House File 262 - 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 certain Iowa municipal securities
  3    and including a retroactive applicability date provision.
  4 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
  5 TLSB 1062YH 83
  6 tw/sc/8

PAG LIN



  1  1    Section 1.  Section 422.7, Code 2009, is amended by adding
  1  2 the following new subsection:
  1  3    NEW SUBSECTION.  2A.  Subtract, to the extent included,
  1  4 interest and dividends from securities issued by an Iowa city
  1  5 or county.
  1  6    Sec. 2.  Section 422.35, Code 2009, is amended by adding
  1  7 the following new subsection:
  1  8    NEW SUBSECTION.  2A.  Subtract, to the extent included,
  1  9 interest and dividends from securities issued by an Iowa city
  1 10 or county.
  1 11    Sec. 3.  RETROACTIVE APPLICABILITY DATE.  This Act applies
  1 12 retroactively to January 1, 2009, for tax years beginning on
  1 13 or after that date.
  1 14                           EXPLANATION
  1 15    This bill exempts from the individual and corporate income
  1 16 taxes interest and dividends from securities issued by an Iowa
  1 17 city or county.
  1 18    The bill applies retroactively to January 1, 2009, for tax
  1 19 years beginning on or after that date.
  1 20 LSB 1062YH 83
  1 21 tw/sc/8