House File 2115 - Introduced HOUSE FILE 2115 BY ROBERTS A BILL FOR An Act eliminating the corporate income tax and including 1 effective date and retroactive applicability provisions. 2 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 3 TLSB 5367YH (5) 83 tw/sc

H.F. 2115 Section 1. REPEAL. Sections 422.34, 422.34A, 422.36, 1 422.37, 422.38, 422.39, 422.40, and 422.41, Code 2009, are 2 repealed. 3 Sec. 2. REPEAL. Sections 422.32, 422.33, and 422.35, Code 4 Supplement 2009, are repealed. 5 Sec. 3. CODE EDITOR DIRECTIVE. The Code editor is directed 6 to remove division III of chapter 422 and to correct internal 7 references and other appropriate references in the Code, and in 8 any enacted Iowa Acts as necessary, to the division, and the 9 sections in the division, repealed by this Act. 10 Sec. 4. EFFECTIVE UPON ENACTMENT AND RETROACTIVE 11 APPLICABILITY. This Act, being deemed of immediate importance, 12 takes effect upon enactment and applies retroactively to 13 January 1, 2010, for tax years beginning on or after that date. 14 EXPLANATION 15 This bill repeals the business tax on corporations, also 16 known as the corporate income tax, and directs the Code editor 17 to make conforming changes to the Code. 18 The bill takes effect upon enactment and applies 19 retroactively to January 1, 2010, for tax years beginning on 20 or after that date. 21 -1- LSB 5367YH (5) 83 tw/sc 1/ 1