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House Study Bill 315

Bill Text

PAG LIN
  1  1    Section 1.  2001 Iowa Acts, chapter 123, section 6,
  1  2 subsection 2, is amended to read as follows:
  1  3    2.  The ethanol blended gasoline tax credits provided in
  1  4 sections 422.11C and 422.33 apply to tax years beginning on or
  1  5 after January 1, 2002.  Notwithstanding the provisions in
  1  6 those sections limiting the tax credits to taxpayers' tax
  1  7 years, the amount of the initial tax credit under these
  1  8 sections for each eligible service station shall be based on
  1  9 the total number of gallons of ethanol blended gasoline sold
  1 10 and dispensed through all metered pumps located at the
  1 11 taxpayer's service station from January 1, 2002, until the
  1 12 beginning of the taxpayer's next fiscal year.  The department
  1 13 of revenue and finance shall perform functions, prior to the
  1 14 beginning of that tax year, necessary in order to implement
  1 15 the tax credits.
  1 16    Sec. 2.  REFUNDS.  Refunds of taxes, interest, or penalties
  1 17 which arise from claims resulting from the enactment of 2001
  1 18 Iowa Acts, chapter 123, section 6, subsection 2, as amended in
  1 19 this Act, for sales of ethanol blended gasoline occurring
  1 20 between January 1, 2002, and the effective date of this Act,
  1 21 shall not be allowed unless refund claims are filed prior to
  1 22 October 1, 2003, notwithstanding any other provision of law.
  1 23    Sec. 3.  EFFECTIVE DATE AND RETROACTIVE APPLICABILITY
  1 24 PROVISION.  This Act, being deemed of immediate importance,
  1 25 takes effect upon enactment and applies retroactively to
  1 26 January 1, 2002.  
  1 27                           EXPLANATION 
  1 28    BACKGROUND.  In 2001 the general assembly enacted House
  1 29 File 716, which promoted the production and consumption of
  1 30 ethanol.  In part the bill provided a tax credit for retail
  1 31 dealers of gasoline who sell ethanol blended gasoline (motor
  1 32 fuel containing at least 10 percent alcohol).  The tax credit
  1 33 applies to both taxpayers filing as individuals under new Code
  1 34 section 422.11C and businesses under Code section 422.33.
  1 35 Specifically, it provides a tax credit for a retail dealer who
  2  1 operates at least one service station at which more than 60
  2  2 percent of the total gallons of gasoline sold by the retail
  2  3 dealer is ethanol blended gasoline.
  2  4    PROVISIONS OF THE BILL.  The bill changes when a retail
  2  5 dealer may claim the tax credit.  Under House File 716, the
  2  6 date is tied to the beginning of the retail dealer's tax year,
  2  7 but it must begin on or after January 1, 2002.  The bill
  2  8 allows a retail dealer whose tax year began after January 1,
  2  9 2002, to be eligible for a tax credit in the period beginning
  2 10 January 1, 2002, and ending just before the retail dealer's
  2 11 next tax year begins.  It also provides a refund of taxes
  2 12 which arise from claims resulting from the enactment of the
  2 13 bill.
  2 14    The bill takes effect upon enactment.  
  2 15 LSB 2364HC 80
  2 16 da/cl/14.1
     

Text: HSB00314                          Text: HSB00316
Text: HSB00300 - HSB00399               Text: HSB Index
Bills and Amendments: General Index     Bill History: General Index

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