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 2159: Wednesday, May 1, 1996

 benefit of apportionment of the value-added corporation's
income, and pay the amount of tax owed.  The taxpayer shall
recompute the taxpayer's income tax liability, by applying the
provisions of this subparagraph on a special return.  This
special return shall be filed under rules of the director and
constitutes a claim for refund of the difference between the
amount of tax the taxpayer paid as determined without the
provisions of this subparagraph and the amount of tax determined
with the provisions of this subparagraph.
(b)  This subparagraph shall not affect the amount of the
taxpayer's checkoff to the Iowa election campaign fund under
section 56.18, the checkoff for the fish and game fund in
section 107.16, the credits from tax provided in sections
422.10, 422.11A, and 422.12 and the allocation of these credits
between spouses if the taxpayers filed separate returns or
separately on combined returns.
(c)  For any tax year, the aggregate amount of refund claims
that shall be paid pursuant to this subparagraph shall not
exceed five million dollars.  If, for a tax year, the aggregate
amount of refund claims filed pursuant to this subparagraph
exceeds five million dollars, each claim for refund shall be
paid on a pro rata basis so that the aggregate amount of refund
claims does not exceed five million dollars.  In the case where
refund claims are not paid in full, the amount of the refund to
which the taxpayer is entitled under this subparagraph is the
pro rata amount that was paid and the taxpayer is not entitled
to a refund of the unpaid portion and is not entitled to carry
that amount forward or backward to another tax year.  Taxpayers
shall not use refunds as estimated payments for the succeeding
tax year.  Taxpayers whose tax years begin on January 1 must
file their refund claims by October 31 of the calendar year
following the end of their tax year to be eligible for refunds.
Taxpayers whose tax years begin on a date other than January 1
must file their refund claims by the end of the tenth month
following the end of their tax years to be eligible.  The
department shall determine on February 1 of the second
succeeding calendar year if the total amount of claims for
refund exceeds five million dollars for the tax year.
Notwithstanding any other provision, interest shall not be due
on any refund claims that are paid by the last day of February
of the second succeeding calendar year.  If the claim is not
payable on February 1 of the second succeeding calendar year,
because the taxpayer is a fiscal year filer, then the amount of
the claim allowed shall be in the same ratio as the refund
claims available on February 1 of the second succeeding calendar
year.  These claims shall be funded by moneys appropriated for
payment of individual income tax refunds.
Sec. 15.  Section 422.5, subsection 1, paragraph k, unnumbered
paragraph 4, Code 1995, is amended to read as follows:
In the case of a resident, including a resident estate or trust,
the state's apportioned share of the state alternative minimum
tax is one hundred percent of the state alternative minimum tax
computed in this subsection.  In the case of a resident or
part year resident shareholder in a value-added corporation
which has in effect for the tax year an election under
subchapter S of the Internal Revenue Code and carries on
business within and without the state, a nonresident,
including a nonresident estate or trust, or an individual,
estate, or trust that is domiciled in the state for less than
the entire tax year, the state's apportioned share of the state
alternative minimum tax is the amount of tax computed under this
subsection, reduced by the applicable credits in sections 422.10
through 422.12 and this result multiplied by a fraction with a
numerator of the sum of state net income allocated to Iowa as
determined in section 422.8, subsection 2, paragraph "a" or
"b" as applicable, plus tax preference items, adjustments, and
losses under subparagraph (1) attributable to Iowa and with a
denominator of the sum of total net income com

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: Tue Jun 25 15:30:03 CDT 1996
URL: /DOCS/GA/76GA/Session.2/HJournal/02100/02159.html
jhf