HF 2755

House
File
2755
-
Introduced
HOUSE
FILE
2755
BY
COMMITTEE
ON
WAYS
AND
MEANS
(SUCCESSOR
TO
HF
2308)
A
BILL
FOR
An
Act
relating
to
state
participation
in
the
federal
tax
1
credit
program
for
individual
contributions
to
scholarship
2
granting
organizations.
3
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
4
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H.F.
2755
Section
1.
SCHOLARSHIP
GRANTING
PROGRAM.
1
1.
The
governor
shall
elect
to
participate
in
the
federal
2
tax
credit
established
by
section
25F
of
the
Internal
Revenue
3
Code
for
individuals
who
make
qualified
contributions
to
4
scholarship
granting
organizations.
5
2.
The
department
of
revenue
and
the
department
of
education
6
shall
follow
all
federal
laws
and
regulations
to
administer
the
7
federal
tax
credit
established
by
section
25F
of
the
Internal
8
Revenue
Code
to
ensure
the
state
is
eligible
to
participate
9
in
tax
years
beginning
on
or
after
January
1,
2027,
and
shall
10
annually
submit
all
required
information
to
the
secretary
of
11
the
treasury
of
the
United
States
for
participation.
12
EXPLANATION
13
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
14
the
explanation’s
substance
by
the
members
of
the
general
assembly.
15
This
bill
relates
to
participation
in
the
federal
tax
credit
16
program
for
individual
contributions
to
scholarship
granting
17
organizations.
A
scholarship
granting
organization
is
a
18
nonprofit
entity
that
provides
scholarships
to
pay
qualified
19
elementary
or
secondary
expenses
of
eligible
students
attending
20
elementary
or
secondary
school.
Eligible
expenses
include
21
tuition,
fees,
tutoring,
and
other
educational
supports
for
22
students
attending
public
or
private
schools.
A
scholarship
23
granting
organization
may
provide
scholarships
to
eligible
24
students
in
an
amount
not
to
exceed
$1,700
per
year.
25
The
bill
requires
the
governor
to
elect
to
participate
26
in
the
federal
tax
credit
established
by
section
25F
of
the
27
Internal
Revenue
Code
(IRC).
The
bill
requires
the
department
28
of
revenue
and
the
department
of
education
follow
all
federal
29
laws
and
regulations
to
administer
the
federal
tax
credit
30
established
by
section
25F
of
the
IRC
to
ensure
the
state
is
31
eligible
to
participate
in
tax
years
beginning
on
or
after
32
January
1,
2027,
and
shall
annually
submit
all
required
33
information
to
the
secretary
of
the
treasury
of
the
United
34
States
for
participation.
35
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