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House Journal: Page 1014: Wednesday, March 27, 1996

33   calendar year in which the unobligated state general
34   fund balance on June 30 as certified by the director
35   of the department of management by October 10, is less
36   than sixty million dollars.  Notwithstanding section
37   8.58, in determining the unobligated state general
38   fund balance on June 30, unobligated moneys in the
39   cash reserve fund and Iowa economic emergency fund on
40   June 30 shall be counted as part of the unobligated
41   state general fund balance for purposes of this
42   paragraph.
43     Sec. 2.  Section 422.4, subsection 2, paragraph a,
44   Code 1995, is amended to read as follows:
45     a.  "Annual standard deduction factor" means an
46   index, expressed as a percentage, determined by the
47   department by October 15 of the calendar year
48   preceding the calendar year for which the factor is
49   determined, which reflects the purchasing power of the
50   dollar as a result of inflation during the fiscal year

Page 2  

 1   ending in the calendar year preceding the calendar
 2   year for which the factor is determined.  In
 3   determining the annual standard deduction factor, the
 4   department shall use the annual percent change, but
 5   not less than zero percent, in the implicit price
 6   deflator for the gross national product gross
domestic
 7   product price deflator computed for the second quarter
 8   of the calendar year by the bureau of economic
 9   analysis of the United States department of commerce
10   and shall add one-half all of that percent change to
11   one hundred percent.  The annual standard deduction
12   factor and the cumulative standard deduction factor
13   shall each be expressed as a percentage rounded to the
14   nearest one-tenth of one percent.  The annual standard
15   deduction factor shall not be less than one hundred
16   percent.
17     Sec. 3.  This division of this Act, being deemed of
18   immediate importance, takes effect upon enactment and
19   applies to the computation of the annual inflation
20   factor and annual standard deduction factor for
21   calendar years beginning on or after January 1, 1996.
22   The department of revenue and finance shall adjust the
23   annual inflation factor and annual standard deduction
24   factor previously computed for the 1996 calendar year
25   to reflect the change made in the computation of those
26   factors in this Act.
27                         DIVISION II
28              INHERITANCE TAXATION
29     Sec. 4.  Section 450.7, subsection 1, unnumbered
30   paragraph 1, Code Supplement 1995, is amended to read
31   as follows:
32     Except for the share of the estate passing to the

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/01000/01014.html
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