House Journal: Page 1683: Wednesday, April 30, 2003
32 five hundred dollars, neither of them shall receive
33 the benefit of this subsection, and it is immaterial
34 whether they file a joint return or separate returns.
35 However, if a husband and wife file separate returns
36 and have a combined net income of thirteen fifteen
37 thousand five hundred dollars or less, neither spouse
38 shall receive the benefit of this paragraph, if one
39 spouse has a net operating loss and elects to carry
40 back or carry forward the loss as provided in section
41 422.9, subsection 3. A person who is claimed as a
42 dependent by another person as defined in section
43 422.12 shall not receive the benefit of this
44 subsection if the person claiming the dependent has
45 net income exceeding thirteen fifteen thousand five
46 hundred dollars or nine eleven thousand dollars as
47 applicable or the person claiming the dependent and
48 the person's spouse have combined net income exceeding
49 thirteen fifteen thousand five hundred dollars or nine
50 eleven thousand dollars as applicable.
Page 2
1 In addition, if the married persons', filing
2 jointly or filing separately on a combined return,
3 unmarried head of household's, or surviving spouse's
4 net income exceeds thirteen fifteen thousand five
5 hundred dollars, the regular tax imposed under this
6 division shall be the lesser of the maximum state
7 individual income tax rate product of eight percent
8 times the portion of the net income in excess of
9 thirteen fifteen thousand five hundred dollars or the
10 regular tax liability computed without regard to this
11 sentence. Taxpayers electing to file separately shall
12 compute the alternate tax described in this paragraph
13 using the total net income of the husband and wife.
14 The alternate tax described in this paragraph does not
15 apply if one spouse elects to carry back or carry
16 forward the loss as provided in section 422.9,
17 subsection 3."
18 2. Page 3, by inserting after line 28 the
19 following:
20 "Sec. . INCOME TAX IMPLEMENTATION COMMITTEE.
21 1. On or before July 1, 2003, the department of
22 revenue and finance, in consultation with the
23 department of management, shall initiate and
24 coordinate the establishment of an income tax
25 implementation committee and provide staffing
26 assistance by the committee. The income tax
27 implementation committee shall include representatives
28 of the general assembly, the department of revenue and
29 finance, the department of management, business tax
30 groups, businesses in Iowa, groups representing Iowa
© 2003 Cornell College and
League of Women Voters of Iowa
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