House File 640

                                       HOUSE FILE       
                                       BY  ALONS


    Passed House, Date                Passed Senate,  Date             
    Vote:  Ayes        Nays           Vote:  Ayes        Nays         
                 Approved                            

                                      A BILL FOR

  1 An Act relating to the deduction of corporate dividends received
  2    in computing state individual income taxes and including
  3    effective and retroactive applicability date provisions.
  4 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
  5 TLSB 1577YH 80
  6 mg/sh/8

PAG LIN

  1  1    Section 1.  Section 422.7, Code 2003, is amended by adding
  1  2 the following new subsection:
  1  3    NEW SUBSECTION.  39.  Subtract, to the extent included,
  1  4 dividends received from a corporation.
  1  5    Sec. 2.  EFFECTIVE AND APPLICABILITY DATES.  This Act,
  1  6 being deemed of immediate importance, takes effect upon
  1  7 enactment and applies retroactively to January 1, 2003, for
  1  8 tax years beginning on or after that year.
  1  9                           EXPLANATION
  1 10    This bill allows the deduction for dividends received from
  1 11 a corporation in computing state individual income tax.
  1 12    The bill takes effect upon enactment and applies beginning
  1 13 with the 2003 tax year.
  1 14 LSB 1577YH 80
  1 15 mg/sh/8
  1 16
  1 17
  1 18
  1 19
  1 20
  1 21
  1 22
  1 23
  1 24
  1 25
  1 26
  1 27
  1 28
  1 29
  1 30
  1 31
  1 32
  1 33
  1 34
  1 35