Text: HF02220 Text: HF02222 Text: HF02200 - HF02299 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 15E.193B, subsection 6, paragraph a, 1 2 Code 1999, is amended to read as follows: 1 3 a. An eligible housing business may claiman incomea tax 1 4 credit up to a maximum of ten percent of the new investment 1 5 which is directly related to the building or rehabilitating of 1 6 a minimum of four single-family homes located in that part of 1 7 a city or county in which there is a designated enterprise 1 8 zone or one multiple dwelling unit building containing three 1 9 or more individual dwelling units located in that part of a 1 10 city or county in which there is a designated enterprise zone. 1 11 The tax credit may be used to reduce the tax liability imposed 1 12 under chapter 422, division II, III, or V. Any credit in 1 13 excess of the tax liability for the tax year may be credited 1 14 to the tax liability for the following seven years or until 1 15 depleted, whichever occurs earlier. If the business is a 1 16 partnership,subchapterS corporation, limited liability 1 17 company, or estate or trust electing to have the income taxed 1 18 directly to the individual, an individual may claim the tax 1 19 credit allowed. The amount claimed by the individual shall be 1 20 based upon the pro rata share of the individual's earnings of 1 21 the partnership,subchapterS corporation, limited liability 1 22 company, or estate or trust. 1 23 Sec. 2. EFFECTIVE AND APPLICABILITY DATES. This Act, 1 24 being deemed of immediate importance, takes effect upon 1 25 enactment and applies retroactively to January 1, 2000, for 1 26 tax years beginning on or after that date. 1 27 EXPLANATION 1 28 This bill expands the tax credit presently allowed 1 29 individual and corporate income taxpayers who are eligible 1 30 housing businesses that build or rehabilitate housing in a 1 31 designated enterprise zone to include financial institutions 1 32 that are subject to the franchise tax. 1 33 The bill takes effect upon enactment and applies 1 34 retroactively to January 1, 2000, for tax years beginning on 1 35 or after that date. 2 1 LSB 5967HH 78 2 2 mg/as/5
Text: HF02220 Text: HF02222 Text: HF02200 - HF02299 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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