Iowa General Assembly Daily Bills, Amendments & Study Bills March 17, 2009



Download 4.06 Mb.
Page7/81
Date conversion04.09.2017
Size4.06 Mb.
1   2   3   4   5   6   7   8   9   10   ...   81

H-1193


House Amendment 1193
PAG LIN
1 1 Amend Senate File 266, as passed by the Senate, as

1 2 follows:

1 3 #1. Page 1, by inserting before line 1 the

1 4 following:

1 5

1 6 2, Code 2009, is amended to read as follows:

1 7 If you are not satisfied that the foregoing

1 8 assessment is correct, you may file a protest against

1 9 such assessment with the board of review on or after

1 10 April 16, to and including May 5 15, of the year of

1 11 the assessment, such protest to be confined to the

1 12 grounds specified in section 441.37.

1 13 Dated: .. day of ... (month), .. (year)

1 14 ..............................

1 15 County/City Assessor.

1 16 Sec. 2. Section 441.37, subsection 1, unnumbered

1 17 paragraph 1, Code 2009, is amended to read as follows:

1 18 Any property owner or aggrieved taxpayer who is

1 19 dissatisfied with the owner's or taxpayer's assessment

1 20 may file a protest against such assessment with the

1 21 board of review on or after April 16, to and including

1 22 May 5 15, of the year of the assessment. In any

1 23 county which has been declared to be a disaster area

1 24 by proper federal authorities after March 1 and prior

1 25 to May 20 of said year of assessment, the board of

1 26 review shall be authorized to remain in session until

1 27 June 15 and the time for filing a protest shall be

1 28 extended to and include the period from May 25 to June

1 29 5 of such year. Said protest shall be in writing and

1 30 signed by the one protesting or by the protester's

1 31 duly authorized agent. The taxpayer may have an oral

1 32 hearing thereon if request therefor in writing is made

1 33 at the time of filing the protest. Said protest must

1 34 be confined to one or more of the following grounds:>

1 35 #2. Page 1, by inserting after line 17 the

1 36 following:

1 37 <The assessor shall send an individual notice to


1 38 all property owners or taxpayers affected by an

1 39 equalization order issued by the director if an

1 40 assessment notice had not previously been mailed to

1 41 the property owner or taxpayer. The notice shall be

1 42 sent on or before October 15.>

1 43 #3. By renumbering as necessary.

1 44

1 45


1 46

1 47 HUSER of Polk

1 48 SF 266.701 83

1 49 sc/jp/22857

1 50
-1-


HF 738


House File 738 - Introduced

HOUSE FILE

BY COWNIE

Passed House, Date Passed Senate, Date

Vote: Ayes Nays Vote: Ayes Nays

Approved


A BILL FOR
1 An Act excluding from the computation of net income the interest

2 and principal on student loans and including a retroactive

3 applicability date provision.

4 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:

5 TLSB 2177YH 83

6 tw/sc:mg/24

House File 738 - Introduced continued
PAG LIN

1 1 Section 1. Section 422.7, Code 2009, is amended by adding

1 2 the following new subsection:

1 3 NEW SUBSECTION. 42A. a. Subtract, to the extent not

1 4 otherwise deducted, the amount of principal paid and the

1 5 amount of interest paid on a student loan if the taxpayer has

1 6 graduated during the calendar year from an accredited two=year

1 7 or four=year college or university and is employed full=time

1 8 in the state at the end of the tax year.

1 9 b. The deduction pursuant to this subsection is available

1 10 beginning with the tax year in which the taxpayer graduated or

1 11 the following year, as elected by the taxpayer, and for the

1 12 ensuing four tax years.

1 13 c. The amount of principal deducted pursuant to paragraph

1 14 "a" shall not exceed the following amounts:

1 15 (1) For single persons and married persons filing

1 16 separately with adjusted gross income of seventy=five thousand

1 17 dollars or less, two thousand five hundred dollars.

