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House Journal: Page 913: Wednesday, March 22, 1995

19     Sec. 2.  MEDICAL ASSISTANCE COSTS FOR SERVICES".
20     2.  Page 12, line 10, by inserting before the word
21   "disabilities" the following:  "developmental".
22     3.  By striking page 20, line 43, through page 21,
23   line 30.
24     4.  Page 22, line 2, by striking the words and
25   figure "section 1 of this Act" and inserting the
26   following:  "section 2 of this division of this Act".
27     5.  Page 22, line 12, by inserting after the word
28   "of" the following:  "this division of".
29     6.  Page 22, by striking lines 16 and 17 and
30   inserting the following:
31     "3.  The remainder of this division of this Act,
32   being deemed of immediate importance, takes effect
33   upon enactment.
34                         DIVISION II
35                  SUBCHAPTER S CORPORATIONS
36     Sec. ___.  Section 422.5, subsection 1, paragraph
37   j, Code 1995, is amended by adding the following new
38   unnumbered paragraph:
39     NEW UNNUMBERED PARAGRAPH.  The tax imposed upon the
40   taxable income of a resident shareholder in a
41   corporation which has in effect for the tax year an
42   election under subchapter S of the Internal Revenue
43   Code and carries on business within and without the
44   state shall be computed by reducing the amount
45   determined pursuant to paragraphs "a" through "i" by
46   the amounts of nonrefundable credits under this
47   division and by multiplying this resulting amount by a
48   fraction of which the resident's net income allocated
49   to Iowa, as determined in section 422.8, subsection 2,
50   paragraph "b", is the numerator and the resident's

Page 2  

 1   total net income computed under section 422.7 is the
 2   denominator.  This paragraph also applies to
 3   individuals who are residents of Iowa for less than
 4   the entire tax year.
 5     Sec. ___.  Section 422.5, subsection 1, paragraph
 6   k, unnumbered paragraph 4, Code 1995, is amended to
 7   read as follows:
 8     In the case of a resident, including a resident
 9   estate or trust, the state's apportioned share of the
10   state alternative minimum tax is one hundred percent
11   of the state alternative minimum tax computed in this
12   subsection.  In the case of a resident or part year
13   resident shareholder in a corporation which has in
14   effect for the tax year an election under subchapter S
15   of the Internal Revenue Code and carries on business
16   within and without the state, a nonresident, including
17   a nonresident estate or trust, or an individual,
18   estate, or trust that is domiciled in the state for
19   less than the entire tax year, the state's apportioned

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/00900/00913.html
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