Text: S03286 Text: S03288 Text: S03200 - S03299 Text: S Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Amend Senate File 426 as follows: 1 2 #1. By striking everything after the enacting 1 3 clause and inserting the following: 1 4 "Section 1. Section 15.333, subsection 1, 1 5 unnumbered paragraph 1, Code 2003, is amended to read 1 6 as follows: 1 7 An eligible business may claim a corporate tax 1 8 credit up to a maximum of ten percent of the new 1 9 investment which is directly related to new jobs 1 10 created by the location or expansion of an eligible 1 11 business under the program. Any credit in excess of 1 12 the tax liability for the tax year may be credited to 1 13 the tax liability for the following seven years or 1 14 until depleted, whichever occurs earlier. Subject to 1 15 prior approval by the department of economic 1 16 development in consultation with the department of 1 17 revenue and finance, an eligible business whose 1 18 project primarily involves the production of value- 1 19 added agricultural products may elect to receive a 1 20 refund of all or a portion of an unused tax credit. 1 21 For purposes of this section, an eligible business 1 22 includes a cooperative described in section 521 of the 1 23 Internal Revenue Code which is not required to file an 1 24 Iowa corporate income tax return, and whose project1 25primarily involves the production of ethanol. The 1 26 refund may be used against a tax liability imposed 1 27 under chapter 422, division II, III, or V. If the 1 28 business is a partnership, S corporation, limited 1 29 liability company, cooperative organized under chapter 1 30 501 and filing as a partnership for federal tax 1 31 purposes, or estate or trust electing to have the 1 32 income taxed directly to the individual, an individual 1 33 may claim the tax credit allowed. The amount claimed 1 34 by the individual shall be based upon the pro rata 1 35 share of the individual's earnings of the partnership, 1 36 S corporation, limited liability company, cooperative 1 37 organized under chapter 501 and filing as a 1 38 partnership for federal tax purposes, or estate or 1 39 trust. 1 40 Sec. 2. Section 15.333, subsection 2, Code 2003, 1 41 is amended to read as follows: 1 42 2. An eligible business whose project primarily 1 43 involves the production of value-added agricultural 1 44 products, that elects to receive a refund of all or a 1 45 portion of an unused tax credit, shall apply to the 1 46 department of economic development for tax credit 1 47 certificates. An eligible business whose project 1 48 primarily involves the production of value-added 1 49 agricultural products shall not claim a tax credit 1 50 under this section unless a tax credit certificate 2 1 issued by the department of economic development is 2 2 attached to the taxpayer's tax return for the tax year 2 3 for which the tax credit is claimed. For purposes of 2 4 this section, an eligible business includes a 2 5 cooperative described in section 521 of the Internal 2 6 Revenue Code which is not required to file an Iowa 2 7 corporate income tax return, and whose project2 8primarily involves the production of ethanol. For 2 9 purposes of this section, an eligible business also 2 10 includes a cooperative described in section 521 of the 2 11 Internal Revenue Code which is required to file an 2 12 Iowa corporate income tax returnand whose project2 13primarily involves the production of ethanol. Such 2 14 cooperative may elect to transfer all or a portion of 2 15 its tax credit to its members. The amount of tax 2 16 credit transferred and claimed by a member shall be 2 17 based upon the pro rata share of the member's earnings 2 18 of the cooperative. 2 19 A tax credit certificate shall not be valid until 2 20 the tax year following the date of the project 2 21 completion. A tax credit certificate shall contain 2 22 the taxpayer's name, address, tax identification 2 23 number, the date of project completion, the amount of 2 24 the tax credit, and other information required by the 2 25 department of revenue and finance. The department of 2 26 economic development shall not issue tax credit 2 27 certificates which total more than four million 2 28 dollars during a fiscal year. If the department 2 29 receives applications for tax credit certificates in 2 30 excess of four million dollars, the applicants shall 2 31 receive certificates for a prorated amount. The tax 2 32 credit certificates shall not be transferred except as 2 33 provided in this subsection for a cooperative 2 34 described in section 521 of the Internal Revenue Code 2 35 which is required to file an Iowa corporate income tax 2 36 returnand whose project primarily involves the2 37production of ethanol. For a cooperative described in 2 38 section 521 of the Internal Revenue Code, the 2 39 department of economic development shall require that 2 40 the cooperative submit a list of its members and the 2 41 share of each member's interest in the cooperative. 2 42 The department shall issue a tax credit certificate to 2 43 each member contained on the submitted list. 2 44 Sec. 3. APPLICABILITY DATE. This Act applies to 2 45 tax years beginning on or after July 1, 2003." 2 46 2 47 2 48 2 49 DR. JOE SENG 2 50 SF 426.702 80 3 1 da/cl
Text: S03286 Text: S03288 Text: S03200 - S03299 Text: S Index Bills and Amendments: General Index Bill History: General Index
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