House File 670 - Introduced HOUSE FILE 670 BY JACOBY A BILL FOR An Act exempting from the individual and corporate income 1 taxes interest and dividends from certain Iowa municipal 2 securities and including retroactive applicability 3 provisions. 4 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 5 TLSB 1946YH (3) 84 tw/sc

H.F. 670 Section 1. Section 422.7, Code 2011, is amended by adding 1 the following new subsection: 2 NEW SUBSECTION . 2A. Subtract, to the extent included, 3 interest and dividends from securities issued by an Iowa city 4 or county. 5 Sec. 2. Section 422.35, Code 2011, is amended by adding the 6 following new subsection: 7 NEW SUBSECTION . 2A. Subtract, to the extent included, 8 interest and dividends from securities issued by an Iowa city 9 or county. 10 Sec. 3. RETROACTIVE APPLICABILITY. This Act applies 11 retroactively to January 1, 2011, for tax years beginning on 12 or after that date. 13 EXPLANATION 14 This bill exempts from the individual and corporate income 15 taxes interest and dividends from securities issued by an Iowa 16 city or county. 17 The bill applies retroactively to January 1, 2011, for tax 18 years beginning on or after that date. 19 -1- LSB 1946YH (3) 84 tw/sc 1/ 1