Text: H01939 Text: H01941 Text: H01900 - H01999 Text: H Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Amend House File 726, as amended, passed, and 1 2 reprinted by the House, as follows: 1 3 #1. Page 1, by inserting after line 2 the 1 4 following: 1 5 "Section 1. Section 422.120, subsection 1, 1 6 paragraph b, Code 1997, is amended by striking the 1 7 paragraph and inserting in lieu thereof the following: 1 8 b. (1) The credit shall be available to an 1 9 individual or corporate taxpayer if the taxpayer's 1 10 federal taxable income is not more than ninety-nine 1 11 thousand six hundred dollars for the tax year. In the 1 12 case of married taxpayers, their combined federal 1 13 taxable income shall be used to determine if they 1 14 qualify for the credit. 1 15 (2) For each subsequent tax year, the maximum 1 16 taxable income amount specified in subparagraph (1) 1 17 shall be multiplied by the cumulative index factor for 1 18 that tax year. "Cumulative index factor" means the 1 19 product of the annual index factor for the 1997 1 20 calendar year and all annual index factors for 1 21 subsequent calendar years. The cumulative index 1 22 factor applies to all tax years beginning on or after 1 23 January 1 of the calendar year for which the latest 1 24 annual index factor has been determined. 1 25 (3) The annual index factor for the 1997 calendar 1 26 year is one hundred percent. For each subsequent 1 27 calendar year, the annual index factor equals the 1 28 annual inflation factor for that calendar year as 1 29 computed in section 422.4 for purposes of the 1 30 individual income tax." 1 31 HF 726S 1 32 mg/cc/26
Text: H01939 Text: H01941 Text: H01900 - H01999 Text: H Index Bills and Amendments: General Index Bill History: General Index
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