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House Journal: Page 2162: Wednesday, May 1, 1996

c.  Beef operations:
(1)  Cow-calf                              111.5
(2)  Stocker                                  41.5
(3)  Feedlot                                  75.0
(4)  Dairy                                    350.0
d.  Sheep operations:
(1)  Ewe flock                              20.5
(2)  Feedlot                                    4.1
3.  If the livestock operation is carried on partly within and
partly without the state, the portion of the operation
attributable to this state shall be determined pursuant to rules
adopted by the department.  The department may adjust the
allocation upon request of the taxpayer in order to reflect the
actual livestock operation carried on within this state.
4.  An individual may claim the livestock production tax credit
allowed a partnership, limited liability company, subchapter S
corporation, or estate or trust electing to have the income
taxed directly to the individual.  The amount claimed by the
individual shall be based upon the pro rata share of the
individual's earning of the partnership, limited liability
company, subchapter S corporation, or estate or trust.
5.  A fraudulent claim for a credit refund under this division
shall cause the forfeiture of any right or interest to a tax
credit refund in subsequent tax years under this division.
Sec. 20.  NEW SECTION.  422.121  APPROPRIATION.
Beginning with the fiscal year beginning July 1, 1997, there is
appropriated annually from the general fund of the state two
million dollars to refund the credits allowed under this
division.
Sec. 21.  NEW SECTION.  422.122  REFUND OF LIVESTOCK
PRODUCTION CREDIT CLAIMS.
1.  Each tax year the total amount of livestock production
credit refund claims that shall be paid pursuant to section
422.120 shall not exceed the amount appropriated by the general
assembly for that purpose.  If the total dollar amount of the
refund claims exceeds that amount, each claim shall be paid an
amount equal to that amount divided by the total number of
claims, not to exceed the amount of the taxpayer's claim.
Remaining funds shall be prorated among those claims not paid in
full in the proportion that each such claim bears to the total
amount of such claims not paid in full.
2.  In the case where refund claims are not paid in full, the
amount of the refund to which the taxpayer is entitled is the
amount computed in subsection 1, and paid to the taxpayer, and
the taxpayer is not entitled to any unpaid portion of a claim
and is not entitled to carry forward or backward to another tax
year any unpaid portion of a claim.  A taxpayer shall not use a
refund as an estimated payment for the succeeding tax year.
3.  A taxpayer must file a claim for refund within ten months
from the last day of the taxpayer's tax year.  An extension for
filing shall not be allowed. The department

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/02100/02162.html
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