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Text: HF00089                           Text: HF00091
Text: HF00000 - HF00099                 Text: HF Index
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House File 90

Partial Bill History

Bill Text

PAG LIN
  1  1    Section 1.  Section 422.10, unnumbered paragraph 1, Code
  1  2 1995, is amended to read as follows:
  1  3    The taxes imposed under this division shall be reduced by a
  1  4 state tax credit for increasing research activities in this
  1  5 state.  For individuals, the credit equals six and one-half
  1  6 thirteen percent of the state's apportioned share of the
  1  7 qualifying expenditures for increasing research activities.
  1  8 The state's apportioned share of the qualifying expenditures
  1  9 for increasing research activities is a percent equal to the
  1 10 ratio of qualified research expenditures in this state to
  1 11 total qualified research expenditures.  For purposes of this
  1 12 section, an individual may claim a research credit for
  1 13 qualifying research expenditures incurred by a partnership,
  1 14 subchapter S corporation, estate, or trust electing to have
  1 15 the income taxed directly to the individual.  The amount
  1 16 claimed by the individual shall be based upon the pro rata
  1 17 share of the individual's earnings of a partnership,
  1 18 subchapter S corporation, estate, or trust.  For purposes of
  1 19 this section, "qualifying expenditures for increasing research
  1 20 activities" means the qualifying expenditures as defined for
  1 21 the federal credit for increasing research activities which
  1 22 would be allowable under section 41 of the Internal Revenue
  1 23 Code in effect on January 1, 1994.
  1 24    Sec. 2.  Section 422.33, subsection 5, unnumbered paragraph
  1 25 1, Code 1995, is amended to read as follows:
  1 26    The taxes imposed under this division shall be reduced by a
  1 27 state tax credit for increasing research activities in this
  1 28 state equal to six and one-half thirteen percent of the
  1 29 state's apportioned share of the qualifying expenditures for
  1 30 increasing research activities.  The state's apportioned share
  1 31 of the qualifying expenditures for increasing research
  1 32 activities is a percent equal to the ratio of qualified
  1 33 research expenditures in this state to the total qualified
  1 34 research expenditures.  For purposes of this subsection,
  1 35 "qualifying expenditures for increasing research activities"
  2  1 means the qualifying expenditures as defined for the federal
  2  2 credit for increasing research activities which would be
  2  3 allowable under section 41 of the Internal Revenue Code in
  2  4 effect on January 1, 1994.
  2  5    Sec. 3.  This Act, being deemed of immediate importance,
  2  6 takes effect upon enactment and applies retroactively to
  2  7 January 1, 1995, for tax years beginning on or after that
  2  8 date.  
  2  9                           EXPLANATION
  2 10    This bill increases from 6.5 percent to 13 percent the
  2 11 credit for increasing research activities in the state for
  2 12 purposes of the state individual and corporate income taxes.
  2 13    The bill applies retroactively to January 1, 1995, for tax
  2 14 years beginning on or after that date.  
  2 15 LSB 1459HH 76
  2 16 mg/jj/8
     
Text: HF00089                           Text: HF00091
Text: HF00000 - HF00099                 Text: HF Index
Bills and Amendments: General Index     Bill History: General Index
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