House Amendment 2076


PAG LIN




     1  1    Amend Senate File 590, as passed by the Senate, as
     1  2 follows:
     1  3 #1.  Page 1, by inserting before line 1 the
     1  4 following:
     1  5    <Section 1.  Section 422.7, Code 2007, is amended
     1  6 by adding the following new subsection:
     1  7    NEW SUBSECTION.  50.  Subtract, to the extent
     1  8 included, the amount of gain realized from the sale of
     1  9 farmland to the state department of transportation, if
     1 10 such gain is deposited into a qualified pension plan
     1 11 pursuant to section 401 of the Internal Revenue Code
     1 12 for the benefit of the taxpayer.  If only a portion of
     1 13 the gain realized is deposited into the qualified
     1 14 pension plan, then only that portion shall be
     1 15 subtracted under this subsection.  For purposes of
     1 16 this subsection, "farmland" means land of two acres or
     1 17 more that in good faith is used for agricultural or
     1 18 horticultural purposes.>
     1 19 #2.  Title page, line 1, by inserting after the
     1 20 words <relating to> the following:  <the taxable gain
     1 21 from the sale of farmland to the department of
     1 22 transportation and to>.
     1 23
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     1 25                               
     1 26 SANDS of Louisa
     1 27 SF 590.502 82
     1 28 mg/je/10047
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