Text: H06018 Text: H06020 Text: H06000 - H06099 Text: H Index Bills and Amendments: General Index Bill History: General Index
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PAG LIN
1 1 Amend Senate File 2370, as amended, passed, and
1 2 reprinted, as follows:
1 3 #1. Page 1, by inserting before line 1 the
1 4 following:
1 5 "Sec. ___. Section 422.51, Code 1995, is amended
1 6 by adding the following new subsection:
1 7 NEW SUBSECTION. 5. The taxes remitted pursuant to
1 8 this division shall be reduced by an alternate energy
1 9 purchase tax credit. An electric utility which has
1 10 purchased electricity from an alternate energy
1 11 production facility or small hydro facility pursuant
1 12 to a long-term contract entered into pursuant to
1 13 section 476.43 shall be granted the credit in the
1 14 applicable amount for each year of the contract. The
1 15 credit shall be equal to the difference in the
1 16 applicable tax year between the long-term contract
1 17 rate that the utility paid for purchase of the
1 18 electricity and the rate that is equivalent to the
1 19 long-run avoided cost attributed to the production of
1 20 electricity by the electric utility, as established by
1 21 the board pursuant to section 476.43."
1 22 #2. Page 9, by inserting after line 25 the
1 23 following:
1 24 "Sec. ___. Section 476.43, Code 1995, is amended
1 25 by adding the following new subsections:
1 26 NEW SUBSECTION. 7. An electric utility purchasing
1 27 alternate energy pursuant to this section shall be
1 28 entitled to an alternate energy purchase tax credit.
1 29 The electric utility shall reflect the tax credit
1 30 received by the utility in the utility's automatic
1 31 adjustment pursuant to section 476.6, subsection 11.
1 32 The credit shall be equal to the difference between
1 33 the long-term contract rate and the rate that is
1 34 equivalent to the long-run avoided cost attributed to
1 35 production of the electricity by the electric utility,
1 36 as established by the board. The board shall
1 37 establish a long-run avoided cost rate for purposes of
1 38 the tax credit provided under section 422.51. After
1 39 January 1, 1997, this rate shall be based upon the
1 40 conclusions of an annual independent study of the
1 41 long-run avoided cost of energy production.
1 42 NEW SUBSECTION. 8. The utilities board and the
1 43 office of the consumer advocate shall conduct an
1 44 independent study of the long-run avoided cost of
1 45 generating electricity each year for as long as the
1 46 alternate energy purchase tax credit is in effect.
1 47 The initial report shall be sent to the general
1 48 assembly by January 1, 1997, and an annual report
1 49 shall be sent to the general assembly by January 1
1 50 each year thereafter for as long as the alternate
2 1 energy purchase tax credit is in effect. The study
2 2 shall include an economic analysis of electric utility
2 3 rates and alternate energy production rates. In
2 4 addition to other relevant factors, a determination of
2 5 a long-run avoided cost shall consider the economic
2 6 value of bringing the production of energy to the
2 7 state versus the value of importing fossil fuels and
2 8 the environmental impacts associated with energy
2 9 production and use. The study shall provide a
2 10 definitive statement of the long-run avoided cost."
2 11 #3. Title page, line 4, by inserting after the
2 12 word "research" the following: ", providing for an
2 13 alternate energy purchase tax credit,".
2 14 #4. By renumbering as necessary.
2 15
2 16
2 17
2 18 VANDE HOEF of Osceola
2 19
2 20
2 21
2 22 HOLVECK of Polk
2 23
2 24
2 25
2 26 BURNETT of Story
2 27
2 28
2 29
2 30 MASCHER of Johnson
2 31
2 32
2 33
2 34 SHOULTZ of Black Hawk
2 35 SF 2370.221 76
2 36 js/jj
Text: H06018 Text: H06020 Text: H06000 - H06099 Text: H Index Bills and Amendments: General Index Bill History: General Index
Iowa General Assembly
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