This file contains STRIKE and UNDERSCORE. If you cannot see either STRIKE or UNDERSCORE attributes or would like to change how these attributes are displayed, please use the following form to make the desired changes.

House Journal: Page 1019: Wednesday, March 27, 1996

17     b.  The credit shall be available to an individual
18   or corporate taxpayer who owns livestock and who
19   receives, or accrues in the case of an accrual-basis
20   taxpayer, more than one half of the taxpayer's gross
21   income from farming or ranching operations during the
22   tax year.  Gross income from farming or ranching is
23   the amount reported as gross income on schedule F, or
24   the equivalent schedule, of the taxpayer's income tax
25   return, the total gains from sales of breeding
26   livestock, and, if applicable, the taxpayer's
27   distributive share of income from farming or ranching
28   from a partnership, limited liability company,
29   subchapter S corporation, or an estate or trust.  To
30   determine whether a taxpayer receives more than one-
31   half of gross income from farming or ranching, the
32   taxpayer's amount of gross income from farming or
33   ranching shall be divided by the taxpayer's total
34   gross income as defined in section 61 of the federal
35   Internal Revenue Code.
36     2.  The amount of the credit per operation is
37   determined by adding together for each head of
38   livestock in the operation the product of ten cents
39   times the number of corn equivalents consumed by that
40   head of livestock.  The amount of livestock production
41   credit per operation per tax year shall not exceed
42   three thousand dollars and the amount of livestock
43   production credit per taxpayer per tax year shall not
44   exceed three thousand dollars.
45     The maximum amount of corn equivalents for a head
46   of livestock in a production operation is the
47   following:
48     a.  Hog operations:                        	Corn
equivalents:
49     (1)  Farrow to finish                             		13.0
50     (2)  Farrow to feeder pig                        		  2.6

Page 2  

 1      (3)  Finishing feeder pigs                      	 10.4
 2     b.  Poultry operations:
 3      (1)  Layers                                             
					  0.88
 4      (2)  Turkeys                                           
					  1.5
 5      (3)  Broilers                                           
					  0.15
 6     c.  Beef operations:
 7      (1)  Cow-calf                                        
				              111.5
 8      (2)  Stocker                                           
					41.5
 9      (3)  Feedlot                                           
					75.0
10     (4)  Dairy                                           
				              350.0
11     d.  Sheep operations:
12     (1)  Ewe flock                                       
				20.5
13     (2)  Feedlot                                             
					  4.1
14     3.  If the livestock operation is carried on partly
15   within and partly without the state, the portion of
16   the operation attributable to this state shall be

Iowa General Assembly

Index: House Journal (76th General Assembly: Session 2)

© 1996 Cornell College and League of Women Voters of Iowa

Comments? hjourn@legis.iowa.gov.

Last update: Thu Mar 28 13:30:02 CST 1996
URL: /DOCS/GA/76GA/Session.2/HJournal/01000/01019.html
jhf