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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