Text: SF02285 Text: SF02287 Text: SF02200 - SF02299 Text: SF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 15.335, subsection 4, unnumbered 1 2 paragraph 2, Code Supplement 2003, is amended to read as 1 3 follows: 1 4 For purposes of this section, "Internal Revenue Code" means 1 5 the Internal Revenue Code in effect on January 1,20032004. 1 6 Sec. 2. Section 15A.9, subsection 8, paragraph e, 1 7 unnumbered paragraph 2, Code Supplement 2003, is amended to 1 8 read as follows: 1 9 For purposes of this subsection, "Internal Revenue Code" 1 10 means the Internal Revenue Code in effect on January 1,20031 11 2004. 1 12 Sec. 3. Section 422.3, subsection 5, Code Supplement 2003, 1 13 is amended to read as follows: 1 14 5. "Internal Revenue Code" means the Internal Revenue Code 1 15 of 1954, prior to the date of its redesignation as the 1 16 Internal Revenue Code of 1986 by the Tax Reform Act of 1986, 1 17 or means the Internal Revenue Code of 1986 as amended to and 1 18 including January 1,20032004, whichever is applicable. 1 19 Sec. 4. Section 422.7, subsection 39, unnumbered paragraph 1 20 1, Code Supplement 2003, is amended to read as follows: 1 21 The additional first-year depreciation allowance authorized 1 22 in section 168(k) of the Internal Revenue Code, as enacted by 1 23 Pub. L. No. 107-147, section 101, and amended by Pub. L. No. 1 24 108-27, section 201, does not apply in computing net income 1 25 for state tax purposes. If the taxpayer has taken such 1 26 deduction in computing federal adjusted gross income, the 1 27 following adjustments shall be made: 1 28 Sec. 5. Section 422.7, subsection 39, paragraph b, Code 1 29 Supplement 2003, is amended to read as follows: 1 30 b. Subtract an amount equal to depreciationtakenallowed 1 31 on such property for the tax year using the modified 1 32 accelerated cost recovery system depreciation method 1 33 applicable under section 168 of the Internal Revenue Code 1 34 without regard to section 168(k). 1 35 Sec. 6. Section 422.10, subsection 3, unnumbered paragraph 2 1 2, Code Supplement 2003, is amended to read as follows: 2 2 For purposes of this section, "Internal Revenue Code" means 2 3 the Internal Revenue Code in effect on January 1,20032004. 2 4 Sec. 7. Section 422.32, subsection 7, Code Supplement 2 5 2003, is amended to read as follows: 2 6 7. "Internal Revenue Code" means the Internal Revenue Code 2 7 of 1954, prior to the date of its redesignation as the 2 8 Internal Revenue Code of 1986 by the Tax Reform Act of 1986, 2 9 or means the Internal Revenue Code of 1986 as amended to and 2 10 including January 1,20032004, whichever is applicable. 2 11 Sec. 8. Section 422.33, subsection 5, paragraph d, 2 12 unnumbered paragraph 2, Code Supplement 2003, is amended to 2 13 read as follows: 2 14 For purposes of this subsection, "Internal Revenue Code" 2 15 means the Internal Revenue Code in effect on January 1,20032 16 2004. 2 17 Sec. 9. Section 422.35, subsection 19, unnumbered 2 18 paragraph 1, Code Supplement 2003, is amended to read as 2 19 follows: 2 20 The additional first-year depreciation allowance authorized 2 21 in section 168(k) of the Internal Revenue Code, as enacted by 2 22 Pub. L. No. 107-147, section 101, and amended by Pub. L. No. 2 23 108-27, section 201, does not apply in computing net income 2 24 for state tax purposes. If the taxpayer has taken such 2 25 deduction in computing taxable income, the following 2 26 adjustments shall be made: 2 27 Sec. 10. Section 422.35, subsection 19, paragraph b, Code 2 28 Supplement 2003, is amended to read as follows: 2 29 b. Subtract an amount equal to depreciationtakenallowed 2 30 on such property for the tax year using the modified 2 31 accelerated cost recovery system depreciation method 2 32 applicable under section 168 of the Internal Revenue Code 2 33 without regard to section 168(k). 2 34 Sec. 11. RETROACTIVE APPLICABILITY. 2 35 1. Sections 4 and 9 of this Act, amending section 422.7, 3 1 subsection 39, unnumbered paragraph 1, and section 422.35, 3 2 subsection 19, unnumbered paragraph 1, apply retroactively to 3 3 tax years ending on or after May 5, 2003. 3 4 2. The remainder of this Act applies retroactively to 3 5 January 1, 2003, for tax years beginning on or after that 3 6 date. 3 7 Sec. 12. EFFECTIVE DATE. This Act, being deemed of 3 8 immediate importance, takes effect upon enactment. 3 9 EXPLANATION 3 10 This bill updates the references to the Internal Revenue 3 11 Code to make the federal income tax revisions enacted by 3 12 Congress in 2003 applicable for Iowa income tax purposes. 3 13 Code sections 15.335, 15A.9, 422.10, and 422.33 are amended 3 14 to update the Iowa Code references to the state research 3 15 activities credit for individuals, corporations, corporations 3 16 in economic development areas, and corporations in quality 3 17 jobs enterprise zones to include the 2003 federal changes in 3 18 the research activities credit. 3 19 The bill amends Code sections 422.7 and 422.35 to make 3 20 adjustments to federal adjusted gross income for individuals 3 21 and federal taxable income for corporations to disallow, for 3 22 state income tax purposes, the changes to the bonus 3 23 depreciation deduction enacted in the federal Jobs and Growth 3 24 Tax Relief Reconciliation Act of 2003 (Pub. L. No. 108-27). 3 25 The provisions of the bill updating references to the 3 26 Internal Revenue Code are retroactively applicable to January 3 27 1, 2003, for tax years beginning on or after that date. The 3 28 provisions of the bill decoupling from the changes to the 3 29 federal bonus depreciation apply retroactively to tax years 3 30 ending on or after May 5, 2003. 3 31 The bill takes effect upon enactment. 3 32 LSB 6683SV 80 3 33 sc/gg/14
Text: SF02285 Text: SF02287 Text: SF02200 - SF02299 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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