House Journal: Page 1677: Thursday, April 20, 2000
30 the primary business or a supporting business may
31 elect to have the overpayment shown on its final
32 return credited to its tax liability for the following
33 tax year.
34 e. For the purposes of this section, "qualifying
35 expenditures for increasing research activities" means
36 the qualifying expenditures subsection, "base amount",
37 "basic research payment", and "qualified research
38 expense" mean the same as defined for the federal
39 credit for increasing research activities which would
40 be allowable under section 41 of the Internal Revenue
41 Code in effect on January 1, 1999, except that for the
42 alternative incremental credit such amounts are for
43 research conducted within this state within the zone.
44 For purposes of this subsection, "Internal Revenue
45 Code" means the Internal Revenue Code in effect on
46 January 1, 2000.
47 f. The credit authorized in this subsection is in
48 lieu of the credit authorized in section 422.33,
49 subsection 5 and section 422.10."
50 2. Page 4, by inserting after line 19 the
Page 4
1 following:
2 "Sec. 103. Section 422.7, subsection 31, Code
3 1999, is amended to read as follows:
4 31. For a person who is disabled, or is fifty-five
5 years of age or older, or is the surviving spouse of
6 an individual or a survivor having an insurable
7 interest in an individual who would have qualified for
8 the exemption under this subsection for the tax year,
9 subtract, to the extent included, the total amount of
10 a governmental or other pension or retirement pay,
11 including, but not limited to, defined benefit or
12 defined contribution plans, annuities, individual
13 retirement accounts, plans maintained or contributed
14 to by an employer, or maintained or contributed to by
15 a self-employed person as an employer, and deferred
16 compensation plans or any earnings attributable to the
17 deferred compensation plans, up to a maximum of five
18 six thousand dollars for a person, other than a
19 husband or wife, who files a separate state income tax
20 return and up to a maximum of ten twelve thousand
21 dollars for a husband and wife who file a joint state
22 income tax return. However, a surviving spouse who is
23 not disabled or fifty-five years of age or older can
24 only exclude the amount of pension or retirement pay
25 received as a result of the death of the other spouse.
26 a husband and wife filing separate state income tax
27 returns or separately on a combined state return are
28 allowed a combined maximum exclusion under this
© 2000 Cornell College and
League of Women Voters of Iowa
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