House Amendment 1601 PAG LIN 1 1 Amend House File 883 as follows: 1 2 #1. Page 1, by inserting before line 1 the 1 3 following: 1 4 <Section 1. Section 422.7, Code 2007, is amended 1 5 by adding the following new subsection: 1 6 NEW SUBSECTION. 50. Subtract, to the extent 1 7 included, the amount of gain realized from the sale of 1 8 farmland to the state department of transportation, if 1 9 such gain is deposited into a qualified pension plan 1 10 pursuant to section 401 of the Internal Revenue Code 1 11 for the benefit of the taxpayer. If only a portion of 1 12 the gain realized is deposited into the qualified 1 13 pension plan, then only that portion shall be 1 14 subtracted under this subsection. For purposes of 1 15 this subsection, "farmland" means land of two acres or 1 16 more that in good faith is used for agricultural or 1 17 horticultural purposes.> 1 18 #2. Title page, line 1, by inserting after the 1 19 words <relating to> the following: <the taxable gain 1 20 from the sale of farmland to the department of 1 21 transportation and to>. 1 22 1 23 1 24 1 25 SANDS of Louisa 1 26 HF 883.701 82 1 27 mg/gg/8353 1 28 1 29 1 30 1 31 1 32 1 33 1 34 1 35 1 36 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-