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