Text: SF00325 Text: SF00327 Text: SF00300 - SF00399 Text: SF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 422.5, subsection 1, paragraphs a 1 2 through i, Code 2001, are amended to read as follows: 1 3 a. On all taxable income from zero through one thousand 1 4 dollars,thirty-sixthirty-four hundredths of one percent. 1 5 b. On all taxable income exceeding one thousand dollars 1 6 but not exceeding two thousand dollars,seventy-twosixty- 1 7 eight hundredths of one percent. 1 8 c. On all taxable income exceeding two thousand dollars 1 9 but not exceeding four thousand dollars, two andforty-three1 10 thirty-one hundredths percent. 1 11 d. On all taxable income exceeding four thousand dollars 1 12 but not exceeding nine thousand dollars, four andone-half1 13 twenty-eight hundredths percent. 1 14 e. On all taxable income exceeding nine thousand dollars 1 15 but not exceeding fifteen thousand dollars,sixfive and 1 16twelveeighty-one hundredths percent. 1 17 f. On all taxable income exceeding fifteen thousand 1 18 dollars but not exceeding twenty thousand dollars, six and 1 19forty-eightsixteen hundredths percent. 1 20 g. On all taxable income exceeding twenty thousand dollars 1 21 but not exceeding thirty thousand dollars, six andeight-1 22tenthsforty-six hundredths percent. 1 23 h. On all taxable income exceeding thirty thousand dollars 1 24 but not exceeding forty-five thousand dollars, seven and 1 25ninety-twofifty-two hundredths percent. 1 26 i. On all taxable income exceeding forty-five thousand 1 27 dollars, eight andninety-eightfifty-three hundredths 1 28 percent. 1 29 Sec. 2. RETROACTIVE APPLICABILITY. This Act applies 1 30 retroactively to January 1, 2001, for tax years beginning on 1 31 or after that date. 1 32 EXPLANATION 1 33 The bill reduces the individual income tax rates by 5 1 34 percent. The lowest and highest rates under current law are 1 35 .36 percent and 8.98 percent, respectively. The bill reduces 2 1 these rates to .34 percent and 8.53 percent, respectively. 2 2 The rate of the state alternative minimum tax is also 2 3 effectively reduced by the reduction in rates since the 2 4 alternative rate is set at 75 percent of the highest 2 5 individual rate, rounded to the nearest one-tenth of 1 2 6 percent. Thus, this rate is reduced from 6.7 percent to 6.4 2 7 percent. 2 8 The bill applies retroactively to January 1, 2001, for tax 2 9 years beginning on or after that date. 2 10 LSB 1011XS 79 2 11 mg/as/5
Text: SF00325 Text: SF00327 Text: SF00300 - SF00399 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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