Senate Amendment 3291
PAG LIN
1 1 Amend Senate File 481 as follows:
1 2 #1. Page 1, by inserting before line 1 the
1 3 following:
1 4 <DIVISION I
1 5 HISTORIC TAX CREDITS>
1 6 #2. Page 9, by inserting before line 9 the
1 7 following:
1 8 <DIVISION II
1 9 INTERNAL REVENUE CODE COUPLING
1 10 Sec. . Section 15.335, subsection 4, paragraph
1 11 b, Code 2009, is amended to read as follows:
1 12 b. For purposes of this section, "Internal Revenue
1 13 Code" means the Internal Revenue Code in effect on
1 14 January 1, 2008 2009.
1 15 Sec. . Section 15A.9, subsection 8, paragraph
1 16 e, subparagraph (2), Code 2009, is amended to read as
1 17 follows:
1 18 (2) For purposes of this subsection, "Internal
1 19 Revenue Code" means the Internal Revenue Code in
1 20 effect on January 1, 2008 2009.
1 21 Sec. . Section 422.3, subsection 5, Code 2009,
1 22 is amended to read as follows:
1 23 5. "Internal Revenue Code" means the Internal
1 24 Revenue Code of 1954, prior to the date of its
1 25 redesignation as the Internal Revenue Code of 1986 by
1 26 the Tax Reform Act of 1986, or means the Internal
1 27 Revenue Code of 1986 as amended to and including
1 28 January 1, 2008 2009.
1 29 Sec. . Section 422.5, subsection 1, paragraph
1 30 k, subparagraph (1), Code 2009, is amended to read as
1 31 follows:
1 32 (1) Add items of tax preference included in
1 33 federal alternative minimum taxable income under
1 34 section 57, except subsections (a)(1), (a)(2), and
1 35 (a)(5), of the Internal Revenue Code, make the
1 36 adjustments included in federal alternative minimum
1 37 taxable income under section 56, except subsections
1 38 (a)(4), (b)(1)(C)(iii), and (d), of the Internal
1 39 Revenue Code, and add losses as required by section 58
1 40 of the Internal Revenue Code. To the extent that any
1 41 preference or adjustment is determined by an
1 42 individual's federal adjusted gross income, the
1 43 individual's federal adjusted gross income is computed
1 44 in accordance with section 422.7, subsection
1 45 subsections 39 and 39A. In the case of an estate or
1 46 trust, the items of tax preference, adjustments, and
1 47 losses shall be apportioned between the estate or
1 48 trust and the beneficiaries in accordance with rules
1 49 prescribed by the director.
1 50 Sec. . Section 422.7, Code 2009, is amended by
2 1 adding the following new subsection:
2 2 NEW SUBSECTION. 39A. The additional first=year
2 3 depreciation allowance authorized in section 168(k) of
2 4 the Internal Revenue Code, as enacted by Pub. L. No.
2 5 110=185, section 103, does not apply in computing net
2 6 income for state tax purposes. If a taxpayer has
2 7 taken a deduction for additional first=year
2 8 depreciation in computing federal adjusted gross
2 9 income, the following adjustments to federal adjusted
2 10 gross income shall be made:
2 11 a. Add the total amount of depreciation taken on
2 12 all property for which the election under section
2 13 168(k) of the Internal Revenue Code was made for the
2 14 tax year.
2 15 b. Subtract an amount equal to depreciation
2 16 allowed on such property for the tax year using the
2 17 modified accelerated cost recovery system depreciation
2 18 method applicable under section 168 of the Internal
2 19 Revenue Code without regard to section 168(k).
2 20 c. Any other adjustments to gains or losses to
2 21 reflect the adjustments made in paragraphs "a" and
2 22 "b", according to rules adopted by the director.
2 23 Sec. . Section 422.7, subsection 53, Code 2009,
2 24 is amended by striking the subsection.
2 25 Sec. . Section 422.9, subsection 2, paragraphs
2 26 h and i, Code 2009, are amended to read as follows:
2 27 h. For purposes of calculating the deductions in
2 28 this subsection that are authorized under the Internal
2 29 Revenue Code, and to the extent that any of such
2 30 deductions is determined by an individual's federal
2 31 adjusted gross income, the individual's federal
2 32 adjusted gross income is computed in accordance with
2 33 section 422.7, subsection subsections 39 and 39A.
