1 Net income defined. Net income for state individual income tax purposes shall mean

federal adjusted gross income as properly computed under the Internal Revenue Code and shall include the adjustments in 701—302.2(422) to 701—302.9(422). The remaining provisions of this rule and 701—302.12(422) through 701—302.86(422) shall also be applicable in determining net income. This rule is intended to implement Iowa Code section 422.7. [ARC 8605B, IAB 3/10/10, effective 4/14/10; ARC 9103B, IAB 9/22/10, effective 10/27/10; ARC 9820B, IAB 11/2/11, effective 12/7/11; Editorial change: IAC Supplement 11/2/22; Editorial change: IAC Supplement 10/18/23]