SB55-ASA1-AA23,1,114
71.26
(3) (e) 1. So that payments for wages, salaries, commissions
, and bonuses
5of employees and officers may be deducted only if the name, address
, and amount
6paid to each resident of this state to whom compensation of $600 or more has been
7paid during the taxable year is reported or if the department of revenue is satisfied
8that failure to report has resulted in no revenue loss to this state.
A deduction for
9wages, salaries, commissions, and bonuses paid to an employee or officer shall not
10exceed an amount equal to the wages, salaries, commissions, and bonuses paid to the
11corporation's lowest paid full-time employee multiplied by 25.".
SB55-ASA1-AA23,2,6
1"(9m)
Compensation deduction. The treatment of section 71.26 (3) (e) 1. of the
2statutes first applies to taxable years beginning on January 1 of the year in which
3this subsection takes effect, except that if this subsection takes effect after July 31
4the treatment of section 71.26 (3) (e) 1. of the statutes first applies to taxable years
5beginning on January 1 of the year following the year in which this subsection takes
6effect.".