House Journal: Page 1453: Tuesday, April 24, 2001
32 amount claimed by the individual shall be based upon
33 the pro rata share of the individual's earnings of the
34 partnership, subchapter S corporation, limited
35 liability company, or estate or trust. For purposes
36 of this section, "new investment directly related to
37 new jobs created by the location or expansion of an
38 eligible business under the program" means the cost of
39 machinery and equipment, as defined in section 427A.1,
40 subsection 1, paragraphs "e" and "j", purchased for
41 use in the operation of the eligible business, the
42 purchase price of which has been depreciated in
43 accordance with generally accepted accounting
44 principles, and the cost of improvements made to real
45 property which is used in the operation of the
46 eligible business and which receives a partial
47 property tax exemption for the actual value added
48 under section 15.332.
49 1A. An eligible business whose project primarily
50 involves the production of value-added agricultural
Page 2
1 products, that elects to receive a refund of all or a
2 portion of an unused tax credit, shall apply to the
3 department of economic development for tax credit
4 certificates. An eligible business whose project
5 primarily involves the production of value-added
6 agricultural products shall not claim a tax credit
7 under this section unless a tax credit certificate
8 issued by the department of economic development is
9 attached to the taxpayer's tax return for the tax year
10 during which the tax credit is claimed. For purposes
11 of this section, an eligible business includes a
12 cooperative described in section 521 of the Internal
13 Revenue Code which is not required to file an Iowa
14 corporate income tax return, and whose project
15 primarily involves the production of ethanol. A tax
16 credit certificate shall not be valid until the tax
17 year following the date of the project completion. A
18 tax credit certificate shall contain the taxpayer's
19 name, address, tax identification number, the date of
20 project completion, the amount of the tax credit,
21 other information required by the department of
22 revenue and finance. The department of economic
23 development shall not issue tax credit certificates
24 which total more than four million dollars during a
25 fiscal year. If the department receives applications
26 for tax credit certificates in excess of four million
27 dollars, the applicants shall receive certificates for
28 a prorated amount. The tax credit certificates shall
29 not be transferred. For a cooperative described in
30 section 521 of the Internal Revenue Code that is not
© 2001 Cornell College and
League of Women Voters of Iowa
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