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House Journal: Page 1020: Wednesday, March 27, 1996

17   determined pursuant to rules adopted by the
18   department.  The department may adjust the allocation
19   upon request of the taxpayer in order to reflect the
20   actual livestock operation carried on within this
21   state.
22     4.  An individual may claim the livestock
23   production tax credit allowed a partnership, limited
24   liability company, subchapter S corporation, or estate
25   or trust electing to have the income taxed directly to
26   the individual.  The amount claimed by the individual
27   shall be based upon the pro rata share of the
28   individual's earning of the partnership, limited
29   liability company, subchapter S corporation, or estate
30   or trust.
31     5.  A fraudulent claim for a credit refund under
32   this division shall cause the forfeiture of any right
33   or interest to a tax credit refund in subsequent tax
34   years under this division.
35     Sec. 101.  NEW SECTION.  422.121  APPROPRIATION.
36     There is appropriated annually from the general
37   fund of the state ten million dollars to refund the
38   credits allowed under this division.
39     Sec. 102.  NEW SECTION.  422.122  REFUND OF
40   LIVESTOCK PRODUCTION CREDIT CLAIMS.
41     1.  For the tax year the total amount of livestock
42   production credit refund claims that shall be paid
43   shall not exceed ten million dollars.  If the total
44   dollar amount of the refund claims exceeds that
45   amount, each claim shall be paid an amount equal to
46   ten million dollars divided by the total number of
47   claims, not to exceed the amount of the taxpayer's
48   claim.  Remaining funds shall be prorated among those
49   claims not paid in full in the proportion that each
50   such claim bears to the total amount of such claims

Page   3

 1   not paid in full.
 2     2.  In the case where refund claims are not paid in
 3   full, the amount of the refund to which the taxpayer
 4   is entitled is the amount computed in subsection 1,
 5   and paid to the taxpayer, and the taxpayer is not
 6   entitled to any unpaid portion of a claim and is not
 7   entitled to carry forward or backward to another tax
 8   year any unpaid portion of a claim.  A taxpayer shall
 9   not use a refund as an estimated payment for the
10   succeeding tax year.
11     3.  A taxpayer must file a claim for refund within
12   ten months from the close of the taxpayer's tax year.
13   An extension for filing shall not be allowed.  The
14   department shall determine by February 28 of the
15   calendar year following the calendar year in which the
16   claims were filed if the total amount of claims for

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/01000/01020.html
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