House Journal: Page 1682: Wednesday, April 30, 2003
Ways and Means Calendar
House File 701, a bill for an act relating to the individual income
tax by reducing the tax rates and number of tax brackets and
including a contingent effective and applicability date provision, was
taken up for consideration.
Shoultz of Black Hawk asked and received unanimous consent to
withdraw amendment H-1569 filed by him from the floor.
J. K. Van Fossen of Scott offered the following amendment H-1563
filed by him from the floor and moved its adoption:
H-1563
1 Amend House File 701 as follows:
2 1. Page 2, by inserting after line 27 the
3 following:
4 "Sec. . Section 422.5, subsection 2, Code 2003,
5 is amended to read as follows:
6 2. However, the tax shall not be imposed on a
7 resident or nonresident whose net income, as defined
8 in section 422.7, is thirteen fifteen thousand five
9 hundred dollars or less in the case of married persons
10 filing jointly or filing separately on a combined
11 return, unmarried heads of household, and surviving
12 spouses or nine eleven thousand dollars or less in the
13 case of all other persons; but in the event that the
14 payment of tax under this division would reduce the
15 net income to less than thirteen fifteen thousand five
16 hundred dollars or nine eleven thousand dollars as
17 applicable, then the tax shall be reduced to that
18 amount which would result in allowing the taxpayer to
19 retain a net income of thirteen fifteen thousand five
20 hundred dollars or nine eleven thousand dollars as
21 applicable. The preceding sentence does not apply to
22 estates or trusts. For the purpose of this
23 subsection, the entire net income, including any part
24 of the net income not allocated to Iowa, shall be
25 taken into account. For purposes of this subsection,
26 net income includes all amounts of pensions or other
27 retirement income received from any source which is
28 not taxable under this division as a result of the
29 government pension exclusions in section 422.7, or any
30 other state law. If the combined net income of a
31 husband and wife exceeds thirteen fifteen thousand
© 2003 Cornell College and
League of Women Voters of Iowa
Comments about this site or page?
hjourn@legis.iowa.gov.
Please remember that the person listed above does not vote on bills. Direct all comments concerning legislation to State Legislators.
Last update: Tue Jul 29 09:45:00 CDT 2003
URL: /DOCS/GA/80GA/Session.1/HJournal/01600/01682.html
jhf