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House Journal: Page 186: Tuesday, January 29, 2002

the organization of an Iowa capital investment corporation and an
Iowa fund of funds, and authorizing the issuance of contingent tax
credits to investors in the Iowa fund of funds, amended by the Senate
amendment H-8012 as follows:

H-8012

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

Richardson of Warren asked and received unanimous consent that
amendment H-8016, to the Senate amendment H-8012, be deferred.

Kreiman of Davis offered amendment H-8013, to the Senate
amendment H-8012, filed by him as follows:



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