1 18 (2) For single persons and married persons filing

1 19 separately with adjusted gross income of more than

1 20 seventy=five thousand dollars but less than ninety=five

1 21 thousand dollars, one thousand five hundred dollars.

1 22 (3) For single persons and married persons filing

1 23 separately with adjusted gross income of ninety=five thousand

1 24 dollars or more, zero dollars.

1 25 (4) For married persons filing jointly, heads of

1 26 household, and surviving spouses with adjusted gross income of

1 27 one hundred fifty=five thousand dollars or less, five thousand

1 28 dollars.

1 29 (5) For married persons filing jointly, heads of

1 30 household, and surviving spouses with adjusted gross income of

1 31 more than one hundred fifty=five thousand dollars but less

1 32 than two hundred thousand dollars, three thousand dollars.

1 33 (6) For married persons filing jointly, heads of

1 34 household, and surviving spouses with adjusted gross income of

1 35 two hundred thousand dollars or more, zero dollars.


House File 738 - Introduced continued
2 1 d. The amount of interest deducted pursuant to paragraph

2 2 "a" shall not exceed the following amounts:

2 3 (1) For single persons and married persons filing

2 4 separately with adjusted gross income of seventy=five thousand

2 5 dollars or less, five thousand dollars.

2 6 (2) For single persons and married persons filing

2 7 separately with adjusted gross income of more than

2 8 seventy=five thousand dollars but less than ninety=five

2 9 thousand dollars, three thousand dollars.

2 10 (3) For single persons and married persons filing

2 11 separately with adjusted gross income of ninety=five thousand

2 12 dollars or more, zero dollars.

2 13 (4) For married persons filing jointly, heads of

2 14 household, and surviving spouses with adjusted gross income of

2 15 one hundred fifty=five thousand dollars or less, ten thousand

2 16 dollars.

2 17 (5) For married persons filing jointly, heads of

2 18 household, and surviving spouses with adjusted gross income of

2 19 more than one hundred fifty=five thousand dollars but less

2 20 than two hundred thousand dollars, six thousand dollars.

2 21 (6) For married persons filing jointly, heads of

2 22 household, and surviving spouses with adjusted gross income of

2 23 two hundred thousand dollars or more, zero dollars.

2 24 Sec. 2. RETROACTIVE APPLICABILITY DATE. This Act applies

2 25 retroactively to January 1, 2009, for tax years beginning on

2 26 or after that date.

2 27 EXPLANATION

2 28 This bill allows recent college graduates to deduct student

2 29 loan interest and principal in determining net income for

2 30 purposes of computing the amount of state income tax due.

2 31 Individuals filing separately with adjusted gross income of

2 32 $75,000 or less may deduct up to $2,500 of principal and up to

2 33 $5,000 of interest every year for the first five years

2 34 following graduation from an accredited two=year or four=year

2 35 college or university.
House File 738 - Introduced continued

3 1 Individuals filing separately with adjusted gross income of

3 2 more than $75,000 but less than $95,000 may deduct up to

3 3 $1,500 of principal and up to $3,000 of interest.

3 4 Individuals filing separately with adjusted gross income of

3 5 $95,000 or more are not eligible for a deduction.

3 6 Married persons filing jointly, heads of household, and

3 7 surviving spouses with adjusted gross income of $155,000 or

3 8 less may deduct up to $5,000 of principal and up to $10,000 of

3 9 interest.

3 10 Married persons filing jointly, heads of household, and

3 11 surviving spouses with adjusted gross income of more than

3 12 $155,000 but less than $200,000 may deduct up to $3,000 of

3 13 principal and up to $6,000 of interest.

3 14 Married persons filing jointly, heads of household, and

3 15 surviving spouses with adjusted gross income of $200,000 or

3 16 more are not eligible for a deduction.

3 17 The bill applies retroactively to January 1, 2009, for tax

3 18 years beginning on or after that date.

3 19 LSB 2177YH 83

3 20 tw/sc:mg/24






1   2   3   4   5   6   7   8   9   10   ...   81


The database is protected by copyright ©hestories.info 2017
send message

    Main page