Text: S05102 Text: S05104 Text: S05100 - S05199 Text: S Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Amend Senate File 2168 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 JIM LIND
1 30 SF 2168.3
1 31 sc/cc/26
Text: S05102 Text: S05104 Text: S05100 - S05199 Text: S Index Bills and Amendments: General Index Bill History: General Index
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