Text: S05292 Text: S05294 Text: S05200 - S05299 Text: S Index Bills and Amendments: General Index Bill History: General Index
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" meansan individuala person making 1 8 a cash investment in a qualifying business oran1 9individual taxed on income from a revocable trust's1 10cash investment in a qualifying business or a person1 11making a cash investmentin a community-based seed 1 12 capital fund. "Investor" does not include a person 1 13which is a current or previousthat 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 19a. For tax years beginning on or after January 1,1 202002, a tax credit shall be allowed against the taxes1 21imposed in chapter 422, division II, for a portion of1 22an individual taxpayer's equity investment, as1 23provided in subsection 2, in a qualifying business.1 24An individual shall not claim a tax credit under this1 25paragraph of a partnership, limited liability company,1 26S corporation, estate, or trust electing to have1 27income taxed directly to the individual. However, an1 28individual receiving income from a revocable trust's1 29investment in a qualified business may claim a tax1 30credit under this paragraph against the taxes imposed1 31in chapter 422, division II, for a portion of the1 32revocable trust's equity investment, as provided in1 33subsection 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,division2 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 SF 443H 2 40 tm/es/25
Text: S05292 Text: S05294 Text: S05200 - S05299 Text: S Index Bills and Amendments: General Index Bill History: General Index
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