Text: H03704 Text: H03706 Text: H03700 - H03799 Text: H Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Amend House File 370 as follows: 1 2 #1. By striking everything after the enacting 1 3 clause and inserting the following: 1 4 "Section 1. NEW SECTION. 422.11D ALTERNATE 1 5 ENERGY CREDIT. 1 6 1. The taxes imposed under this division, less the 1 7 credits allowed under this division, shall be reduced 1 8 by an alternate energy tax credit. An electric 1 9 utility required to purchase alternate energy pursuant 1 10 to section 476.43 may claim the credit under this 1 11 section. An individual may claim the alternate energy 1 12 tax credit allowed a partnership, subchapter S 1 13 corporation, or estate or trust electing to have the 1 14 income taxed directly to the individual. The amount 1 15 claimed shall be based upon the pro rata share of the 1 16 individual's earnings of a partnership, subchapter S 1 17 corporation, or estate or trust. 1 18 2. The amount of this credit is equal to one-half 1 19 of the amount of the difference in the cost of the 1 20 electricity purchased from an alternate energy 1 21 production facility or small hydro facility pursuant 1 22 to section 476.43 and the cost of the electricity 1 23 which the electric utility would have generated or 1 24 purchased from another source, but for the required 1 25 purchase of alternate energy. 1 26 3. Any credit in excess of the tax liability for 1 27 the tax year may be credited to the tax liability for 1 28 the following five tax years or until depleted, 1 29 whichever is the earlier. 1 30 Sec. 2. Section 422.33, Code 1995, is amended by 1 31 adding the following new subsection: 1 32 NEW SUBSECTION. 9. The taxes imposed under this 1 33 division shall be reduced by an alternate energy tax 1 34 credit. An electric utility required to purchase 1 35 alternate energy pursuant to section 476.43 may claim 1 36 an alternate energy tax credit. The amount of the 1 37 credit is equal to one-half of the amount of the 1 38 difference in the cost of the electricity purchased 1 39 from an alternate energy production facility or small 1 40 hydro facility pursuant to section 476.43 and the cost 1 41 of the electricity which the electric utility would 1 42 have generated or purchased from another source, but 1 43 for the required purchase of alternate energy. Any 1 44 credit in excess of the tax liability for the tax year 1 45 may be credited to the tax liability for the following 1 46 five tax years or until depleted, whichever is the 1 47 earlier. 1 48 Sec. 3. This Act, being deemed of immediate 1 49 importance, takes effect upon enactment and applies 1 50 retroactively to January 1, 1995, for tax years 2 1 beginning on or after that date." 2 2 #2. Title page, by striking lines 1 through 3 and 2 3 inserting the following: "An Act providing an 2 4 alternate energy tax credit for required purchases of 2 5 alternate energy and providing effective and 2 6 retroactive applicability dates." 2 7 2 8 2 9 2 10 SHOULTZ of Black Hawk 2 11 HF 370.702 76 2 12 js/sc
Text: H03704 Text: H03706 Text: H03700 - H03799 Text: H Index Bills and Amendments: General Index Bill History: General Index
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