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House Journal: Page 2155: Wednesday, May 1, 1996

 the conference committee report and the amendments contained
therein as follows:

REPORT OF THE CONFERENCE COMMITTEE
ON SENATE FILE 2449
To the President of the Senate and the Speaker of the House of
Representatives:
We, the undersigned members of the conference committee
appointed to resolve the differences between the Senate and the
House of Representatives on Senate File 2449, a bill for An Act
changing the computation of the inflation factors for the tax
brackets and standard deduction under the individual income tax;
changing the computation of taxable income of certain subchapter
S corporations and their shareholders; increasing inheritance
tax exemptions for certain relatives; increasing the amount of
the appropriations for homestead credit, military service
credit, and low-income credit and reimbursement claims;
providing income tax credits for investing in a qualified
venture capital company; establishing 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,
respectfully make the following report:
1.  That the Senate recedes from its amendment, H-5736.
2.  That the House recedes from its amendment, S-5574.
3.  That Senate File 2449, as amended, passed, and reprinted by
the Senate, is amended as follows:
1.  By striking everything after the enacting clause and
inserting the following:  
"DIVISION I
INDEXATION
Section 1.  Section 422.4, subsection 1, paragraph a, Code 1995,
is amended to read as follows:
a.  "Annual inflation factor" means an index, expressed as a
percentage, determined by the department by October 15 of the
calendar year preceding the calendar year for which the factor
is determined, which reflects the purchasing power of the dollar
as a result of inflation during the fiscal year ending in the
calendar year preceding the calendar year for which the factor
is determined.  In determining the annual inflation factor, the
department shall use the annual percent change, but not less
than zero percent, in the implicit price deflator for the
gross national product gross domestic product price
deflator computed for the second quarter of the calendar year
by the bureau of economic analysis of the United States
department of commerce and shall add one-half all of
that percent change to one hundred percent.  The annual
inflation factor and the cumulative inflation factor shall each
be expressed as a percentage rounded to the nearest one-tenth of
one percent.  The annual inflation factor shall not be less than
one hundred percent.
Sec. 2.  Section 422.4, subsection 1, paragraph d, Code 1995, is
amended by striking the paragraph.

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: Tue Jun 25 15:30:03 CDT 1996
URL: /DOCS/GA/76GA/Session.2/HJournal/02100/02155.html
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