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
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