Text: SF00002
Text: SF00000 - SF00099                 Text: SF Index
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Senate File 1

Partial Bill History

Bill Text

  1  1    Section 1.  NEW SECTION.  422.11C  SUPER ETHANOL-POWERED
  1  3    1.  As used in this section:
  1  4    a.  "Motor vehicle" means the same as defined in section
  1  5 321.1.
  1  6    b.  "Super ethanol-powered motor vehicle" means a motor
  1  7 vehicle that is powered using a motor vehicle fuel as defined
  1  8 in section 214A.1 that contains at least eighty-five percent
  1  9 ethanol, according to standards established by rules adopted
  1 10 by the department of agriculture and land stewardship pursuant
  1 11 to chapter 214A.
  1 12    2.  The taxes imposed under this division, less the credits
  1 13 allowed under sections 422.12 and 422.12B, shall be reduced by
  1 14 a super ethanol-powered motor vehicle purchase tax credit for
  1 15 the tax year in which the taxpayer purchases a new or used
  1 16 super ethanol-powered motor vehicle from a retail seller of
  1 17 new or used motor vehicles.  The tax credit equals the lesser
  1 18 of five hundred dollars or the amount paid by the taxpayer
  1 19 less any discounts and trade-ins.
  1 20    3.  a.  Any credit in excess of the tax liability shall be
  1 21 refunded.  In lieu of claiming a refund, a taxpayer may elect
  1 22 to have the overpayment shown on the taxpayer's final,
  1 23 completed return credited to the tax liability for the
  1 24 following tax year.
  1 25    b.  Married taxpayers who have filed joint federal returns
  1 26 electing to file separate returns or to file separately on a
  1 27 combined return form must determine the super ethanol-powered
  1 28 motor vehicle purchase tax credit based upon their combined
  1 29 net income and allocate the total credit amount to each spouse
  1 30 in the proportion that each spouse's respective net income
  1 31 bears to the total combined net income.  Nonresidents or part-
  1 32 year residents of Iowa must determine their super ethanol-
  1 33 powered motor vehicle purchase tax credit in the ratio of
  1 34 their Iowa-source net income to their all-source net income.
  1 35 Nonresidents or part-year residents who are married and elect
  2  1 to file separate returns or to file separately on a combined
  2  2 return form must allocate the super ethanol-powered motor
  2  3 vehicle purchase tax credit between the spouses in the ratio
  2  4 of each spouse's Iowa-source net income to the combined Iowa-
  2  5 source net income of the taxpayers.  An individual may claim
  2  6 the super ethanol-powered motor vehicle purchase tax credit
  2  7 allowed a partnership, S corporation, limited liability
  2  8 company, or estate or trust electing to have the income taxed
  2  9 directly to the individual.  The amount claimed by the
  2 10 individual shall be based upon the pro rata share of the
  2 11 individual's earnings of the partnership, S corporation,
  2 12 limited liability company, or estate or trust.
  2 13    Sec. 2.  RETROACTIVE APPLICABILITY.  This Act applies
  2 14 retroactively to tax years beginning on or after January 1,
  2 15 2001.  
  2 16                           EXPLANATION
  2 17    This bill establishes a super ethanol-powered motor vehicle
  2 18 purchase tax credit for individual taxpayers.  The bill
  2 19 provides a tax credit equal to the lesser of $500 or the
  2 20 amount paid by the taxpayer less discounts and trade-ins for
  2 21 individual taxpayers who purchase a new or used motor vehicle,
  2 22 subject to registration, powered with a motor vehicle fuel
  2 23 containing at least 85 percent ethanol.  The bill provides for
  2 24 refunding the tax credit in cases where the credit is in
  2 25 excess of a tax liability and provides for allocation in cases
  2 26 concerning married taxpayers filing separately on a combined
  2 27 return, nonresidents, and part-year residents.  The taxpayer
  2 28 is also entitled to the credit if the taxpayer is a partner,
  2 29 shareholder, or member of a partnership, S corporation, or
  2 30 estate or trust which is entitled to the credit.  
  2 31 LSB 1023XS 79
  2 32 da/as/5.1

                                        Text: SF00002
Text: SF00000 - SF00099                 Text: SF Index
Bills and Amendments: General Index     Bill History: General Index

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