Relating to individual and corporate income taxes by providing an alternative base income tax at the election of the taxpayer, and including effective date and applicability provisions

Where it is now

1. ✓
   Done: IntroducedJanuary 20, 2022
2. ✕
   Stopped: SubcommitteeDied when the General Assembly ended
3. Next: House committee
4. Next: Passes the House
5. Next: Senate committee
6. Next: Passes the Senate
7. Next: To the Governor
8. Next: Signed into law

Died when the session ended The 2022 session adjourned on May 24, 2022, the General Assembly’s last regular session. Bills that didn’t pass both chambers died. What’s a funnel?

What’s in it

This bill relates to individual and corporate income taxes by creating an alternative base income tax imposed at the election of the taxpayer. Division I relates to the computation and imposition of an alternative base income tax.5A, a resident or nonresident individual may elect to be subject to an alternative base income tax as provided in the bill. The state income tax of a taxpayer making an election shall be an amount of tax equal to the taxpayer’s base income times four percent. “Base income” is defined as taxable income as properly computed for federal income tax purposes under section of the Internal Revenue Code, with the following adjustments: less interest and dividend income, less net capital gain income, and less social security benefits and retirement income.

From the explanation printed with the bill as introduced, written by the Legislative Services Agency. Amendments adopted later aren’t reflected. Full bill text

Iowa Code it changes

Creates§422.33A§422.5B

Amends§257.21§422.13§422.16§422.21§422.85§422D.2

Read from the bill as introduced. Each links to every bill touching that chapter of the Iowa Code. How the Code works