This file contains STRIKE and UNDERSCORE. If you cannot see either STRIKE or UNDERSCORE attributes or would like to change how these attributes are displayed, please use the following form to make the desired changes.

House Journal: Page 1013: Wednesday, March 27, 1996

 incentives for family farm animal feeding operations and making
an appropriation; adjusting the funding for the family farm and
agricultural land tax credits; establishing a study of the
property tax system as the sole or major source of local funding
and of alternate sources of funding for school, city, and county
services, the repayment of bonds or other debt obligations, and
capital improvements; and providing effective and applicability
date provisions, with report of committee recommending passage,
was taken up for consideration.
The House stood at ease at 9:47 a.m., until the fall of the
gavel.
The House resumed session at 10:58 a.m., Speaker Corbett in the
chair.
Halvorson of Clayton offered amendment H-5523 filed by him as
follows:

H-5523

 1     Amend Senate File 2449, as amended, passed, and
 2   reprinted by the Senate, as follows:
 3     1.  By striking everything after the enacting
 4   clause and inserting the following:
 5                         "DIVISION I
 6            INCOME TAX INDEXATION
 7     Section 1.  Section 422.4, subsection 1, paragraphs
 8   a and d, Code 1995, are amended to read as follows:
 9     a.  "Annual inflation factor" means an index,
10   expressed as a percentage, determined by the
11   department by October 15 of the calendar year
12   preceding the calendar year for which the factor is
13   determined, which reflects the purchasing power of the
14   dollar as a result of inflation during the fiscal year
15   ending in the calendar year preceding the calendar
16   year for which the factor is determined.  In
17   determining the annual inflation factor, the
18   department shall use the annual percent change, but
19   not less than zero percent, in the implicit price
20   deflator for the gross national product gross
domestic
21   product price deflator computed for the second quarter
22   of the calendar year by the bureau of economic
23   analysis of the United States department of commerce
24   and shall add one-half all of that percent change to
25   one hundred percent.  The annual inflation factor and
26   the cumulative inflation factor shall each be
27   expressed as a percentage rounded to the nearest one-
28   tenth of one percent.  The annual inflation factor
29   shall not be less than one hundred percent.
30     d.  Notwithstanding the computation of the annual
31   inflation factor under paragraph "a", the annual
32   inflation factor is one hundred percent for any

Iowa General Assembly

Index: House Journal (76th General Assembly: Session 2)

© 1996 Cornell College and League of Women Voters of Iowa

Comments? hjourn@legis.iowa.gov.

Last update: Thu Mar 28 13:30:02 CST 1996
URL: /DOCS/GA/76GA/Session.2/HJournal/01000/01013.html
jhf