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Text: H03424                            Text: H03426
Text: H03400 - H03499                   Text: H Index
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House Amendment 3425

Amendment Text

PAG LIN
  1  1    Amend House File 163 as follows:
  1  2    #1.  Page 1, by inserting after line 7 the
  1  3 following:
  1  4    "Sec.    .  Section 9H.1, subsection 3, Code 1995,
  1  5 is amended to read as follows:
  1  6    3.  "Authorized farm corporation" means a
  1  7 corporation other than a family farm corporation
  1  8 founded for the purpose of farming and the ownership
  1  9 of agricultural land in which all of the following
  1 10 applies:
  1 11    a.  The stockholders do not exceed twenty-five in
  1 12 number; and.
  1 13    b.  The stockholders are all natural persons or
  1 14 persons acting in a fiduciary capacity for the benefit
  1 15 of natural persons or nonprofit corporations.
  1 16    c.  The stockholders holding seventy-five percent
  1 17 or more of the control and financial investment in the
  1 18 corporation are farmers residing in Iowa.
  1 19    Sec.    .  Section 9H.1, Code 1995, is amended by
  1 20 adding the following new subsection:
  1 21    NEW SUBSECTION.  10A.  "Farmer" means a person who
  1 22 regularly participates in physical labor or the day-
  1 23 to-day management of a farming operation and who files
  1 24 a schedule F as part of the person's annual form 1040
  1 25 filing with the United States internal revenue
  1 26 service."
  1 27    #2.  Page 2, by inserting after line 17 the
  1 28 following:
  1 29    "Sec.    .  NEW SECTION.  9H.12  AUTHORIZED FARM
  1 30 CORPORATIONS ESTABLISHED PRIOR TO THE EFFECTIVE DATE
  1 31 OF THIS ACT.
  1 32    An authorized farm corporation established before
  1 33 the effective date of this Act may continue to hold or
  1 34 lease agricultural land as provided prior to the
  1 35 effective date of this Act for as long as the
  1 36 authorized farm corporation continues to hold or lease
  1 37 such agricultural land."
  1 38    #3.  By renumbering as necessary.  
  1 39 
  1 40 
  1 41                               
  1 42 WEIGEL of Chickasaw
  1 43 HF 163.704 76
  1 44 da/sc
     
Text: H03424                            Text: H03426
Text: H03400 - H03499                   Text: H Index
Bills and Amendments: General Index     Bill History: General Index
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