Text: HF02421 Text: HF02423 Text: HF02400 - HF02499 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. NEW SECTION. 422.12A TRACTOR ROLLOVER
1 2 PROTECTION CREDIT.
1 3 1. The taxes imposed under this division less the credits
1 4 allowed under sections 422.12 and 422.12B shall be reduced by
1 5 a credit equal to the cost of adding protective structures to
1 6 prevent rollovers to a tractor which is used by a taxpayer
1 7 filing a schedule F or equivalent schedule for the tax year.
1 8 However, the amount of credit shall not exceed two hundred
1 9 dollars. Any credit in excess of the tax liability or two
1 10 hundred dollars, whichever is the lesser, shall be carried
1 11 forward for up to four tax years or until depleted. However,
1 12 not more than two hundred dollars may be taken as a credit in
1 13 any subsequent tax year.
1 14 2. An individual may claim the tractor rollover protection
1 15 tax credit allowed a partnership, limited liability company, S
1 16 corporation, or estate or trust electing to have the income
1 17 taxed directly to the individual. The amount claimed by the
1 18 individual shall be based upon the pro rata share of the
1 19 individual's earnings of the partnership, limited liability
1 20 company, S corporation, or estate or trust.
1 21 Sec. 2. This Act, being deemed of immediate importance,
1 22 takes effect upon enactment and applies retroactively to
1 23 January 1, 1998, for tax years beginning on or after that
1 24 date.
1 25 EXPLANATION
1 26 The bill provides an individual income tax credit for the
1 27 cost of adding protective structures to prevent rollovers to a
1 28 tractor. The amount of credit is limited to the lesser of the
1 29 tax liability or $200. Any excess credit may be carried
1 30 forward for four tax years with the maximum amount of credit
1 31 for each year of $200.
1 32 The bill takes effect upon enactment and applies
1 33 retroactively to January 1, 1998, for tax years beginning on
1 34 or after that date.
1 35 LSB 3740HH 77
2 1 mg/jl/8
Text: HF02421 Text: HF02423 Text: HF02400 - HF02499 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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