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
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     1 29                               
     1 30 MILLER of Webster
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     1 33                               
     1 34 REICHERT of Muscatine
     1 35 HF 868.701 81
     1 36 tm/gg/2836
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