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Text: SF02167                           Text: SF02169
Text: SF02100 - SF02199                 Text: SF Index
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Senate File 2168

Partial Bill History

Bill Text

PAG LIN
  1  1    Section 1.  Section 15A.9, subsection 8, unnumbered
  1  2 paragraph 2, Code Supplement 1995, is amended to read as
  1  3 follows:
  1  4    For the purposes of this section, "qualifying expenditures
  1  5 for increasing research activities" means the qualifying
  1  6 expenditures as defined for the federal credit for increasing
  1  7 research activities which would be allowable under section 41
  1  8 of the Internal Revenue Code in effect on January 1, 1995
  1  9 1996.  The credit authorized in this subsection is in lieu of
  1 10 the credit authorized in section 422.33, subsection 5.
  1 11    Sec. 2.  Section 422.3, subsection 4, Code Supplement 1995,
  1 12 is amended to read as follows:
  1 13    4.  "Internal Revenue Code" means the Internal Revenue Code
  1 14 of 1954, prior to the date of its redesignation as the
  1 15 Internal Revenue Code of 1986 by the Tax Reform Act of 1986,
  1 16 or means the Internal Revenue Code of 1986 as amended to and
  1 17 including April 15, 1995 March 20, 1996, whichever is
  1 18 applicable.
  1 19    Sec. 3.  Section 422.5, Code 1995, is amended by adding the
  1 20 following new subsection:
  1 21    NEW SUBSECTION.  12.  If a taxpayer repays in the current
  1 22 tax year certain amounts of income that were subject to tax
  1 23 under this division in a prior year and a tax benefit would be
  1 24 allowed under similar circumstances under section 1341 of the
  1 25 Internal Revenue Code, a tax benefit shall be allowed on the
  1 26 Iowa return.  The tax benefit shall be the reduced tax for the
  1 27 current tax year due to the deduction for the repaid income or
  1 28 the reduction in tax for the prior year or years due to
  1 29 exclusion of the repaid income.  The reduction in tax shall
  1 30 qualify as a refundable tax credit on the return for the
  1 31 current year pursuant to rules prescribed by the director.
  1 32    Sec. 4.  RETROACTIVE APPLICABILITY.  Section 3 of this Act,
  1 33 amending section 422.5, applies retroactively to January 1,
  1 34 1992, for tax years beginning on or after that date.  The
  1 35 remainder of this Act applies retroactively to January 1,
  2  1 1995, for tax years beginning on or after that date.
  2  2    Sec. 5.  EFFECTIVE DATE.  This Act, being deemed of
  2  3 immediate importance, takes effect upon enactment.  
  2  4 SF 2168
  2  5 sc/cc/26
     
Text: SF02167                           Text: SF02169
Text: SF02100 - SF02199                 Text: SF Index
Bills and Amendments: General Index     Bill History: General Index
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