Text: HF00339 Text: HF00341 Text: HF00300 - HF00399 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. Section 422.7, Code 1997, is amended by adding
1 2 the following new subsection:
1 3 NEW SUBSECTION. 35. Subtract, to the extent included,
1 4 interest earned on general obligation bonds or notes issued as
1 5 authorized in section 296.1 by a school district located in
1 6 the state for infrastructure purposes.
1 7 Sec. 2. Section 422.35, Code 1997, is amended by adding
1 8 the following new subsection:
1 9 NEW SUBSECTION. 9. Subtract, to the extent included,
1 10 interest earned on general obligation bonds or notes issued as
1 11 authorized in section 296.1 by a school district located in
1 12 the state for infrastructure purposes.
1 13 EXPLANATION
1 14 This bill provides that interest from general obligation
1 15 bonds or notes issued by a school district in Iowa to be used
1 16 for infrastructure projects such as the construction,
1 17 reconstruction, repair, purchasing, or remodeling of
1 18 schoolhouses, stadiums, gyms, field houses, or bus garages is
1 19 exempt from state individual and corporate income taxes.
1 20 LSB 2335HH 77
1 21 mg/jj/8
Text: HF00339 Text: HF00341 Text: HF00300 - HF00399 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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