Senate Amendment 5243


PAG LIN

     1  1    Amend Senate File 2374 as follows:
     1  2 #1.  Page 10, before line 32 by inserting:
     1  3                          <DIVISION ___
     1  4                CONFORMANCE WITH FEDERAL TAX LAW
     1  5    Sec. ___.  NEW SECTION.  421.31  Intent to conform
     1  6 to federal tax law == annual resolution == notice by the
     1  7 department.
     1  8    1.  The general assembly recognizes that consistency
     1  9 and predictability in state tax laws facilitates
     1 10 compliance by taxpayers and assists administration by
     1 11 the department of revenue. Therefore, it is the intent
     1 12 of the general assembly that the state should conform
     1 13 each year to the most recent provisions of the Internal
     1 14 Revenue Code.
     1 15    2.  The general assembly shall annually reach a
     1 16 decision as to whether to conform to the most recent
     1 17 provisions of the Internal Revenue Code and shall by
     1 18 February 15 of each year adopt a resolution stating
     1 19 such decision.
     1 20    3.  Upon adoption of a resolution by the general
     1 21 assembly pursuant to subsection 2, the department shall
     1 22 notify taxpayers of whether the state will conform to
     1 23 the Internal Revenue Code by causing notice of the
     1 24 resolution to be published as widely as possible.
     1 25    4.  If the governor vetoes legislation passed by the
     1 26 general assembly conforming Iowa law to the Internal
     1 27 Revenue Code, the department shall cause notice of such
     1 28 an action to be published as soon as possible.>
     1 29 #2.  By renumbering as necessary.


                                        
          RANDY FEENSTRA


                                        
          JAMES F. HAHN


                                        
          HUBERT HOUSER


                                        
          SHAWN HAMERLINCK


                                        
          STEVE KETTERING


                                        
          PAUL McKINLEY


                                        
          RON WIECK


                                        
          JAMES A. SEYMOUR


                                        
          DAVID L. HARTSUCH


                                        
          MERLIN BARTZ


                                        
          PAT WARD


                                        
          LARRY NOBLE


                                        
          DAVID JOHNSON


                                        
          TIM  KAPUCIAN


                                        
          KIM REYNOLDS


                                        
          NANCY J. BOETTGER
          SF2374.1981 (4) 83
          tw/sc

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