Text: S03812 Text: S03814 Text: S03800 - S03899 Text: S Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Amend the amendment, S-3810, 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
1 20 "thirty" and inserting the following: "twenty".
1 21 #4. Page 1, by inserting after line 21 the
1 22 following:
1 23 "# . Page 4, by inserting after line 22 the
1 24 following:
1 25 "Sec. ___. NEW SECTION. 15E.183A FRONT END TAX
1 26 CREDITS.
1 27 1. For tax years beginning on or after January 1,
1 28 1997, there shall be allowed a tax credit against the
1 29 taxes imposed in chapter 422, divisions II and III,
1 30 for cash invested in the Iowa capital investment
1 31 board. The aggregate amount of tax credits issued
1 32 under this section shall not exceed ten million
1 33 dollars. An individual may claim the credit of a
1 34 partnership, limited liability company, subchapter S
1 35 corporation, estate, or trust electing to have the
1 36 income taxed directly to the individual. The amount
1 37 claimed by the individual shall be based upon the pro
1 38 rata share of the individual's earnings from the
1 39 partnership, limited liability company, subchapter S
1 40 corporation, estate, or trust. Any tax credit in
1 41 excess of the taxpayer's liability for the tax year
1 42 may be credited to the tax liability for the following
1 43 three years or until depleted, whichever is earlier.
1 44 A tax credit shall be refundable.
1 45 2. The Iowa capital investment board shall furnish
1 46 to each person making an investment in the Iowa
1 47 capital investment board during the preceding year a
1 48 written statement showing the name of the investor,
1 49 taxpayer identification number, the total amount of
1 50 investment in the Iowa capital investment board made
2 1 by such person, the amount for which credit is granted
2 2 under this section, and such other information as the
2 3 director of revenue and finance may require. The
2 4 statement shall be attached to the income tax return
2 5 of such person in order to qualify for the tax
2 6 credit.""
2 7 #5. By renumbering, relettering, and redesignating
2 8 as necessary.
2 9
2 10
2 11
2 12 TOM VILSACK
2 13 HF 722.304 77
2 14 tm/cf/28
Text: S03812 Text: S03814 Text: S03800 - S03899 Text: S Index Bills and Amendments: General Index Bill History: General Index
Iowa General Assembly
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