Text: H09035 Text: H09037 Text: H09000 - H09099 Text: H Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Amend the amendment, H-9019, to House File 2560, as 1 2 follows: 1 3 #1. Page 6, line 11, by striking the word and 1 4 figure ""Sec. 105." and inserting the following: 1 5 ""Sec. 200. NEW SECTION. 422.11E ASSISTIVE 1 6 DEVICE TAX CREDIT SMALL BUSINESS. 1 7 1. The taxes imposed under this division, less the 1 8 credits allowed under sections 422.12 and 422.12B, 1 9 shall be reduced by an assistive device tax credit. A 1 10 small business purchasing, renting, or modifying an 1 11 assistive device or making workplace modifications for 1 12 an individual with a disability who is employed or 1 13 will be employed by the small business is eligible, 1 14 subject to availability of credits, to receive this 1 15 assistive device tax credit which is equal to fifty 1 16 percent of the first five thousand dollars paid during 1 17 the tax year for the purchase, rental, or modification 1 18 of the assistive device or for making the workplace 1 19 modifications. Any credit in excess of the tax 1 20 liability shall be refunded with interest computed 1 21 under section 422.25. In lieu of claiming a refund, a 1 22 taxpayer may elect to have the overpayment shown on 1 23 the taxpayer's final, completed return credited to the 1 24 tax liability for the following tax year. If the 1 25 small business elects to take the assistive device tax 1 26 credit, the small business shall not deduct for Iowa 1 27 tax purposes any amount of the cost of an assistive 1 28 device or workplace modifications which is deductible 1 29 for federal tax purposes. 1 30 2. To receive the assistive device tax credit, the 1 31 eligible small business must submit an application to 1 32 the department of economic development. If the 1 33 taxpayer meets the criteria for eligibility, the 1 34 department of economic development shall issue to the 1 35 taxpayer a certification of entitlement for the 1 36 assistive device tax credit. However, the combined 1 37 amount of tax credits that may be approved for a 1 38 fiscal year under this section and section 422.33, 1 39 subsection 9, shall not exceed five hundred thousand 1 40 dollars. Tax credit certificates shall be issued on 1 41 an earliest filed basis. The certification shall 1 42 contain the taxpayer's name, address, tax 1 43 identification number, the amount of the credit, and 1 44 tax year for which the certificate applies. The 1 45 taxpayer must file the tax credit certificate with the 1 46 taxpayer's individual income tax return in order to 1 47 claim the tax credit. The departments of economic 1 48 development and revenue and finance shall each adopt 1 49 rules to jointly administer this section and shall 1 50 provide by rule for the method to be used to determine 2 1 for which fiscal year the tax credits are approved. 2 2 3. An individual may claim an assistive device tax 2 3 credit allowed a partnership, limited liability 2 4 company, S corporation, estate, or trust electing to 2 5 have the income taxed directly to the individual. The 2 6 amount claimed by the individual shall be based upon 2 7 the pro rata share of the individual's earnings of the 2 8 partnership, limited liability company, S corporation, 2 9 estate, or trust. 2 10 4. For purposes of this section: 2 11 a. "Assistive device" means any item, piece of 2 12 equipment, or product system which is used to 2 13 increase, maintain, or improve the functional 2 14 capabilities of an individual with a disability in the 2 15 workplace or on the job. "Assistive device" does not 2 16 mean any medical device, surgical device, or organ 2 17 implanted or transplanted into or attached directly to 2 18 an individual. "Assistive device" does not include 2 19 any device for which a certificate of title is issued 2 20 by the state department of transportation, but does 2 21 include any item, piece of equipment, or product 2 22 system otherwise meeting the definition of "assistive 2 23 device" that is incorporated, attached, or included as 2 24 a modification in or to such a device issued a 2 25 certificate of title. 2 26 b. "Disability" means the same as defined in 2 27 section 225C.46. 2 28 c. "Small business" means a business that either 2 29 had gross receipts for its preceding tax year of three 2 30 million dollars or less or employed not more than 2 31 fourteen full-time employees during its preceding tax 2 32 year. 2 33 d. "Workplace modifications" means physical 2 34 alterations to the work environment. 2 35 Sec. 105." 