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Text: HF02483                           Text: HF02485
Text: HF02400 - HF02499                 Text: HF Index
Bills and Amendments: General Index     Bill History: General Index


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House File 2484

Partial Bill History

Bill Text

PAG LIN
  1  1    Section 1.  Section 422.5, subsection 1, paragraph i, Code
  1  2 1995, is amended to read as follows:
  1  3    i.  On all taxable income exceeding forty-five thousand
  1  4 dollars, nine eight and ninety-eight hundredths percent.
  1  5    Sec. 2.  Section 453A.43, subsection 1, unnumbered
  1  6 paragraph 1, Code 1995, is amended to read as follows:
  1  7    A tax is imposed upon all tobacco products in this state
  1  8 and upon any person engaged in business as a distributor of
  1  9 tobacco products, at the rate of twenty-two forty-four percent
  1 10 of the wholesale sales price of the tobacco products, except
  1 11 little cigars as defined in section 453A.42.  Little cigars
  1 12 shall be subject to the same rate of tax imposed upon
  1 13 cigarettes in section 453A.6, payable at the time and in the
  1 14 manner provided in section 453A.6; and stamps shall be affixed
  1 15 as provided in division I of this chapter.  The tax on tobacco
  1 16 products, excluding little cigars, shall be imposed at the
  1 17 time the distributor does any of the following:
  1 18    Sec. 3.  Section 453A.43, subsection 2, unnumbered
  1 19 paragraph 1, Code 1995, is amended to read as follows:
  1 20    A tax is imposed upon the use or storage by consumers of
  1 21 tobacco products in this state, and upon the consumers, at the
  1 22 rate of twenty-two forty-four percent of the cost of the
  1 23 tobacco products.
  1 24    Sec. 4.  Section 1 of this Act applies retroactively to
  1 25 January 1, 1996, for tax years beginning on or after that
  1 26 date.  
  1 27                           EXPLANATION
  1 28    The bill reduces the highest individual income tax rate in
  1 29 the state from 9.98 to 8.98 percent.  The bill also increases
  1 30 the tax on the wholesale sales price of tobacco products from
  1 31 22 to 44 percent.  This tax is not imposed on cigarettes or
  1 32 little cigars but on all other tobacco products.
  1 33    The income tax rate decrease applies retroactively to tax
  1 34 years beginning on or after January 1, 1996.  
  1 35 LSB 3454YH 76
  2  1 mg/sc/14
     
Text: HF02483                           Text: HF02485
Text: HF02400 - HF02499                 Text: HF Index
Bills and Amendments: General Index     Bill History: General Index
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