Senate Amendment 5368 PAG LIN 1 1 Amend the amendment, S=5347, to House File 2531, 1 2 as amended, passed, and reprinted by the House, as 1 3 follows: 1 4 #1. Page 1, by striking lines 6 through 26 and 1 5 inserting: 1 6 <Sec. ___. WAIVER OF PENALTIES AND INTEREST == 1 7 REFUNDS. 1 8 1. Notwithstanding sections 421.8, 421.27, and 1 9 422.25, if a taxpayer has filed a return for tax 1 10 year 2008 relying in good faith on the expectation 1 11 that the state of Iowa would conform to the federal 1 12 Internal Revenue Code in computing net income for state 1 13 tax purposes, the director of revenue shall, for any 1 14 taxpayer amending the return in the time permitted by 1 15 statute, waive any penalty or interest due as a result 1 16 of either a failure to timely pay the tax due or the 1 17 filing of a defective or incorrect return. 1 18 2. If, prior to the effective date of this Act, 1 19 a taxpayer paid penalties or interest as a result of 1 20 a good faith reliance on the state conforming to the 1 21 Internal Revenue Code, the department of revenue shall 1 22 refund such penalties and interest to the taxpayer.> 1 23 #2. By renumbering as necessary. RANDY FEENSTRA HF2531.2926 (2) 83 tm/jp