Text: H01179                            Text: H01181
Text: H01100 - H01199                   Text: H Index
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House Amendment 1180

Amendment Text

PAG LIN
  1  1    Amend House File 306 as follows:
  1  2    #1.  Page 1, line 12, by inserting after the word
  1  3 "state" the following:  "or resident member of a
  1  4 limited liability company which carries on business
  1  5 within and without the state".
  1  6    #2.  Page 1, line 19, by inserting after the word
  1  7 "shareholder" the following:  "or member".
  1  8    #3.  Page 1, line 22, by inserting after the word
  1  9 "shareholder" the following:  "or member".
  1 10    #4.  Page 1, line 25, by inserting after the word
  1 11 "shareholder" the following:  "or member".
  1 12    #5.  Page 3, line 24, by inserting after the word
  1 13 "state," the following:  "or resident member of a
  1 14 limited liability company which carries on business
  1 15 within and without the state,".
  1 16    #6.  Page 4, line 13, by striking the words and
  1 17 figure "unnumbered paragraph 1,".
  1 18    #7.  Page 4, line 15, by inserting before the word
  1 19 "A" the following:  "b."
  1 20    #8.  Page 4, line 18, by inserting after the word
  1 21 "corporation" the following:  "or limited liability
  1 22 company".
  1 23    #9.  Page 4, line 20, by inserting after the word
  1 24 "shareholders" the following:  "or members".
  1 25    #10.  Page 4, by inserting after line 22 the
  1 26 following:
  1 27    "(1)  The net income or loss of the corporation or
  1 28 limited liability company which is fairly and
  1 29 equitably attributable to this state under in the
  1 30 manner provided in section 422.33, subsections 2 and
  1 31 3.
  1 32    (2)  Any cash or the value of property
  1 33 distributions which are made only to the extent that
  1 34 they are paid from income upon which Iowa income tax
  1 35 has not been paid, as determined under rules of the
  1 36 director, reduced by fifty percent of the amount of
  1 37 any of these distributions that are made to enable the
  1 38 shareholder to pay federal income tax on items of
  1 39 income, loss, and expenses from the corporation or
  1 40 reduced by one hundred percent of such amount in the
  1 41 case of a limited liability company."
  1 42    #11.  Page 4, line 27, by inserting after the word
  1 43 "Code," the following:  "or is a member,".
  1 44    #12.  Page 4, line 31, by inserting after the word
  1 45 "Code" the following:  "or limited liability company".
  1 46    #13.  Title page, line 3, by inserting before the
  1 47 word "and" the following:  "and to members of limited
  1 48 liability companies".  
  1 49 
  1 50 
  2  1                               
  2  2 GRUNDBERG of Polk
  2  3 
  2  4 
  2  5                               
  2  6 LARSON of Linn
  2  7 HF 306.302 77
  2  8 mg/cf/28
     

Text: H01179                            Text: H01181
Text: H01100 - H01199                   Text: H Index
Bills and Amendments: General Index     Bill History: General Index

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