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House Journal: Page 1433: Tuesday, April 22, 1997

Churchill      	Corbett, Spkr.        	Cormack	Dinkla        
	Dix            	Dolecheck      	Drake          	Eddie         
	Gipp           	Greig          	Greiner        	Gries         
	Grundberg      	Hahn           	Hansen         	Heaton        
	Holmes         	Houser         	Huseman        	Jacobs        
	Jenkins        	Klemme         	Kremer         	Lamberti      
	Larson         	Lord           	Martin         	Metcalf       
	Meyer          	Millage        	Nelson         	Rayhons       
	Siegrist       	Sukup          	Teig           	Thomson       
	Tyrrell        	Van Fossen     	Van Maanen     	Vande Hoef    
	Warnstadt      	Weidman        	Welter	Veenstra,
			  Presiding
Absent or not voting, 3:
Brauns         	Garman         	Rants
Amendment H-1765 lost.
Teig of Hamilton offered the following amendment H-1821 filed by
him and moved its adoption:

H-1821

 1     Amend House File 722 as follows:
 2     1.  Page 3, by striking lines 16 through 30 and
 3   inserting the following:
 4     "1.  For tax years beginning on or after January 1,
 5   1997, there shall be allowed a tax credit against the
 6   taxes imposed in chapter 422, divisions II and III,
 7   for cash invested in the Iowa capital investment
 8   board.  An individual may claim the credit of a
 9   partnership, limited liability company, subchapter S
10   corporation, estate, or trust electing to have the
11   income taxed directly to the individual.  The amount
12   claimed by the individual shall be based upon the pro
13   rata share of the individual's earnings from the
14   partnership, limited liability company, subchapter S
15   corporation, estate, or trust.  Any tax credit in
16   excess of the taxpayer's liability for the tax year
17   may be credited to the tax liability for the following
18   three years or until depleted, whichever is earlier.
19   A tax credit shall not be carried back to the tax year
20   prior to the tax year in which the termination or
21   insolvency of the Iowa capital investment board
22   occurs.  A tax credit shall not be refunded.
23     a.  The Iowa capital investment board shall furnish
24   to each person making an investment in the Iowa
25   capital investment board during the preceding year a
26   written statement showing the name of the investor,
27   taxpayer identification number, the total amount of
28   investment in the Iowa capital investment board made
29   by such person, and such other information as the

Iowa General Assembly

Index: House Journal (77th General Assembly: Session 1)

© 1997 Cornell College and League of Women Voters of Iowa

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Last update: Mon Apr 28 03:40:03 CDT 1997
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