§ 422.12P — Public safety officer moving expense — tax credit

Iowa § 422.12P

• Jurisdiction: Iowa
• Title X: FINANCIAL RESOURCES
• Ch. 422: INDIVIDUAL INCOME, CORPORATE, AND FRANCHISE TAXES

Text

1. For purposes of this section, unless the context otherwise requires:
a. “Moving expense” means an unreimbursed expense for moving household goods and
personal effects from the former residence of the new resident to this state including travel
expenses for meals and lodging.
b. “New resident” means an individual who becomes a resident of Iowa, after July 1,
2024, upon taking full-time employment as a public safety officer in this state, who remains
a resident of and employed full-time as a public safety officer in this state when claiming
the credit, and who has not been a resident of this state at any time during the previous
twelve-month period prior to establishing residency in this state.
c. “Public safety officer” means a peace officer as defined in section 801.4 or a correctional
officer.
2. Thetaxesimposedunderthissubchapter, lessthecreditsallowedundersection422.12,
shall be reduced by a public safety officer moving expense tax credit equal to the amount of
movingexpenseincurredbythenewresidentinconnectionwithtakingfull-timeemployment
as a public safety officer in this state, not to exceed a maximum amount of two thousand
dollars per move.
3. Any credit in excess of the tax liability is refundable. In lieu of claiming a refund, the
taxpayer may elect to have the overpayment shown on the taxpayer’s final, completed return
credited to the tax liability for the following tax year.
4. The credit under this section with respect to any moving expense shall be allowed
during a tax year as follows:
a. For any moving expense paid or incurred prior to or during the tax year in which the
newresidentisemployedfull-timeinthestate, thetaxyearinwhichthefull-timeemployment
begins.
b. For any qualified moving expense paid or incurred after the tax year in which the
full-time employment begins, the tax year in which the moving expense is paid or incurred.
5. A new resident is not eligible for the credit pursuant to this section to the extent the
moving expenses were deducted for federal tax purposes.
6. The department of revenue shall adopt rules to administer this section.

Legislative History

[C35, §6943-f13; C39, §6943.045; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §422.13; 82 Acts, ch 1226, §5, 6]