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, 2007 2008.
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, 2007
1 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, 2007 2008.
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
35 2, Code Supplement 2007, is amended to read as follows:
1	For purposes of this section, "Internal Revenue Code" means
2	2 the Internal Revenue Code in effect on January 1, 2007 2008.
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, 2007 2008.
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, 2007
2 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
35	President of the Senate
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3	2
3	3

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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