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Senate File 516

Partial Bill History

Bill Introduced: S.J. 962
Committee Report Issued: S.J. 967
Passed House: H.J. 1727
Passed Senate: S.J. 1344 S.J. 1524
Veto: S.J. 1619
Complete Bill History

Bill Text

PAG LIN
  1  1                                             SENATE FILE 516
  1  2 
  1  3                             AN ACT
  1  4 ESTABLISHING A SMALL BUSINESS GROWTH INITIATIVE BY ADJUSTING
  1  5    THE ALLOCATION TO IOWA OF INCOME EARNED BY AN S CORPORATION
  1  6    FOR PURPOSES OF THE STATE INDIVIDUAL INCOME TAX AND INCLUDING
  1  7    AN EFFECTIVE AND APPLICABILITY DATE PROVISION.  
  1  8 
  1  9 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
  1 10 
  1 11    Section 1.  Section 422.8, subsection 2, paragraph b,
  1 12 subparagraph (2), Code 2001, is amended to read as follows:
  1 13    (2)  Any cash or the value of property distributions which
  1 14 are made only to the extent that they are paid from income
  1 15 upon which Iowa income tax has not been paid, as determined
  1 16 under rules of the director, reduced by fifty percent of the
  1 17 amount of any of these distributions that are made to enable
  1 18 the shareholder to pay federal income tax on items of income,
  1 19 loss, and expenses from the corporation.
  1 20    Sec. 2.  EFFECTIVE AND APPLICABILITY PROVISION.  This Act
  1 21 takes effect only if the revenue estimating conference
  1 22 estimates that, as a result of the enactment of federal income
  1 23 tax legislation prior to January 1, 2002, Iowa income tax
  1 24 receipts for the fiscal year beginning July 1, 2001, will be
  1 25 increased by $7.9 million or more over the amount of Iowa
  1 26 income tax receipts which would have been realized in the
  1 27 absence of the enactment of such federal income tax
  1 28 legislation.  If this Act takes effect, this Act applies to
  1 29 tax years beginning on or after January 1, 2002.  
  1 30 
  1 31 
  1 32                                                             
  1 33                               MARY E. KRAMER
  1 34                               President of the Senate
  1 35 
  2  1 
  2  2                                                             
  2  3                               BRENT SIEGRIST
  2  4                               Speaker of the House
  2  5 
  2  6    I hereby certify that this bill originated in the Senate and
  2  7 is known as Senate File 516, Seventy-ninth General Assembly.
  2  8 
  2  9 
  2 10                                                             
  2 11                               MICHAEL E. MARSHALL
  2 12                               Secretary of the Senate
  2 13 Approved                , 2001
  2 14 
  2 15 
  2 16                                
  2 17 THOMAS J. VILSACK
  2 18 Governor

Text: SF00515                           Text: SF00517
Text: SF00500 - SF00599                 Text: SF Index
Bills and Amendments: General Index     Bill History: General Index

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