House Amendment 1081


PAG LIN




     1  1    Amend House File 319 as follows:
     1  2 #1.  Page 1, by striking lines 1 through 34 and
     1  3 inserting the following:
     1  4    <Section 1.  Section 15.335, subsection 4,
     1  5 unnumbered paragraph 2, Code 2007, is amended to read
     1  6 as follows:
     1  7    For purposes of this section, "Internal Revenue
     1  8 Code" means the Internal Revenue Code in effect on
     1  9 January 1, 2006 same as defined in section 422.3.
     1 10    Sec. 2.  Section 15A.9, subsection 8, paragraph e,
     1 11 unnumbered paragraph 2, Code 2007, is amended to read
     1 12 as follows:
     1 13    For purposes of this subsection, "Internal Revenue
     1 14 Code" means the Internal Revenue Code in effect on
     1 15 January 1, 2006 same as defined in section 422.3.
     1 16    Sec. 3.  Section 422.3, subsection 5, Code 2007, is
     1 17 amended by striking the subsection and inserting in
     1 18 lieu thereof the following:
     1 19    5.  "Internal Revenue Code" means the Internal
     1 20 Revenue Code of 1986, and amendments thereto, and
     1 21 other provisions of the laws of the United States
     1 22 relating to federal income taxes, as the same may be
     1 23 or become effective at any time, or from time to time,
     1 24 for the taxable year.
     1 25    Sec. 4.  NEW SECTION.  422.3A  FISCAL IMPACT OF
     1 26 INTERNAL REVENUE CODE CHANGES == ANNUAL STATEMENT BY
     1 27 DIRECTOR.
     1 28    On or before the first day of each regular session
     1 29 of the general assembly, the director of revenue shall
     1 30 transmit to each member of the general assembly a
     1 31 statement detailing the estimated fiscal impact to
     1 32 state general fund revenues, over at least a five=year
     1 33 period, resulting from the state's incorporating the
     1 34 changes made by Congress to the Internal Revenue Code.
     1 35    Sec. 5.  Section 422.10, subsection 3, unnumbered
     1 36 paragraph 2, Code 2007, is amended by striking the
     1 37 unnumbered paragraph.
     1 38    Sec. 6.  Section 422.32, subsection 7, Code 2007,
     1 39 is amended by striking the subsection.
     1 40    Sec. 7.  Section 422.33, subsection 5, paragraph d,
     1 41 unnumbered paragraph 2, Code 2007, is amended by
     1 42 striking the unnumbered paragraph.>
     1 43 #2.  Title page, by striking line 1 and inserting
     1 44 the following:  <An Act relating to coupling Iowa's
     1 45 tax laws with the federal Internal Revenue Code>.
     1 46
     1 47
     1 48                               
     1 49 VAN FOSSEN of Scott
     1 50 HF 319.301 82
     2  1 mg/cf/6083

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