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us-ia/regulation/iac/701/302 — Iowa Administrative Code 701—Chapter 302: Determination of Net Income · Axiom
Axiom
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Iowa
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Regulations
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Iac
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Part 701
Iowa Administrative Code 701—Chapter 302: Determination of Net Income
80 sections
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1 Net income defined. Net income for state individual income tax purposes shall mean
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2 Interest and dividends from federal securities. For individual income tax purposes, the
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3 Interest and dividends from foreign securities and securities of state and other
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5 Military pay.
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6 Interest and dividend income. This rule applies to interest and dividends from foreign
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7 Current year capital gains and losses. In determining short-term or long-term capital
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8 Gains and losses on property acquired before January 1, 1934. When property was
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9 Work opportunity tax credit and alcohol and cellulosic biofuel fuels credit. Where an
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12 Income from partnerships or limited liability companies. Residents engaged in a
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13 Subchapter “S” income. Where a corporation elects, under Sections 1371-1379 of the
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14 Contract sales. Interest derived as income from a land contract is intangible personal
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15 Reporting of incomes by married taxpayers who file a joint federal return but elect
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16 Income of nonresidents. Except as otherwise provided in this rule all income of
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17 Income of part-year residents. A taxpayer who was a resident of Iowa for only a
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18 Net operating loss carrybacks and carryovers. Net operating losses shall be allowed
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19 Casualty losses. Casualty losses may be treated in the same manner as net operating
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20 Adjustments to prior years. When Iowa requests for refunds are filed, they shall be
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21 Additional deduction for wages paid or accrued for work done in Iowa by certain
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22 Disability income exclusion.
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23 Social security benefits. For tax years beginning on or after January 1, 1984, but before
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24 Lottery prizes. Prizes awarded under the Iowa Lottery Act are Iowa earned income.
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27 Incomes from distressed sales of qualifying taxpayers. For tax years beginning on or
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29 Intangible drilling costs. For tax years beginning on or after January 1, 1986, but
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30 Percentage depletion. For tax years beginning on or after January 1, 1987, the
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31 Away-from-home expenses of state legislators. For tax years beginning on or after
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32 Interest and dividends from regulated investment companies which are exempt
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34 Exemption of restitution payments for persons of Japanese ancestry. For tax years
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35 Exemption of Agent Orange settlement proceeds received by disabled veterans or
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36 Exemption of interest earned on bonds issued to finance beginning farmer loan
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37 Exemption of interest from bonds issued by the Iowa comprehensive petroleum
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38 Capital gain deduction or exclusion for certain types of net capital gains. Rescinded
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39 Exemption of interest from bonds or notes issued to fund the 911 emergency
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40 Exemption of active-duty military pay of national guard personnel and armed
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41 Capital gain exclusion for elected employee-owned stock in a qualified corporation.
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42 Depreciation of speculative shell buildings.
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43 Retroactive exemption for payments received for providing unskilled in-home
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44 Individual development accounts. Individual development accounts are
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45 Exemption for distributions from pensions, annuities, individual retirement
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46 Taxation of compensation of nonresident members of professional athletic teams.
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47 Exclusion of pensions and other retirement benefits for disabled individuals,
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48 Health insurance premiums deduction. For tax years beginning on or after January 1,
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49 Employer social security credit for tips. Employers in the food and beverage industry
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50 Computing state taxable amounts of pension benefits from state pension plans. For
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51 Exemption of active-duty military pay of national guard personnel and armed
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52 Mutual funds. Iowa does not tax dividend or interest income from regulated investment
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53 Deduction for contributions by taxpayers to the Iowa educational savings plan
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54 Roth individual retirement accounts. Roth individual retirement accounts were
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55 Exemption of income payments for victims of the Holocaust and heirs of victims.
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56 Taxation of income from the sale of obligations of the state of Iowa and its political
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57 Installment sales by taxpayers using the accrual method of accounting. For tax
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58 Exclusion of distributions from retirement plans by national guard members and
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60 Additional first-year depreciation allowance.
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61 Exclusion of active duty pay of national guard members and armed forces military
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62 Deduction for overnight expenses not reimbursed for travel away from home of
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63 Exclusion of income from military student loan repayments. Individuals serving on
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64 Exclusion of death gratuity payable to an eligible survivor of a member of the
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65 Section 179 expensing.
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66 Deduction for certain unreimbursed expenses relating to a human organ
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67 Deduction for alternative motor vehicles. For tax years beginning on or after January
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68 Injured veterans grant program.
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69 Exclusion of ordinary or capital gain income realized as a result of involuntary
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70 Exclusion of income from sale, rental or furnishing of tangible personal property
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71 Exclusion for certain victim compensation payments. Effective for tax years
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72 Exclusion of Vietnam Conflict veterans bonus.
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73 Exclusion for health care benefits of nonqualified tax dependents. Effective for tax
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74 Exclusion for AmeriCorps Segal Education Award. Effective for tax years beginning
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75 Exclusion of certain amounts received from Iowa veterans trust fund. For tax years
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76 Exemption of active duty pay for armed forces, armed forces military reserve, or
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77 Exclusion of biodiesel production refund. A taxpayer may exclude, to the extent
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78 Allowance of certain deductions for 2008 tax year.
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79 Special filing provisions related to 2010 tax changes.
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80 Exemption for military retirement pay. Retirement pay received by taxpayers from
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81 Iowa ABLE savings plan trust. The Iowa ABLE savings plan trust was created so that
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82 First-time homebuyer savings accounts.
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83 Like-kind exchanges of personal property completed after December 31, 2017, but
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84 Broadband infrastructure grant exemption.
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85 Interest expense deduction adjustments. For tax years beginning on or after January
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86 COVID-19 grant exclusion.
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87 Capital gain deduction for certain types of net capital gains. Information relating to
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88 Net income from a farm tenancy agreement covering real property. An eligible
