Text: HF00007                           Text: HF00009
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Bills and Amendments: General Index     Bill History: General Index

House File 8

Partial Bill History

• Bill Introduced: H.J. 23
• Complete Bill History

Bill Text

PAG LIN
  1  1    Section 1.  Section 422.5, subsection 1, paragraphs a
  1  2 through i, Code 1999, are amended to read as follows:
  1  3    a.  On all taxable income from zero through one thousand
  1  4 dollars, thirty-six thirty-two hundredths of one percent.
  1  5    b.  On all taxable income exceeding one thousand dollars
  1  6 but not exceeding two thousand dollars, seventy-two sixty-five
  1  7 hundredths of one percent.
  1  8    c.  On all taxable income exceeding two thousand dollars
  1  9 but not exceeding four thousand dollars, two and forty-three
  1 10 nineteen hundredths percent.
  1 11    d.  On all taxable income exceeding four thousand dollars
  1 12 but not exceeding nine thousand dollars, four and one-half
  1 13 five hundredths percent.
  1 14    e.  On all taxable income exceeding nine thousand dollars
  1 15 but not exceeding fifteen thousand dollars, six five and
  1 16 twelve fifty-one hundredths percent.
  1 17    f.  On all taxable income exceeding fifteen thousand
  1 18 dollars but not exceeding twenty thousand dollars, six five
  1 19 and forty-eight eighty-three hundredths percent.
  1 20    g.  On all taxable income exceeding twenty thousand dollars
  1 21 but not exceeding thirty thousand dollars, six and eight-
  1 22 tenths twelve hundredths percent.
  1 23    h.  On all taxable income exceeding thirty thousand dollars
  1 24 but not exceeding forty-five thousand dollars, seven and
  1 25 ninety-two thirteen hundredths percent.
  1 26    i.  On all taxable income exceeding forty-five thousand
  1 27 dollars, eight and ninety-eight eight hundredths percent.
  1 28    Sec. 2.  This Act takes effect January 1, 2000, and applies
  1 29 to tax years beginning on or after that date.  
  1 30                           EXPLANATION
  1 31    The bill reduces the individual income tax rates by 10
  1 32 percent.  The lowest and highest rates under current law are
  1 33 .36 percent and 8.98 percent, respectively.  The bill reduces
  1 34 these rates to .32 percent and 8.08 percent, respectively.
  1 35 The rate of the state alternative minimum tax is also
  2  1 effectively reduced by the reduction in rates since the
  2  2 alternative rate is set at 75 percent of the highest
  2  3 individual rate, rounded to the nearest one-tenth of 1
  2  4 percent.  Thus this rate is reduced from 6.7 percent to 6.1
  2  5 percent.
  2  6    The bill takes effect January 1, 2000, for tax years
  2  7 beginning on or after that date.  
  2  8 LSB 1358YH 78
  2  9 mg/cf/24
     

Text: HF00007                           Text: HF00009
Text: HF00000 - HF00099                 Text: HF Index
Bills and Amendments: General Index     Bill History: General Index

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