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House Journal: Page 598: Monday, February 27, 1995

The nays were, 52:
Blodgett       	Boddicker      	Boggess        	Branstad      
	Brunkhorst     	Carroll        	Churchill      	Coon           
      	Corbett, Spkr.	Cormack        	Dinkla         	Disney    
    	Drake          	Eddie          	Ertl           	Gipp       
   	Greig          	Grubbs         	Grundberg      	Hahn        
  	Halvorson      	Hammitt        	Hanson         	Heaton       
 	Houser         	Hurley         	Huseman        	Jacobs        
	Klemme         	Kremer         	Lamberti       	Larson        
	Lord           	Main           	Metcalf        	Meyer         
	Millage        	Nelson,  B.      	Nutt           	Rants        
 	Renken         	Salton         	Schulte        	Siegrist      
	Sukup          	Teig           	Thomson        	Vande Hoef    
	Veenstra       	Weidman        	Welter         	Van Maanen,				
 Presiding
Absent or not voting, 2:
Brammer        	Greiner        	

Amendment H-3207 lost.
Halvorson of Clayton offered the following amendment H-3192, to
the committee amendment H-3030, filed by him and moved its
adoption:
H-3192
 1     Amend the amendment, H-3030, to Senate File 69, as
 2   passed by the Senate as follows:
 3     1.  Page 6, by striking lines 5 through 25.
 4     2.  Page 7, by striking lines 9 through 20 and
 5   inserting the following:
 6     "b.  A resident's income allocable to Iowa is the
 7   income determined under section 422.7 reduced by items
 8   of income and expenses from a subchapter S corporation
 9   which pass directly to the shareholders under
10   provisions of the Internal Revenue Code and increased
11   by the greater of the following:
12     (1)  The net income or loss of the corporation
13   which is fairly and equitably attributable to this
14   state under section 422.33, subsections 2 and 3.
15     (2)  The taxpayer's pro rata share of an amount
16   deemed distributed to shareholders which when added to
17   the salaries, wages, or other compensation for
18   services performed by all shareholders will equal ten
19   percent of the net income of the corporation computed
20   in accordance with section 422.35 and considering
21   items of income and expense which pass directly to the
22   shareholders under provisions of the Internal Revenue
23   Code before deduction of shareholder's salaries,
24   wages, or other compensation for services performed.
25     (3)  Any cash or the value of any property
26   distributions made to the extent they are paid from
27   income upon which Iowa income tax has not been paid as
28   determined under rules of the director."

Iowa General Assembly

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

© 1995 Cornell College and League of Women Voters of Iowa

Comments? hjourn@legis.iowa.gov.

Last update: Sun Jan 14 21:05:02 CST 1996
URL: /DOCS/GA/76GA/Session.1/HJournal/00500/00598.html
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