Iowa HF566 modifies individual income tax rates and provides tax credits for married couples filing jointly with certain dependents.

Iowa HF566 modifies individual income tax rates and provides tax credits for married persons filing a joint return. The bill decreases the income tax rate on taxable income for married persons filing jointly from 3.8 percent to 0 percent if they have five or more dependents under the age of 18. It also provides an additional dependent tax credit for married persons filing a joint return equal to the number of dependents exceeding five but not more than ten that are under the age of 18 multiplied by $1,000.

Iowa HF566 modifies individual income tax rates and provides tax credits for married couples filing jointly with certain dependents.

Iowa HF566 modifies individual income tax rates and provides tax credits for married persons filing a joint return. The bill decreases the income tax rate on taxable income for married persons filing jointly from 3.8 percent to 0 percent if they have five or more dependents under the age of 18. It also provides an additional dependent tax credit for married persons filing a joint return equal to the number of dependents exceeding five but not more than ten that are under the age of 18 multiplied by $1,000.