Text: SF00132 Text: SF00134 Text: SF00100 - SF00199 Text: SF 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 3 a. On all taxable income from zero through one thousand 1 4 dollars,thirty-sixthirty-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-twosixty-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 andforty-three1 10 nineteen hundredths percent. 1 11 d. On all taxable income exceeding four thousand dollars 1 12 but not exceeding nine thousand dollars, four andone-half1 13 five hundredths percent. 1 14 e. On all taxable income exceeding nine thousand dollars 1 15 but not exceeding fifteen thousand dollars,sixfive and 1 16twelvefifty-one hundredths percent. 1 17 f. On all taxable income exceeding fifteen thousand 1 18 dollars but not exceeding twenty thousand dollars,sixfive 1 19 andforty-eighteighty-three hundredths percent. 1 20 g. On all taxable income exceeding twenty thousand dollars 1 21 but not exceeding thirty thousand dollars, six andeight-1 22tenthstwelve 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 25ninety-twothirteen hundredths percent. 1 26 i. On all taxable income exceeding forty-five thousand 1 27 dollars, eight andninety-eighteight hundredths percent. 1 28 Sec. 2. This Act applies retroactively to January 1, 1999, 1 29 for 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 applies retroactively to January 1, 1999, for tax 2 7 years beginning on or after that date. 2 8 LSB 2335XS 78 2 9 mg/cf/24
Text: SF00132 Text: SF00134 Text: SF00100 - SF00199 Text: SF Index Bills and Amendments: General Index Bill History: General Index
© 1999 Cornell College and League of Women Voters of Iowa
Comments about this site or page?
webmaster@legis.iowa.gov.
Please remember that the person listed above does not vote on bills. Direct all comments concerning legislation to State Legislators.
Last update: Wed Jan 12 05:55:00 CST 2000
URL: /DOCS/GA/78GA/Legislation/SF/00100/SF00133/990210.html
jhf