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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