Text: H05667 Text: H05669 Text: H05600 - H05699 Text: H Index Bills and Amendments: General Index Bill History: General Index
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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. . NEW SECTION. 422.12F CAPITAL GAIN
1 9 CREDIT.
1 10 1. The taxes imposed under this division shall be
1 11 reduced by a capital gain credit equal to fifty
1 12 percent of the net capital gain of the taxpayer on the
1 13 sale of agricultural land to a beginning farmer under
1 14 the "Farm-On" program of the agricultural extension
1 15 service. However, to receive the credit both the
1 16 taxpayer and the beginning farmer must be enrolled in
1 17 the "Farm-On" program prior to the sale of the
1 18 agricultural land.
1 19 2. The taxpayer must completely fill out the
1 20 return and determine the taxpayer's tax liability
1 21 without deduction for the credit allowed in subsection
1 22 1 and pay the amount of tax owed. The taxpayer shall
1 23 then recompute the taxpayer's income tax liability
1 24 pursuant to this division with the deduction for the
1 25 credit allowed in subsection 1 on a special return.
1 26 This special return shall be filed with the regular
1 27 return and constitutes a claim for refund of the
1 28 difference between the amount of tax the taxpayer paid
1 29 on the regular return and the amount of tax determined
1 30 on the special return.
1 31 3. For any tax year, the aggregate amount of
1 32 refund claims that shall be paid pursuant to this
1 33 section shall not exceed ten million dollars. If, for
1 34 a tax year, the aggregate amount of refund claims
1 35 filed pursuant to this section exceeds ten million
1 36 dollars, each claim for refund shall be paid on a pro
1 37 rata basis so that the aggregate amount of refund
1 38 claims does not exceed ten million dollars. In the
1 39 case where refund claims are not allowed in full, the
1 40 amount of the refund to which the taxpayer is entitled
1 41 under this section is the pro rata amount that was
1 42 paid and the taxpayer is not entitled to a refund of
1 43 the unpaid portion and is not entitled to carry that
1 44 amount forward or backward to another tax year.
1 45 Taxpayers shall not use refunds as estimated payments
1 46 for the succeeding tax year. The department shall
1 47 determine by October 1 of the tax year following the
1 48 tax year for which the refund claim is filed if the
1 49 aggregate amount of refund claims exceeds ten million
1 50 dollars for the tax year. Notwithstanding any
2 1 provision, interest shall not be due on any refund
2 2 claims that are paid by December 31 of the tax year
2 3 following the tax year for which the refund claim is
2 4 filed. For taxpayers that are fiscal year filers, the
2 5 amount of the refund claim allowed shall be in the
2 6 same ratio as the refund claims allowed for the tax
2 7 year in which the taxpayer's fiscal year began."
2 8 #3. Page 2, line 21, by inserting after the figure
2 9 "1996." the following: "This division of this Act
2 10 applies retroactively to January 1, 1996, to tax years
2 11 beginning on or after that date."
2 12 #4. Page 6, line 6, by striking the word "of" and
2 13 inserting the following: "and providing a credit for
2 14 the sale of farmland to a beginning farmer under".
2 15
2 16
2 17
2 18 BRAND of Benton
2 19 SF 2449.505 76
2 20 mg/jw
Text: H05667 Text: H05669 Text: H05600 - H05699 Text: H Index Bills and Amendments: General Index Bill History: General Index
Iowa General Assembly
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