House Journal: Page 1708: Thursday, May 1, 2003
42 periods as is necessary to take advantage of the most
43 favorable foreign currency exchange rates.
44 Sec. . Section 8.57, subsection 1, paragraph c,
45 Code 2003, is amended to read as follows:
46 c. The amount appropriated in this section is not
47 subject to the provisions of section 8.31, relating to
48 quarterly requisitions and allotment, or to section
49 8.32, relating to conditional availability of
50 appropriations."
Page 9
1 12. Page 24, by inserting after line 9 the
2 following:
3 "Sec. . Section 12C.27, Code 2003, is amended
4 by striking the section and inserting in lieu thereof
5 the following:
6 12C.27 FAILURE TO MAINTAIN REQUIRED COLLATERAL.
7 If treasurer of state determines that a bank fails
8 to comply with chapter 12C.22, subsections 2 and 3,
9 the treasurer of state may restrict that bank from
10 accepting uninsured public funds and shall notify the
11 office of thrift supervision, the office of the
12 comptroller of the currency, or the superintendent as
13 applicable, who may take such action against the bank,
14 its board of directors and officers as permitted by
15 law."
16 13. Page 24, by inserting after line 30 the
17 following:
18 "Sec. . Section 15E.42, subsection 3, Code
19 2003, is amended to read as follows:
20 3. "Investor" means an individual making a cash
21 investment in a qualifying business or an individual
22 taxed on income from a revocable trust's cash
23 investment in a qualifying business or a person making
24 a cash investment in a community-based seed capital
25 fund. "Investor" does not include a person which is a
26 current or previous owner, member, or shareholder in a
27 qualifying business.
28 Sec. . Section 15E.43, subsection 1, paragraph
29 a, Code 2003, is amended to read as follows:
30 a. For tax years beginning on or after January 1,
31 2002, a tax credit shall be allowed against the taxes
32 imposed in chapter 422, division II, for a portion of
33 an individual taxpayer's equity investment, as
34 provided in subsection 2, in a qualifying business.
35 An individual shall not claim a tax credit under this
36 paragraph of a partnership, limited liability company,
37 S corporation, estate, or trust electing to have
38 income taxed directly to the individual. However, an
39 individual receiving income from a revocable trust's
40 investment in a qualified business may claim a tax
© 2003 Cornell College and
League of Women Voters of Iowa
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