House Amendment 2009


PAG LIN




     1  1    Amend Senate File 601, as amended, passed, and
     1  2 reprinted by the Senate, as follows:
     1  3 #1.  Page 54, by inserting after line 13 the
     1  4 following:
     1  5    <Sec.    .  Section 423.6, subsection 10,
     1  6 unnumbered paragraph 3, Code 2007, is amended to read
     1  7 as follows:
     1  8    This exemption applies to corporations that have
     1  9 been in existence for not longer than twenty=four
     1 10 months also applies where the vehicle subject to
     1 11 registration is transferred from an S corporation to
     1 12 another S corporation that continues the business of
     1 13 the transferring S corporation when all of the
     1 14 incidents of the ownership are owned by the same
     1 15 person who is the sole stockholder of the S
     1 16 corporation.>
     1 17 #2.  Page 57, by inserting after line 29 the
     1 18 following:
     1 19    <Sec.    .  REFUNDS.  Refunds of taxes, interest,
     1 20 or penalties which arise from claims resulting from
     1 21 the amendment of section 423.6, subsection 10, in this
     1 22 division of this Act, for the exemption of transfer of
     1 23 vehicles subject to registration between corporations
     1 24 occurring between May 1, 2001, and the effective date
     1 25 of this section of this division of this Act, shall be
     1 26 limited to twenty=five thousand dollars in the
     1 27 aggregate and shall not be allowed unless refund
     1 28 claims are filed prior to October 1, 2007,
     1 29 notwithstanding any other provision of law.  If the
     1 30 amount of claims totals more than twenty=five thousand
     1 31 dollars in the aggregate, the department of revenue
     1 32 shall prorate the twenty=five thousand dollars among
     1 33 all claimants in relation to the amounts of the
     1 34 claimants' valid claims.  Claimants shall not be
     1 35 entitled to interest on any refunds.>
     1 36 #3.  Page 59, by inserting after line 4 the
     1 37 following:
     1 38    <Sec.    .  EFFECTIVE AND RETROACTIVE APPLICABILITY
     1 39 DATE.  The section of this division of this Act
     1 40 amending section 423.6, subsection 10, being deemed of
     1 41 immediate importance, takes effects upon enactment and
     1 42 applies retroactively to May 1, 2001.>
     1 43
     1 44
     1 45                               
     1 46 ALONS of Sioux
     1 47 SF 601.213 82
     1 48 mg/es/9992
   1 49
   1 50

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