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
© 2002 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 23 05:50:19 CST 2002
URL: /DOCS/GA/79GA/Legislation/HF/02000/HF02022/020114.html
jhf