Text: SF00139 Text: SF00141 Text: SF00100 - SF00199 Text: SF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 SENATE FILE 140 1 2 1 3 AN ACT 1 4 UPDATING THE IOWA CODE REFERENCES TO THE INTERNAL REVENUE 1 5 CODE, INCREASING THE MINIMUM FILING INCOME REQUIREMENT FOR 1 6 DEPENDENTS, INCREASING THE ESTIMATED TAX PAYMENT STANDARD 1 7 FOR ASSESSING A PENALTY FOR CORPORATIONS AND FINANCIAL 1 8 INSTITUTIONS, AND PROVIDING RETROACTIVE APPLICABILITY DATES 1 9 AND AN EFFECTIVE DATE. 1 10 1 11 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 1 12 1 13 Section 1. Section 15.335, subsection 4, Code 2001, is 1 14 amended to read as follows: 1 15 4. For purposes of this section, "base amount", "basic 1 16 research payment", and "qualified research expense" mean the 1 17 same as defined for the federal credit for increasing research 1 18 activities under section 41 of the Internal Revenue Code, 1 19 except that for the alternative incremental credit such 1 20 amounts are for research conducted within this state. For 1 21 purposes of this section, "Internal Revenue Code" means the 1 22 Internal Revenue Code in effect on January 1,20002001. 1 23 Sec. 2. Section 15A.9, subsection 8, paragraph e, Code 1 24 2001, is amended to read as follows: 1 25 e. For the purposes of this subsection, "base amount", 1 26 "basic research payment", and "qualified research expense" 1 27 mean the same as defined for the federal credit for increasing 1 28 research activities under section 41 of the Internal Revenue 1 29 Code, except that for the alternative incremental credit such 1 30 amounts are for research conducted within this state within 1 31 the zone. For purposes of this subsection, "Internal Revenue 1 32 Code" means the Internal Revenue Code in effect on January 1, 1 3320002001. 1 34 Sec. 3. Section 422.3, subsection 5, Code 2001, is amended 1 35 to read as follows: 2 1 5. "Internal Revenue Code" means the Internal Revenue Code 2 2 of 1954, prior to the date of its redesignation as the 2 3 Internal Revenue Code of 1986 by the Tax Reform Act of 1986, 2 4 or means the Internal Revenue Code of 1986 as amended to and 2 5 including January 1,20002001, whichever is applicable. 2 6 Sec. 4. Section 422.7, subsection 6, Code 2001, is amended 2 7 by striking the subsection. 2 8 Sec. 5. Section 422.7, Code 2001, is amended by adding the 2 9 following new subsection: 2 10 NEW SUBSECTION. 36. Notwithstanding the method for 2 11 computing income from an installment sale under section 453 of 2 12 the Internal Revenue Code, as defined in section 422.3, the 2 13 method to be used in computing income from an installment sale 2 14 shall be the method under section 453 of the Internal Revenue 2 15 Code, as amended up to and including January 1, 2000. A 2 16 taxpayer affected by this subsection shall make adjustments in 2 17 the adjusted gross income pursuant to rules adopted by the 2 18 director. 2 19 Sec. 6. Section 422.10, subsection 3, Code 2001, is 2 20 amended to read as follows: 2 21 3. For purposes of this section, "base amount", "basic 2 22 research payment", and "qualified research expense" mean the 2 23 same as defined for the federal credit for increasing research 2 24 activities under section 41 of the Internal Revenue Code, 2 25 except that for the alternative incremental credit such 2 26 amounts are for research conducted within this state. For 2 27 purposes of this section, "Internal Revenue Code" means the 2 28 Internal Revenue Code in effect on January 1,20002001. 2 29 Sec. 7. Section 422.13, subsection 1, paragraph b, Code 2 30 2001, is amended to read as follows: 2 31 b. The individual is claimed as a dependent on another 2 32 person's return and has net income offourfive thousand 2 33 dollars or more for the tax year from sources taxable under 2 34 this division. 2 35 Sec. 8. Section 422.33, subsection 5, paragraph d, Code 3 1 2001, is amended to read as follows: 3 2 d. For purposes of this subsection, "base amount", "basic 3 3 research payment", and "qualified research expense" mean the 3 4 same as defined for the federal credit for increasing research 3 5 activities under section 41 of the Internal Revenue Code, 3 6 except that for the alternative incremental credit such 3 7 amounts are for research conducted within this state. For 3 8 purposes of this subsection, "Internal Revenue Code" means the 3 9 Internal Revenue Code in effect on January 1,20002001. 3 10 Sec. 9. RETROACTIVE AND APPLICABILITY DATES. 3 11 1. Sections 1 through 6 and 8 of this Act apply 3 12 retroactively to January 1, 2000, for tax years beginning on 3 13 or after that date. 3 14 2. Section 7 of this Act applies retroactively to January 3 15 1, 2001, for tax years beginning on or after that date. 3 16 Sec. 10. EFFECTIVE DATE. This Act, being deemed of 3 17 immediate importance, takes effect upon enactment. 3 18 3 19 3 20 3 21 MARY E. KRAMER 3 22 President of the Senate 3 23 3 24 3 25 3 26 BRENT SIEGRIST 3 27 Speaker of the House 3 28 3 29 I hereby certify that this bill originated in the Senate and 3 30 is known as Senate File 140, Seventy-ninth General Assembly. 3 31 3 32 3 33 3 34 MICHAEL E. MARSHALL 3 35 Secretary of the Senate 4 1 Approved , 2001 4 2 4 3 4 4 4 5 THOMAS J. VILSACK 4 6 Governor
Text: SF00139 Text: SF00141 Text: SF00100 - SF00199 Text: SF Index Bills and Amendments: General Index Bill History: General Index
© 2001 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 Apr 10 02:20:00 CDT 2002
URL: /DOCS/GA/79GA/Legislation/SF/00100/SF00140/010507.html
jhf