Text: SF02021 Text: SF02023 Text: SF02000 - SF02099 Text: SF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. NEW SECTION. 422.12F E-85 FUEL STORAGE TANK
1 2 TAX CREDIT.
1 3 1. The taxes imposed under this division, less the credits
1 4 allowed under section 422.12 and 422.12B, shall be reduced by
1 5 an E-85 fuel storage tank tax credit as provided in this
1 6 section. The amount of credit equals the cost, incurred
1 7 during the tax year, necessary to install, replace, or convert
1 8 an aboveground motor vehicle fuel storage tank for use in
1 9 storing and dispensing E-85 motor fuel. The amount of the
1 10 credit shall not exceed seven thousand five hundred dollars
1 11 for each motor vehicle fuel storage tank installed, replaced,
1 12 or converted. The motor vehicle fuel storage tank shall be
1 13 located on a site where motor vehicle fuel is sold at retail
1 14 by the taxpayer. To receive the credit the taxpayer shall
1 15 apply to the department of economic development.
1 16 2. An individual may claim an E-85 fuel storage tank tax
1 17 credit 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 3. Any credit in excess of the tax liability shall be
1 24 refunded. In lieu of claiming a refund, a taxpayer may elect
1 25 to have the overpayment shown on the taxpayer's final,
1 26 completed return credited to the tax liability for the
1 27 following taxable year.
1 28 4. The total amount of credits that may be approved for
1 29 any calendar year under this section and section 422.33,
1 30 subsection 11, shall not exceed one hundred fifty thousand
1 31 dollars. Credits shall be approved by the department of
1 32 economic development on a first applied for and approved
1 33 basis.
1 34 5. As used in this section:
1 35 a. "E-85 fuel" means motor vehicle fuel containing at
2 1 least eighty-five percent ethanol according to standards
2 2 established by rules adopted by the department of agriculture
2 3 and land stewardship pursuant to chapter 214A.
2 4 b. "Motor vehicle fuel" means the same as defined in
2 5 section 214A.1.
2 6 c. "Motor vehicle fuel pump" means the same as defined in
2 7 section 214.1.
2 8 d. "Motor vehicle fuel storage tank" means a container
2 9 that is a fixture on a site, used to keep an accumulation of
2 10 motor vehicle fuel.
2 11 e. "Site" means the premises where a motor vehicle fuel
2 12 storage tank is located, if the tank is used to serve a
2 13 connecting motor vehicle fuel pump where motor vehicle fuel is
2 14 dispensed to customers on a retail basis.
2 15 Sec. 2. Section 422.33, Code 2001, is amended by adding
2 16 the following new subsection:
2 17 NEW SUBSECTION. 11. a. The taxes imposed under this
2 18 division shall be reduced by an E-85 fuel storage tank tax
2 19 credit as provided in this subsection. The amount of credit
2 20 equals the cost, incurred during the tax year, necessary to
2 21 install, replace, or convert an aboveground motor vehicle fuel
2 22 storage tank for use in storing and dispensing E-85 motor
2 23 fuel. The amount of the credit shall not exceed seven
2 24 thousand five hundred dollars for each motor vehicle fuel
2 25 storage tank installed, replaced or converted. The motor
2 26 vehicle fuel storage tank shall be located on a site where
2 27 motor vehicle fuel is sold at retail by the taxpayer. To
2 28 receive the credit the taxpayer shall apply to the department
2 29 of economic development.
2 30 b. Any credit in excess of the tax liability shall be
2 31 refunded. In lieu of claiming a refund, a taxpayer may elect
2 32 to have the overpayment shown on the taxpayer's final,
2 33 completed return credited to the tax liability for the
2 34 following taxable year.
2 35 c. The total amount of credits that may be approved for
3 1 any calendar year under section 422.12F and this subsection
3 2 shall not exceed one hundred fifty thousand dollars. Credits
3 3 shall be approved by the department of economic development on
3 4 a first applied for and approved basis.
3 5 d. As used in this subsection:
3 6 (1) "E-85 fuel" means motor vehicle fuel containing at
3 7 least eighty-five percent ethanol according to standards
3 8 established by rules adopted by the department of agriculture
3 9 and land stewardship pursuant to chapter 214A.
3 10 (2) "Motor vehicle fuel" means the same as defined in
3 11 section 214A.1.
3 12 (3) "Motor vehicle fuel pump" means the same as defined in
3 13 section 214.1.
3 14 (4) "Motor vehicle fuel storage tank" means a container
3 15 that is a fixture on a site, used to keep an accumulation of
3 16 motor vehicle fuel.
3 17 (5) "Site" means the premises where a motor vehicle fuel
3 18 storage tank is located, if the tank is used to serve a
3 19 connecting motor vehicle fuel pump where motor vehicle fuel is
3 20 dispensed to customers on a retail basis.
3 21 Sec. 3. EFFECTIVE AND APPLICABILITY PROVISION. This Act,
3 22 being deemed of immediate importance, takes effect upon
3 23 enactment and applies retroactively to January 1, 2001, for
3 24 tax years beginning on or after that date.
3 25 EXPLANATION
3 26 This bill provides for an income tax credit for an operator
3 27 of a retail motor vehicle fuel outlet who installs, replaces,
3 28 or converts an aboveground motor vehicle fuel storage tank for
3 29 use in storing and dispensing motor vehicle fuel containing at
3 30 least 85 percent ethanol (referred to as E-85). The credit
3 31 equals the cost necessary for such installation, replacement,
3 32 or conversion. The credit shall not exceed $7,500 for each
3 33 tank. Any excess credit is refundable.
3 34 The bill provides that not more than $150,000 in credits
3 35 shall be approved by the department of economic development in
4 1 a calendar year.
4 2 The bill takes effect upon enactment and applies
4 3 retroactively to January 1, 2001, for tax years beginning on
4 4 or after that date.
4 5 LSB 2938SS 79
4 6 mg/gg/8
Text: SF02021 Text: SF02023 Text: SF02000 - SF02099 Text: SF Index Bills and Amendments: General Index Bill History: General Index
© 2002 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: Thu Jan 24 08:45:00 CST 2002
URL: /DOCS/GA/79GA/Legislation/SF/02000/SF02022/020116.html
jhf