HF 390 (LSB 1904YH (2) 85)

HOUSE FILE 390

BY  SCHULTZ

A BILL FOR

An Act exempting from the individual and corporate income taxes interest and dividends from Iowa municipal securities and including retroactive applicability provisions.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:

    Section 1.  Section 422.7, Code 2013, is amended by adding the following new subsection:
   NEW SUBSECTION.  2A.  Subtract interest and dividends from Iowa municipal securities.
    Sec. 2.  Section 422.35, Code 2013, is amended by adding the following new subsection:
   NEW SUBSECTION.  2A.  Subtract interest and dividends from Iowa municipal securities.
    Sec. 3.  RETROACTIVE APPLICABILITY DATE.  This Act applies retroactively to January 1, 2013, for tax years beginning on or after that date.
EXPLANATION
   This bill exempts from the individual and corporate income taxes interest and dividends from Iowa municipal securities.
   The bill applies retroactively to January 1, 2013, for tax years beginning on or after that date.