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House Amendment 1529

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.  The revenue of the corporation
  1  7 from rent, royalties, dividends, interest, and
  1  8 annuities does not exceed twenty percent of its gross
  1  9 receipts."
  1 10    #2.  Page 1, by inserting after line 25 the
  1 11 following:
  1 12    "Sec. ___.  Section 9H.1, subsection 3A, Code 1997,
  1 13 is amended by adding the following new paragraph:
  1 14    NEW PARAGRAPH.  c.  The revenue of the limited
  1 15 liability company from rent, royalties, dividends,
  1 16 interest, and annuities does not exceed twenty percent
  1 17 of its gross receipts."
  1 18    #3.  Page 2, by inserting after line 1, the
  1 19 following:
  1 20    "Sec. ___.  Section 9H.1, subsection 4, paragraph
  1 21 c, Code 1997, is amended to read as follows:
  1 22    c.  Its income is not exempt from taxation under
  1 23 the laws of either the United States or the state of
  1 24 Iowa.; and
  1 25    Sec. ___.  Section 9H.1, subsection 4, Code 1997,
  1 26 is amended by adding the following new paragraph:
  1 27    NEW PARAGRAPH.  d.  The revenue of the trust from
  1 28 rent, royalties, dividends, interest, and annuities
  1 29 does not exceed twenty percent of its gross receipts.
  1 30    Sec. ___.  Section 9H.1, subsection 16, Code 1997,
  1 31 is amended to read as follows:
  1 32    16.  "Limited partnership" means a limited
  1 33 partnership as defined in section 487.101, subsection
  1 34 7, which owns or leases agricultural land or is
  1 35 engaged in farming in which the revenue of the limited
  1 36 partnership from rent, royalties, dividends, interest,
  1 37 and annuities does not exceed twenty percent of its
  1 38 gross receipts."
  1 39    #4.  Page 6, by inserting after line 30 the
  1 40 following:
  1 41    "Sec. ___.  NEW SECTION.  9H.12  AUTHORIZED
  1 42 ENTITIES ESTABLISHED PRIOR TO THE EFFECTIVE DATE OF
  1 43 THIS ACT.
  1 44    An authorized entity established before the
  1 45 effective date of this Act may continue to own or
  1 46 lease agricultural land as provided prior to the
  1 47 effective date of this Act for as long as the
  1 48 authorized entity continues to own or lease the
  1 49 agricultural land."
  1 50    #5.  By renumbering as necessary.  
  2  1 
  2  2 
  2  3                               
  2  4 FALLON of Polk
  2  5 HF 706.511 77
  2  6 da/jw/28
     

Text: H01528                            Text: H01530
Text: H01500 - H01599                   Text: H Index
Bills and Amendments: General Index     Bill History: General Index

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