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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