House File 390 - Introduced HOUSE FILE 390 BY SCHULTZ A BILL FOR An Act exempting from the individual and corporate income taxes 1 interest and dividends from Iowa municipal securities and 2 including retroactive applicability provisions. 3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 4 TLSB 1904YH (2) 85 mm/sc

H.F. 390 Section 1. Section 422.7, Code 2013, is amended by adding 1 the following new subsection: 2 NEW SUBSECTION . 2A. Subtract interest and dividends from 3 Iowa municipal securities. 4 Sec. 2. Section 422.35, Code 2013, is amended by adding the 5 following new subsection: 6 NEW SUBSECTION . 2A. Subtract interest and dividends from 7 Iowa municipal securities. 8 Sec. 3. RETROACTIVE APPLICABILITY DATE. This Act applies 9 retroactively to January 1, 2013, for tax years beginning on 10 or after that date. 11 EXPLANATION 12 This bill exempts from the individual and corporate income 13 taxes interest and dividends from Iowa municipal securities. 14 The bill applies retroactively to January 1, 2013, for tax 15 years beginning on or after that date. 16 -1- LSB 1904YH (2) 85 mm/sc 1/ 1