Text: HF02021 Text: HF02023 Text: HF02000 - HF02099 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. Section 422.9, subsection 1, Code Supplement
1 2 2001, is amended to read as follows:
1 3 1. An optional standard deduction, after deduction of
1 4 federal income tax, equal to one thousand two hundred thirty
1 5 dollars for a married person who files separately or a single
1 6 person or equal to three thousand thirty dollars for a husband
1 7 and wife who file a joint return, a surviving spouse, or an
1 8 unmarried head of household. The optional standard deduction
1 9 shall not exceed the amount remaining after deduction of the
1 10 federal income tax. The amount of federal income taxes
1 11 deducted shall not exceed the amount as computed under
1 12 subsection 2, paragraph "b".
1 13 Sec. 2. Section 422.9, subsection 2, paragraph b, Code
1 14 Supplement 2001, is amended by striking the paragraph and
1 15 inserting in lieu thereof the following:
1 16 b. Add the amount of federal income taxes paid or accrued,
1 17 as the case may be, to the extent the federal tax payment is
1 18 for a tax year beginning prior to January 1, 2002. Subtract
1 19 the amount of federal income tax refunds received in a tax
1 20 year to the extent that the federal income tax was deducted on
1 21 an Iowa individual income tax return for a tax year beginning
1 22 prior to January 1, 2002.
1 23 Sec. 3. RETROACTIVE APPLICABILITY. This Act applies
1 24 retroactively to January 1, 2002, for tax years beginning on
1 25 or after that date.
1 26 EXPLANATION
1 27 This bill eliminates the deduction for federal income taxes
1 28 under the individual income tax, although federal income tax
1 29 paid for any prior tax year beginning before January 1, 2002,
1 30 may still be deducted. Federal income tax refunds received in
1 31 a tax year will be reported on the Iowa return to the extent
1 32 the tax refund was deducted on a prior Iowa return for a tax
1 33 year beginning prior to January 1, 2002.
1 34 The bill applies retroactively to January 1, 2002, for tax
1 35 years beginning on or after that date.
2 1 LSB 5375YH 79
2 2 mg/sh/8
Text: HF02021 Text: HF02023 Text: HF02000 - HF02099 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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