Senate File 2123 - Enrolled PAG LIN 1 1 SENATE FILE 2123 1 2 1 3 AN ACT 1 4 UPDATING THE CODE REFERENCES TO THE INTERNAL REVENUE CODE 1 5 AND INCLUDING EFFECTIVE DATE AND RETROACTIVE APPLICABILITY 1 6 DATE PROVISIONS. 1 7 1 8 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 1 9 1 10 Section 1. Section 15.335, subsection 4, unnumbered 1 11 paragraph 2, Code Supplement 2007, is amended to read as 1 12 follows: 1 13 For purposes of this section, "Internal Revenue Code" means 1 14 the Internal Revenue Code in effect on January 1,20072008. 1 15 Sec. 2. Section 15A.9, subsection 8, paragraph e, 1 16 unnumbered paragraph 2, Code Supplement 2007, is amended to 1 17 read as follows: 1 18 For purposes of this subsection, "Internal Revenue Code" 1 19 means the Internal Revenue Code in effect on January 1,20071 20 2008. 1 21 Sec. 3. Section 422.3, subsection 5, Code Supplement 2007, 1 22 is amended to read as follows: 1 23 5. "Internal Revenue Code" means the Internal Revenue Code 1 24 of 1954, prior to the date of its redesignation as the 1 25 Internal Revenue Code of 1986 by the Tax Reform Act of 1986, 1 26 or means the Internal Revenue Code of 1986 as amended to and 1 27 including January 1,20072008. 1 28 Sec. 4. Section 422.7, Code Supplement 2007, is amended by 1 29 adding the following new subsection: 1 30 NEW SUBSECTION. 53. A taxpayer is allowed to take the 1 31 increased expensing allowance under section 179 of the 1 32 Internal Revenue Code, as amended by Pub. L. No. 110=185, in 1 33 computing state tax purposes. 1 34 Sec. 5. Section 422.10, subsection 3, unnumbered paragraph 1 35 2, Code Supplement 2007, is amended to read as follows: 2 1 For purposes of this section, "Internal Revenue Code" means 2 2 the Internal Revenue Code in effect on January 1,20072008. 2 3 Sec. 6. Section 422.32, subsection 7, Code Supplement 2 4 2007, is amended to read as follows: 2 5 7. "Internal Revenue Code" means the Internal Revenue Code 2 6 of 1954, prior to the date of its redesignation as the 2 7 Internal Revenue Code of 1986 by the Tax Reform Act of 1986, 2 8 or means the Internal Revenue Code of 1986 as amended to and 2 9 including January 1,20072008. 2 10 Sec. 7. Section 422.33, subsection 5, paragraph d, 2 11 unnumbered paragraph 2, Code Supplement 2007, is amended to 2 12 read as follows: 2 13 For purposes of this subsection, "Internal Revenue Code" 2 14 means the Internal Revenue Code in effect on January 1,20072 15 2008. 2 16 Sec. 8. Section 422.35, Code Supplement 2007, is amended 2 17 by adding the following new subsection: 2 18 NEW SUBSECTION. 24. A taxpayer is allowed to take the 2 19 increased expensing allowance under section 179 of the 2 20 Internal Revenue Code, as amended by Pub. L. No. 110=185, in 2 21 computing state tax purposes. 2 22 Sec. 9. EFFECTIVE AND RETROACTIVE APPLICABILITY DATES. 2 23 1. Except as provided in subsection 2, this Act, being 2 24 deemed of immediate importance, takes effect upon enactment 2 25 and applies retroactively to January 1, 2007, for tax years 2 26 beginning on or after that date. 2 27 2. The sections of this Act amending sections 422.7 and 2 28 422.35, being deemed of immediate importance, take effect upon 2 29 enactment and apply retroactively to January 1, 2008, for tax 2 30 years beginning on or after that date. 2 31 2 32 2 33 2 34 JOHN P. KIBBIE 2 35 President of the Senate 3 1 3 2 3 3 3 4 PATRICK J. MURPHY 3 5 Speaker of the House 3 6 3 7 I hereby certify that this bill originated in the Senate and 3 8 is known as Senate File 2123, Eighty=second General Assembly. 3 9 3 10 3 11 3 12 MICHAEL E. MARSHALL 3 13 Secretary of the Senate 3 14 Approved , 2008 3 15 3 16 3 17 3 18 CHESTER J. CULVER 3 19 Governor