Text: SSB01035                          Text: SSB01037
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Bills and Amendments: General Index     Bill History: General Index

Senate Study Bill 1036

Bill Text

PAG LIN
  1  1    Section 1.  Section 15.335, subsection 4, Code 2003, is
  1  2 amended to read as follows:
  1  3    4.  For purposes of this section, "base amount", "basic
  1  4 research payment", and "qualified research expense" mean the
  1  5 same as defined for the federal credit for increasing research
  1  6 activities under section 41 of the Internal Revenue Code,
  1  7 except that for the alternative incremental credit such
  1  8 amounts are for research conducted within this state.
  1  9    PARAGRAPH DIVIDED.  For purposes of this section, "Internal
  1 10 Revenue Code" means the Internal Revenue Code in effect on
  1 11 January 1, 2002 2003.
  1 12    Sec. 2.  Section 15A.9, subsection 8, paragraph e, Code
  1 13 2003, is amended to read as follows:
  1 14    e.  For the purposes of this subsection, "base amount",
  1 15 "basic research payment", and "qualified research expense"
  1 16 mean the same as defined for the federal credit for increasing
  1 17 research activities under section 41 of the Internal Revenue
  1 18 Code, except that for the alternative incremental credit such
  1 19 amounts are for research conducted within this state within
  1 20 the zone.
  1 21    PARAGRAPH DIVIDED.  For purposes of this subsection,
  1 22 "Internal Revenue Code" means the Internal Revenue Code in
  1 23 effect on January 1, 2002 2003.
  1 24    Sec. 3.  Section 422.3, subsection 5, Code 2003, is amended
  1 25 to read as follows:
  1 26    5.  "Internal Revenue Code" means the Internal Revenue Code
  1 27 of 1954, prior to the date of its redesignation as the
  1 28 Internal Revenue Code of 1986 by the Tax Reform Act of 1986,
  1 29 or means the Internal Revenue Code of 1986 as amended to and
  1 30 including January 31, 2002 1, 2003, whichever is applicable.
  1 31    Sec. 4.  Section 422.10, subsection 3, Code 2003, is
  1 32 amended to read as follows:
  1 33    3.  For purposes of this section, "base amount", "basic
  1 34 research payment", and "qualified research expense" mean the
  1 35 same as defined for the federal credit for increasing research
  2  1 activities under section 41 of the Internal Revenue Code,
  2  2 except that for the alternative incremental credit such
  2  3 amounts are for research conducted within this state.
  2  4    PARAGRAPH DIVIDED.  For purposes of this section, "Internal
  2  5 Revenue Code" means the Internal Revenue Code in effect on
  2  6 January 1, 2002 2003.
  2  7    Sec. 5.  Section 422.32, Code 2003, is amended by adding
  2  8 the following new subsection:
  2  9    NEW SUBSECTION.  6A.  "Internal Revenue Code" means the
  2 10 Internal Revenue Code of 1954, prior to the date of its
  2 11 redesignation as the Internal Revenue Code of 1986 by the Tax
  2 12 Reform Act of 1986, or means the Internal Revenue Code of 1986
  2 13 as amended to and including January 1, 2003, whichever is
  2 14 applicable.
  2 15    Sec. 6.  Section 422.33, subsection 5, paragraph d, Code
  2 16 2003, is amended to read as follows:
  2 17    d.  For purposes of this subsection, "base amount", "basic
  2 18 research payment", and "qualified research expense" mean the
  2 19 same as defined for the federal credit for increasing research
  2 20 activities under section 41 of the Internal Revenue Code,
  2 21 except that for the alternative incremental credit such
  2 22 amounts are for research conducted within this state.
  2 23    PARAGRAPH DIVIDED.  For purposes of this subsection,
  2 24 "Internal Revenue Code" means the Internal Revenue Code in
  2 25 effect on January 1, 2002 2003.
  2 26    Sec. 7.  RETROACTIVE APPLICABILITY.  This Act applies
  2 27 retroactively to January 1, 2002, for tax years beginning on
  2 28 or after that date.  However, the bonus depreciation
  2 29 provisions in section 168(k) of the Internal Revenue Code
  2 30 apply, for state tax purposes, to tax years ending on or after
  2 31 September 10, 2001.
  2 32    Sec. 8.  EFFECTIVE DATE.  This Act, being deemed of
  2 33 immediate importance, takes effect upon enactment.  
  2 34                           EXPLANATION
  2 35    This bill updates the references to the Internal Revenue
  3  1 Code to make the federal income tax revisions enacted by
  3  2 Congress in 2002, including the federal Job Creation and
  3  3 Workers Assistance Act of 2002, applicable for Iowa income tax
  3  4 purposes.  Code sections 15.335, 15A.9, 422.10, and 422.33 are
  3  5 amended to update the Iowa Code references to the state
  3  6 research activities credit for individuals, corporations,
  3  7 corporations in economic development areas, and corporations
  3  8 in quality jobs enterprise zones to include the 2002 federal
  3  9 changes in the research activities credit.
  3 10    The provisions of the bill updating references to the
  3 11 Internal Revenue Code are retroactively applicable to tax
  3 12 years ending on or after September 10, 2001.
  3 13    The bill takes effect upon enactment.  
  3 14 LSB 1076XC 80
  3 15 sc/pj/5

Text: SSB01035                          Text: SSB01037
Text: SSB01000 - SSB01099               Text: SSB Index
Bills and Amendments: General Index     Bill History: General Index

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