Senate File 2174 - Introduced



                                       SENATE FILE       
                                       BY  HOUSER


    Passed Senate, Date               Passed House,  Date             
    Vote:  Ayes        Nays           Vote:  Ayes        Nays         
                 Approved                            

                                      A BILL FOR

  1 An Act relating to the eligibility of limited liability companies
  2    to receive family farm tax credits and including an
  3    applicability date provision.
  4 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
  5 TLSB 5970SS 81
  6 mg/cf/24

PAG LIN



  1  1    Section 1.  Section 425A.2, subsection 4, Code 2005, is
  1  2 amended by adding the following new paragraph:
  1  3    NEW PARAGRAPH.  g.  If the owner is a family limited
  1  4 liability company organized under or subject to chapter 490A,
  1  5 the parent or the parent's child, stepchild, son=in=law, or
  1  6 daughter=in=law who is a member of the company or the member's
  1  7 spouse.
  1  8    Sec. 2.  Section 425A.2, subsection 6, Code 2005, is
  1  9 amended by adding the following new paragraph:
  1 10    NEW PARAGRAPH.  g.  A family limited liability company
  1 11 organized under or subject to chapter 490A where the members
  1 12 consist of a parent and the parent's child, stepchild, son=in=
  1 13 law, or daughter=in=law, or a combination of these.
  1 14    Sec. 3.  APPLICABILITY DATE.  This Act applies to family
  1 15 farm tax credit claims filed on or after July 1, 2006.
  1 16                           EXPLANATION
  1 17    This bill provides for the qualification for the family
  1 18 farm tax credit of a family limited liability company whose
  1 19 members are an individual and the individual's child,
  1 20 stepchild, son=in=law, or daughter=in=law, or a combination of
  1 21 these.
  1 22    The bill applies to tax credit claims filed on or after
  1 23 July 1, 2006.
  1 24 LSB 5970SS 81
  1 25 mg:rj/cf/24