Senate Amendment 5347


PAG LIN

     1  1    Amend House File 2531, as amended, passed, and
     1  2 reprinted by the House, as follows:
     1  3 #1.  Page 46, after line 5 by inserting:
     1  4                          <DIVISION ___
     1  5                WAIVER OF PENALTIES AND INTEREST
     1  6    Sec. ___.  WAIVER OF PENALTIES AND INTEREST ==
     1  7 DISASTER=RELATED LOSSES == REFUNDS.
     1  8    1.  Notwithstanding sections 421.8, 421.27, and
     1  9 422.25, if a taxpayer has filed a return for tax year
     1 10 2008 relying in good faith on the expectation that the
     1 11 state of Iowa would conform to the federal treatment
     1 12 of disaster=related casualty losses under section
     1 13 165(h) of the Internal Revenue Code, as modified by
     1 14 the Heartland Disaster Relief Act of 2008, Pub. L.
     1 15 No. 110=343, in computing net income for state tax
     1 16 purposes, the director of revenue shall, for any
     1 17 taxpayer amending the return in the time permitted by
     1 18 statute, waive any penalty or interest due as a result
     1 19 of either a failure to timely pay the tax due or the
     1 20 filing of a defective or incorrect return.
     1 21    2.  If, prior to the effective date of this division
     1 22 of this Act, a taxpayer paid penalties or interest as a
     1 23 result of a good=faith reliance on the state conforming
     1 24 to section 165(h) of the Internal Revenue Code, the
     1 25 department of revenue shall refund such penalties and
     1 26 interest to the taxpayer.
     1 27    Sec. ___.  EFFECTIVE UPON ENACTMENT AND RETROACTIVE
     1 28 APPLICABILITY.  This division of this Act, being deemed
     1 29 of immediate importance, takes effect upon enactment
     1 30 and applies retroactively to January 1, 2008, for
     1 31 tax years beginning on or after that date and before
     1 32 January 1, 2009.>
     1 33 #2.  By renumbering as necessary.


                                        
          ROBERT M. HOGG
          HF2531.2850 (1) 83
          tm/sc

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