Text: H01424 Text: H01426 Text: H01400 - H01499 Text: H Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Amend Senate File 230, as passed by the Senate, as
1 2 follows:
1 3 #1. Page 4, by inserting after line 10 the
1 4 following:
1 5 "Sec. . Section 422.33, Code 1999, is amended
1 6 by adding the following new subsection:
1 7 NEW SUBSECTION. 9. The taxes imposed under this
1 8 division shall be reduced by a franchise tax credit.
1 9 A taxpayer who is a shareholder in a financial
1 10 institution, as defined in section 581 of the Internal
1 11 Revenue Code, which has in effect for the tax year an
1 12 election under subchapter S of the Internal Revenue
1 13 Code shall compute the amount of the tax credit by
1 14 recomputing the amount of tax under this division by
1 15 reducing the taxable income of the taxpayer by the
1 16 taxpayer's pro rata share of the items of income and
1 17 expense of the financial institution. This recomputed
1 18 tax shall be subtracted from the tax computed under
1 19 this division and the resulting amount, which shall
1 20 not exceed the taxpayer's pro rata share of franchise
1 21 tax paid by the financial institution, is the amount
1 22 of the franchise tax credit allowed."
1 23 #2. Title page, line 4, by inserting after the
1 24 word "trusts," the following: "providing a franchise
1 25 tax credit to certain taxpayers,".
1 26
1 27
1 28
1 29 HOLMES of Scott
1 30
1 31
1 32
1 33 HOFFMAN of Crawford
1 34
1 35
1 36
1 37 WEIGEL of Chickasaw
1 38 SF 230.501 78
1 39 sc/jw
Text: H01424 Text: H01426 Text: H01400 - H01499 Text: H Index Bills and Amendments: General Index Bill History: General Index
© 2000 Cornell College and League of Women Voters of Iowa
Comments about this site or page?
webmaster@legis.iowa.gov.
Please remember that the person listed above does not vote on bills. Direct all comments concerning legislation to State Legislators.
Last update: Fri Mar 3 13:35:02 CST 2000
URL: /DOCS/GA/78GA/Legislation/H/01400/H01425/000303.html
jhf