Text: H01486 Text: H01488 Text: H01400 - H01499 Text: H Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Amend House File 744 as follows:
1 2 #1. Page 1, by inserting before line 1 the
1 3 following:
1 4 "Section 1. Section 422.7, subsection 21, Code
1 5 1999, is amended by adding the following new
1 6 paragraph:
1 7 NEW PARAGRAPH. e. Net capital gain from the sale
1 8 of stock of a corporation and the net capital gain
1 9 from the sale of an ownership interest in another
1 10 business entity, in which the taxpayer materially
1 11 participated for ten years as defined in section
1 12 469(h) of the Internal Revenue Code and which has been
1 13 held by the taxpayer for a minimum of ten years. The
1 14 sale of the stock of the corporation or the ownership
1 15 interest in another business entity must involve at
1 16 least ninety percent of the taxpayer's ownership in
1 17 the corporation or entity. In addition, the
1 18 corporation must be one where no stock of the
1 19 corporation has been publicly traded and the
1 20 corporation cannot have more than seventy-five
1 21 shareholders. The business entity must be one where
1 22 the ownership interest is not publicly traded. When
1 23 the stock of the corporation or the ownership interest
1 24 of the business entity is sold or transferred to a
1 25 lineal descendant of the taxpayer as defined in
1 26 paragraph "a", the taxpayer does not have to have
1 27 materially participated in the corporation or business
1 28 entity in order for the net capital gain from the sale
1 29 or transfer to be excluded from taxation.
1 30 For purposes of this paragraph, other business
1 31 entity includes a sole proprietorship, a partnership,
1 32 or a limited liability company."
1 33 #2. Title page, line 1, by inserting after the
1 34 word "tax" the following: "by excluding net capital
1 35 gains from certain sales of stock or ownership
1 36 interests of a business,".
1 37
1 38
1 39
1 40 CARROLL of Poweshiek
1 41 HF 744.702 78
1 42 mg/sc
Text: H01486 Text: H01488 Text: H01400 - H01499 Text: H Index Bills and Amendments: General Index Bill History: General Index
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