Text: SF00055 Text: SF00057 Text: SF00000 - SF00099 Text: SF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. Section 422.35, Code 2001, is amended by adding
1 2 the new subsection:
1 3 NEW SUBSECTION. 18. Subtract the amount of dividends, as
1 4 defined in section 316 of the Internal Revenue Code, paid to
1 5 the taxpayer's shareholders.
1 6 Sec. 2. APPLICABILITY. This Act applies retroactively to
1 7 January 1, 2001, for tax years beginning on or after that
1 8 date.
1 9 EXPLANATION
1 10 This bill allows a deduction for dividends paid to a
1 11 corporation's shareholders under the state corporate income
1 12 and franchise taxes (see Code section 422.61(3)). Dividends
1 13 are distributions made by a corporation out of its earnings
1 14 and profits.
1 15 LSB 1560SS 79
1 16 mg/cf/24
Text: SF00055 Text: SF00057 Text: SF00000 - SF00099 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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