House Journal: Page 1111: Wednesday, April 7, 1999

 3     1.  Page 4, by inserting after line 10 the

 4   following:
 5     "Sec.     .  Section 422.33, Code 1999, is amended
 6   by adding the following new subsection:
 7     NEW SUBSECTION.  9.  The taxes imposed under this
 8   division shall be reduced by a franchise tax credit.
 9   A taxpayer who is a shareholder in a financial
10   institution, as defined in section 581 of the Internal
11   Revenue Code, which has in effect for the tax year an
12   election under subchapter S of the Internal Revenue
13   Code shall compute the amount of the tax credit by
14   recomputing the amount of tax under this division by
15   reducing the taxable income of the taxpayer by the
16   taxpayer's pro rata share of the items of income and
17   expense of the financial institution.  This recomputed
18   tax shall be subtracted from the tax computed under
19   this division and the resulting amount, which shall
20   not exceed the taxpayer's pro rata share of franchise
21   tax paid by the financial institution, is the amount
22   of the franchise tax credit allowed."
23     2.  Title page, line 4, by inserting after the
24   word "trusts," the following:  "providing a franchise
25   tax credit to certain taxpayers,".
Amendment H?1425 was adopted.
Hoffman of Crawford moved that the bill be read a last time now 
and placed upon its passage which motion prevailed and the bill was 
read a last time.
On the question "Shall the bill pass?" (S.F. 230)
	The ayes were, 92:
Alons	Arnold	Barry	Baudler
Bell	Blodgett	Boal	Boddicker
Boggess	Bradley	Brauns	Brunkhorst
Bukta	Burnett	Carroll	Cataldo
Chiodo	Cohoon	Cormack	Davis
Dix	Dolecheck	Dotzler	Drake
Drees	Eddie	Falck	Fallon
Foege	Ford	Frevert	Garman
Greiner	Hahn	Heaton	Hoffman
Holmes	Horbach	Houser	Huseman
Huser	Jacobs	Jager	Jenkins
Jochum	Johnson	Kettering	Klemme
Kreiman	Kuhn	Larkin	Larson
Lord	Martin	Mascher	May
Mertz	Metcalf	Millage	Mundie
Murphy	Myers	Nelson	O'Brien^
Osterhaus	Parmenter	Raecker	Rants
Rayhons	Reynolds	Richardson	Scherrman
Shoultz	Siegrist	Stevens	Sukup
Sunderbruch	Taylor	Teig	Thomas
Thomson	Tyrrell	Van Engelenhoven	Van Fossen
Warnstadt	Weidman	Weigel	Welter
Whitead	Wise	Witt	Gipp,
				  Presiding
	The nays were, none.
	Absent or not voting, 8:
Chapman	Connors	Corbett, Spkr.	Doderer
Grundberg	Hansen	Holveck	Schrader
The bill having received a constitutional majority was declared to 
have passed the House and the title, as amended, was agreed to.
HOUSE FILE 516 WITHDRAWN 
Hoffman of Crawford asked and received unanimous consent to 
withdraw House File 516 from further consideration by the House.
IMMEDIATE MESSAGES
Siegrist of Pottawattamie asked and received unanimous consent 
that the following bills be immediately messaged to the Senate: 
Senate Files 265, 55 and 230.
Regular Calendar
Senate File 68, a bill for an act relating to counties included in 
the mid-America port commission, with report of committee 
recommending passage, was taken up for consideration.
SPECIAL PRESENTATION
Hoffman of Crawford presented to the House the Honorable Don 
Gries, former state representative from Crawford County, and his 
wife Dorothy.
The House rose and expressed its welcome.

© 1999 Cornell College and League of Women Voters of Iowa

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