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HF 478 - Authorizes an Alternative Flat Income Tax - Iowa Key Vote

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Title: Authorizes an Alternative Flat Income Tax

Vote Smart's Synopsis:

Vote to pass a bill that authorizes an alternative flat income tax rate and that establishes a tax credit.

Highlights:

  • Authorizes a resident or nonresident individual to elect to be subject to an alternative state income tax rate of 4.5 percent (Sec. 1).
  • Prohibits an individual who selects the alternative tax rate from making any base income adjustments, except for the following deductions and credits (Sec. 1):
    • A standard deduction;
    • A deduction for interest or dividends from federal securities; and
    • A certain credit for withheld tax or estimated tax paid.
  • Establishes the Iowa Taxpayers Trust Fund Tax Credit, which requires the entire balance of the Iowa Taxpayers Trust Fund to be equally credited to “eligible” taxpayers during each fiscal year that the balance exceeds $30 million, beginning July 1, 2014 (Sec. 5).

Title: Authorizes an Alternative Flat Income Tax

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