LAWS OF THE 2001 REGULAR SESSION
OF THE SEVENTY-NINTH
GENERAL ASSEMBLY OF THE STATE OF IOWA

CHAPTER 3 (2001 Extraordinary Session)

INDIVIDUAL INCOME TAX — FEDERAL INCOME TAX REBATE

H.F. 757 Bill History

AN ACT relating to the taxation under the individual income tax of certain federal tax rebates and including a retroactive applicability date provision.

Be It Enacted by the General Assembly of the State of Iowa:

Section 1. Section 422.9, Code 2001, as amended by 2001 Iowa Acts, Senate File 350,¹ section 22, is amended by adding the following new subsection:

NEW SUBSECTION. 6. In determining the amount of deduction for federal income tax under subsection 1 or subsection 2, paragraph "b", for tax years beginning in the 2001 calendar year, the amount of the deduction shall not be adjusted by the amount received during the tax year of the advanced refund of the rate reduction tax credit provided pursuant to the federal Economic Growth and Tax Relief Reconciliation Act of 2001, Pub. L. No. 107-16, and the advanced refund of such credit shall not be subject to taxation under this division.

Sec. 2. APPLICABILITY. This Act applies retroactively to January 1, 2001, for tax years beginning on or after that date and before January 1, 2002.

Approved June 28, 2001

¹ 2001 Iowa Acts, Regular Session, chapter 132 herein

Updated: 01-Nov-2001 02:53 PM
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