Text: SF02305 Text: SF02307 Text: SF02300 - SF02399 Text: SF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. NEW SECTION. 296.8 TAX EXEMPTION.
1 2 Interest on any bonds or notes issued by a school district
1 3 for school infrastructure purposes is exempt from state income
1 4 tax. For the purposes of this section, school infrastructure
1 5 purposes refers to the purposes for which funds may be
1 6 provided as specified in section 296.1.
1 7 Sec. 2. Section 422.7, Code Supplement 2001, is amended by
1 8 adding the following new subsection:
1 9 NEW SUBSECTION. 38. Subtract interest earned on bonds and
1 10 notes issued by a school district for school infrastructure
1 11 purposes as provided in section 296.8.
1 12 Sec. 3. Section 422.35, Code Supplement 2001, is amended
1 13 by adding the following new subsection:
1 14 NEW SUBSECTION. 19. Subtract interest earned on bonds and
1 15 notes issued by a school district for school infrastructure
1 16 purposes as provided in section 296.8.
1 17 EXPLANATION
1 18 This bill provides that interest on any bonds or notes
1 19 issued by a school district for school infrastructure purposes
1 20 is exempt from state personal and corporate income tax. The
1 21 bill provides that school infrastructure purposes refers to
1 22 the purposes for which funds may be provided as specified in
1 23 Code section 296.1. These purposes include the cost of
1 24 purchasing, building, furnishing, reconstructing, repairing,
1 25 improving or remodeling a schoolhouse or schoolhouses and
1 26 additions thereto, a gymnasium, stadium, field house, school
1 27 bus garage, teachers' or superintendent's home or homes, and
1 28 procuring a site or sites therefore, or purchasing land to add
1 29 to a site already owned, or procuring and improving a site for
1 30 an athletic field, or improving a site already owned for an
1 31 athletic field.
1 32 LSB 7054SV 79
1 33 rn/cf/24
Text: SF02305 Text: SF02307 Text: SF02300 - SF02399 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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