Text: S05407 Text: S05409 Text: S05400 - S05499 Text: S Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Amend Senate File 2312 as follows: 1 2 #1. By striking page 3, line 18, through page 9, 1 3 line 26. 1 4 #2. By striking page 14, line 7, through page 16, 1 5 line 15. 1 6 #3. Page 16, by inserting before line 16 the 1 7 following: 1 8 <DIVISION 1 9 INCOME TAXATION 1 10 BONUS DEPRECIATION AND EXPENSING ALLOWANCE 1 11 Sec. . Section 422.3, subsection 5, Code 1 12 Supplement 2003, is amended to read as follows: 1 13 5. "Internal Revenue Code" means the Internal 1 14 Revenue Code of 1954, prior to the date of its 1 15 redesignation as the Internal Revenue Code of 1986 by 1 16 the Tax Reform Act of 1986, or means the Internal 1 17 Revenue Code of 1986 as amended to and including 1 18 January 1, 2003, and as amended by Pub. L. No. 108= 1 19 27, section 202, whichever is applicable. 1 20 Sec. . Section 422.7, subsection 39, Code 1 21 Supplement 2003, is amended to read as follows: 1 22 39. a. The additional first=year depreciation 1 23 allowance authorized in section 168(k) of the Internal 1 24 Revenue Code, as enacted by Pub. L. No. 107=147, 1 25 section 101, does not apply in computing net income 1 26 for state tax purposes. If the taxpayer has taken 1 27 such deduction in computing federal adjusted gross 1 28 income, the following adjustments shall be made: 1 29a.(1) Add the total amount of depreciation taken 1 30 on all property for which the election under section 1 31 168(k) of the Internal Revenue Code was made for the 1 32 tax year. 1 33b.(2) Subtract an amount equal to depreciation 1 34takenallowed on such property for the tax year using 1 35 the modified accelerated cost recovery system 1 36 depreciation method applicable under section 168 of 1 37 the Internal Revenue Code without regard to section 1 38 168(k). 1 39c.(3) Any other adjustments to gains or losses 1 40 to reflect the adjustments made inparagraphs "a" and 1 41 "b"subparagraphs (1) and (2) pursuant to rules 1 42 adopted by the director. 1 43 b. The additional first=year depreciation 1 44 allowance authorized in section 168(k)(4) of the 1 45 Internal Revenue Code, as enacted by Pub. L. No. 108= 1 46 27, shall apply in computing net income for state tax 1 47 purposes, for qualified property acquired after May 5, 1 48 2003, and before January 1, 2005. 1 49 Sec. . Section 422.32, subsection 7, Code 1 50 Supplement 2003, is amended to read as follows: 2 1 7. "Internal Revenue Code" means the Internal 2 2 Revenue Code of 1954, prior to the date of its 2 3 redesignation as the Internal Revenue Code of 1986 by 2 4 the Tax Reform Act of 1986, or means the Internal 2 5 Revenue Code of 1986 as amended to and including 2 6 January 1, 2003, and as amended by Pub. L. No. 108= 2 7 27, section 202, whichever is applicable. 2 8 Sec. . Section 422.35, subsection 19, Code 2 9 Supplement 2003, is amended to read as follows: 2 10 19. a. The additional first=year depreciation 2 11 allowance authorized in section 168(k) of the Internal 2 12 Revenue Code, as enacted by Pub. L. No. 107=147, 2 13 section 101, does not apply in computing net income 2 14 for state tax purposes. If the taxpayer has taken 2 15 such deduction in computing taxable income, the 2 16 following adjustments shall be made: 2 17a.(1) Add the total amount of depreciation taken 2 18 on all property for which the election under section 2 19 168(k) of the Internal Revenue Code was made for the 2 20 tax year. 2 21b.(2) Subtract an amount equal to depreciation 2 22takenallowed on such property for the tax year using 2 23 the modified accelerated cost recovery system 2 24 depreciation method applicable under section 168 of 2 25 the Internal Revenue Code without regard to section 2 26 168(k). 2 27c.(3) Any other adjustments to gains or losses 2 28 to reflect the adjustments made inparagraphs "a" and 2 29 "b"subparagraphs (1) and (2) pursuant to rules 2 30 adopted by the director. 2 31 b. The additional first=year depreciation 2 32 allowance authorized in section 168(k)(4) of the 2 33 Internal Revenue Code, as enacted by Pub. L. No. 108= 2 34 27, shall apply in computing net income for state tax 2 35 purposes, for qualified property acquired after May 5, 2 36 2003, and before January 1, 2005. 2 37 Sec. . RETROACTIVE APPLICABILITY. 2 38 1. The sections of this division of this Act 2 39 amending section 422.7, subsection 39, and section 2 40 422.35, subsection 19, apply retroactively to tax 2 41 years ending after May 5, 2003. 2 42 2. The sections of this division of this Act 2 43 amending sections 422.3, subsection 5, and 422.32, 2 44 subsection 7, apply retroactively to January 1, 2003, 2 45 for tax years beginning on or after that date. 2 46 Sec. . EFFECTIVE DATE. This division of this 2 47 Act, being deemed of immediate importance, takes 2 48 effect upon enactment.> 2 49 #4. Title page, line 3, by striking the words 2 50 <workers' compensation,>. 3 1 3 2 3 3 3 4 MICHAEL E. GRONSTAL 3 5 JOHN P. KIBBIE 3 6 AMANDA RAGAN 3 7 WILLIAM A. DOTZLER 3 8 DR. JOE SENG 3 9 STEVEN H. WARNSTADT 3 10 EUGENE S. FRAISE 3 11 MATT McCOY 3 12 WALLY E. HORN 3 13 DARYL BEALL 3 14 ROGER STEWART 3 15 THOMAS G. COURTNEY 3 16 SF 2312.301 80 3 17 mg/cf
Text: S05407 Text: S05409 Text: S05400 - S05499 Text: S Index Bills and Amendments: General Index Bill History: General Index
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