Text: HF02165 Text: HF02167 Text: HF02100 - HF02199 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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PAG LIN
1 1 Section 1. NEW SECTION. 422.34A EXEMPT ACTIVITIES OF
1 2 FOREIGN CORPORATIONS.
1 3 A foreign corporation shall not be considered doing
1 4 business in this state or deriving income from sources within
1 5 this state for the purposes of this division by reason of
1 6 carrying on in this state one or more of the following
1 7 activities:
1 8 1. Holding meetings of the board of directors or
1 9 shareholders or holiday parties or employee appreciation
1 10 dinners.
1 11 2. Maintaining bank accounts.
1 12 3. Borrowing money, with or without security.
1 13 4. Utilizing Iowa courts for litigation.
1 14 5. Owning and controlling a subsidiary corporation which
1 15 is incorporated in or which is transacting business within
1 16 this state where the holding or parent company has no physical
1 17 presence in the state as that presence relates to the
1 18 ownership or control of the subsidiary.
1 19 6. Recruiting personnel where hiring occurs outside the
1 20 state.
1 21 Sec. 2. This Act, being deemed of immediate importance,
1 22 takes effect upon enactment and applies retroactively to
1 23 January 1, 1996, for tax years beginning on or after that
1 24 date.
1 25 HF 2166
1 26 mg/pk/25
Text: HF02165 Text: HF02167 Text: HF02100 - HF02199 Text: HF Index Bills and Amendments: General Index Bill History: General Index
Iowa General Assembly
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