Text: HSB00247 Text: HSB00249 Text: HSB00200 - HSB00299 Text: HSB Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. NEW SECTION. 422.11F DESIGNATED ETHANOL 1 2 BLENDED GASOLINE TAX CREDIT. 1 3 1. As used in this section, unless the context otherwise 1 4 requires: 1 5 a. "Dealer" means a dealer as defined in section 452A.2 1 6 who is licensed pursuant to section 452A.4. 1 7 b. "Designated ethanol blended gasoline" or "designated 1 8 gasoline" means ethanol blended gasoline having an octane 1 9 number of less than eighty-nine according to standards adopted 1 10 by the department of agriculture and land stewardship pursuant 1 11 to section 214A.2. 1 12 c. "Ethanol blended gasoline" means the same as defined in 1 13 section 452A.2. 1 14 d. "Gasoline" means gasoline that meets the specifications 1 15 required by the department of agriculture and land stewardship 1 16 pursuant to section 214A.2 that is dispensed through a metered 1 17 pump. 1 18 e. "Metered pump" means a motor vehicle fuel pump licensed 1 19 by the department of agriculture and land stewardship pursuant 1 20 to chapter 214. 1 21 f. "Sell" means to sell on a retail basis. 1 22 g. "Tax credit" means the designated ethanol blended 1 23 gasoline tax credit as provided in this section. 1 24 2. The taxes imposed under this division, less the credits 1 25 allowed under sections 422.12 and 422.12B, shall be reduced by 1 26 a designated ethanol blended gasoline tax credit for each tax 1 27 year that the taxpayer is eligible to claim the tax credit 1 28 under this section. In order to be eligible, all of the 1 29 following must apply: 1 30 a. The taxpayer is a dealer. 1 31 b. More than sixty percent of gasoline sold and dispensed 1 32 through a metered pump by the taxpayer is designated gasoline. 1 33 c. The taxpayer complies with requirements of the 1 34 department required to administer this section. The 1 35 department may require that a dealer claiming a tax credit be 2 1 certified to claim the tax credit, maintain records that the 2 2 dealer is eligible for the tax credit, or periodically report 2 3 to the department information that for each location at which 2 4 gasoline is dispensed, the total amount of gasoline sold and 2 5 dispensed through metered pumps, the amount of the gasoline 2 6 classified as designated ethanol blended gasoline sold and 2 7 dispensed through metered pumps, and the percentage of 2 8 gasoline sold and dispensed through metered pumps that is 2 9 classified as designated ethanol blended gasoline. The 2 10 department may make the requirements applicable under this 2 11 section or section 452A.9A. 2 12 A certificate, record, or report required under this 2 13 subsection shall be certified by the dealer under penalties 2 14 for false certification as provided in section 714.8. 2 15 3. The amount of the tax credit is equal to the product of 2 16 two cents multiplied by the total number of gallons of 2 17 designated gasoline that is sold and dispensed through a 2 18 metered pump by the taxpayer for the tax year. 2 19 4. Any credit in excess of the taxpayer's tax liability 2 20 shall be refunded. In lieu of claiming a refund, the taxpayer 2 21 may elect to have the overpayment shown on the taxpayer's 2 22 final, completed return credited to the tax liability for the 2 23 following tax year. 2 24 5. An individual may claim the tax credit allowed a 2 25 partnership, limited liability company, S corporation, estate, 2 26 or trust electing to have the income taxed directly to the 2 27 individual. The amount claimed by the individual shall be 2 28 based upon the pro rata share of the individual's earnings of 2 29 a partnership, limited liability company, S corporation, 2 30 estate, or trust. 2 31 Sec. 2. Section 422.33, Code 2001, is amended by adding 2 32 the following new subsection: 2 33 NEW SUBSECTION. 11. a. As used in this subsection, 2 34 unless the context otherwise requires: 2 35 (1) "Dealer", "designated ethanol blended gasoline", 3 1 "designated ethanol blended gasoline" or "designated 3 2 gasoline", "gasoline", "metered pump", and "sell" mean the 3 3 same as defined in section 422.11F. 3 4 (2) "Tax credit" means the designated ethanol blended 3 5 gasoline tax credit as provided in this section. 