Text: H08621 Text: H08623 Text: H08600 - H08699 Text: H Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Amend House File 2535 as follows: 1 2 #1. Page 1, by inserting before line 1 the 1 3 following: 1 4 "Section 1. Section 96.19, subsection 41, Code 1 5 1999, is amended by adding the following new 1 6 paragraph: 1 7 NEW PARAGRAPH. f. Any payment made or attributed 1 8 to a shareholder of an S corporation, as defined in 1 9 section 1361 of the Internal Revenue Code, which was 1 10 based on the income after deduction of expenses of the 1 11 corporation and allocated based on the shareholder's 1 12 interest or investment in the corporation, unless all 1 13 or a portion of the payment was improperly 1 14 characterized and in fact represented compensation for 1 15 personal services in an employment relationship as 1 16 determined under subsection 18, paragraph "a", 1 17 subparagraph (2), then that portion of the payment 1 18 shall be deemed to be wages and the corporation shall 1 19 pay the appropriate contribution based on the facts as 1 20 they existed at the time the initial payment was made 1 21 or attributed, plus interest as provided by section 1 22 96.14, subsection 1, but shall not be liable for any 1 23 penalty if the payment is made within thirty days of 1 24 the final determination by the department." 1 25 #2. Title page, line 1, by striking the words "to 1 26 Iowa". 1 27 #3. Title page, line 2, by inserting after the 1 28 word "purposes" the following: "of the state 1 29 unemployment compensation tax and". 1 30 1 31 1 32 1 33 HEATON of Henry 1 34 HF 2535.701 78 1 35 mg/cls
Text: H08621 Text: H08623 Text: H08600 - H08699 Text: H Index Bills and Amendments: General Index Bill History: General Index
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