Text: HSB00218                          Text: HSB00220
Text: HSB00200 - HSB00299               Text: HSB Index
Bills and Amendments: General Index     Bill History: General Index

House Study Bill 219

Bill Text

PAG LIN
  1  1    Section 1.  Section 422.7, subsection 2, Code 2003, is
  1  2 amended to read as follows:
  1  3    2.  Add interest and dividends from foreign securities and
  1  4 from non-Iowa state and political subdivision securities of
  1  5 state and other political subdivisions exempt from federal
  1  6 income tax under the Internal Revenue Code.
  1  7    Sec. 2.  Section 422.7, Code 2003, is amended by adding the
  1  8 following new subsection:
  1  9    NEW SUBSECTION.  2A.  Subtract, to the extent included,
  1 10 interest and dividends from Iowa state and political
  1 11 subdivision securities.
  1 12    Sec. 3.  Section 422.35, subsection 2, Code 2003, is
  1 13 amended to read as follows:
  1 14    2.  Add interest and dividends from foreign securities,
  1 15 from non-Iowa state and political subdivision securities of
  1 16 state and other political subdivisions, and from regulated
  1 17 investment companies exempt from federal income tax under the
  1 18 Internal Revenue Code.
  1 19    Sec. 4.  Section 422.35, Code 2003, is amended by adding
  1 20 the following new subsection:
  1 21    NEW SUBSECTION.  2A.  Subtract, to the extent included,
  1 22 interest and dividends from Iowa state and political
  1 23 subdivision securities
  1 24    Sec. 5.  RETROACTIVE APPLICABILITY DATE.  This Act applies
  1 25 retroactively to tax years beginning on or after January 1,
  1 26 2003.  
  1 27                           EXPLANATION
  1 28    Present income tax provisions require the taxation of
  1 29 interest and dividends from Iowa state and political
  1 30 subdivision securities except those securities specifically
  1 31 exempted.  This bill excludes all interest and dividends from
  1 32 Iowa state and political subdivision securities.
  1 33    The bill applies retroactively to January 1, 2003.  
  1 34 LSB 2600HC 80
  1 35 mg/pj/5
     

Text: HSB00218                          Text: HSB00220
Text: HSB00200 - HSB00299               Text: HSB Index
Bills and Amendments: General Index     Bill History: General Index

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