| LAWS OF THE 2001 REGULAR SESSION OF THE SEVENTY-NINTH GENERAL ASSEMBLY OF THE STATE OF IOWA |
Section 1. Section 15.335, subsection 4, Code 2001, is amended to read as follows:
4. For purposes of this section, "base amount", "basic research payment", and "qualified research
expense" mean the same as defined for the federal credit for increasing research activities under section 41 of the
Internal Revenue Code, except that for the alternative incremental credit such amounts are for research conducted
within this state. For purposes of this section, "Internal Revenue Code" means the Internal Revenue Code in effect
on January 1, 2000
2001.
Sec. 2. Section 15A.9, subsection 8, paragraph e, Code 2001, is amended to read as follows:
e. For the purposes of this subsection, "base amount", "basic research payment", and "qualified
research expense" mean the same as defined for the federal credit for increasing research activities under section 41
of the Internal Revenue Code, except that for the alternative incremental credit such amounts are for
research conducted within this state within the zone. For purposes of this subsection, "Internal Revenue Code"
means the Internal Revenue Code in effect on January 1,
2000
2001.
Sec. 3. Section 422.3, subsection 5, Code 2001, is amended to read as follows:
5. "Internal Revenue Code" means the Internal Revenue Code of 1954, prior to the date of its
redesignation as the Internal Revenue Code of 1986 by the Tax Reform Act of 1986, or means the Internal Revenue Code
of 1986 as amended to and including January 1,
2000
2001, whichever is applicable.
Sec. 4. Section 422.7, subsection 6, Code 2001, is amended by striking the subsection.
Sec. 5. Section 422.7, Code 2001, is amended by adding the following new subsection:
NEW SUBSECTION. 36. Notwithstanding the method for computing income from an installment sale under section 453 of the Internal Revenue Code, as defined in section 422.3, the method to be used in computing income from an installment sale shall be the method under section 453 of the Internal Revenue Code, as amended up to and including January 1, 2000. A taxpayer affected by this subsection shall make adjustments in the adjusted gross income pursuant to rules adopted by the director.
Sec. 6. Section 422.10, subsection 3, Code 2001, is amended to read as follows:
3. For purposes of this section, "base amount", "basic research payment", and "qualified research
expense" mean the same as defined for the federal credit for increasing research activities under section 41 of the
Internal Revenue Code, except that for the alternative incremental credit such amounts are for research conducted
within this state. For purposes of this section, "Internal Revenue Code" means the Internal Revenue Code in effect
on January 1, 2000
2001.
Sec. 7. Section 422.13, subsection 1, paragraph b, Code 2001, is amended to read as follows:
b. The individual is claimed as a dependent on another person's return and has net income of
four
five thousand dollars or more for the tax year from sources taxable under this division.
Sec. 8. Section 422.33, subsection 5, paragraph d, Code 2001, is amended to read as follows:
d. For purposes of this subsection, "base amount", "basic research payment", and "qualified
research expense" mean the same as defined for the federal credit for increasing research activities under section 41
of the Internal Revenue Code, except that for the alternative incremental credit such amounts are for
research conducted within this state. For purposes of this subsection, "Internal Revenue Code" means the
Internal Revenue Code in effect on January 1,
2000
2001.
Sec. 9. RETROACTIVE AND APPLICABILITY DATES.
1. Sections 1 through 6 and 8 of this Act apply retroactively to January 1, 2000, for tax years beginning on or after that date.
2. Section 7 of this Act applies retroactively to January 1, 2001, for tax years beginning on or after that date.
Sec. 10. EFFECTIVE DATE. This Act, being deemed of immediate importance, takes effect upon enactment.
Approved May 16, 2001
Updated: 29-Oct-2001 01:10 PM
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