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House Journal: Page 1723: Tuesday, April 29, 1997

Page   5

 1     The tax imposed upon the taxable income of a
 2   resident shareholder in a value-added corporation
 3   which has in effect for the tax year an election under
 4   subchapter S of the Internal Revenue Code and carries
 5   on business within and without the state may be
 6   computed by reducing the amount determined pursuant to
 7   paragraphs "a" through "i" by the amounts of
 8   nonrefundable credits under this division and by
 9   multiplying this resulting amount by a fraction of
10   which the resident's net income allocated to Iowa, as
11   determined in section 422.8, subsection 2, paragraph
12   "b", is the numerator and the resident's total net
13   income computed under section 422.7 is the
14   denominator.  If a resident shareholder has elected to
15   take advantage of this subparagraph, and for the next
16   tax year elects not to take advantage of this
17   subparagraph, the resident shareholder shall not
18   reelect to take advantage of this subparagraph for the
19   three tax years immediately following the first tax
20   year for which the shareholder elected not to take
21   advantage of this subparagraph, unless the director
22   consents to the reelection.  This paragraph
23   subparagraph also applies to individuals who are
24   residents of Iowa for less than the entire tax year.
25     Sec. 12.  Section 422.20, subsection 3, unnumbered
26   paragraph 1, Code 1997, is amended to read as follows:
27     Unless otherwise expressly permitted by section
28   421.17, subsections 21, 22, 22A, 23, 25, 29, and 32,
29   sections 252B.9, 421.19, 421.28, 422.72, and 452A.63,
30   and this section, a tax return, return information, or
31   investigative or audit information shall not be
32   divulged to any person or entity, other than the
33   taxpayer, the department, or internal revenue service
34   for use in a matter unrelated to tax administration.
35     Sec. 13.  Section 422.32, subsection 4, Code 1997,
36   is amended to read as follows:
37     4.  "Corporation" includes joint stock companies,
38   and associations organized for pecuniary profit, and
39   publicly traded partnerships and limited liability
40   companies taxed as corporations under the Internal
41   Revenue Code.
42     Sec. 14.  Section 422.42, subsections 1 and 14,
43   Code 1997, are amended to read as follows:
44     1.  "Agricultural production" includes the
45   production of flowering, ornamental, or vegetable
46   plants in commercial greenhouses or otherwise and
47   production from aquaculture.  "Agricultural products"
48   include flowering, ornamental, or vegetable plants and
49   those products of aquaculture.
50     14.  "Retail sale" or "sale at retail" means 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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