2 34 i. The deduction for state sales and use taxes is
2 35 allowable only if the taxpayer elected to deduct the
2 36 state sales and use taxes in lieu of state income
2 37 taxes under section 164 of the Internal Revenue Code.
2 38 A deduction for state sales and use taxes is not
2 39 allowed if the taxpayer has taken the deduction for
2 40 state income taxes or claimed the standard deduction
2 41 under section 63 of the Internal Revenue Code. This
2 42 paragraph applies to taxable years beginning after
2 43 December 31, 2003, and before January 1, 2006 2010.
2 44 Sec. . Section 422.9, subsection 3, paragraph
2 45 b, Code 2009, is amended to read as follows:
2 46 b. The Iowa net operating loss remaining after
2 47 being carried back as required in paragraph "a", or
2 48 "d", or "e", or if not required to be carried back
2 49 shall be carried forward twenty taxable years.
2 50 Sec. . Section 422.9, subsection 3, Code 2009,
3 1 is amended by adding the following new paragraph:
3 2 NEW PARAGRAPH. e. Notwithstanding paragraph "a",
3 3 for a taxpayer who has a qualified disaster loss as
3 4 defined in section 172(b)(1)(J) of the Internal
3 5 Revenue Code, including modifications prescribed by
3 6 rule by the director, the Iowa qualified disaster loss
3 7 is a net operating loss which may be carried back five
3 8 taxable years prior to the taxable year of the loss.
3 9 Sec. . Section 422.9, Code 2009, is amended by
3 10 adding the following new subsection:
3 11 NEW SUBSECTION. 9. In determining the amount of
3 12 deduction for federal income tax under subsection 1 or
3 13 subsection 2, paragraph "b", for tax years beginning
3 14 in the 2009 calendar year, if a refund is attributable
3 15 to the receipt of an advance refund pursuant to the
3 16 federal Recovery Rebates and Economic Stimulus for the
3 17 American People Act of 2008, Pub. L. No. 110=185, the
3 18 amount of the deduction for the tax year shall not be
3 19 adjusted by the amount of the advance refund, and the
3 20 amount of the advance refund shall not be taxable
3 21 under this division.
3 22 Sec. . Section 422.10, subsection 3, unnumbered
3 23 paragraph 2, Code 2009, is amended to read as follows:
3 24 For purposes of this section, "Internal Revenue
3 25 Code" means the Internal Revenue Code in effect on
3 26 January 1, 2008 2009.
3 27 Sec. . Section 422.32, subsection 7, Code 2009,
3 28 is amended to read as follows:
3 29 7. "Internal Revenue Code" means the Internal
3 30 Revenue Code of 1954, prior to the date of its
3 31 redesignation as the Internal Revenue Code of 1986 by
3 32 the Tax Reform Act of 1986, or means the Internal
3 33 Revenue Code of 1986 as amended to and including
3 34 January 1, 2008 2009.
3 35 Sec. . Section 422.33, subsection 5, paragraph
3 36 d, unnumbered paragraph 2, Code 2009, is amended to
3 37 read as follows:
3 38 For purposes of this subsection, "Internal Revenue
3 39 Code" means the Internal Revenue Code in effect on
3 40 January 1, 2008 2009.
3 41 Sec. . Section 422.35, subsection 11, paragraph
3 42 b, Code 2009, is amended to read as follows:
3 43 b. The Iowa net operating loss remaining after
3 44 being carried back as required in paragraph "a", or
3 45 "f", or "g", or if not required to be carried back
3 46 shall be carried forward twenty taxable years.
3 47 Sec. . Section 422.35, subsection 11, Code
3 48 2009, is amended by adding the following new
3 49 paragraph:
3 50 NEW PARAGRAPH. g. Notwithstanding paragraph "a",
4 1 for a taxpayer who has a qualified disaster loss as
4 2 defined in section 172(b)(1)(J) of the Internal
4 3 Revenue Code, including modifications prescribed by
4 4 rule by the director, the Iowa qualified disaster loss
4 5 is a net operating loss which may be carried back five
4 6 taxable years prior to the taxable year of the loss.
