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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