House Journal: Page 1452: Tuesday, April 24, 2001
12 ensure that such fuels are taxed on the same basis as
13 conventional motor vehicle fuels.
14 3. The department of revenue and finance shall
15 submit its report to the general assembly not later
16 than January 10, 2002."
17 2. Title page, by striking lines 1 through 3 and
18 inserting the following: "An Act relating to motor
19 vehicle fuels, by providing for standards regulated by
20 the department of agriculture and land stewardship,
21 providing for the transportation, sale, and dispensing
22 of oxygenated fuel, providing for tax revenues, and
23 making penalties applicable."
Amendment H-1634 lost.
Teig of Hamilton offered amendment H-1654 filed by him and
Kuhn of Floyd from the floor as follows:
H-1654
1 Amend House File 716 as follows:
2 1. Page 1, by inserting before line 1 the
3 following:
4 "Section 1. Section 15.333, subsection 1, Code
5 Supplement 1999, as amended by 2000 Iowa Acts, chapter
6 1213, section 1, is amended to read as follows:
7 1. An eligible business may claim a corporate tax
8 credit up to a maximum of ten percent of the new
9 investment which is directly related to new jobs
10 created by the location or expansion of an eligible
11 business under the program. Any credit in excess of
12 the tax liability for the tax year may be credited to
13 the tax liability for the following seven years or
14 until depleted, whichever occurs earlier. Subject to
15 prior approval by the department of economic
16 development in consultation with the department of
17 revenue and finance, an eligible business whose
18 project primarily involves the production of value-
19 added agricultural products may elect to refund all or
20 a portion of an unused tax credit. For purposes of
21 this section, an eligible business includes a
22 cooperative described in section 521 of the Internal
23 Revenue Code which is not required to file an Iowa
24 corporate income tax return, and whose project
25 primarily involves the production of ethanol. The
26 refund may be used against a tax liability imposed
27 under chapter 422, division II, III, or V. If the
28 business is a partnership, subchapter S corporation,
29 limited liability company, or estate or trust electing
30 to have the income taxed directly to the individual,
31 an individual may claim the tax credit allowed. The
© 2001 Cornell College and
League of Women Voters of Iowa
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