Text: H01653 Text: H01655 Text: H01600 - H01699 Text: H Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Amend House File 716 as follows:
1 2 #1. Page 1, by inserting before line 1 the
1 3 following:
1 4 "Section 1. Section 15.333, subsection 1, Code
1 5 Supplement 1999, as amended by 2000 Iowa Acts, chapter
1 6 1213, section 1, is amended to read as follows:
1 7 1. An eligible business may claim a corporate tax
1 8 credit up to a maximum of ten percent of the new
1 9 investment which is directly related to new jobs
1 10 created by the location or expansion of an eligible
1 11 business under the program. Any credit in excess of
1 12 the tax liability for the tax year may be credited to
1 13 the tax liability for the following seven years or
1 14 until depleted, whichever occurs earlier. Subject to
1 15 prior approval by the department of economic
1 16 development in consultation with the department of
1 17 revenue and finance, an eligible business whose
1 18 project primarily involves the production of value-
1 19 added agricultural products may elect to refund all or
1 20 a portion of an unused tax credit. For purposes of
1 21 this section, an eligible business includes a
1 22 cooperative described in section 521 of the Internal
1 23 Revenue Code which is not required to file an Iowa
1 24 corporate income tax return, and whose project
1 25 primarily involves the production of ethanol. The
1 26 refund may be used against a tax liability imposed
1 27 under chapter 422, division II, III, or V. If the
1 28 business is a partnership, subchapter S corporation,
1 29 limited liability company, or estate or trust electing
1 30 to have the income taxed directly to the individual,
1 31 an individual may claim the tax credit allowed. The
1 32 amount claimed by the individual shall be based upon
1 33 the pro rata share of the individual's earnings of the
1 34 partnership, subchapter S corporation, limited
1 35 liability company, or estate or trust. For purposes
1 36 of this section, "new investment directly related to
1 37 new jobs created by the location or expansion of an
1 38 eligible business under the program" means the cost of
1 39 machinery and equipment, as defined in section 427A.1,
1 40 subsection 1, paragraphs "e" and "j", purchased for
1 41 use in the operation of the eligible business, the
1 42 purchase price of which has been depreciated in
1 43 accordance with generally accepted accounting
1 44 principles, and the cost of improvements made to real
1 45 property which is used in the operation of the
1 46 eligible business and which receives a partial
1 47 property tax exemption for the actual value added
1 48 under section 15.332.
1 49 1A. An eligible business whose project primarily
1 50 involves the production of value-added agricultural
2 1 products, that elects to receive a refund of all or a
2 2 portion of an unused tax credit, shall apply to the
2 3 department of economic development for tax credit
2 4 certificates. An eligible business whose project
2 5 primarily involves the production of value-added
2 6 agricultural products shall not claim a tax credit
2 7 under this section unless a tax credit certificate
2 8 issued by the department of economic development is
2 9 attached to the taxpayer's tax return for the tax year
2 10 during which the tax credit is claimed. For purposes
2 11 of this section, an eligible business includes a
2 12 cooperative described in section 521 of the Internal
2 13 Revenue Code which is not required to file an Iowa
2 14 corporate income tax return, and whose project
2 15 primarily involves the production of ethanol. A tax
2 16 credit certificate shall not be valid until the tax
2 17 year following the date of the project completion. A
2 18 tax credit certificate shall contain the taxpayer's
2 19 name, address, tax identification number, the date of
2 20 project completion, the amount of the tax credit,
2 21 other information required by the department of
2 22 revenue and finance. The department of economic
2 23 development shall not issue tax credit certificates
2 24 which total more than four million dollars during a
2 25 fiscal year. If the department receives applications
2 26 for tax credit certificates in excess of four million
2 27 dollars, the applicants shall receive certificates for
2 28 a prorated amount. The tax credit certificates shall
2 29 not be transferred. For a cooperative described in
2 30 section 521 of the Internal Revenue Code that is not
2 31 required to file an Iowa corporate income tax return,
2 32 the department of economic development shall require
2 33 that the cooperative submit a list of its members and
2 34 the share of each member's interest in the
2 35 cooperative. The department shall issue a tax credit
2 36 certificate to each member contained on the submitted
2 37 list."
2 38 #2. Title page, line 1, by striking the words "the
2 39 sale of".
2 40
2 41
2 42
2 43 TEIG of Hamilton
2 44
2 45
2 46
2 47 KUHN of Floyd
2 48 HF 716.302 79
2 49 da/cf
Text: H01653 Text: H01655 Text: H01600 - H01699 Text: H Index Bills and Amendments: General Index Bill History: General Index
© 2001 Cornell College and League of Women Voters of Iowa
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