Text: HF02522 Text: HF02524 Text: HF02500 - HF02599 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. NEW SECTION. 422.11F INVESTMENT TAX CREDITS
1 2 RESTRICTED – CONFINEMENT FEEDING OPERATIONS.
1 3 1. As used in this section, unless the context otherwise
1 4 requires:
1 5 a. "Animal feeding operation structure" means the same as
1 6 defined in section 455B.161.
1 7 b. "Business association" means an entity organized under
1 8 the laws of this state or another jurisdiction that does
1 9 business in this state on a for-profit or not-for-profit
1 10 basis, including but not limited to a corporation, cooperative
1 11 association, joint stock company, mutual fund, association,
1 12 limited partnership, limited liability partnership, limited
1 13 liability company, or business trust.
1 14 c. "Confinement feeding operation" means the same as
1 15 defined in section 455B.161 that is located in this state.
1 16 d. "Investment company" means a business association
1 17 organized for purposes of making capital investments in
1 18 businesses.
1 19 2. Except as expressly provided otherwise by another
1 20 statutory provision referring specifically to this section, a
1 21 provision that allows a taxpayer to claim a tax credit under
1 22 this division based on the taxpayer's investment shall not
1 23 apply to an investment that is used for financing any of the
1 24 following:
1 25 a. A confinement feeding operation, including the
1 26 construction or maintenance of an animal feeding operation
1 27 structure that is part of the confinement feeding operation.
1 28 b. The acquisition or maintenance of an animal that is
1 29 kept by a confinement feeding operation.
1 30 3. For purposes of this section, a taxpayer finances a
1 31 confinement feeding operation or the acquisition or
1 32 maintenance of an animal, regardless of whether the taxpayer
1 33 makes the investment directly, the taxpayer makes the
1 34 investment through another person or a chain of persons for
1 35 the purpose of financing a confinement feeding operation or
2 1 the acquisition or maintenance of an animal, or the taxpayer
2 2 makes an investment in an investment company that finances the
2 3 confinement feeding operation or the acquisition or
2 4 maintenance of an animal.
2 5 Sec. 2. NEW SECTION. 422.41A INVESTMENT TAX CREDITS
2 6 RESTRICTED – CONFINEMENT FEEDING OPERATIONS.
2 7 Except as expressly provided otherwise by another statutory
2 8 provision referring specifically to this section, a provision
2 9 that allows a taxpayer to claim a tax credit under this
2 10 division based on the taxpayer's investment shall not apply to
2 11 an investment that is used for financing a confinement feeding
2 12 operation or financing the acquisition or maintenance of an
2 13 animal that is kept by a confinement feeding operation, in the
2 14 same manner as provided in section 422.11F.
2 15 Sec. 3. NEW SECTION. 422.64 INVESTMENT TAX CREDITS
2 16 RESTRICTED – CONFINEMENT FEEDING OPERATIONS.
2 17 Except as expressly provided otherwise by another statutory
2 18 provision referring specifically to this section, a provision
2 19 that allows a taxpayer to claim a tax credit under this
2 20 division based on the taxpayer's investment shall not apply to
2 21 an investment that is used for financing a confinement feeding
2 22 operation or financing of the acquisition or maintenance of an
2 23 animal that is kept by a confinement feeding operation, in the
2 24 same manner as provided in section 422.11F.
2 25 Sec. 4. NEW SECTION. 432.11A INVESTMENT TAX CREDITS
2 26 RESTRICTED – CONFINEMENT FEEDING OPERATIONS.
2 27 Except as expressly provided otherwise by another statutory
2 28 provision referring specifically to this section, a provision
2 29 that allows a taxpayer to claim a tax credit against the
2 30 premium tax under this chapter based on the taxpayer's
2 31 investment shall not apply to an investment that is used for
2 32 financing a confinement feeding operation or financing the
2 33 acquisition or maintenance of an animal that is kept by a
2 34 confinement feeding operation, in the same manner as provided
2 35 in section 422.11F.
3 1 Sec. 5. NEW SECTION. 533.24A INVESTMENT TAX CREDITS
3 2 RESTRICTED – CONFINEMENT FEEDING OPERATIONS.
3 3 Except as expressly provided otherwise by another statutory
3 4 provision referring specifically to this section, a provision
3 5 that allows a taxpayer to claim a tax credit against the
3 6 moneys and credits tax under section 533.24 based on the
3 7 taxpayer's investment shall not apply to an investment that is
3 8 used for financing a confinement feeding operation or
3 9 financing the acquisition or maintenance of an animal that is
3 10 kept by a confinement feeding operation, in the same manner as
3 11 provided in section 422.11F.
3 12 Sec. 6. EFFECTIVE DATE AND RETROACTIVE APPLICABILITY.
3 13 This Act, being deemed of immediate importance, takes effect
3 14 upon enactment and is retroactively applicable to tax years
3 15 beginning on and after January 1, 2002.
3 16 EXPLANATION
3 17 This bill amends provisions in Code chapters 422 (and
3 18 specifically divisions II, III, and V of that chapter), 432,
3 19 and 533. In Code chapter 422, division II provides for
3 20 taxation of personal income, division III provides for
3 21 taxation of businesses, and division V provides for taxation
3 22 of financial institutions. Code chapter 432 provides for a
3 23 premium tax on insurance companies. Code chapter 533 provides
3 24 for a moneys and credits tax on credit unions.
3 25 The bill provides a common restriction for each of these
3 26 chapters. Specifically, the bill provides that unless
3 27 expressly provided otherwise by another statutory provision, a
3 28 provision that allows a taxpayer to claim a tax credit shall
3 29 not apply to an investment that is used for the financing of a
3 30 confinement feeding operation, including the construction or
3 31 maintenance of an animal feeding operation structure that is
3 32 part of the confinement feeding operation, or the acquisition
3 33 or maintenance of an animal that is kept by a confinement
3 34 feeding operation.
3 35 The bill provides that a taxpayer finances a confinement
4 1 feeding operation or the acquisition or maintenance of an
4 2 animal, regardless of whether the taxpayer makes the
4 3 investment directly, the taxpayer makes the investment through
4 4 another person or a chain of persons, or the taxpayer makes an
4 5 investment through an investment company.
4 6 The bill takes effect upon enactment and applies
4 7 retroactively to tax years beginning on and after January 1,
4 8 2002.
4 9 LSB 6546HV 79
4 10 da/cf/24
Text: HF02522 Text: HF02524 Text: HF02500 - HF02599 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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