Text: HF00675 Text: HF00677 Text: HF00600 - HF00699 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. NEW SECTION. 422.130 APPLICABLE PERIOD OF TAX 1 2 REDUCTIONS. 1 3 1. For purposes of this section: 1 4 a. "Covered tax" means any of the following: 1 5 (1) Individual income tax, chapter 422, division II. 1 6 (2) Corporate income tax, chapter 422, division III. 1 7 (3) Franchise tax, chapter 422, division V. 1 8 (4) Gross premiums tax, chapters 432 and 432A. 1 9 (5) Sales tax, chapter 422, division IV and use tax, 1 10 chapter 423. 1 11 (6) Motor vehicle registration fees, chapter 321. 1 12 (7) Motor fuel taxes, chapter 452A. 1 13 (8) Cigarette and tobacco products taxes, chapter 453A. 1 14 (9) Beer, wine, and liquor taxes, chapter 123. 1 15 (10) Real estate transfer tax, chapter 428A. 1 16 (11) Inheritance tax, chapter 450 and generation skipping 1 17 transfer tax, chapter 450A. 1 18 (12) Real property tax. 1 19 b. "Designated applicable period" means: 1 20 (1) For the covered taxes designated in paragraph "a", 1 21 subparagraphs (1) through (4), the tax year beginning on or 1 22 after January 1 of the calendar year of the regular session of 1 23 the general assembly during which the law referred to in 1 24 subsection 2 is enacted, or the tax year beginning on the 1 25 following January 1. 1 26 (2) For the covered taxes designated in paragraph "a", 1 27 subparagraphs (5) through (12), the fiscal year beginning July 1 28 1 following the regular session of the general assembly during 1 29 which the law referred to in subsection 2 in enacted. 1 30 2. A bill containing provisions related to a covered tax 1 31 that reduces the rate schedule, enacts a new deduction or 1 32 credit, expands an existing deduction or credit, or repeals 1 33 the covered tax shall be applicable, as to the provisions 1 34 related to the covered tax, beginning with the designated 1 35 applicable period. The bill shall not contain any provisions 2 1 that provide that the fiscal impact of those provisions 2 2 relating to the covered tax which in the aggregate result in a 2 3 reduction in state tax revenues be postponed beyond the fiscal 2 4 year beginning July 1 following the regular session of the 2 5 general assembly in which the bill is enacted into law. 2 6 Sec. 2. EFFECTIVE DATE. This Act, being deemed of 2 7 immediate importance, takes effect upon enactment. 2 8 EXPLANATION 2 9 This bill provides that any legislative bill that reduces 2 10 the rates of a certain tax, enacts or expands deductions or 2 11 credits of, or repeals the tax must apply for certain calendar 2 12 year taxes either January 1 preceding or January 1 following 2 13 the regular session of the general assembly in which the bill 2 14 is enacted or must apply for certain fiscal year taxes July 1 2 15 following the regular session of the general assembly in which 2 16 the bill is enacted. 2 17 The bill also provides that if the fiscal impact results in 2 18 a reduction in state tax revenues, then the bill must not 2 19 contain a provision that postpones the negative impact beyond 2 20 the fiscal year beginning July 1 following the regular session 2 21 of the general assembly in which the bill is enacted. 2 22 The bill take effect upon enactment. 2 23 LSB 2755YH 79 2 24 mg/cls/14
Text: HF00675 Text: HF00677 Text: HF00600 - HF00699 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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