Senate
File
2164
-
Introduced
SENATE
FILE
2164
BY
McCOY
and
DANDEKAR
A
BILL
FOR
An
Act
relating
to
the
annual
report
on
research
activities
tax
1
credit
claims
by
the
department
of
revenue
and
including
2
effective
date
and
retroactive
applicability
provisions.
3
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
4
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S.F.
2164
Section
1.
Section
15.335,
subsection
6,
Code
Supplement
1
2009,
is
amended
to
read
as
follows:
2
6.
The
department
of
revenue
shall
by
February
15
of
each
3
year
issue
an
annual
report
to
the
general
assembly
containing
4
the
total
amount
of
all
claims
made
by
employers
under
this
5
section
,
and
the
portion
of
the
claims
issued
as
refunds,
for
6
all
claims
processed
during
the
previous
calendar
year.
The
7
report
shall
contain
the
name
of
each
claimant
for
whom
a
tax
8
credit
in
excess
of
five
hundred
thousand
dollars
was
issued
9
and
the
amount
of
the
credit
received.
10
Sec.
2.
Section
422.10,
subsection
6,
Code
Supplement
2009,
11
is
amended
to
read
as
follows:
12
6.
The
department
shall
by
February
15
of
each
year
issue
13
an
annual
report
to
the
general
assembly
containing
the
total
14
amount
of
all
claims
made
by
employers
under
this
section
and
15
the
portion
of
the
claims
issued
as
refunds,
for
all
claims
16
processed
during
the
previous
calendar
year.
The
report
shall
17
contain
the
name
of
each
claimant
for
whom
a
tax
credit
in
18
excess
of
five
hundred
thousand
dollars
was
issued
and
the
19
amount
of
the
credit
received.
20
Sec.
3.
Section
422.33,
subsection
5,
paragraph
h,
Code
21
Supplement
2009,
is
amended
to
read
as
follows:
22
h.
The
department
shall
by
February
15
of
each
year
issue
23
an
annual
report
to
the
general
assembly
containing
the
total
24
amount
of
all
claims
made
by
employers
under
this
subsection
25
and
the
portion
of
the
claims
issued
as
refunds,
for
all
claims
26
processed
during
the
previous
calendar
year.
The
report
shall
27
contain
the
name
of
each
claimant
for
whom
a
tax
credit
in
28
excess
of
five
hundred
thousand
dollars
was
issued
and
the
29
amount
of
the
credit
received.
30
Sec.
4.
EFFECTIVE
UPON
ENACTMENT
AND
APPLICABILITY.
This
31
Act,
being
deemed
of
immediate
importance,
takes
effect
upon
32
enactment
and
applies
retroactively
to
research
activities
33
credit
reports
due
to
the
general
assembly
on
or
after
February
34
15,
2010.
35
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2164
EXPLANATION
1
This
bill
relates
to
the
annual
report
issued
by
the
2
department
of
revenue
on
research
activities
tax
credit
claims.
3
Current
law
provides
that
the
research
activities
tax
4
credits
available
under
Code
sections
15.335
and
422.10,
and
5
Code
section
422.33,
subsection
5,
are
refundable.
In
2009,
6
the
general
assembly
required
the
department
of
revenue
to
7
issue
an
annual
report
containing
the
total
amount
of
all
8
claims
made
by
employers
under
the
research
activities
tax
9
credit
and
the
portion
of
those
claims
issued
as
refunds
to
10
taxpayers.
This
bill
eliminates
the
requirement
that
the
11
report
contain
the
portion
of
claims
issued
as
refunds.
12
The
bill
is
effective
upon
enactment
and
applies
13
retroactively
to
research
activities
credit
reports
due
to
the
14
general
assembly
on
or
after
February
15,
2010.
15
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6044XS
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