A bill for an act modifying individual income tax rates and providing tax credits for certain married persons filing a joint return, and including effective date and retroactive applicability provisions.

HF 566 modifies Iowa's individual income tax rates for married couples filing jointly. It sets the tax rate to 0% for couples with five or more dependents under 18 or for first/second-time joint filers, and creates a $1,000 per dependent tax credit (up to 10 dependents under 18) for these couples. Any excess credit is refundable or can be applied to future tax bills. The bill takes effect immediately upon enactment and applies retroactively to tax years beginning January 1, 2025.