Text: HF00243 Text: HF00245 Text: HF00200 - HF00299 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. Section 422.7, Code 1999, is amended by adding
1 2 the following new subsection:
1 3 NEW SUBSECTION. 35. Subtract interest earned on bonds and
1 4 notes issued by the state, a city, or a county or by an agency
1 5 of the state, a city, or a county where the proceeds are used
1 6 for the construction, expansion, or renovation of jails or
1 7 prisons.
1 8 Sec. 2. Section 422.35, Code 1999, is amended by adding
1 9 the following new subsection:
1 10 NEW SUBSECTION. 18. Subtract interest earned on bonds and
1 11 notes issued by the state, a city, or a county or by an agency
1 12 of the state, a city, or a county where the proceeds are used
1 13 for the construction, expansion, or renovation of jails or
1 14 prisons.
1 15 Sec. 3. This Act applies retroactively to January 1, 1999,
1 16 for tax years beginning on or after that date.
1 17 EXPLANATION
1 18 The bill provides a deduction under the individual and
1 19 corporate income taxes for interest earned on bonds and notes
1 20 issued by the state or a local government where the proceeds
1 21 are used for the construction, expansion, or renovation of
1 22 jails or prisons.
1 23 The bill applies retroactively to January 1, 1999, for tax
1 24 years beginning on or after that date.
1 25 LSB 1627HH 78
1 26 mg/jw/5
Text: HF00243 Text: HF00245 Text: HF00200 - HF00299 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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