House Amendment 8645
Amendment Text
PAG LIN
1 1 Amend House File 2581 as follows:
1 2 #1. Page 14, lines 16 and 17, by striking the
1 3 words and figures <and as amended by Pub. L. No. 108=
1 4 27, section 202,>.
1 5 #2. Page 14, by inserting after line 17 the
1 6 following:
1 7 <Sec. . Section 422.7, Code Supplement 2003, is
1 8 amended by adding the following new subsection:
1 9 NEW SUBSECTION. 38A. a. The increase in the
1 10 expensing allowance authorized in section 179(b) of
1 11 the Internal Revenue Code, as amended by Pub. L. No.
1 12 108=27, section 202, does not apply in computing net
1 13 income for state tax purposes. If the taxpayer has
1 14 taken such allowance in computing taxable income, the
1 15 following adjustments shall be made:
1 16 (1) Add the total amount of expensing allowance
1 17 taken on all property under section 179(b) of the
1 18 Internal Revenue Code for the tax year.
1 19 (2) Subtract an amount equal to the amount of
1 20 expensing allowance that would be allowed for property
1 21 that qualified for the expensing allowance under
1 22 section 179(b) prior to enactment of Pub. L. No. 108=
1 23 27, section 202.
1 24 (3) Any other adjustments to gains or losses to
1 25 reflect the adjustments made in subparagraphs (1) and
1 26 (2) pursuant to rules adopted by the director.
1 27 b. The increase in the expensing allowance
1 28 authorized in section 179(b) of the Internal Revenue
1 29 Code, as amended by Pub. L. No. 108=27, shall apply in
1 30 computing net income for state tax purposes, but only
1 31 for qualified property acquired after the effective
1 32 date of this division of this Act, and before January
1 33 1, 2006. For property acquired on or before the
1 34 effective date of this division of this Act, if the
1 35 taxpayer has taken the increased deduction allowed in
1 36 section 179(b), as amended by Pub. L. No. 108=27, in
1 37 computing federal adjusted gross income, the
1 38 adjustments in paragraph "a" shall be made.>
1 39 #3. Page 15, line 6, by inserting after the word
1 40 <purposes,> the following: <but only>.
1 41 #4. Page 15, line 7, by striking the word and
1 42 figures <May 5, 2003> and inserting the following:
1 43 <the effective date of this division of this Act>.
1 44 #5. Page 15, by inserting after line 7, the
1 45 following: <For property acquired after May 5, 2003,
1 46 and on or before the effective date of this division
1 47 of this Act, if the taxpayer has taken the deduction
1 48 allowed in section 168(k)(4), as enacted by Pub. L.
1 49 No. 108=27, in computing federal adjusted gross
1 50 income, the adjustments in paragraph "a" shall be
2 1 made.>
2 2 #6. Page 15, lines 14 and 15, by striking the
2 3 words and figures <and as amended by Pub. L. No. 108=
2 4 27, section 202,>.
2 5 #7. Page 15, by inserting after line 15 the
2 6 following:
2 7 <Sec. . Section 422.35, Code Supplement 2003,
2 8 is amended by adding the following new subsection:
2 9 NEW SUBSECTION. 18A. a. The increase in the
2 10 expensing allowance authorized in section 179(b) of
2 11 the Internal Revenue Code, as amended by Pub. L. No.
2 12 108=27, section 202, does not apply in computing net
2 13 income for state tax purposes. If the taxpayer has
2 14 taken such allowance in computing taxable income, the
2 15 following adjustments shall be made:
2 16 (1) Add the total amount of expensing allowance
2 17 taken on all property under section 179(b) of the
2 18 Internal Revenue Code for the tax year.
2 19 (2) Subtract an amount equal to the amount of
2 20 expensing allowance that would be allowed for property
2 21 that qualified for the expensing allowance under
2 22 section 179(b) prior to enactment of Pub. L. No. 108=
2 23 27, section 202.
2 24 (3) Any other adjustments to gains or losses to
2 25 reflect the adjustments made in subparagraphs (1) and
2 26 (2) pursuant to rules adopted by the director.
2 27 b. The increase in the expensing allowance
2 28 authorized in section 179(b) of the Internal Revenue
2 29 Code, as amended by Pub. L. No. 108=27, shall apply in
2 30 computing net income for state tax purposes, but only
2 31 for qualified property acquired after the effective
2 32 date of this division of this Act, and before January
2 33 1, 2006. For property acquired on or before the
2 34 effective date of this division of this Act, if the
2 35 taxpayer has taken the deduction allowed in section
2 36 179(b), as amended by Pub. L. No. 108=27, in computing
2 37 federal adjusted gross income, the adjustments in
2 38 paragraph "a" shall be made.>
2 39 #8. Page 16, line 4, by inserting after the word
2 40 <purposes,> the following: <but only>.
2 41 #9. Page 16, line 5, by striking the word and
2 42 figures <May 5, 2003> and inserting the following:
2 43 <the effective date of this division of this Act>.
2 44 #10. Page 16, by inserting after line 5, the
2 45 following: <For property acquired after May 5, 2003,
2 46 and on or before the effective date of this division
2 47 of this Act, if the taxpayer has taken the deduction
2 48 allowed in section 168(k)(4), as enacted by Pub. L.
2 49 No. 108=27, in computing federal adjusted gross
2 50 income, the adjustments in paragraph "a" shall be
3 1 made.>
3 2 #11. Page 16, line 10, by striking the word
3 3 <amending> and inserting the following: <enacting>.
3 4 #12. Page 16, by striking line 11 and inserting
3 5 the following: <sections 422.7, subsection 38A, and
3 6 422.35, subsection 18A, apply>.
3 7
3 8
3 9
3 10 HUNTER of Polk
3 11 HF 2581.205 80
3 12 mg/sh
Text: H08644 Text: H08646 Text: H08600 - H08699 Text: H Index Bills and Amendments: General Index Bill History: General Index
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