Text: S03751                            Text: S03753
Text: S03700 - S03799                   Text: S Index
Bills and Amendments: General Index     Bill History: General Index

Senate Amendment 3752

Amendment Text

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 
  1 32 
  1 33                               
  1 34 COMMITTEE ON WAYS AND MEANS
  1 35 JoANN DOUGLAS, Chairperson
  1 36 HF 726.206 77
  1 37 mg/jj/28
     

Text: S03751                            Text: S03753
Text: S03700 - S03799                   Text: S Index
Bills and Amendments: General Index     Bill History: General Index

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