Text: S03802 Text: S03804 Text: S03800 - S03899 Text: S Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Amend the amendment, S-3768, to House File 722, as
1 2 amended, passed, and reprinted by the House, as
1 3 follows:
1 4 #1. Page 1, by inserting after line 7 the
1 5 following:
1 6 "# . Page 2, line 25, by inserting after the
1 7 word "credits" the following: "allowed under section
1 8 15E.183"".
1 9 #2. Page 1, by inserting after line 9 the
1 10 following:
1 11 "# . Page 3, by inserting after line 14 the
1 12 following:
1 13 "8. An investor in the Iowa capital investment
1 14 board shall designate at the time of investment
1 15 whether a tax credit for all or a portion of the
1 16 amounts invested under section 15E.183A is desired,
1 17 provided the aggregate limit allowed under section
1 18 15E.183A has not been met.""
1 19 #3. Page 1, line 16, by striking the words "fifty
1 20 million" and inserting the following: "thirty-three
1 21 million three hundred thousand".
1 22 #4. Page 1, by inserting after line 34 the
1 23 following:
1 24 "# . Page 4, by inserting after line 22 the
1 25 following:
1 26 "Sec. ___. NEW SECTION. 15E.183A FRONT END TAX
1 27 CREDITS.
1 28 1. For tax years beginning on or after January 1,
1 29 1997, there shall be allowed a tax credit against the
1 30 taxes imposed in chapter 422, divisions II and III,
1 31 for cash invested in the Iowa capital investment
1 32 board. The aggregate amount of tax credits issued
1 33 under this section shall not exceed sixteen million
1 34 seven hundred thousand dollars. An individual may
1 35 claim the credit of a partnership, limited liability
1 36 company, subchapter S corporation, estate, or trust
1 37 electing to have the income taxed directly to the
1 38 individual. The amount claimed by the individual
1 39 shall be based upon the pro rata share of the
1 40 individual's earnings from the partnership, limited
1 41 liability company, subchapter S corporation, estate,
1 42 or trust. Any tax credit in excess of the taxpayer's
1 43 liability for the tax year may be credited to the tax
1 44 liability for the following three years or until
1 45 depleted, whichever is earlier. A tax credit shall be
1 46 refundable.
1 47 2. The Iowa capital investment board shall furnish
1 48 to each person making an investment in the Iowa
1 49 capital investment board during the preceding year a
1 50 written statement showing the name of the investor,
2 1 taxpayer identification number, the total amount of
2 2 investment in the Iowa capital investment board made
2 3 by such person, the amount for which credit is granted
2 4 under this section, and such other information as the
2 5 director of revenue and finance may require. The
2 6 statement shall be attached to the income tax return
2 7 of such person in order to qualify for the tax
2 8 credit.""
2 9 #5. By renumbering, relettering, and redesignating
2 10 as necessary.
2 11
2 12
2 13
2 14 TOM VILSACK
2 15 HF 722.203 77
2 16 tm/jj/28
Text: S03802 Text: S03804 Text: S03800 - S03899 Text: S Index Bills and Amendments: General Index Bill History: General Index
Iowa General Assembly
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