Text: H01820 Text: H01822 Text: H01800 - H01899 Text: H Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Amend House File 722 as follows:
1 2 #1. Page 3, by striking lines 16 through 30 and
1 3 inserting the following:
1 4 "1. For tax years beginning on or after January 1,
1 5 1997, there shall be allowed a tax credit against the
1 6 taxes imposed in chapter 422, divisions II and III,
1 7 for cash invested in the Iowa capital investment
1 8 board. An individual may claim the credit of a
1 9 partnership, limited liability company, subchapter S
1 10 corporation, estate, or trust electing to have the
1 11 income taxed directly to the individual. The amount
1 12 claimed by the individual shall be based upon the pro
1 13 rata share of the individual's earnings from the
1 14 partnership, limited liability company, subchapter S
1 15 corporation, estate, or trust. Any tax credit in
1 16 excess of the taxpayer's liability for the tax year
1 17 may be credited to the tax liability for the following
1 18 three years or until depleted, whichever is earlier.
1 19 A tax credit shall not be carried back to the tax year
1 20 prior to the tax year in which the termination or
1 21 insolvency of the Iowa capital investment board
1 22 occurs. A tax credit shall not be refunded.
1 23 a. The Iowa capital investment board shall furnish
1 24 to each person making an investment in the Iowa
1 25 capital investment board during the preceding year a
1 26 written statement showing the name of the investor,
1 27 taxpayer identification number, the total amount of
1 28 investment in the Iowa capital investment board made
1 29 by such person, and such other information as the
1 30 director of revenue and finance may require. The
1 31 statement shall be attached to the income tax return
1 32 of such person in order to qualify for the tax credit.
1 33 b. The taxpayer making the original investment in
1 34 the Iowa capital investment board may, during the year
1 35 of the termination or insolvency of the Iowa capital
1 36 investment board or during the three years following
1 37 such termination or insolvency, transfer any unused
1 38 tax credit to another taxpayer who may use the tax
1 39 credit against the taxes imposed under chapter 422,
1 40 divisions II and III, for any tax year the original
1 41 investor could have claimed the tax credit."
1 42
1 43
1 44
1 45 TEIG of Hamilton
1 46 HF 722.303 77
1 47 tm/cf/28
Text: H01820 Text: H01822 Text: H01800 - H01899 Text: H Index Bills and Amendments: General Index Bill History: General Index
Iowa General Assembly
Search: House Bills and Amendments (77th General Assembly)
© 1997 Cornell College and League of Women Voters of Iowa
Comments about this site or page? webmaster@legis.iowa.gov. Please remember that the person listed above does not vote on bills. Direct all comments concerning legislation to State Legislators.
Last update: Mon Apr 28 03:44:09 CDT 1997
URL: /DOCS/GA/77GA/Legislation/H/01800/H01821/970421.html
jhf