 422.12B (2017)
Previous Next

Download as PDF
1 INDIVIDUAL INCOME, CORPORATE, AND FRANCHISE TAXES, §422.12B 422.12B Earned income tax credit. 1. a. The taxes imposed under this division less the credits allowed under section 422.12 shall be reduced by an earned income credit equal to the following percentage of the federal earned income credit provided in section 32 of the Internal Revenue Code: (1) For the tax year beginning in the 2013 calendar year, fourteen percent. (2) For tax years beginning on or after January 1, 2014, fifteen percent. b. Any credit in excess of the tax liability is refundable. 2. Married taxpayers electing to file separate returns or filing separately on a combined return may avail themselves of the earned income credit by allocating the earned income credit to each spouse in the proportion that each spouse’s respective earned income bears to the total combined earned income. Taxpayers affected by the allocation provisions of section 422.8 shall be permitted a deduction for the credit only in the amount fairly and equitably allocable to Iowa under rules prescribed by the director. 89 Acts, ch 268, §6; 90 Acts, ch 1171, §4; 91 Acts, ch 159, §14; 91 Acts, ch 215, §3; 2000 Acts, ch 1146, §5, 9, 11; 2007 Acts, ch 161, §1, 22; 2013 Acts, ch 123, §70, 71 Referred to in §2.48, §422.16 2013 amendment to subsection 1 takes effect July 1, 2013, and applies retroactively to January 1, 2013, for tax years beginning on or after that date; 2013 Acts, ch 123, §71 Wed Feb 08 03:44:44 2017 Iowa Code 2017, Section 422.12B (13, 0)
Previous Next
Disclaimer: These codes may not be the most recent version. Iowa may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.