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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