Legislative Session number- 86

Bill Name: HF0392

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