3 6 b. The taxes imposed under this division shall be reduced 3 7 by a designated ethanol blended gasoline tax credit for each 3 8 tax year that the taxpayer is eligible to claim the tax credit 3 9 under this section. In order to be eligible, all of the 3 10 following must apply: 3 11 (1) The taxpayer is a dealer. 3 12 (2) More than sixty percent of gasoline sold and dispensed 3 13 through a metered pump by the taxpayer is designated gasoline. 3 14 (3) The taxpayer complies with requirements of the 3 15 department required to administer this subsection. The 3 16 department may require that a dealer claiming a tax credit be 3 17 certified to claim the tax credit, maintain records that the 3 18 dealer is eligible for the tax credit, or periodically report 3 19 to the department information that for each location at which 3 20 gasoline is dispensed, the total amount of gasoline sold and 3 21 dispensed through metered pumps, the amount of the gasoline 3 22 classified as designated ethanol blended gasoline sold and 3 23 dispensed through metered pumps, and the percentage of 3 24 gasoline sold and dispensed through metered pumps that is 3 25 classified as designated ethanol blended gasoline. The 3 26 department may make the requirements applicable under this 3 27 subsection or section 452A.9A. 3 28 A certificate, record, or report required under 3 29 subparagraph (3) shall be certified by the dealer under 3 30 penalties for false certification as provided in section 3 31 714.8. 3 32 c. The amount of the tax credit is equal to the product of 3 33 two cents multiplied by the total number of gallons of 3 34 designated gasoline that is sold and dispensed through a 3 35 metered pump by the taxpayer for the tax year. 4 1 d. Any credit in excess of the taxpayer's tax liability 4 2 shall be refunded. In lieu of claiming a refund, the taxpayer 4 3 may elect to have the overpayment shown on the taxpayer's 4 4 final, completed return credited to the tax liability for the 4 5 following tax year. 4 6 Sec. 3. NEW SECTION. 452A.9A DESIGNATED ETHANOL BLENDED 4 7 GASOLINE TAX CREDIT. 4 8 The department may require that a dealer claiming a 4 9 designated ethanol blended gasoline tax credit as provided in 4 10 section 422.11F or section 422.33 be certified to claim the 4 11 tax credit, maintain records that the dealer is eligible for 4 12 the tax credit, or periodically report to the department 4 13 information as otherwise required under those provisions as 4 14 part of the department's administration of this chapter. 4 15 Sec. 4. APPLICABILITY. This Act applies to tax years 4 16 beginning on or after January 1, 2002. 4 17 EXPLANATION 4 18 This bill provides an income tax credit for retail dealers 4 19 of gasoline (referred to as "dealers") who sell ethanol 4 20 blended gasoline having an octane number of not less than 89 4 21 (referred to as "designated ethanol blended gasoline" or 4 22 "designated gasoline"). The tax credit applies to both 4 23 taxpayers filing as individuals and businesses under the 4 24 individual and corporate income taxes. 4 25 In order to claim the tax credit, more than 60 percent of 4 26 gasoline sold and dispensed through a metered pump by the 4 27 dealer must be designated gasoline. The amount of the tax 4 28 credit is equal to the product of two cents multiplied by the 4 29 total number of gallons of designated gasoline that the dealer 4 30 sells and dispenses. Any credit in excess of the taxpayer's 4 31 tax liability may be refunded or carried over to the following 4 32 tax year. The bill provides that an individual may claim the 4 33 tax credit allowed a partnership, limited liability company, S 4 34 corporation, estate, or trust electing to have the income 4 35 taxed directly to the individual. 5 1 The bill provides that the department may require that a 5 2 dealer claiming a tax credit be certified to claim the tax 5 3 credit, maintain records that the dealer is eligible for the 5 4 tax credit, or periodically report to the department 5 5 information regarding the sale of gasoline including 5 6 designated gasoline. A person who falsifies information is 5 7 guilty of a fraudulent practice as provided in Code section 5 8 714.8. 5 9 The bill applies to tax years beginning on or after January 5 10 1, 2002. 5 11 LSB 3148HC 79 5 12 mg/gg/8
Text: HSB00247 Text: HSB00249 Text: HSB00200 - HSB00299 Text: HSB Index Bills and Amendments: General Index Bill History: General Index
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