Iowa Code 237A.31 – Employer child care tax credit
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1. The taxes imposed under chapter 422, subchapter II or III, the franchise tax imposed under chapter 422, subchapter V, the gross premiums tax under chapter 432, or the moneys and credits tax imposed under section 533.329 shall be reduced by an employer child care tax credit equal to the amount of the federal employer-provided child care tax credit provided in section 45F of the Internal Revenue Code the taxpayer was eligible for in the same tax year.
Terms Used In Iowa Code 237A.31
- Child: means either of the following:a. See Iowa Code 237A.1
- Child care: means the care, supervision, and guidance of a child by a person other than the child's parent, guardian, or custodian for periods of less than twenty-four hours per day per child on a regular basis, but does not include care, supervision, and guidance of a child by any of the following:
a. See Iowa Code 237A.1- Department: means the department of human services. See Iowa Code 237A.1
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- Rule: includes "regulation". See Iowa Code 4.1
- year: means twelve consecutive months. See Iowa Code 4.1
2. Any credit in excess of the tax liability is not refundable but the excess for the tax year may be credited to the tax liability for the following five years or until depleted, whichever is earlier.3. a. The aggregate amount of tax credits authorized pursuant to this section shall not exceed an aggregate limit of two million dollars annually.b. To receive a tax credit, a taxpayer must submit an application to the economic development authority in the form and manner prescribed by the authority by rule. The economic development authority shall issue certificates under this section on a first-come, first-served basis, which certificates may be redeemed for tax credits. The economic development authority shall issue such certificates so that not more than the amount authorized for such tax credits under paragraph “a” may be claimed.4. The department of revenue, in consultation with the economic development authority, shall adopt rules pursuant to chapter 17A to administer this section. - Child care: means the care, supervision, and guidance of a child by a person other than the child's parent, guardian, or custodian for periods of less than twenty-four hours per day per child on a regular basis, but does not include care, supervision, and guidance of a child by any of the following: