Iowa Code r. 701-502.10 - Work opportunity tax credit and alcohol and cellulosic biofuel fuels credit
Where provided for in the Internal Revenue Code, as detailed below, a deduction shall be allowed for the amount of credit to the extent that the credit increased federal taxable income.
(1) For tax years beginning on or after
January 1, 1977, the amount of credit allowable for federal work opportunity
tax credit as provided for in Section
51 of the Internal Revenue Code shall be a
deduction from Iowa taxable income to the extent the credit increased
income.
(2) For tax periods
beginning on or after January 1, 1980, the amount of credit allowable for the
federal alcohol and cellulosic biofuel fuels credit as provided for in Section
40 of the Internal Revenue Code shall be a
deduction from Iowa taxable income to the extent the credit increased income.
This rule is intended to implement 2011 Iowa Code Supplement section 422.35 as amended by 2012 Iowa Acts, Senate File 2328.
Notes
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