2 36 #2. Page 7, line 20, by striking the word "year."" 2 37 and inserting the following: "year. 2 38 Sec. 201. Section 422.33, Code Supplement 1999, is 2 39 amended by adding the following new subsection: 2 40 NEW SUBSECTION. 8A. a. The taxes imposed under 2 41 this division shall be reduced by an assistive device 2 42 tax credit. A small business purchasing, renting, or 2 43 modifying an assistive device or making workplace 2 44 modifications for an individual with a disability who 2 45 is employed or will be employed by the small business 2 46 is eligible, subject to availability of credits, to 2 47 receive this assistive device tax credit which is 2 48 equal to fifty percent of the first five thousand 2 49 dollars paid during the tax year for the purchase, 2 50 rental, or modification of the assistive device or for 3 1 making the workplace modifications. Any credit in 3 2 excess of the tax liability shall be refunded with 3 3 interest computed under section 422.25. In lieu of 3 4 claiming a refund, a taxpayer may elect to have the 3 5 overpayment shown on the taxpayer's final, completed 3 6 return credited to the tax liability for the following 3 7 tax year. If the small business elects to take the 3 8 assistive device tax credit, the small business shall 3 9 not deduct for Iowa tax purposes any amount of the 3 10 cost of an assistive device or workplace modifications 3 11 which is deductible for federal income tax purposes. 3 12 b. To receive the assistive device tax credit, the 3 13 eligible small business must submit an application to 3 14 the department of economic development. If the 3 15 taxpayer meets the criteria for eligibility, the 3 16 department of economic development shall issue to the 3 17 taxpayer a certification of entitlement for the 3 18 assistive device tax credit. However, the combined 3 19 amount of tax credits that may be approved for a 3 20 fiscal year under this subsection and section 422.11D 3 21 shall not exceed five hundred thousand dollars. Tax 3 22 credit certificates shall be issued on an earliest 3 23 filed basis. The certification shall contain the 3 24 taxpayer's name, address, tax identification number, 3 25 the amount of the credit, and tax year for which the 3 26 certificate applies. The taxpayer must file the tax 3 27 credit certificate with the taxpayer's corporate 3 28 income tax return in order to claim the tax credit. 3 29 The departments of economic development and revenue 3 30 and finance shall each adopt rules to jointly 3 31 administer this subsection and shall provide by rule 3 32 for the method to be used to determine for which 3 33 fiscal year the tax credits are approved. 3 34 c. For purposes of this subsection: 3 35 (1) "Assistive device" means any item, piece of 3 36 equipment, or product system which is used to 3 37 increase, maintain, or improve the functional 3 38 capabilities of an individual with a disability in the 3 39 workplace or on the job. "Assistive device" does not 3 40 mean any medical device, surgical device, or organ 3 41 implanted or transplanted into or attached directly to 3 42 an individual. "Assistive device" does not include 3 43 any device for which a certificate of title is issued 3 44 by the state department of transportation, but does 3 45 include any item, piece of equipment, or product 3 46 system otherwise meeting the definition of "assistive 3 47 device" that is incorporated, attached, or included as 3 48 a modification in or to such a device issued a 3 49 certificate of title. 3 50 (2) "Disability" means the same as defined in 4 1 section 225C.46. 4 2 (3) "Small business" means a business that either 4 3 had gross receipts for its preceding tax year of three 4 4 million dollars or less or employed not more than 4 5 fourteen full-time employees during its preceding tax 4 6 year. 4 7 (4) "Workplace modifications" means physical 4 8 alterations to the work environment."" 4 9 #3. Page 7, line 24, by striking the word and 4 10 figure "and 105" and inserting the following: "200, 4 11 105, and 201". 4 12 #4. Page 7, line 31 by inserting after the word 4 13 "development," the following: "an assistive device 4 14 tax credit under the individual and corporate taxes 4 15 for assisting persons with a disability in the 4 16 workplace,". 4 17 4 18 4 19 4 20 BOAL of Polk 4 21 4 22 4 23 4 24 JOCHUM of Dubuque 4 25 HF 2560.706 78 4 26 mg/cls
Text: H09035 Text: H09037 Text: H09000 - H09099 Text: H Index Bills and Amendments: General Index Bill History: General Index
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