Text: SF02302                           Text: SF02304
Text: SF02300 - SF02399                 Text: SF Index
Bills and Amendments: General Index     Bill History: General Index

Senate File 2303

Partial Bill History

Bill Introduced: S.J. 863.2
Committee Report Issued: S.J. 864.2 H.J. 1402.2
Passed House: H.J. 1535.2
Passed Senate: S.J. 919.2
Veto: S.J. 1198.2
Complete Bill History

Bill Text

PAG LIN
  1  1                                             SENATE FILE 2303
  1  2 
  1  3                             AN ACT
  1  4 PROVIDING FOR AN INDIVIDUAL INCOME TAX DEDUCTION FOR CONTRI-
  1  5    BUTIONS MADE TO A QUALIFIED TUITION PROGRAM ESTABLISHED BY
  1  6    CERTAIN EDUCATIONAL INSTITUTIONS AND INCLUDING EFFECTIVE
  1  7    AND RETROACTIVE APPLICABILITY DATE PROVISIONS.
  1  8 
  1  9 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
  1 10 
  1 11    Section 1.  Section 422.7, Code Supplement 2003, is amended
  1 12 by adding the following new subsection:
  1 13    NEW SUBSECTION.  32A.  a.  Subtract contributions made by
  1 14 the taxpayer as a participant in a qualified tuition program,
  1 15 as defined in section 529(b) of the Internal Revenue Code,
  1 16 established by one or more eligible educational institutions.
  1 17 The maximum amount that may be subtracted under this paragraph
  1 18 equals the maximum amount that is deductible under section
  1 19 12D.3, subsection 1, paragraph "a", for contributions made to
  1 20 the Iowa educational savings plan trust minus any amount
  1 21 subtracted pursuant to subsection 32, paragraph "a", of this
  1 22 section.
  1 23    b.  Add the amount of cash refunds or withdrawals refunded
  1 24 to the taxpayer as a participant in a qualified tuition
  1 25 program that is not used to satisfy qualified higher education
  1 26 expenses, as defined in section 529(e) of the Internal Revenue
  1 27 Code, to the extent previously deducted under paragraph "a".
  1 28    Sec. 2.  EFFECTIVE AND RETROACTIVE DATE.  This Act, being
  1 29 deemed of immediate importance, takes effect upon enactment
  1 30 and applies retroactively to January 1, 2004, for tax years
  1 31 beginning on or after that date.  
  1 32 
  1 33 
  1 34                                                             
  1 35                               JEFFREY M. LAMBERTI
  2  1                               President of the Senate
  2  2 
  2  3 
  2  4                                                             
  2  5                               CHRISTOPHER C. RANTS
  2  6                               Speaker of the House
  2  7 
  2  8    I hereby certify that this bill originated in the Senate and
  2  9 is known as Senate File 2303, Eightieth General Assembly.
  2 10 
  2 11 
  2 12                                                             
  2 13                               MICHAEL E. MARSHALL
  2 14                               Secretary of the Senate
  2 15 Approved                , 2004
  2 16 
  2 17 
  2 18                                
  2 19 THOMAS J. VILSACK
  2 20 Governor

Text: SF02302                           Text: SF02304
Text: SF02300 - SF02399                 Text: SF Index
Bills and Amendments: General Index     Bill History: General Index

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