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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