House Journal: Page 349: Thursday, February 14, 2002
7 qualified business."
8 2. By striking page 1, line 33, through page 2,
9 line 12, and inserting the following:
10 "1. a. For tax years beginning on or after
11 January 1, 2002, a tax credit shall be allowed against
12 the taxes imposed in chapter 422, division II, for a
13 portion of an individual taxpayer's equity investment,
14 as provided in subsection 2, in a qualified business.
15 An individual shall not claim a tax credit under this
16 paragraph of a partnership, limited liability company,
17 S corporation, estate, or trust electing to have
18 income taxed directly to the individual.
19 b. For tax years beginning on or after January 1,
20 2002, a tax credit shall be allowed against the taxes
21 imposed in chapter 422, divisions II, III, and V, and
22 in chapter 432, and against the moneys and credits tax
23 imposed in section 533.24, for a portion of a
24 taxpayer's equity investment, as provided in
25 subsection 2, in a community-based seed capital fund.
26 An individual may claim a tax credit under this
27 paragraph of a partnership, limited liability company,
28 S corporation, estate, or trust electing to have
29 income taxed directly to the individual. The amount
30 claimed by the individual shall be based upon the pro
31 rata share of the individual's earnings from the
32 partnership, limited liability company, S corporation,
33 estate, or trust.
34 c. A tax credit shall be allowed only for an
35 investment made in the form of cash to purchase equity
36 in a qualifying business or in a community-based seed
37 capital fund. A".
38 3. Page 3, line 28, by inserting after the word
39 "list" the following: "of shareholders who may
40 qualify for the tax credits".
41 4. By striking page 4, line 35, through page 5,
42 line 2, and inserting the following: "imposed
43 pursuant to chapter 422, division II, subject to any
44 conditions".
45 5. Page 5, line 34, by inserting after the word
46 "list" the following: "of limited partners or members
47 who may qualify for the tax credits".
48 6. Page 6, line 11, by inserting after the word
49 "finance" the following: "or a local taxing district,
50 as applicable,".
Teig of Hamilton offered the following amendment H-8054, to
amendment H-8052, filed by him from the floor and moved its
adoption:
© 2002 Cornell College and
League of Women Voters of Iowa
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