HF 2062: 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

What it does

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.

Lobbying · 2 for, 0 against

For: Council Bluffs Chamber of Commerce; Iowa Chamber Alliance

In plain words

1. January 20, 2022Filed in the House and sent to the Ways and Means committee