Text: HSB00000 - HSB00099 Text: HSB Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 422.34A, Code 2001, is amended by 1 2 adding the following new subsection: 1 3 NEW SUBSECTION. 8. Storing tangible personal property 1 4 which are not intended for sale in Iowa for ninety days or 1 5 less in a warehouse located in Iowa which is not owned by the 1 6 corporation. 1 7 Sec. 2. Section 422.36, Code 2001, is amended by adding 1 8 the following new subsection: 1 9 NEW SUBSECTION. 6. A foreign corporation is not required 1 10 to file a return if its only activities in Iowa are described 1 11 in section 422.34A, subsection 8, provided that none of the 1 12 tangible personal property is delivered or shipped so as to be 1 13 included in the gross sales of the corporation within this 1 14 state as provided in section 422.33, subsection 2, paragraph 1 15 "b", subparagraph (6). 1 16 Sec. 3. EFFECTIVE AND APPLICABILITY DATES. This Act, 1 17 being deemed of immediate importance, takes effect upon 1 18 enactment and applies retroactively to January 1, 2001, for 1 19 tax years beginning on or after that date. 1 20 EXPLANATION 1 21 The bill provides that an activity of a foreign corporation 1 22 which involves the storing of tangible personal property which 1 23 is not intended for sale in Iowa for 90 days or less in a 1 24 warehouse located in Iowa which is not owned by the 1 25 corporation does not constitute doing business within the 1 26 state or deriving income from sources within the state for 1 27 purposes of the imposition of the state corporate income tax. 1 28 The bill also provides that an income tax return is not 1 29 required to be filed if such storage is its only activity and 1 30 the stored property is not delivered or shipped so as to be 1 31 included as part of the corporation's gross sales within the 1 32 state. 1 33 The bill takes effect upon enactment and applies 1 34 retroactively to January 1, 2001, for tax years beginning on 1 35 or after that date. 2 1 LSB 3540HC 79 2 2 mg/gg/8
Text: HSB00000 - HSB00099 Text: HSB Index Bills and Amendments: General Index Bill History: General Index
© 2001 Cornell College and League of Women Voters of Iowa
Comments about this site or page?
webmaster@legis.iowa.gov.
Please remember that the person listed above does not vote on bills. Direct all comments concerning legislation to State Legislators.
Last update: Wed Mar 28 03:35:34 CST 2001
URL: /DOCS/GA/79GA/Legislation/HSB/00000/HSB00011.1/010326.html
jhf