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House Amendment 1528

Amendment Text

PAG LIN
  1  1    Amend House File 706 as follows:
  1  2    #1.  Page 1, by inserting after line 12 the
  1  3 following:
  1  4    "Sec. ___.  Section 9H.1, subsection 3, Code 1997,
  1  5 is amended by adding the following new paragraph:
  1  6    NEW PARAGRAPH.  c.  Seventy-five percent or more of
  1  7 the voting stock is held by farmers."
  1  8    #2.  Page 1, by inserting after line 25 the
  1  9 following:
  1 10    "Sec. ___.  Section 9H.1, subsection 3A, Code 1997,
  1 11 is amended by adding the following new paragraph:
  1 12    NEW PARAGRAPH.  c.  Seventy-five percent or more of
  1 13 the membership interest is held by farmers."
  1 14    #3.  Page 2, by inserting after line 1, the
  1 15 following:
  1 16    "Sec. ___.  Section 9H.1, subsection 4, paragraph
  1 17 c, Code 1997, is amended to read as follows:
  1 18    c.  Its income is not exempt from taxation under
  1 19 the laws of either the United States or the state of
  1 20 Iowa.; and
  1 21    Sec. ___.  Section 9H.1, subsection 4, Code 1997,
  1 22 is amended by adding the following new paragraph:
  1 23    NEW PARAGRAPH.  d.  Seventy-five percent or more of
  1 24 the interest in the trust is held by beneficiaries who
  1 25 are farmers.
  1 26    Sec. ___.  Section 9H.1, subsection 16, Code 1997,
  1 27 is amended to read as follows:
  1 28    16.  "Limited partnership" means a limited
  1 29 partnership as defined in section 487.101, subsection
  1 30 7, which owns or leases agricultural land or is
  1 31 engaged in farming in which the general partner is a
  1 32 farmer and seventy-five percent of the limited
  1 33 partnership interest is held by farmers."
  1 34    #4.  Page 2, by inserting after line 11, the
  1 35 following:
  1 36    "NEW SUBSECTION.  10A.  "Farmer" means a person who
  1 37 is one of the following:
  1 38    a.  A person who regularly participates in physical
  1 39 labor or the day-to-day management of a farming
  1 40 operation and who files a schedule F as part of the
  1 41 person's annual form 1040 filing with the United
  1 42 States internal revenue service.
  1 43    b.  A person who met the requirements under
  1 44 paragraph "a" for twenty or more years in the past."
  1 45    #5.  Page 6, by inserting after line 30 the
  1 46 following:
  1 47    "Sec. ___.  NEW SECTION.  9H.12  AUTHORIZED
  1 48 ENTITIES ESTABLISHED PRIOR TO THE EFFECTIVE DATE OF
  1 49 THIS ACT.
  1 50    An authorized entity established before the
  2  1 effective date of this Act may continue to own or
  2  2 lease agricultural land as provided prior to the
  2  3 effective date of this Act for as long as the
  2  4 authorized entity continues to own or lease the
  2  5 agricultural land."
  2  6    #6.  By renumbering as necessary.  
  2  7 
  2  8 
  2  9                               
  2 10 FALLON of Polk
  2 11 HF 706.509 77
  2 12 da/jw/28
     

Text: H01527                            Text: H01529
Text: H01500 - H01599                   Text: H Index
Bills and Amendments: General Index     Bill History: General Index

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