Bill Text: IA SF249 | 2015-2016 | 86th General Assembly | Introduced

Iowa Senate Bill 249 (Prior Session Legislation)

Introduced

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

Spectrum: Partisan Bill (Republican 2-0)

Status: (Introduced - Dead) 2015-02-18 - Subcommittee, Quirmbach, Feenstra, and McCoy. S.J. 325. [SF249 Detail]

Download: Iowa-2015-SF249-Introduced.html

Senate File 249 - Introduced




                                 SENATE FILE       
                                 BY  WHITVER and CHELGREN

                                      A BILL FOR

  1 An Act reducing the individual income tax rates and including
  2    effective date and applicability provisions.
  3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
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PAG LIN



  1  1    Section 1.  Section 422.5, subsection 1, paragraphs a
  1  2 through i, Code 2015, are amended to read as follows:
  1  3    a.  On all taxable income from zero through one thousand
  1  4 dollars, thirty=six thirty=two hundredths of one percent.
  1  5    b.  On all taxable income exceeding one thousand dollars
  1  6 but not exceeding two thousand dollars, seventy=two sixty=five
  1  7  hundredths of one percent.
  1  8    c.  On all taxable income exceeding two thousand dollars
  1  9 but not exceeding four thousand dollars, two and forty=three
  1 10  nineteen hundredths percent.
  1 11    d.  On all taxable income exceeding four thousand dollars
  1 12 but not exceeding nine thousand dollars, four and one=half five
  1 13 hundredths percent.
  1 14    e.  On all taxable income exceeding nine thousand dollars
  1 15 but not exceeding fifteen thousand dollars, six five and twelve
  1 16  fifty=one hundredths percent.
  1 17    f.  On all taxable income exceeding fifteen thousand dollars
  1 18 but not exceeding twenty thousand dollars, six five and
  1 19 forty=eight eighty=three hundredths percent.
  1 20    g.  On all taxable income exceeding twenty thousand dollars
  1 21 but not exceeding thirty thousand dollars, six and eight=tenths
  1 22  twelve hundredths percent.
  1 23    h.  On all taxable income exceeding thirty thousand dollars
  1 24 but not exceeding forty=five thousand dollars, seven and
  1 25 ninety=two thirteen hundredths percent.
  1 26    i.  On all taxable income exceeding forty=five thousand
  1 27 dollars, eight and ninety=eight eight hundredths percent.
  1 28    Sec. 2.  EFFECTIVE DATE.  This Act takes effect January 1,
  1 29 2016.
  1 30    Sec. 3.  APPLICABILITY.  This Act applies to tax years
  1 31 beginning on or after January 1, 2016.
  1 32                           EXPLANATION
  1 33 The inclusion of this explanation does not constitute agreement with
  1 34 the explanation's substance by the members of the general assembly.
  1 35    This bill reduces by approximately 10 percent the tax rate
  2  1 for each of the nine tax brackets of the individual income tax.
  2  2    The current individual income tax rates range from a low of
  2  3 .36 percent to a high of 8.98 percent.  The bill changes these
  2  4 rates to a low of .32 percent to a high of 8.08 percent.
  2  5    The bill takes effect January 1, 2016, and applies to tax
  2  6 years beginning on or after that date.
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