Text: S05002                            Text: S05004
Text: S05000 - S05099                   Text: S Index
Bills and Amendments: General Index     Bill History: General Index

Senate Amendment 5003

Amendment Text

PAG LIN
  1  1    Amend House File 2078, as amended, passed, and
  1  2 reprinted by the House as follows:
  1  3    #1.  Page 8, lines 4 and 5, by striking the words
  1  4 "director of the department", and inserting the
  1  5 following:  "incorporators and appointment committee".
  1  6    #2.  Page 11, lines 2 and 3, by striking the words
  1  7 "shall not invest more than", and inserting the
  1  8 following:  "shall invest".
  1  9    #3.  Page 15, by inserting after line 13 the
  1 10 following:
  1 11    "Sec. 501.  Section 422.8, subsection 2, paragraph
  1 12 b, subparagraph (2), Code 2001, is amended to read as
  1 13 follows:
  1 14    (2)  Any cash or the value of property
  1 15 distributions which are made only to the extent that
  1 16 they are paid from income upon which Iowa income tax
  1 17 has not been paid, as determined under rules of the
  1 18 director, reduced by fifty percent of the amount of
  1 19 any of these distributions that are made to enable the
  1 20 shareholder to pay federal income tax on items of
  1 21 income, loss, and expenses from the corporation.
  1 22    Sec. 502.  APPLICABILITY PROVISION.  Section 501 of
  1 23 this Act applies retroactively to January 1, 2002, for
  1 24 tax years beginning on or after that date."
  1 25    #4.  Title page, line 1, by inserting after the
  1 26 words "An Act" the following:  "relating to economic
  1 27 stimulus measures for businesses by".
  1 28    #5.  Title page, line 4, by inserting after the
  1 29 word "funds" the following:  "; establishing a small
  1 30 business growth initiative by adjusting the allocation
  1 31 to Iowa of income earned by an S corporation for
  1 32 purposes of the state individual income tax; and
  1 33 including a retroactive applicability date provision".
  1 34    #6.  By renumbering as necessary.  
  1 35 
  1 36 
  1 37                               
  1 38 LARRY McKIBBEN
  1 39 HF 2078.502 79
  1 40 tm/pj
     

Text: S05002                            Text: S05004
Text: S05000 - S05099                   Text: S Index
Bills and Amendments: General Index     Bill History: General Index

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