General Assembly: 77 (1997 Regular GA) - Chapter 8 - Individual income tax rates


Published: 1997-03-27

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CH, 8 LAWS OF THE SEVENlY-SEVENTH G.A., 1997 SESSION

CHAPTERS INDMOUAL INCOME TAX RATES

H.F.388

12

AN ACT reducing the state individual income tax rates by ten percent and including an effective date provision.

Be It Enacted by the General Assembly of the State of Iowa:

Section 1. Section 422.5, subsection 1, paragraphs a through i, Code 1997, are amended to read as follows:

a. On all taxable income from zero through one thousand dollars, leHF teBths thirty-six hundredths of one percent.

b. On all taxable income exceeding one thousand dollars but not exceeding two thousand dollars, eight teBths seventy-two hundredths of one percent.

c. On all taxable income exceeding two thousand dollars but not exceeding four thousand dollars, two and se¥eB teRths forty-three hundredths percent.

d. On all taxable income exceeding four thousand dollars but not exceeding nine thou- sand dollars, fiYe four and one-half percent.

e. On all taxable income exceeding nine thousand dollars but not exceeding fifteen thou- sand dollars, six and eight teMhs twelve hundredths percent.

f. On all taxable income exceeding fifteen thousand dollars but not exceeding twenty thousand dollars, se<.'eB aBEl twe teMhs six and forty-eight hundredths percent.

g. On all taxable income exceeding twenty thousand dollars but not exceeding thirty thousand dollars, se¥eB aBEl fifty five hHBElFeElths six and eight-tenths percent.

h. On all taxable income exceeding thirty thousand dollars but not exceeding forty-five thousand dollars, eight aBEl eight teBths seven and ninety-two hundredths percent.

i. On all taxable income exceeding forty-five thousand dollars, HiRe eight and ninety-eight hundredths percent.

Sec. 2. This Act takes effect January 1, 1998, and applies to tax years beginning on or after that date.

Approved March 27, 1997

CHAPTER 9 REAL PROPER1Y USED IN RACETRACK OPERATION

H.F.212

AN ACT relating to the taxation of real property used in the operation of a racetrack or racetrack enclosure.

Be It Enacted by the General Assembly of the State of Iowa:

Section 1. Section 990.2, subsection 8, Code 1997, is amended to read as follows: 8. "RACETRACK ENCLOSURE" means the grandstand, clubhouse, turf club or other

areas of a licensed racetrack which a person may enter only upon payment of an admission fee. or upon payment by another, at any time. based upon the person's admittance. or upon presentation of authorized credentials. "Racetrack enclosure" also means any additional areas designated by the commission.