Text: HF00251 Text: HF00253 Text: HF00200 - HF00299 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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 3a. On all taxable income from zero through one thousand1 4dollars, thirty-six hundredths of one percent.1 5b.a. On all taxable incomeexceeding one thousand dollars1 6but not exceedingfrom zero through two thousand dollars, 1 7seventy-twofifty-four hundredths of one percent. 1 8c.b. On all taxable income exceeding two thousand dollars 1 9 but not exceeding four thousand dollars,twoone andforty-1 10three hundredthseight-tenths percent. 1 11d.c. On all taxable income exceeding four thousand 1 12 dollars but not exceeding nine thousand dollars, four andone-1 13halffive hundredths percent. 1 14e.d. On all taxable income exceeding nine thousand 1 15 dollars but not exceeding fifteen thousand dollars,sixfive 1 16 andtwelvefifty-eight hundredths percent. 1 17f.e. On all taxable income exceeding fifteen thousand 1 18 dollars but not exceeding twenty thousand dollars, six and 1 19forty-eighttwelve hundredths percent. 1 20g.f. On all taxable income exceeding twenty thousand 1 21 dollars but not exceeding thirty thousand dollars, six and 1 22eight-tenthsthree-tenths percent. 1 23h.g. On all taxable income exceeding thirty thousand 1 24 dollars but not exceeding forty-five thousand dollars,seven1 25 six andninety-twothirty-nine hundredths percent. 1 26i.h. On all taxable income exceeding forty-five thousand 1 27 dollars but not exceeding one hundred thirty-two thousand 1 28 dollars,eightsix andninety-eightforty-eight hundredths 1 29 percent. 1 30 i. On all income exceeding one hundred thirty-two thousand 1 31 dollars, six and seventy-five hundredths percent. 1 32 Sec. 2. Section 422.9, subsection 1, Code 1999, is amended 1 33 to read as follows: 1 34 1. An optional standard deduction, after deduction of 1 35 federal income tax, equal to one thousand two hundred thirty 2 1 dollars for a married person who files separately or a single 2 2 person or equal to three thousand thirty dollars for a husband 2 3 and wife who file a joint return, a surviving spouse, or an 2 4 unmarried head of household. The optional standard deduction 2 5 shall not exceed the amount remaining after deduction of the 2 6 federal income tax. The amount of federal income taxes 2 7 deducted shall not exceed the amount as computed under 2 8 subsection 2, paragraph "b". 2 9 Sec. 3. Section 422.9, subsection 2, paragraph b, Code 2 10 1999, is amended by striking the paragraph and inserting in 2 11 lieu thereof the following: 2 12 b. Add the amount of federal income taxes paid with the 2 13 federal return or as a result of an adjustment to a federal 2 14 return for tax years ending prior to January 1, 1999. 2 15 Subtract the amount of federal income tax refunds received for 2 16 a tax year to the extent that the federal income tax was 2 17 deducted in a previous tax year. 2 18 Sec. 4. This Act applies retroactively to January 1, 1999, 2 19 for tax years beginning on or after that date. 2 20 EXPLANATION 2 21 The bill eliminates the deduction for federal income taxes 2 22 paid from the individual income tax and adjusts the income tax 2 23 rates downward to offset the effect of the elimination of the 2 24 deduction for federal income taxes. 2 25 The bill applies retroactively to January 1, 1999, for tax 2 26 years beginning on or after that date. 2 27 LSB 2066HH 78 2 28 mg/sc/14
Text: HF00251 Text: HF00253 Text: HF00200 - HF00299 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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