4 7 Sec. . Section 422.35, Code 2009, is amended by
4 8 adding the following new subsection:
4 9 NEW SUBSECTION. 19A. The additional first=year
4 10 depreciation allowance authorized in section 168(k) of
4 11 the Internal Revenue Code, as enacted by Pub. L. No.
4 12 110=185, section 103, does not apply in computing net
4 13 income for state tax purposes. If a taxpayer has
4 14 taken a deduction for additional first=year
4 15 depreciation in computing federal taxable income, the
4 16 following adjustments to federal taxable income shall
4 17 be made:
4 18 a. Add the total amount of depreciation taken on
4 19 all property for which the election under section
4 20 168(k) of the Internal Revenue Code was made for the
4 21 tax year.
4 22 b. Subtract an amount equal to depreciation
4 23 allowed on such property for the tax year using the
4 24 modified accelerated cost recovery system depreciation
4 25 method applicable under section 168 of the Internal
4 26 Revenue Code without regard to section 168(k).
4 27 c. Any other adjustments to gains or losses to
4 28 reflect the adjustments made in paragraphs "a" and
4 29 "b", according to rules adopted by the director.
4 30 Sec. . Section 422.35, subsection 24, Code
4 31 2009, is amended by striking the subsection.
4 32 Sec. . RETROACTIVE APPLICABILITY.
4 33 1. The sections of this Act amending Code sections
4 34 15.335, 15A.9, 422.3, 422.9, subsection 3, 422.10,
4 35 422.32, 422.33, and 422.35, subsection 11, apply
4 36 retroactively to January 1, 2008, for tax years
4 37 beginning on or after that date.
4 38 2. The sections of this Act amending Code sections
4 39 422.5, 422.7, new subsection 39A and subsection 53,
4 40 422.9, subsection 2, and 422.35, new subsection 19A
4 41 and subsection 24, apply retroactively to December 31,
4 42 2007, for tax years ending after that date.
4 43 3. The section of this Act enacting section 422.9,
4 44 subsection 9, applies retroactively to January 1,
4 45 2009, for tax years beginning in the 2009 calendar
4 46 year.
4 47 Sec. . EFFECTIVE DATE. This division of this
4 48 Act, being deemed of immediate importance, takes
4 49 effect upon enactment.>
4 50 #3. Title page, line 1, by inserting after the
5 1 word <to> the following: <taxation by providing for
5 2 Internal Revenue Code coupling and by providing for>.
5 3 #4. Title page, line 5, by inserting after the
5 4 word <affairs> the following: <and including
5 5 effective and retroactive applicability date
5 6 provisions>.
5 7 #5. By renumbering as necessary.
5 8
5 9
5 10
5 11 DAVID HARTSUCH
5 12
5 13
5 14
5 15 BRAD ZAUN
5 16
5 17
5 18
5 19 STEVE KETTERING
5 20
5 21
5 22
5 23 TIM L. KAPUCIAN
5 24
5 25
5 26
5 27 DAVID JOHNSON
5 28
5 29
5 30
5 31 SHAWN HAMERLINCK
5 32
5 33
5 34
5 35 KIM REYNOLDS
5 36
5 37
5 38
5 39 LARRY NOBLE
5 40
5 41
5 42
5 43 RANDY FEENSTRA
5 44
5 45
5 46
5 47 JAMES HAHN
5 48
5 49
5 50
6 1 PAT WARD
6 2
6 3
6 4
6 5 MERLIN BARTZ
6 6
6 7
6 8
6 9 NANCY BOETTGER
6 10
6 11
6 12
6 13 JERRY BEHN
6 14
6 15
6 16
6 17 JAMES SEYMOUR
6 18
6 19
6 20
6 21 RON WIECK
6 22
6 23
6 24
6 25 HUBERT HOUSER
6 26
6 27
6 28
6 29 PAUL McKINLEY
6 30 SF 481.202 83
6 31 tw/mg:sc/23751
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