Text: HSB00010 Text: HSB00012 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 for
1 4 ninety days or less in a warehouse located in Iowa which is
1 5 not owned by the corporation.
1 6 Sec. 2. EFFECTIVE AND APPLICABILITY DATES. This Act,
1 7 being deemed of immediate importance, takes effect upon
1 8 enactment and applies retroactively to January 1, 2001, for
1 9 tax years beginning on or after that date.
1 10 EXPLANATION
1 11 The bill provides that an activity of a foreign corporation
1 12 which involves the storing of tangible personal property for
1 13 90 days or less in a warehouse located in Iowa which is not
1 14 owned by the corporation does not constitute doing business
1 15 within the state or deriving income from sources within the
1 16 state for purposes of the imposition of the state corporate
1 17 income tax.
1 18 The bill takes effect upon enactment and applies
1 19 retroactively to January 1, 2001, for tax years beginning on
1 20 or after that date.
1 21 LSB 1027HC 79
1 22 mg/gg/8
Text: HSB00010 Text: HSB00012 Text: HSB00000 - HSB00099 Text: HSB Index Bills and Amendments: General Index Bill History: General Index
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