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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