Bill Text: IA SF473 | 2011-2012 | 84th General Assembly | Introduced
Bill Title: A bill for an act providing a deduction for certain casualty losses and including effective and retroactive applicability provisions.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2011-12-31 - END OF 2011 ACTIONS [SF473 Detail]
Download: Iowa-2011-SF473-Introduced.html
Senate
File
473
-
Introduced
SENATE
FILE
473
BY
RAGAN
(COMPANION
TO
LSB
2095HH
BY
STECKMAN)
A
BILL
FOR
An
Act
providing
a
deduction
for
certain
casualty
losses
1
and
including
effective
and
retroactive
applicability
2
provisions.
3
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
4
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S.F.
473
Section
1.
DISASTER-RELATED
PERSONAL
CASUALTY
LOSS
1
DEDUCTIONS.
A
taxpayer
is
allowed
to
take
the
deduction
for
2
disaster-related
casualty
losses
under
section
165(h)
of
the
3
Internal
Revenue
Code,
as
modified
by
the
Heartland
Disaster
4
Relief
Act
of
2008,
Pub.
L.
No.
110-343,
in
computing
net
5
income
for
state
tax
purposes.
6
Sec.
2.
EFFECTIVE
UPON
ENACTMENT
AND
RETROACTIVE
7
APPLICABILITY.
This
Act,
being
deemed
of
immediate
importance,
8
takes
effect
upon
enactment
and
applies
retroactively
to
9
January
1,
2008,
for
tax
years
beginning
on
or
after
that
date
10
and
before
January
1,
2009.
11
Sec.
3.
REFUNDS.
A
claim
for
credit
or
refund
of
income
12
taxes
paid
that
arises
under
the
provisions
of
this
Act
is
13
considered
timely
if
such
a
claim
is
filed
with
the
department
14
of
revenue
on
or
before
October
1,
2011.
15
EXPLANATION
16
This
bill
allows
taxpayers
to
take
deductions
for
certain
17
disaster-related
casualty
losses.
18
In
2008,
the
midwest
suffered
significant
property
casualty
19
losses
due
to
natural
disasters.
In
response,
the
federal
20
government
passed
the
Heartland
Disaster
Relief
Act
which
21
amended
the
casualty
loss
provisions
of
the
Internal
Revenue
22
Code.
In
2009
and
2010,
the
state
of
Iowa
did
not
conform
23
to
the
federal
provisions
related
to
the
computation
of
net
24
income.
25
This
bill
allows
Iowa
taxpayers
to
take
the
deductions
for
26
the
2008
tax
year.
27
A
claim
for
credit
or
refund
of
income
taxes
paid
that
arises
28
under
the
provisions
of
the
bill
is
considered
timely
if
such
29
a
claim
is
filed
with
the
department
of
revenue
on
or
before
30
October
1,
2011.
31
The
bill
is
effective
upon
enactment
and
applies
32
retroactively
for
the
2008
tax
year.
33
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