Text: SF00294 Text: SF00296 Text: SF00200 - SF00299 Text: SF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. NEW SECTION. 422.12F FUEL ECONOMY TAX CREDIT.
1 2 1. The taxes imposed under this division, less the credits
1 3 allowed under sections 422.12 and 422.12B, shall be reduced by
1 4 a fuel economy tax credit equal to five hundred dollars for
1 5 each new motor vehicle which has attached a fuel economy
1 6 label, as required by the United States environmental
1 7 protection agency, listing the fuel economy rating for city
1 8 driving of at least thirty miles per gallon. For purposes of
1 9 this section, "new motor vehicle" means a motor vehicle as
1 10 defined in section 321.1 which has never been sold at retail.
1 11 2. Any credit in excess of the tax liability shall be
1 12 refunded. In lieu of claiming a refund, a taxpayer may elect
1 13 to have the overpayment shown on the taxpayer's final,
1 14 completed return credited to the tax liability for the
1 15 following taxable year.
1 16 3. An individual may claim a fuel economy tax credit
1 17 allowed a partnership, limited liability company, S
1 18 corporation, estate, or trust electing to have the income
1 19 taxed directly to the individual. The amount claimed by the
1 20 individual shall be based upon the pro rata share of the
1 21 individual's earnings of the partnership, limited liability
1 22 company, S corporation, estate, or trust.
1 23 Sec. 2. Section 422.33, Code 2001, is amended by adding
1 24 the following new subsection:
1 25 NEW SUBSECTION. 11. a. The taxes imposed under this
1 26 division shall be reduced by a fuel economy tax credit equal
1 27 to five hundred dollars for each new motor vehicle which has
1 28 attached a fuel economy label, as required by the United
1 29 States environmental protection agency, listing the fuel
1 30 economy rating for city driving of at least thirty miles per
1 31 gallon. For purposes of this subsection, "new motor vehicle"
1 32 means a motor vehicle as defined in section 321.1 which has
1 33 never been sold at retail.
1 34 b. Any credit in excess of the tax liability shall be
1 35 refunded. In lieu of claiming a refund, a taxpayer may elect
2 1 to have the overpayment shown on the taxpayer's final,
2 2 completed return credited to the tax liability for the
2 3 following taxable year.
2 4 Sec. 3. EFFECTIVE AND APPLICABILITY DATE. This Act, being
2 5 deemed of immediate importance, takes effect upon enactment
2 6 and applies retroactively to January 1, 2001, for tax years
2 7 beginning on or after that date.
2 8 EXPLANATION
2 9 This bill provides a refundable $500 individual and
2 10 corporate income tax credit for each new motor vehicle
2 11 purchased which has listed on the required fuel economy label
2 12 attached to the motor vehicle a fuel economy rating of 30
2 13 miles per gallons or more for city driving.
2 14 The bill takes effect upon enactment and applies
2 15 retroactively to January 1, 2001, for tax years beginning on
2 16 or after that date.
2 17 LSB 2436SS 79
2 18 mg/cls/14.1
Text: SF00294 Text: SF00296 Text: SF00200 - SF00299 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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