Text: SF00349 Text: SF00351 Text: SF00300 - SF00399 Text: SF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. Section 422.35, Code 1999, is amended by adding
1 2 the following new subsection:
1 3 NEW SUBSECTION. 18. Subtract, to the extent included in
1 4 federal taxable income, the amount of dividends paid or
1 5 distributions made to a shareholder during the tax year to the
1 6 extent the dividends or distributions are taxable to the
1 7 shareholder. Subtract the amount of dividends paid or
1 8 distributions made to a shareholder during the tax year, which
1 9 amount was previously subject to Iowa corporate income tax, to
1 10 the extent the dividends or distributions are taxable to the
1 11 shareholder.
1 12 Sec. 2. APPLICABILITY. This Act applies retroactively to
1 13 January 1, 1999, for tax years beginning on or after that
1 14 date.
1 15 EXPLANATION
1 16 The bill provides under the corporate income tax a
1 17 deduction for dividends or distributions made to the extent
1 18 the dividends or distributions are taxable to the shareholder
1 19 if the amount is or was taxable for state corporate tax
1 20 purposes.
1 21 The bill applies retroactively to January 1, 1999, for tax
1 22 years beginning on or after that date.
1 23 LSB 1925XS 78
1 24 mg/gg/8
Text: SF00349 Text: SF00351 Text: SF00300 - SF00399 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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