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
© 2001 Cornell College and League of Women Voters of Iowa
Comments about this site or page?
webmaster@legis.iowa.gov.
Please remember that the person listed above does not vote on bills. Direct all comments concerning legislation to State Legislators.
Last update: Wed May 9 09:40:00 CDT 2001
URL: /DOCS/GA/79GA/Legislation/SF/00200/SF00295/010227.html
jhf