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House Journal: Page 556: Monday, February 27, 1995

by providing for reduction of property taxes, making
appropriations, and providing an effective date, with report of
committee recommending amendment and passage, was taken up for
consideration.
Halvorson of Clayton offered amendment H-3030 filed by the
committee on ways and means as follows:

H-3030

 1     Amend Senate File 69, as passed by the Senate, as
 2   follows:
 3     1.  By striking everything after the enacting
 4   clause and inserting the following:
 5	"DIVISION I
 6	INCOME TAX REDUCTION AND SPECIAL FUNDS
 7     Section 1.  Section 422.4, subsection 1, paragraphs
 8   b and c, Code 1995, are amended to read as follows:
 9     b.  "Cumulative inflation factor" means the product
10   of the annual inflation factor for the 1988 1995
11   calendar year and all annual inflation factors for
12   subsequent calendar years as determined pursuant to
13   this subsection.  The cumulative inflation factor
14   applies to all tax years beginning on or after January
15   1 of the calendar year for which the latest annual
16   inflation factor has been determined.
17     c.  The annual inflation factor for each of the
18   1988 1995, 1996, 1997, 1998, and 1999 calendar
year
19   years is one hundred percent.
20     Sec. 2.  Section 422.5, subsection 1, unnumbered
21   paragraph 1, and paragraphs a through i, Code 1995,
22   are amended by striking the unnumbered paragraph and
23   lettered paragraphs and inserting in lieu thereof the
24   following:
25     A tax is imposed upon every resident and
26   nonresident of the state which tax shall be levied,
27   collected, and paid annually upon and with respect to
28   the entire taxable income as defined in this division
29   at rates and for tax years beginning in the following
30   calendar years as follows:
31     On all taxable
32     income exceeding
33     the beginning                  CALENDAR YEARS          
   
34     amount through                                   1999 and
35     the ending                                      
subsequent
36     amount:              1995    1996   1997   1998  years
37     a.  $     0- 1,060    .4 %    .4 %   .35%   .35%  .35%
38     b.    1,060- 2,120    .8      .75    .75    .7    .7
39     c.    2,120- 4,240   2.65    2.55   2.45   2.35  2.3
40     d.    4,240- 9,540   4.9     4.75   4.55   4.35  4.25
41     e.    9,540-15,900   6.65    6.45   6.2    5.95  5.8
42     f.   15,900-21,200   7.05    6.8    6.6    6.3   6.1
43     g.   21,200-31,800   7.35    7.15   6.9    6.6   6.4
44     h.   31,800-47,700   8.6     8.3    8.05   7.65  7.5
45     i.   47,700+         9.75    9.45   9.15   8.7   8.5
46     Sec. 3.  Section 8.56, subsection 1, Code 1995, is

Iowa General Assembly

Index: House Journal (76th General Assembly: Session 1)

© 1995 Cornell College and League of Women Voters of Iowa

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