Chapter No. 12 HF392

FOURTH ENGROSSMENT

Internal Revenue Code federal update provided, and net income and payment of corporate franchise tax refunds computation modified.

Article 1: Federal update provided.

Sec. 1: Internal Revenue Code language modified.

Sec. 2: Net income language modified.

Sec. 3: Federal taxable income additions provision language modified.

Sec. 4: Corporate federal taxable income additions provision language modified.

Sec. 5: Modifications decreasing federal taxable income for corporations language modified.

Sec. 6: Certain preferred stock losses language provided.

Sec. 7: Internal Revenue Code definition modified.

Sec. 8: Income language modified.

Sec. 9: Income language modified.

Sec. 10: Internal Revenue Code definition modified.

Sec. 11: Scope language modified.

Sec. 12: Withholding on differential pay provision provided.

Article 2: Green acres provisions provided.

Sec. 1: Requirements language modified.

Sec. 2: Property no longer eligible for deferment provision language modified.

Sec. 3: Additional taxes provision language modified.

Sec. 4: Continuation of tax treatment upon real property sale or other events provision language modified to include transfer of property.

Sec. 5: Rural preserve property tax program established.

Sec. 6: Class 2 provision language modified.

Sec. 7: Annual report on agricultural valuation and classification required.

ERS, 5/12/09