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House Journal: Page 562: Monday, February 27, 1995

 4   annuities, interest on bank deposits and interest-
 5   bearing obligations, and dividends are allocated to
 6   Iowa only to the extent to which they are derived from
 7   a business, trade, profession, or occupation carried
 8   on within the state.
 9     b.  A resident's income allocable to Iowa is the
10   income determined under section 422.7 reduced by the
11   net income or loss of a corporation which is fairly
12   and equitably attributable without the state under
13   section 422.33, subsections 2 and 3.  For the purposes
14   of this paragraph, "corporation" means a corporation
15   which has in effect for the tax year an election under
16   subchapter S of the Internal Revenue Code and carries
17   on business partly within and partly without the
18   state.  This paragraph also applies to individuals who
19   are residents of Iowa for less than the entire tax
20   year.
21     Sec. 14.  Section 422.8, Code 1995, is amended by
22   adding the following new subsection:
23     NEW SUBSECTION.  6.  If the resident or part year
24   resident is a shareholder of a corporation which has
25   in effect an election under subchapter S of the
26   Internal Revenue Code, subsections 1 and 3 do not
27   apply to any income taxes paid to another state or
28   foreign country on the income from the corporation
29   which has in effect an election under subchapter S of
30   the Internal Revenue Code.
31     Sec. 15.  This division of this Act, being deemed
32   of immediate importance, takes effect upon enactment
33   and applies retroactively to January 1, 1995, for tax
34   years beginning on or after that date.
35	DIVISION III
36	MACHINERY AND EQUIPMENT
37	EXEMPTION AND REPLACEMENT FUNDS
38     Sec. 16.  Section 427B.17, Code 1995, is amended by
39   striking the section and inserting in lieu thereof the
40   following:
41     427B.17  PROPERTY SUBJECT TO SPECIAL VALUATION.
42     1.  Property defined in section 427A.1, subsection
43   1, paragraphs "e" and "j", shall be valued by the
44   local assessor as follows:
45     a.  For the assessment year beginning January 1,
46   1995, at twenty-six percent of the net acquisition
47   cost.
48     b.  For the assessment year beginning January 1,
49   1996, at twenty-two percent of the net acquisition
50   cost.
Page   8
 1     c.  For the assessment year beginning January 1,
 2   1997, at eighteen percent of the net acquisition cost.
 3     d.  For the assessment year beginning January 1,
 4   1998, at fourteen percent of the net acquisition cost.

Iowa General Assembly

Index: House Journal (76th General Assembly: Session 1)

© 1995 Cornell College and League of Women Voters of Iowa

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