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House Amendment 5805

Amendment Text

PAG LIN
  1  1    Amend House File 2305 as follows:
  1  2    #1.  Page 1, by inserting after line 18 the
  1  3 following:
  1  4    "Sec. 100.  Section 422.5, Code 1995, is amended by
  1  5 adding the following new subsection:
  1  6    NEW SUBSECTION.  12.  If a taxpayer repays in the
  1  7 current tax year certain amounts of income that were
  1  8 subject to tax under this division in a prior year and
  1  9 a tax benefit would be allowed under similar
  1 10 circumstances under section 1341 of the Internal
  1 11 Revenue Code, a tax benefit shall be allowed on the
  1 12 Iowa return.  The tax benefit shall be the reduced tax
  1 13 for the current tax year due to the deduction for the
  1 14 repaid income or the reduction in tax for the prior
  1 15 year or years due to exclusion of the repaid income.
  1 16 The reduction in tax shall qualify as a refundable tax
  1 17 credit on the return for the current year pursuant to
  1 18 rules prescribed by the director."
  1 19    #2.  Page 2, line 23, by striking the word "This"
  1 20 and inserting the following:  "Section 100 of this
  1 21 Act, amending section 422.5, applies retroactively to
  1 22 January 1, 1992, for tax years beginning on or after
  1 23 that date.  The remainder of this".
  1 24    #3.  By renumbering and correcting internal
  1 25 references as necessary.  
  1 26 
  1 27 
  1 28                              
  1 29 LAMBERTI of Polk
  1 30 HF 2305.701 76
  1 31 sc/sc
     
Text: H05804                            Text: H05806
Text: H05800 - H05899                   Text: H Index
Bills and Amendments: General Index     Bill History: General Index
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