Text: SF00516 Text: SF00518 Text: SF00500 - SF00599 Text: SF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. Section 422.36, Code 2001, is amended by adding
1 2 the following new subsection:
1 3 NEW SUBSECTION. 6. A foreign corporation is not required
1 4 to file a return if its only activities in Iowa are the
1 5 storage of goods for a period of sixty consecutive days or
1 6 less in a warehouse for hire located in this state whereby the
1 7 foreign corporation transports or causes a carrier to
1 8 transport such goods to that warehouse and provided that none
1 9 of the goods are delivered or shipped so as to be included in
1 10 the gross sales of the corporation within this state as
1 11 provided in section 422.33, subsection 2, paragraph "b",
1 12 subparagraph (6).
1 13 Sec. 2. EFFECTIVE AND APPLICABILITY DATES. This Act,
1 14 being deemed of immediate importance, takes effect upon
1 15 enactment and applies retroactively to January 1, 2001, for
1 16 tax years beginning on or after that date.
1 17 EXPLANATION
1 18 This bill provides that a foreign corporation is not
1 19 required to file an income tax return if its only activity
1 20 involves the storing of tangible personal property in Iowa for
1 21 60 consecutive days or less in a warehouse located in Iowa if
1 22 such storage is its only activity and the stored property is
1 23 not delivered or shipped so as to be included as part of the
1 24 corporation's gross sales within the state.
1 25 The bill takes effect upon enactment and applies
1 26 retroactively to January 1, 2001, for tax years beginning on
1 27 or after that date.
1 28 LSB 3540SV 79
1 29 mg/gg/8
Text: SF00516 Text: SF00518 Text: SF00500 - SF00599 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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