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House Journal: Page 1737: Tuesday, April 29, 1997

Page  19

 1   421.27.  The taxpayer shall also pay interest on the
 2   tax or additional tax at the rate in effect under
 3   section 421.7 counting each fraction of a month as an
 4   entire month, computed from the date the return was
 5   required to be filed.  If the amount of the tax as
 6   determined by the appropriate state agency is less
 7   than the amount paid, the excess shall be refunded
 8   with interest, the interest to begin to accrue on the
 9   first day of the third second calendar month
following
10   the date of payment or the date the return was due to
11   be filed or was filed, whichever is the latest, at the
12   rate in effect under section 421.7 counting each
13   fraction of a month as an entire month under the rules
14   prescribed by the appropriate state agency.  In lieu
15   of a refund allowed under this section, the licensee
16   may request that the department allow the refund to be
17   held as a credit for the licensee.  Claims for
refund
18   filed under sections 452A.17 and 452A.21 shall accrue
19   interest beginning with the first day of the second
20   calendar month following the date the refund claim is
21   received by the department.
22     Sec. 45.  Section 633.699, subsection 7, Code 1997,
23   is amended to read as follows:
24     7.  To make any required division, allocation, or
25   distribution in whole or in part in money, securities,
26   or other property, and in undivided interests therein
27   pro rata, nonpro rata, or in combination of these
28   methods, and to continue to hold any remaining
29   undivided interest in trust.
30     Sec. 46.  Section 633.703A, subsection 1,
31   unnumbered paragraph 1, Code 1997, is amended to read
32   as follows:
33     In order to allow a trust to qualify as a marital
34   deduction trust for federal estate tax purposes, as a
35   qualified subchapter S trust for federal income tax
36   purposes, as separate trusts for federal generation-
37   skipping tax purposes, or for any other federal or
38   state income, estate, excise, or inheritance tax
39   benefit or to facilitate the administration of a trust
40   or trusts, the governing instrument of a trust may be
41   amended as follows to permit the trust to be divided
42   in cash or in kind, including in undivided interests,
43   by pro rata or nonpro rata division, or in any
44   combination thereof, into one or more separate trusts
45   or be consolidated with one or more other trusts into
46   a single trust:
47     Sec. 47.  Section 99D.14, subsection 6, Code 1997,
48   as amended by 1997 Iowa Acts, House File 212, section
49   2, is amended to read as follows:
50     6.  Real property used in the operation of a

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: Tue May 6 09:40:03 CDT 1997
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