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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