Text: HF02143                           Text: HF02145
Text: HF02100 - HF02199                 Text: HF Index
Bills and Amendments: General Index     Bill History: General Index



House File 2144

Partial Bill History

Bill Text

PAG LIN
  1  1    Section 1.  Section 422.4, Code Supplement 1997, is amended
  1  2 by adding the following new subsection:
  1  3    NEW SUBSECTION.  15A.  "Small business" means any
  1  4 corporation, partnership, sole proprietorship, or other
  1  5 business entity qualifying as "small" under the standards
  1  6 contained in the Code of Federal Regulations, Title 13, part
  1  7 121.
  1  8    Sec. 2.  NEW SECTION.  422.12F  SMALL BUSINESS TAX CREDIT.
  1  9    A small business formed under the laws of this state and
  1 10 operating within the state is entitled to claim a small
  1 11 business tax credit against the taxes imposed under this
  1 12 division equal to any amount paid to the United States small
  1 13 business administration as a guaranty fee in order to obtain
  1 14 small business administration guaranteed financing.  The
  1 15 credit shall be applicable only to the tax year in which the
  1 16 guaranty fee was paid and shall be claimed only by the small
  1 17 business which is the primary obligor in the financing
  1 18 transaction and which actually paid the guaranty fee.  Any
  1 19 credit in excess of the tax liability is nonrefundable and
  1 20 shall not be carried back or forward.
  1 21    Sec. 3.  Section 422.32, Code Supplement 1997, is amended
  1 22 by adding the following new subsection:
  1 23    NEW SUBSECTION.  7A.  "Small business" means any
  1 24 corporation, partnership, sole proprietorship, or other
  1 25 business entity qualifying as "small" under the standards
  1 26 contained in the Code of Federal Regulations, Title 13, part
  1 27 121.
  1 28    Sec. 4.  Section 422.33, Code Supplement 1997, is amended
  1 29 by adding the following new subsection:
  1 30    NEW SUBSECTION.  8.  A small business formed under the laws
  1 31 of this state and operating within the state is entitled to
  1 32 claim a small business tax credit against the taxes imposed
  1 33 under this division equal to any amount paid to the United
  1 34 States small business administration as a guaranty fee in
  1 35 order to obtain small business administration guaranteed
  2  1 financing.  The credit shall be applicable only to the tax
  2  2 year in which the guaranty fee was paid and shall be claimed
  2  3 only by the small business which is the primary obligor in the
  2  4 financing transaction and which actually paid the guaranty
  2  5 fee.  Any credit in excess of the tax liability is
  2  6 nonrefundable and shall not be carried back or forward.  
  2  7                           EXPLANATION
  2  8    This bill provides a small business tax credit to apply
  2  9 against personal income tax liability or corporate tax
  2 10 liability.  Only a small business which is a corporation,
  2 11 partnership, sole proprietorship, or other business entity
  2 12 qualifying as "small" under the standards contained in the
  2 13 Code of Federal Regulations, Title 13, part 121, is eligible.
  2 14 The small business must be formed under Iowa law and must be
  2 15 operating within Iowa.  The amount of the credit is equal to
  2 16 any amount paid to the United States small business
  2 17 administration as a guaranty fee in order to obtain small
  2 18 business administration guaranteed financing.  The credit is
  2 19 only applicable to the tax year in which the guaranty fee was
  2 20 paid.  The bill provides that the credit shall be claimed only
  2 21 by the small business which is the primary obligor in the
  2 22 financing transaction and which actually paid the guaranty
  2 23 fee.  Any credit in excess of the tax liability is
  2 24 nonrefundable and shall not be carried back or forward.  
  2 25 LSB 3360HH 77
  2 26 tm/sc/14.2
     

Text: HF02143                           Text: HF02145
Text: HF02100 - HF02199                 Text: HF Index
Bills and Amendments: General Index     Bill History: General Index

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