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Text: H05651                            Text: H05653
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House Amendment 5652

Amendment Text

PAG LIN
  1  1    Amend the amendment, H-5523, to Senate File 2449,
  1  2 as amended, passed, and reprinted by the Senate, as
  1  3 follows:
  1  4    #1.  Page 1, line 6, by striking the word
  1  5 "INDEXATION".
  1  6    #2.  Page 2, by inserting after line 16 the
  1  7 following:
  1  8    "Sec. 100.  NEW SECTION.  422.120  LIVESTOCK
  1  9 PRODUCTION TAX CREDIT ALLOWED.
  1 10    1.  a.  There is allowed a state tax credit for
  1 11 livestock production operations located in the state.
  1 12 The amount of the credit equals ten cents for each
  1 13 corn equivalent consumed by the livestock in the
  1 14 production operation as specified under this section.
  1 15 The credit shall be refunded as provided in section
  1 16 422.122.
  1 17    b.  The credit shall be available to an individual
  1 18 or corporate taxpayer who owns livestock and who
  1 19 receives, or accrues in the case of an accrual-basis
  1 20 taxpayer, more than one half of the taxpayer's gross
  1 21 income from farming or ranching operations during the
  1 22 tax year.  Gross income from farming or ranching is
  1 23 the amount reported as gross income on schedule F, or
  1 24 the equivalent schedule, of the taxpayer's income tax
  1 25 return, the total gains from sales of breeding
  1 26 livestock, and, if applicable, the taxpayer's
  1 27 distributive share of income from farming or ranching
  1 28 from a partnership, limited liability company,
  1 29 subchapter S corporation, or an estate or trust.  To
  1 30 determine whether a taxpayer receives more than one-
  1 31 half of gross income from farming or ranching, the
  1 32 taxpayer's amount of gross income from farming or
  1 33 ranching shall be divided by the taxpayer's total
  1 34 gross income as defined in section 61 of the federal
  1 35 Internal Revenue Code.
  1 36    2.  The amount of the credit per operation is
  1 37 determined by adding together for each head of
  1 38 livestock in the operation the product of ten cents
  1 39 times the number of corn equivalents consumed by that
  1 40 head of livestock.  The amount of livestock production
  1 41 credit per operation per tax year shall not exceed
  1 42 three thousand dollars and the amount of livestock
  1 43 production credit per taxpayer per tax year shall not
  1 44 exceed three thousand dollars.
  1 45    The maximum amount of corn equivalents for a head
  1 46 of livestock in a production operation is the
  1 47 following:  
  1 48    a.  Hog operations:                        Corn equivalents:
  1 49    (1)  Farrow to finish                             13.0
  1 50    (2)  Farrow to feeder pig                          2.6
  2  1    (3)  Finishing feeder pigs                        10.4
  2  2    b.  Poultry operations:
  2  3    (1)  Layers                                        0.88
  2  4    (2)  Turkeys                                       1.5
  2  5    (3)  Broilers                                      0.15
  2  6    c.  Beef operations:
  2  7    (1)  Cow-calf                                    111.5
  2  8    (2)  Stocker                                      41.5
  2  9    (3)  Feedlot                                      75.0
  2 10    (4)  Dairy                                       350.0
  2 11    d.  Sheep operations:
  2 12    (1)  Ewe flock                                    20.5
  2 13    (2)  Feedlot                                       4.1
  2 14    3.  If the livestock operation is carried on partly
  2 15 within and partly without the state, the portion of
  2 16 the operation attributable to this state shall be
  2 17 determined pursuant to rules adopted by the
  2 18 department.  The department may adjust the allocation
  2 19 upon request of the taxpayer in order to reflect the
  2 20 actual livestock operation carried on within this
  2 21 state.
  2 22    4.  An individual may claim the livestock
  2 23 production tax credit allowed a partnership, limited
  2 24 liability company, subchapter S corporation, or estate
  2 25 or trust electing to have the income taxed directly to
  2 26 the individual.  The amount claimed by the individual
  2 27 shall be based upon the pro rata share of the
  2 28 individual's earning of the partnership, limited
  2 29 liability company, subchapter S corporation, or estate
  2 30 or trust.
  2 31    5.  A fraudulent claim for a credit refund under
  2 32 this division shall cause the forfeiture of any right
  2 33 or interest to a tax credit refund in subsequent tax
  2 34 years under this division.
  2 35    Sec. 101.  NEW SECTION.  422.121  APPROPRIATION.
  2 36    There is appropriated annually from the general
  2 37 fund of the state ten million dollars to refund the
  2 38 credits allowed under this division.
  2 39    Sec. 102.  NEW SECTION.  422.122  REFUND OF
  2 40 LIVESTOCK PRODUCTION CREDIT CLAIMS.
  2 41    1.  For the tax year the total amount of livestock
  2 42 production credit refund claims that shall be paid
  2 43 shall not exceed ten million dollars.  If the total
  2 44 dollar amount of the refund claims exceeds that
  2 45 amount, each claim shall be paid an amount equal to
  2 46 ten million dollars divided by the total number of
  2 47 claims, not to exceed the amount of the taxpayer's
  2 48 claim.  Remaining funds shall be prorated among those
  2 49 claims not paid in full in the proportion that each
  2 50 such claim bears to the total amount of such claims
  3  1 not paid in full.
  3  2    2.  In the case where refund claims are not paid in
  3  3 full, the amount of the refund to which the taxpayer
  3  4 is entitled is the amount computed in subsection 1,
  3  5 and paid to the taxpayer, and the taxpayer is not
  3  6 entitled to any unpaid portion of a claim and is not
  3  7 entitled to carry forward or backward to another tax
  3  8 year any unpaid portion of a claim.  A taxpayer shall
  3  9 not use a refund as an estimated payment for the
  3 10 succeeding tax year.
  3 11    3.  A taxpayer must file a claim for refund within
  3 12 ten months from the close of the taxpayer's tax year.
  3 13 An extension for filing shall not be allowed.  The
  3 14 department shall determine by February 28 of the
  3 15 calendar year following the calendar year in which the
  3 16 claims were filed if the total amount of claims for
  3 17 refund exceeds ten million dollars for the tax year.
  3 18 If the claim is not payable on February 28 because the
  3 19 taxpayer is a fiscal year filer, the claim shall be
  3 20 considered as a claim filed for the following tax
  3 21 year.
  3 22    4.  A claim for refund shall be made on claim forms
  3 23 to be made available by the department.  In order for
  3 24 a taxpayer to have a valid refund claim, the taxpayer
  3 25 must supply legible copies of documents the director
  3 26 deems necessary to verify the amount of the refund."
  3 27    #3.  Page 2, by inserting after line 26 the
  3 28 following:
  3 29    "Sec.    .  APPLICABILITY.  Sections 100 through
  3 30 102 of this division of this Act apply to tax years
  3 31 beginning on or after January 1, 1997."
  3 32    #4.  Page 6, line 9, by inserting after the word
  3 33 "relief" the following:  ", providing a livestock
  3 34 production income tax credit,".
  3 35    #5.  By renumbering as necessary.  
  3 36 
  3 37 
  3 38                              
  3 39 WISE of Lee
  3 40 SF 2449.216 76
  3 41 sc/jj
     

Text: H05651                            Text: H05653
Text: H05600 - H05699                   Text: H Index
Bills and Amendments: General Index     Bill History: General Index

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