House File 2201 - Introduced



                                       HOUSE FILE       
                                       BY  PAULSEN


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

                                      A BILL FOR

  1 An Act exempting from the individual and corporate income taxes
  2    interest and dividends from Iowa municipal securities and
  3    including a retroactive applicability date provision.
  4 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
  5 TLSB 5251YH 82
  6 mg/sc/8

PAG LIN



  1  1    Section 1.  Section 422.7, Code Supplement 2007, is amended
  1  2 by adding the following new subsection:
  1  3    NEW SUBSECTION.  2A.  Subtract interest and dividends from
  1  4 Iowa municipal securities.
  1  5    Sec. 2.  Section 422.35, Code Supplement 2007, is amended
  1  6 by adding the following new subsection:
  1  7    NEW SUBSECTION.  2A.  Subtract interest and dividends from
  1  8 Iowa municipal securities.
  1  9    Sec. 3.  RETROACTIVE APPLICABILITY DATE.  This Act applies
  1 10 retroactively to January 1, 2008, for tax years beginning on
  1 11 or after that date.
  1 12                           EXPLANATION
  1 13    This bill exempts from the individual and corporate income
  1 14 taxes interest and dividends from Iowa municipal securities.
  1 15    The bill applies retroactively to January 1, 2008, for tax
  1 16 years beginning on or after that date.
  1 17 LSB 5251YH 82
  1 18 mg/sc/8