Bill Text: IA SF224 | 2011-2012 | 84th General Assembly | Introduced

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Bill Title: A bill for an act reducing the individual income tax rates and including effective date and applicability provisions.

Spectrum: Partisan Bill (Republican 21-1)

Status: (Introduced - Dead) 2011-12-31 - END OF 2011 ACTIONS [SF224 Detail]

Download: Iowa-2011-SF224-Introduced.html

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Senate File 224 - Introduced
SENATE FILE 224
BY DIX , ZAUN , KETTERING ,
JOHNSON , SORENSON , HOUSER ,
SEYMOUR , BEHN , McKINLEY ,
BOETTGER , BACON , GREINER ,
CHELGREN , KAPUCIAN ,
FEENSTRA , HAHN , ANDERSON ,
BERTRAND , HAMERLINCK ,
SMITH , WARD , and ERNST
A BILL FOR
An Act reducing the individual income tax rates and including
effective date and applicability provisions.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
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S.F. 224
Section 1. Section 422.5, subsection 1, paragraphs a
through i, Code 2011, are amended to read as follows:
a. On all taxable income from zero through one thousand
dollars, thirty-six thirty-two hundredths of one percent.
b. On all taxable income exceeding one thousand dollars
but not exceeding two thousand dollars, seventy-two sixty-five
hundredths of one percent.
c. On all taxable income exceeding two thousand dollars
but not exceeding four thousand dollars, two and forty-three
nineteen hundredths percent.
d. On all taxable income exceeding four thousand dollars
but not exceeding nine thousand dollars, four and one-half five
hundredths percent.
e. On all taxable income exceeding nine thousand dollars
but not exceeding fifteen thousand dollars, six five and twelve
fifty-one hundredths percent.
f. On all taxable income exceeding fifteen thousand dollars
but not exceeding twenty thousand dollars, six and forty-eight
eighty-three hundredths percent.
g. On all taxable income exceeding twenty thousand dollars
but not exceeding thirty thousand dollars, six and eight-tenths
twelve hundredths percent.
h. On all taxable income exceeding thirty thousand dollars
but not exceeding forty-five thousand dollars, seven and
ninety-two thirteen hundredths percent.
i. On all taxable income exceeding forty-five thousand
dollars, eight and ninety-eight eight hundredths percent.
Sec. 2. EFFECTIVE DATE AND APPLICABILITY. This Act takes
effect January 1, 2012, and applies to tax years beginning on
or after that date.
EXPLANATION
This bill reduces by approximately 10 percent the tax rate
for each of the nine tax brackets of the individual income tax.
The current individual income tax rates range from a low of
.36 percent to a high of 8.98 percent. The bill changes these
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S.F. 224
rates to a low of .32 percent to a high of 8.08 percent.
The bill takes effect January 1, 2012, and applies to tax
years beginning on or after that date.
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