Bill Text: IA HF2467 | 2015-2016 | 86th General Assembly | Introduced

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Bill Title: A bill for an act relating to the automatic repeal of income tax checkoffs and including retroactive applicability provisions. (Formerly HSB 657)

Spectrum: Committee Bill

Status: (Introduced - Dead) 2016-04-25 - Fiscal note. HCS. [HF2467 Detail]

Download: Iowa-2015-HF2467-Introduced.html

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House File 2467 - Introduced




                                 HOUSE FILE       
                                 BY  COMMITTEE ON WAYS AND
                                     MEANS

                                 (SUCCESSOR TO HSB 657)

                                      A BILL FOR

  1 An Act relating to the automatic repeal of income tax checkoffs
  2    and including retroactive applicability provisions.
  3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
    TLSB 6078HV (2) 86
    mm/sc

PAG LIN



  1  1    Section 1.  Section 422.12D, subsection 5, Code 2016, is
  1  2 amended by striking the subsection.
  1  3    Sec. 2.  Section 422.12E, subsection 1, Code 2016, is amended
  1  4 to read as follows:
  1  5    1.  For tax years beginning on or after January 1, 2004,
  1  6 there shall be allowed no more than four income tax return
  1  7 checkoffs on each income tax return. When the same four income
  1  8 tax return checkoffs have been provided on the income tax
  1  9 return for two consecutive years, the two checkoffs for which
  1 10 the least amount has been contributed, in the aggregate for the
  1 11 first tax year and through March 15 of the second tax year, are
  1 12 repealed. This section does not apply to the income tax return
  1 13 checkoff provided in section 68A.601.
  1 14    Sec. 3.  Section 422.12K, subsection 5, Code 2016, is amended
  1 15 by striking the subsection.
  1 16    Sec. 4.  Section 422.12L, subsection 4, Code 2016, is amended
  1 17 by striking the subsection.
  1 18    Sec. 5.  RETROACTIVE APPLICABILITY.  This Act applies
  1 19 retroactively to January 1, 2016, for tax years beginning on
  1 20 or after that date.
  1 21                           EXPLANATION
  1 22 The inclusion of this explanation does not constitute agreement with
  1 23 the explanation's substance by the members of the general assembly.
  1 24    This bill relates to the automatic repeal of income tax
  1 25 checkoffs.
  1 26    Code section 422.12E limits to four the number of income tax
  1 27 checkoffs that can appear on the income tax return.  When the
  1 28 same four income tax return checkoffs have been provided on the
  1 29 income tax return for two consecutive years, the two checkoffs
  1 30 for which the least amount has been contributed through March
  1 31 15 of the second tax year are repealed.  The bill strikes the
  1 32 automatic repeal provision.
  1 33    As a result, the four current income tax checkoffs that were
  1 34 subject to the automatic repeal provision (Iowa state fair
  1 35 foundation checkoff, veterans trust fund and volunteer fire
  2  1 fighter preparedness joint checkoff, child abuse prevention
  2  2 checkoff, and fish and game protection checkoff) will become
  2  3 permanent on the income tax return unless they are repealed by
  2  4 the general assembly.
  2  5    The bill applies retroactively to January 1, 2016, for tax
  2  6 years beginning on or after that date.
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