Senate Amendment 5408
PAG LIN
1 1 Amend Senate File 2312 as follows:
1 2 #1. By striking page 3, line 18, through page 9,
1 3 line 26.
1 4 #2. By striking page 14, line 7, through page 16,
1 5 line 15.
1 6 #3. Page 16, by inserting before line 16 the
1 7 following:
1 8 <DIVISION
1 9 INCOME TAXATION
1 10 BONUS DEPRECIATION AND EXPENSING ALLOWANCE
1 11 Sec. . Section 422.3, subsection 5, Code
1 12 Supplement 2003, is amended to read as follows:
1 13 5. "Internal Revenue Code" means the Internal
1 14 Revenue Code of 1954, prior to the date of its
1 15 redesignation as the Internal Revenue Code of 1986 by
1 16 the Tax Reform Act of 1986, or means the Internal
1 17 Revenue Code of 1986 as amended to and including
1 18 January 1, 2003, and as amended by Pub. L. No. 108=
1 19 27, section 202, whichever is applicable.
1 20 Sec. . Section 422.7, subsection 39, Code
1 21 Supplement 2003, is amended to read as follows:
1 22 39. a. The additional first=year depreciation
1 23 allowance authorized in section 168(k) of the Internal
1 24 Revenue Code, as enacted by Pub. L. No. 107=147,
1 25 section 101, does not apply in computing net income
1 26 for state tax purposes. If the taxpayer has taken
1 27 such deduction in computing federal adjusted gross
1 28 income, the following adjustments shall be made:
1 29 a. (1) Add the total amount of depreciation taken
1 30 on all property for which the election under section
1 31 168(k) of the Internal Revenue Code was made for the
1 32 tax year.
1 33 b. (2) Subtract an amount equal to depreciation
1 34 taken allowed on such property for the tax year using
1 35 the modified accelerated cost recovery system
1 36 depreciation method applicable under section 168 of
1 37 the Internal Revenue Code without regard to section
1 38 168(k).
1 39 c. (3) Any other adjustments to gains or losses
1 40 to reflect the adjustments made in paragraphs "a" and
1 41 "b" subparagraphs (1) and (2) pursuant to rules
1 42 adopted by the director.
1 43 b. The additional first=year depreciation
1 44 allowance authorized in section 168(k)(4) of the
1 45 Internal Revenue Code, as enacted by Pub. L. No. 108=
1 46 27, shall apply in computing net income for state tax
1 47 purposes, for qualified property acquired after May 5,
1 48 2003, and before January 1, 2005.
1 49 Sec. . Section 422.32, subsection 7, Code
1 50 Supplement 2003, is amended to read as follows:
2 1 7. "Internal Revenue Code" means the Internal
2 2 Revenue Code of 1954, prior to the date of its
2 3 redesignation as the Internal Revenue Code of 1986 by
2 4 the Tax Reform Act of 1986, or means the Internal
2 5 Revenue Code of 1986 as amended to and including
2 6 January 1, 2003, and as amended by Pub. L. No. 108=
2 7 27, section 202, whichever is applicable.
2 8 Sec. . Section 422.35, subsection 19, Code
2 9 Supplement 2003, is amended to read as follows:
2 10 19. a. The additional first=year depreciation
2 11 allowance authorized in section 168(k) of the Internal
2 12 Revenue Code, as enacted by Pub. L. No. 107=147,
2 13 section 101, does not apply in computing net income
2 14 for state tax purposes. If the taxpayer has taken
2 15 such deduction in computing taxable income, the
2 16 following adjustments shall be made:
2 17 a. (1) Add the total amount of depreciation taken
2 18 on all property for which the election under section
2 19 168(k) of the Internal Revenue Code was made for the
2 20 tax year.
2 21 b. (2) Subtract an amount equal to depreciation
2 22 taken allowed on such property for the tax year using
2 23 the modified accelerated cost recovery system
2 24 depreciation method applicable under section 168 of
2 25 the Internal Revenue Code without regard to section
2 26 168(k).
2 27 c. (3) Any other adjustments to gains or losses
2 28 to reflect the adjustments made in paragraphs "a" and
2 29 "b" subparagraphs (1) and (2) pursuant to rules
2 30 adopted by the director.
2 31 b. The additional first=year depreciation
2 32 allowance authorized in section 168(k)(4) of the
2 33 Internal Revenue Code, as enacted by Pub. L. No. 108=
2 34 27, shall apply in computing net income for state tax
2 35 purposes, for qualified property acquired after May 5,
2 36 2003, and before January 1, 2005.
2 37 Sec. . RETROACTIVE APPLICABILITY.
2 38 1. The sections of this division of this Act
2 39 amending section 422.7, subsection 39, and section
2 40 422.35, subsection 19, apply retroactively to tax
2 41 years ending after May 5, 2003.
2 42 2. The sections of this division of this Act
2 43 amending sections 422.3, subsection 5, and 422.32,
2 44 subsection 7, apply retroactively to January 1, 2003,
2 45 for tax years beginning on or after that date.
2 46 Sec. . EFFECTIVE DATE. This division of this
2 47 Act, being deemed of immediate importance, takes
2 48 effect upon enactment.>
2 49 #4. Title page, line 3, by striking the words
2 50 <workers' compensation,>.
3 1
3 2
3 3
3 4 MICHAEL E. GRONSTAL
3 5 JOHN P. KIBBIE
3 6 AMANDA RAGAN
3 7 WILLIAM A. DOTZLER
3 8 DR. JOE SENG
3 9 STEVEN H. WARNSTADT
3 10 EUGENE S. FRAISE
3 11 MATT McCOY
3 12 WALLY E. HORN
3 13 DARYL BEALL
3 14 ROGER STEWART
3 15 THOMAS G. COURTNEY
3 16 SF 2312.301 80
3 17 mg/cf
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