Text: SF00072 Text: SF00074 Text: SF00000 - SF00099 Text: SF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 422.121, Code 2001, is amended to read 1 2 as follows: 1 3 422.121 APPROPRIATION LIMITATION. 1 4Beginning withFor the fiscalyearyears beginning on or 1 5 after July 1, 1997, but before July 1, 2001, there is 1 6 appropriated annually from the general fund of the state two 1 7 million dollars to refund the credits allowed under this 1 8 division. There is appropriated annually from the general 1 9 fund of the state for the fiscal year beginning July 1, 2001, 1 10 the sum of four million dollars, for the fiscal year beginning 1 11 July 1, 2002, the sum of six million dollars, and for the 1 12 fiscal year beginning July 1, 2003, and subsequent fiscal 1 13 years, the sum of eight million dollars to refund the credits 1 14 allowed under this division. 1 15 PARAGRAPH DIVIDED. Notwithstanding section 422.120, for 1 16 tax years beginning on or after January 1, 1997, the livestock 1 17 production tax credit shall only be allowed for cow-calf 1 18 operations. In calculating the tax credit for cow-calf 1 19 operations for tax years beginning in the 1997 calendar year, 1 20 mature beef cows bred or for breeding, bred yearling heifers, 1 21 and breeding bulls in the operations' inventory on December 31 1 22 of the tax year which were also in the operations' inventory 1 23 on July 1 of the tax year and stockers and feeders sold during 1 24 the tax year may be counted. In calculating the tax credit 1 25 for cow-calf operations for tax years beginning on or after 1 26 January 1, 1998, only those bred cows, bred heifers, and 1 27 breeding bulls in the operations' inventory on December 31 of 1 28 the tax year which were also in the operations' inventory on 1 29 July 1 of the tax year may be counted. 1 30 EXPLANATION 1 31 This bill increases the annual appropriation from the state 1 32 general fund for payment of livestock production tax credit 1 33 claims. Under current law, $2 million is appropriated. The 1 34 bill provides for a $4 million appropriation for FY 2001-2002, 1 35 a $6 million appropriation for FY 2002-2003, and an $8 million 2 1 appropriation for FY 2003-2004 and subsequent fiscal years. 2 2 LSB 1423SS 79 2 3 mg/gg/8
Text: SF00072 Text: SF00074 Text: SF00000 - SF00099 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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