Text: H08051 Text: H08053 Text: H08000 - H08099 Text: H Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Amend House File 2271 as follows:
1 2 #1. Page 1, by striking lines 23 through 26 and
1 3 inserting the following: "in a qualifying business or
1 4 a person making a cash investment in a community-based
1 5 seed capital fund. "Investor" does not include a
1 6 person which is an owner, member, or shareholder in a
1 7 qualified business."
1 8 #2. By striking page 1, line 33, through page 2,
1 9 line 12, and inserting the following:
1 10 "1. a. For tax years beginning on or after
1 11 January 1, 2002, a tax credit shall be allowed against
1 12 the taxes imposed in chapter 422, division II, for a
1 13 portion of an individual taxpayer's equity investment,
1 14 as provided in subsection 2, in a qualified business.
1 15 An individual shall not claim a tax credit under this
1 16 paragraph of a partnership, limited liability company,
1 17 S corporation, estate, or trust electing to have
1 18 income taxed directly to the individual.
1 19 b. For tax years beginning on or after January 1,
1 20 2002, a tax credit shall be allowed against the taxes
1 21 imposed in chapter 422, divisions II, III, and V, and
1 22 in chapter 432, and against the moneys and credits tax
1 23 imposed in section 533.24, for a portion of a
1 24 taxpayer's equity investment, as provided in
1 25 subsection 2, in a community-based seed capital fund.
1 26 An individual may claim a tax credit under this
1 27 paragraph of a partnership, limited liability company,
1 28 S corporation, estate, or trust electing to have
1 29 income taxed directly to the individual. The amount
1 30 claimed by the individual shall be based upon the pro
1 31 rata share of the individual's earnings from the
1 32 partnership, limited liability company, S corporation,
1 33 estate, or trust.
1 34 c. A tax credit shall be allowed only for an
1 35 investment made in the form of cash to purchase equity
1 36 in a qualifying business or in a community-based seed
1 37 capital fund. A".
1 38 #3. Page 3, line 28, by inserting after the word
1 39 "list" the following: "of shareholders who may
1 40 qualify for the tax credits".
1 41 #4. By striking page 4, line 35, through page 5,
1 42 line 2, and inserting the following: "imposed
1 43 pursuant to chapter 422, division II, subject to any
1 44 conditions".
1 45 #5. Page 5, line 34, by inserting after the word
1 46 "list" the following: "of limited partners or members
1 47 who may qualify for the tax credits".
1 48 #6. Page 6, line 11, by inserting after the word
1 49 "finance" the following: "or a local taxing district,
1 50 as applicable,".
2 1
2 2
2 3
2 4 TEIG of Hamilton
2 5 HF 2271.301 79
2 6 tm/cf
Text: H08051 Text: H08053 Text: H08000 - H08099 Text: H Index Bills and Amendments: General Index Bill History: General Index
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