Iowa HF2078 creates an opportunity tax credit for resident dependents not enrolled in public schools or receiving educational savings account.

Iowa HF2078, known as the "Opportunity Tax Credit Act," establishes a tax credit of $4,000 for each eligible resident dependent. To qualify, the dependent must be eligible to enroll in a public school but not enrolled, and the taxpayer must not be receiving an educational savings account payment. The credit is available against individual income tax and can be claimed by parents or guardians. The bill creates an opportunity fund in the state treasury for advanced payments and requires the department to report on the credit annually.

Iowa HF2078 creates an opportunity tax credit for resident dependents not enrolled in public schools or receiving educational savings account.

Iowa HF2078, known as the "Opportunity Tax Credit Act," establishes a tax credit of $4,000 for each eligible resident dependent. To qualify, the dependent must be eligible to enroll in a public school but not enrolled, and the taxpayer must not be receiving an educational savings account payment. The credit is available against individual income tax and can be claimed by parents or guardians. The bill creates an opportunity fund in the state treasury for advanced payments and requires the department to report on the credit annually.