House Amendment 1442 PAG LIN 1 1 Amend House File 868 as follows: 1 2 #1. Page 52, by inserting after line 20 the 1 3 following: 1 4 <Sec. . Section 422.7, Code 2005, is amended by 1 5 adding the following new subsection: 1 6 NEW SUBSECTION. 44. Subtract, to the extent not 1 7 otherwise excluded, the first twenty=five thousand 1 8 dollars of the gain from the sale of a unique work of 1 9 art, provided the artist, as defined by the department 1 10 of cultural affairs, lives and works in a cultural and 1 11 entertainment district certified pursuant to section 1 12 303.3B.> 1 13 #2. Page 54, by striking line 20 and inserting the 1 14 following: 1 15 <Sec. . EFFECTIVE AND APPLICABILITY DATES. 1 16 1. The provisions>. 1 17 #3. Page 54, by inserting after line 26 the 1 18 following: 1 19 <2. The provision of this division of this Act 1 20 amending section 422.7 and allowing an exclusion from 1 21 income regarding a unique work of art applies 1 22 retroactively to January 1, 2005, for tax years 1 23 beginning on or after that date.> 1 24 #4. Title page, line 2, by inserting after the 1 25 word <credits> the following: <and exclusions>. 1 26 #5. By renumbering as necessary. 1 27 1 28 1 29 1 30 MILLER of Webster 1 31 1 32 1 33 1 34 REICHERT of Muscatine 1 35 HF 868.701 81 1 36 tm/gg/2836 1 37 1 38 1 39 1 40 1 41 1 42 1 43 1 44 1 45 1 46 1 47 1 48 1 49 1 50 -1-