Text: SF02213 Text: SF02215 Text: SF02200 - SF02299 Text: SF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. Section 422.3, subsection 5, Code Supplement
1 2 2003, is amended to read as follows:
1 3 5. "Internal Revenue Code" means the Internal Revenue Code
1 4 of 1954, prior to the date of its redesignation as the
1 5 Internal Revenue Code of 1986 by the Tax Reform Act of 1986,
1 6 or means the Internal Revenue Code of 1986 as amended to and
1 7 including January 1, 2003, and as amended by Pub. L. No. 108-
1 8 173 } 202, amending section 179 of the Internal Revenue Code
1 9 by increasing the amount of the cost of qualifying property
1 10 that may be deducted in the first year the qualifying property
1 11 is placed in service, whichever is applicable.
1 12 Sec. 2. EFFECTIVE AND APPLICABILITY DATES. This Act,
1 13 being deemed of immediate importance, takes effect upon
1 14 enactment and applies retroactively to property placed in
1 15 service after December 31, 2002, but before January 1, 2006.
1 16 EXPLANATION
1 17 Internal Revenue Code section 179 allows taxpayers that
1 18 purchase qualifying tangible depreciable property to deduct
1 19 the purchase cost of the property, new or used, in the year
1 20 that it is placed in service. This deduction is in lieu of
1 21 depreciating the property over a number of years. The federal
1 22 Jobs and Growth Tax Relief Reconciliation Act of 2003, Pub. L.
1 23 No. 108-173, increased the maximum deduction from $25,000 to
1 24 $100,000 for property placed in service after December 31,
1 25 2002, but before January 1, 2006. It also increased the
1 26 maximum investment limitation of qualifying property from
1 27 $200,000 to $400,000 for that time period.
1 28 This bill conforms state income tax law with the provisions
1 29 of the federal law that enacted these increases.
1 30 The bill takes effect upon enactment and applies
1 31 retroactively.
1 32 LSB 6564SV 80
1 33 sc/cf/24
Text: SF02213 Text: SF02215 Text: SF02200 - SF02299 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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