Text: S05444 Text: S05446 Text: S05400 - S05499 Text: S Index Bills and Amendments: General Index Bill History: General Index
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PAG LIN
1 1 Amend Senate File 2449 as follows:
1 2 #1. By striking page 20, line 31, through page 29,
1 3 line 9, and inserting the following:
1 4 "LIVESTOCK PRODUCTION TAX CREDIT
1 5 Sec. . NEW SECTION. 422.120 LIVESTOCK
1 6 PRODUCTION TAX CREDIT ALLOWED.
1 7 1. a. There is allowed a state tax credit for
1 8 livestock production operations located in the state.
1 9 The amount of the credit equals ten cents for each
1 10 corn equivalent consumed by the livestock in the
1 11 production operation as specified under this section.
1 12 The credit shall be refunded as provided in section
1 13 422.122.
1 14 b. The credit shall be available to an individual
1 15 or corporate taxpayer who owns livestock and who
1 16 receives, or accrues in the case of an accrual-basis
1 17 taxpayer, more than one half of the taxpayer's gross
1 18 income from farming or ranching operations during the
1 19 tax year. Gross income from farming or ranching is
1 20 the amount reported as gross income on schedule F, or
1 21 the equivalent schedule, of the taxpayer's income tax
1 22 return, the total gains from sales of breeding
1 23 livestock, and, if applicable, the taxpayer's
1 24 distributive share of income from farming or ranching
1 25 from a partnership, limited liability company,
1 26 subchapter S corporation, or an estate or trust. To
1 27 determine whether a taxpayer receives more than one-
1 28 half of gross income from farming or ranching, the
1 29 taxpayer's amount of gross income from farming or
1 30 ranching shall be divided by the taxpayer's total
1 31 gross income as defined in section 61 of the federal
1 32 Internal Revenue Code.
1 33 2. The amount of the credit per operation is
1 34 determined by adding together for each head of
1 35 livestock in the operation the product of ten cents
1 36 times the number of corn equivalents consumed by that
1 37 head of livestock. The amount of livestock production
1 38 credit per operation per tax year shall not exceed
1 39 three thousand dollars and the amount of livestock
1 40 production credit per taxpayer per tax year shall not
1 41 exceed three thousand dollars.
1 42 The maximum amount of corn equivalents for a head
1 43 of livestock in a production operation is the
1 44 following:
1 45 a. Hog operations: Corn equivalents:
1 46 (1) Farrow to finish 13.0
1 47 (2) Farrow to feeder pig 2.6
1 48 (3) Finishing feeder pigs 10.4
1 49 b. Poultry operations:
1 50 (1) Layers 0.88
2 1 (2) Turkeys 1.5
2 2 (3) Broilers 0.15
2 3 c. Beef operations:
2 4 (1) Cow-calf 111.5
2 5 (2) Stocker 41.5
2 6 (3) Feedlot 75.0
2 7 (4) Dairy 350.0
2 8 d. Sheep operations:
2 9 (1) Ewe flock 20.5
2 10 (2) Feedlot 4.1
2 11 3. If the livestock operation is carried on partly
2 12 within and partly without the state, the portion of
2 13 the operation attributable to this state shall be
2 14 determined pursuant to rules adopted by the
2 15 department. The department may adjust the allocation
2 16 upon request of the taxpayer in order to reflect the
2 17 actual livestock operation carried on within this
2 18 state.
2 19 4. An individual may claim the livestock
2 20 production tax credit allowed a partnership, limited
2 21 liability company, subchapter S corporation, or estate
2 22 or trust electing to have the income taxed directly to
2 23 the individual. The amount claimed by the individual
2 24 shall be based upon the pro rata share of the
2 25 individual's earning of the partnership, limited
2 26 liability company, subchapter S corporation, or estate
2 27 or trust.
2 28 5. A fraudulent claim for a credit refund under
2 29 this division shall cause the forfeiture of any right
2 30 or interest to a tax credit refund in subsequent tax
2 31 years under this division.
2 32 Sec. . NEW SECTION. 422.121 APPROPRIATION.
2 33 There is appropriated annually from the general
2 34 fund of the state ten million dollars to refund the
2 35 credits allowed under this division.
2 36 Sec. . NEW SECTION. 422.122 REFUND OF
2 37 LIVESTOCK PRODUCTION CREDIT CLAIMS.
2 38 1. For the tax year the total amount of livestock
2 39 production credit refund claims that shall be paid
2 40 shall not exceed ten million dollars. If the total
2 41 dollar amount of the refund claims exceeds that
2 42 amount, each claim shall be paid an amount equal to
2 43 ten million dollars divided by the total number of
2 44 claims, not to exceed the amount of the taxpayer's
2 45 claim. Remaining funds shall be prorated among those
2 46 claims not paid in full in the proportion that each
2 47 such claim bears to the total amount of such claims
2 48 not paid in full.
2 49 2. In the case where refund claims are not paid in
2 50 full, the amount of the refund to which the taxpayer
3 1 is entitled is the amount computed in subsection 1,
3 2 and paid to the taxpayer, and the taxpayer is not
3 3 entitled to any unpaid portion of a claim and is not
3 4 entitled to carry forward or backward to another tax
3 5 year any unpaid portion of a claim. A taxpayer shall
3 6 not use a refund as an estimated payment for the
3 7 succeeding tax year.
3 8 3. A taxpayer must file a claim for refund within
3 9 ten months from the close of the taxpayer's tax year.
3 10 An extension for filing shall not be allowed. The
3 11 department shall determine by February 28 of the
3 12 calendar year following the calendar year in which the
3 13 claims were filed if the total amount of claims for
3 14 refund exceeds ten million dollars for the tax year.
3 15 If the claim is not payable on February 28 because the
3 16 taxpayer is a fiscal year filer, the claim shall be
3 17 considered as a claim filed for the following tax
3 18 year.
3 19 4. A claim for refund shall be made on claim forms
3 20 to be made available by the department. In order for
3 21 a taxpayer to have a valid refund claim, the taxpayer
3 22 must supply legible copies of documents the director
3 23 deems necessary to verify the amount of the refund.
3 24 Sec. . This division of this Act applies
3 25 retroactively to January 1, 1996, for tax years
3 26 beginning on or after that date."
3 27 #2. Title page, line 10, by striking the words
3 28 "family farm animal feeding" and inserting the
3 29 following: "livestock production".
3 30
3 31
3 32
3 33 WAYNE D. BENNETT
3 34
3 35
3 36
3 37 SF 2449.203 76
3 38 mg/jj
Text: S05444 Text: S05446 Text: S05400 - S05499 Text: S Index Bills and Amendments: General Index Bill History: General Index
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