Text: HF02021                           Text: HF02023
Text: HF02000 - HF02099                 Text: HF Index
Bills and Amendments: General Index     Bill History: General Index



House File 2022

Partial Bill History

Bill Text

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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