Text: H04018 Text: H04020 Text: H04000 - H04099 Text: H Index Bills and Amendments: General Index Bill History: General Index
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PAG LIN
1 1 Amend House File 567 as follows:
1 2 #1. Page 1, by inserting before line 1 the
1 3 following:
1 4 "Section 100. 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. For purposes of this subsection, "alternate
1 12 energy production" does not include a methane produced
1 13 from a sanitary landfill. An individual may claim the
1 14 alternate energy tax credit allowed a partnership,
1 15 subchapter S corporation, or estate or trust electing
1 16 to have the income taxed directly to the individual.
1 17 The amount claimed shall be based upon the pro rata
1 18 share of the individual's earnings of a partnership,
1 19 subchapter S corporation, or estate or trust.
1 20 2. The amount of this credit is equal to one-half
1 21 of the amount of the difference in the cost of the
1 22 electricity purchased from an alternate energy
1 23 production facility or small hydro facility pursuant
1 24 to section 476.43 and the cost of the electricity
1 25 which the electric utility would have generated or
1 26 purchased from another source, but for the required
1 27 purchase of alternate energy.
1 28 3. Any credit in excess of the tax liability for
1 29 the tax year may be credited to the tax liability for
1 30 the following five tax years or until depleted,
1 31 whichever is the earlier.
1 32 Sec. 101. Section 422.33, Code 1995, is amended by
1 33 adding the following new subsection:
1 34 NEW SUBSECTION. 9. The taxes imposed under this
1 35 division shall be reduced by an alternate energy tax
1 36 credit. An electric utility required to purchase
1 37 alternate energy pursuant to section 476.43 may claim
1 38 an alternate energy tax credit. For purposes of this
1 39 subsection, "alternate energy production" does not
1 40 include a methane produce from a sanitary landfill.
1 41 The amount of the credit is equal to one-half of the
1 42 amount of the difference in the cost of the
1 43 electricity purchased from an alternate energy
1 44 production facility or small hydro facility pursuant
1 45 to section 476.43 and the cost of the electricity
1 46 which the electric utility would have generated or
1 47 purchased from another source, but for the required
1 48 purchase of alternate energy. Any credit in excess of
1 49 the tax liability for the tax year may be credited to
1 50 the tax liability for the following five tax years or
2 1 until depleted, whichever is the earlier."
2 2 #2. Page 2, by inserting after line 25 the
2 3 following:
2 4 "Sec. . Sections 100 and 101 of this Act are
2 5 repealed on that date that the utilities board
2 6 determines that the cost to the electric utility to
2 7 purchase alternate energy is less than the cost
2 8 incurred by the electric utility to generate or
2 9 purchase the electricity from another source."
2 10
2 11
2 12
2 13 SHOULTZ of Black Hawk
2 14 HF 567.303 76
2 15 js/cf
Text: H04018 Text: H04020 Text: H04000 - H04099 Text: H Index Bills and Amendments: General Index Bill History: General Index
Iowa General Assembly
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