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House Amendment 3192

Amendment Text

PAG LIN
  1  1    Amend the amendment, H-3030, to Senate File 69, as
  1  2 passed by the Senate as follows:
  1  3    #1.  Page 6, by striking lines 5 through 25.
  1  4    #2.  Page 7, by striking lines 9 through 20 and
  1  5 inserting the following:
  1  6    "b.  A resident's income allocable to Iowa is the
  1  7 income determined under section 422.7 reduced by items
  1  8 of income and expenses from a subchapter S corporation
  1  9 which pass directly to the shareholders under
  1 10 provisions of the Internal Revenue Code and increased
  1 11 by the greater of the following:
  1 12    (1)  The net income or loss of the corporation
  1 13 which is fairly and equitably attributable to this
  1 14 state under section 422.33, subsections 2 and 3.
  1 15    (2)  The taxpayer's pro rata share of an amount
  1 16 deemed distributed to shareholders which when added to
  1 17 the salaries, wages, or other compensation for
  1 18 services performed by all shareholders will equal ten
  1 19 percent of the net income of the corporation computed
  1 20 in accordance with section 422.35 and considering
  1 21 items of income and expense which pass directly to the
  1 22 shareholders under provisions of the Internal Revenue
  1 23 Code before deduction of shareholder's salaries,
  1 24 wages, or other compensation for services performed.
  1 25    (3)  Any cash or the value of any property
  1 26 distributions made to the extent they are paid from
  1 27 income upon which Iowa income tax has not been paid as
  1 28 determined under rules of the director." 
  1 29 
  1 30 
  1 31                              
  1 32 HALVORSON of Clayton
  1 33 SF 69.231 76
  1 34 mg/jj
     
Text: H03191                            Text: H03193
Text: H03100 - H03199                   Text: H Index
Bills and Amendments: General Index     Bill History: General Index
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