House File 808 - Introduced
HOUSE FILE
BY PAULSEN, WORTHAN, DOLECHECK,
SANDS, LUKAN, MAY, HUSEMAN,
COWNIE, HELLAND, DEYOE,
SODERBERG, WINDSCHITL, TYMESON,
ARNOLD, S. OLSON, HORBACH,
DRAKE, HEATON, RAYHONS,
PETTENGILL, RANTS, L. MILLER,
BAUDLER, RAECKER, UPMEYER,
ALONS, KAUFMANN, ANDERSON,
WAGNER, SCHULTZ, FORRISTALL,
DE BOEF, STRUYK, HAGENOW,
SCHULTE, SORENSON, ROBERTS,
TJEPKES, GRASSLEY, KOESTER,
VAN ENGELENHOVEN, WATTS, and
SWEENEY
Passed House, Date Passed Senate, Date
Vote: Ayes Nays Vote: Ayes Nays
Approved
A BILL FOR
1 An Act updating the Code references to the Internal Revenue Code
2 and including effective date and retroactive applicability
3 provisions.
4 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
5 TLSB 1053YH 83
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PAG LIN
1 1 Section 1. Section 15.335, subsection 4, paragraph b, Code
1 2 2009, is amended to read as follows:
1 3 b. For purposes of this section, "Internal Revenue Code"
1 4 means the Internal Revenue Code in effect on January 1
1 5 February 14, 2008.
1 6 Sec. 2. Section 15A.9, subsection 8, paragraph e,
1 7 subparagraph (2), Code 2009, is amended to read as follows:
1 8 (2) For purposes of this subsection, "Internal Revenue
1 9 Code" means the Internal Revenue Code in effect on January 1
1 10 February 14, 2008.
1 11 Sec. 3. Section 422.3, subsection 5, Code 2009, is amended
1 12 to read as follows:
1 13 5. "Internal Revenue Code" means the Internal Revenue Code
1 14 of 1954, prior to the date of its redesignation as the
1 15 Internal Revenue Code of 1986 by the Tax Reform Act of 1986,
1 16 or means the Internal Revenue Code of 1986 as amended to and
1 17 including January 1 February 14, 2008.
1 18 Sec. 4. Section 422.10, subsection 3, unnumbered paragraph
1 19 2, Code 2009, is amended to read as follows:
1 20 For purposes of this section, "Internal Revenue Code" means
1 21 the Internal Revenue Code in effect on January 1 February 14,
1 22 2008.
1 23 Sec. 5. Section 422.32, subsection 7, Code 2009, is
1 24 amended to read as follows:
1 25 7. "Internal Revenue Code" means the Internal Revenue Code
1 26 of 1954, prior to the date of its redesignation as the
1 27 Internal Revenue Code of 1986 by the Tax Reform Act of 1986,
1 28 or means the Internal Revenue Code of 1986 as amended to and
1 29 including January 1 February 14, 2008.
1 30 Sec. 6. Section 422.33, subsection 5, paragraph d,
1 31 unnumbered paragraph 2, Code 2009, is amended to read as
1 32 follows:
1 33 For purposes of this subsection, "Internal Revenue Code"
1 34 means the Internal Revenue Code in effect on January 1
1 35 February 14, 2008.
2 1 Sec. 7. EFFECTIVE AND RETROACTIVE APPLICABILITY DATES.
2 2 This Act, being deemed of immediate importance, takes effect
2 3 upon enactment and applies retroactively to January 1, 2008,
2 4 for tax years beginning on or after that date.
2 5 EXPLANATION
2 6 This bill updates the references to the Internal Revenue
2 7 Code to make the federal income tax revisions enacted by
2 8 Congress through February 14, 2008, applicable for Iowa income
2 9 tax purposes. Among other things, the bill makes certain
2 10 provisions regarding bonus depreciation applicable for Iowa
2 11 income tax purposes.
2 12 Code sections 422.3 and 422.32, general definitions
2 13 sections in the income tax chapter of the Code, are amended to
2 14 update the reference to the Internal Revenue Code.
2 15 Code sections 15.335, 15A.9, 422.10, and 422.33 are amended
2 16 to update the Code references to the state research activities
2 17 credit for individuals, corporations, corporations in economic
2 18 development areas, and corporations in quality jobs enterprise
2 19 zones to include the federal changes through February 14,
2 20 2008, in the research activities credit and the alternative
2 21 incremental research credit.
2 22 The bill takes effect upon enactment and applies
2 23 retroactively to January 1, 2008, for tax years beginning on
2 24 or after that date.
2 25 LSB 1053YH 83
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