Text: H08320                            Text: H08322
Text: H08300 - H08399                   Text: H Index
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House Amendment 8321

Amendment Text

PAG LIN
  1  1    Amend Senate File 443, as passed by the Senate, as
  1  2 follows:
  1  3    #1.  Page 1, by striking line 1 and inserting the
  1  4 following:
  1  5    "Section 1.  Section 15E.42, subsection 3, Code
  1  6 Supplement 2003, is amended to read as follows:
  1  7    3.  "Investor" means an individual a person making
  1  8 a cash investment in a qualifying business or an
  1  9 individual taxed on income from a revocable trust's
  1 10 cash investment in a qualifying business or a person
  1 11 making a cash investment in a community-based seed
  1 12 capital fund.  "Investor" does not include a person
  1 13 which is a current or previous that holds at least a
  1 14 seventy percent ownership interest as an owner,
  1 15 member, or shareholder in a qualifying business.
  1 16    Sec. 2.  Section 15E.43, subsection 1, paragraphs a
  1 17 and b, Code Supplement 2003, are amended to read as
  1 18 follows:
  1 19    a.  For tax years beginning on or after January 1,
  1 20 2002, a tax credit shall be allowed against the taxes
  1 21 imposed in chapter 422, division II, for a portion of
  1 22 an individual taxpayer's equity investment, as
  1 23 provided in subsection 2, in a qualifying business.
  1 24 An individual shall not claim a tax credit under this
  1 25 paragraph of a partnership, limited liability company,
  1 26 S corporation, estate, or trust electing to have
  1 27 income taxed directly to the individual.  However, an
  1 28 individual receiving income from a revocable trust's
  1 29 investment in a qualified business may claim a tax
  1 30 credit under this paragraph against the taxes imposed
  1 31 in chapter 422, division II, for a portion of the
  1 32 revocable trust's equity investment, as provided in
  1 33 subsection 2, in a qualified business.
  1 34    b.  For tax years beginning on or after January 1,
  1 35 2002, a tax credit shall be allowed against the taxes
  1 36 imposed in chapter 422, divisions II, III, and V, and
  1 37 in chapter 432, and against the moneys and credits tax
  1 38 imposed in section 533.24, for a portion of a
  1 39 taxpayer's equity investment, as provided in
  1 40 subsection 2, in a qualifying business or a community-
  1 41 based seed capital fund.  An individual may claim a
  1 42 tax credit under this paragraph of a partnership,
  1 43 limited liability company, S corporation, estate, or
  1 44 trust electing to have income taxed directly to the
  1 45 individual.  The amount claimed by the individual
  1 46 shall be based upon the pro rata share of the
  1 47 individual's earnings from the partnership, limited
  1 48 liability company, S corporation, estate, or trust.
  1 49    Sec. 3.  Section 15E.44, subsection 4, Code
  1 50 Supplement 2003, is amended to read as follows:
  2  1    4.  After verifying the eligibility of a qualifying
  2  2 business, the board shall issue a tax credit
  2  3 certificate to be attached to the equity investor's
  2  4 tax return.  The tax credit certificate shall contain
  2  5 the taxpayer's name, address, tax identification
  2  6 number, the amount of credit, the name of the
  2  7 qualifying business, and other information required by
  2  8 the department of revenue.  The tax credit
  2  9 certificate, unless rescinded by the board, shall be
  2 10 accepted by the department of revenue as payment for
  2 11 taxes imposed pursuant to chapter 422, division
  2 12 divisions II, III, and V, and in chapter 432, and for
  2 13 the moneys and credits tax imposed in section 533.24,
  2 14 subject to any conditions or restrictions placed by
  2 15 the board upon the face of the tax credit certificate
  2 16 and subject to the limitations of section 15E.43.
  2 17    Sec. 4.  Section 15E.51, subsection 4, Code
  2 18 Supplement 2003, is amended to read as follows:
  2 19    4.  A taxpayer shall not claim a tax credit under
  2 20 this section if the taxpayer is a venture capital
  2 21 investment fund allocation manager for the Iowa fund
  2 22 of funds created in section 15E.65 or an investor that
  2 23 receives a tax credit for the same investment in a
  2 24 qualifying business as described in section 15E.44 or
  2 25 in a community-based seed capital fund as described in
  2 26 section 15E.45.
  2 27    Sec. 5.  Section 15E.45, subsection 2, paragraph b,
  2 28 Code".
  2 29    #2.  Page 1, by striking line 13 and inserting the
  2 30 following:
  2 31    "Sec.    .  APPLICABILITY DATES.
  2 32    1.  Sections 1 through 4 of this Act apply
  2 33 retroactively to January 1, 2004, for tax years
  2 34 beginning on or after that date.
  2 35    2.  Section 5 of this Act applies".
  2 36    #3.  Title page, line 2, by striking the words "a
  2 37 retroactive applicability date" and inserting the
  2 38 following:  "retroactive applicability dates".  
  2 39 
  2 40 
  2 41                               
  2 42 COMMITTEE ON WAYS AND MEANS
  2 43 VAN FOSSEN of Scott, Chairperson
  2 44 SF 443.301 80
  2 45 tm/cf
     

Text: H08320                            Text: H08322
Text: H08300 - H08399                   Text: H Index
Bills and Amendments: General Index     Bill History: General Index

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