Text: HF02525 Text: HF02527 Text: HF02500 - HF02599 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. Section 422.7, Code Supplement 1997, is amended
1 2 by adding the following new subsections:
1 3 NEW SUBSECTION. 35. Subtract, to the extent included and
1 4 to the extent not already deducted by virtue of subsections 1
1 5 and 2, up to one thousand dollars of the total amount of
1 6 interest and dividends.
1 7 NEW SUBSECTION. 36. Subtract, to the extent not otherwise
1 8 excluded, fifteen percent of the taxpayer's net capital gain
1 9 as defined in section 1222 of the Internal Revenue Code.
1 10 Sec. 2. Section 422.35, Code Supplement 1997, is amended
1 11 by adding the following new subsection:
1 12 NEW SUBSECTION. 18. Subtract, to the extent not otherwise
1 13 excluded, fifteen percent of the taxpayer's net capital gain
1 14 as defined in section 1222 of the Internal Revenue Code.
1 15 Sec. 3. EFFECTIVE AND APPLICABILITY DATES. This Act,
1 16 being deemed of immediate importance, takes effect upon
1 17 enactment, and applies retroactively to January 1, 1998, for
1 18 tax years beginning on or after that date.
1 19 EXPLANATION
1 20 The bill allows individuals to deduct up to $1,000 of
1 21 taxable interest and dividends in computing their state
1 22 individual income tax.
1 23 The bill also allows individuals and corporations to
1 24 subtract 15 percent of their net capital gain in computing
1 25 their state individual income tax or corporate income tax.
1 26 The bill takes effect upon enactment and applies
1 27 retroactively to January 1, 1998, for tax years beginning on
1 28 or after that date.
1 29 LSB 3590YH 77
1 30 sc/jl/8
Text: HF02525 Text: HF02527 Text: HF02500 - HF02599 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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