HF 2115 (LSB 5367YH (5) 83)

HOUSE FILE 2115

BY  ROBERTS

A BILL FOR

An Act eliminating the corporate income tax and including effective date and retroactive applicability provisions.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:

    Section 1.  REPEAL.  Sections 422.34, 422.34A, 422.36, 422.37, 422.38, 422.39, 422.40, and 422.41, Code 2009, are repealed.
    Sec. 2.  REPEAL.  Sections 422.32, 422.33, and 422.35, Code Supplement 2009, are repealed.
    Sec. 3.  CODE EDITOR DIRECTIVE.  The Code editor is directed to remove division III of chapter 422 and to correct internal references and other appropriate references in the Code, and in any enacted Iowa Acts as necessary, to the division, and the sections in the division, repealed by this Act.
    Sec. 4.  EFFECTIVE UPON ENACTMENT AND RETROACTIVE APPLICABILITY.  This Act, being deemed of immediate importance, takes effect upon enactment and applies retroactively to January 1, 2010, for tax years beginning on or after that date.
EXPLANATION
   This bill repeals the business tax on corporations, also known as the corporate income tax, and directs the Code editor to make conforming changes to the Code.
   The bill takes effect upon enactment and applies retroactively to January 1, 2010, for tax years beginning on or after that date.