Text: SF00265 Text: SF00267 Text: SF00200 - SF00299 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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 applyto tax yearsbeginningon or1 5afterJanuary 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 the1 14beginning 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 be limited to one hundred thousand dollars in the 1 22 aggregate and shall not be allowed unless refund claims are 1 23 filed prior to October 1, 2003, notwithstanding any other 1 24 provision of law. If the amount of claims totals more than 1 25 one hundred thousand dollars in the aggregate, the department 1 26 of revenue and finance shall prorate the one hundred thousand 1 27 dollars among all claimants in relation to the amounts of the 1 28 claimants' valid claims. 1 29 Sec. 3. EFFECTIVE DATE AND RETROACTIVE APPLICABILITY 1 30 PROVISION. This Act, being deemed of immediate importance, 1 31 takes effect upon enactment and applies retroactively to 1 32 January 1, 2002. 1 33 EXPLANATION 1 34 BACKGROUND. In 2001 the general assembly enacted House 1 35 File 716, which promoted the production and consumption of 2 1 ethanol. In part the bill provided a tax credit for retail 2 2 dealers of gasoline who sell ethanol blended gasoline (motor 2 3 fuel containing at least 10 percent alcohol). The tax credit 2 4 applies to both taxpayers filing as individuals under new Code 2 5 section 422.11C and businesses under Code section 422.33. 2 6 Specifically, it provides a tax credit for a retail dealer who 2 7 operates at least one service station at which more than 60 2 8 percent of the total gallons of gasoline sold by the retail 2 9 dealer is ethanol blended gasoline. 2 10 PROVISIONS OF THE BILL. The bill changes when a retail 2 11 dealer may claim the tax credit. Under House File 716, the 2 12 date is tied to the beginning of the retail dealer's tax year, 2 13 but it must begin on or after January 1, 2002. The bill 2 14 allows a retail dealer whose tax year began after January 1, 2 15 2002, to be eligible for a tax credit in the period beginning 2 16 January 1, 2002, and ending just before the retail dealer's 2 17 next tax year begins. It also provides a refund of taxes 2 18 which arise from claims resulting from the enactment of the 2 19 bill. 2 20 The bill takes effect upon enactment. 2 21 LSB 2364XS 80 2 22 da/cl/14
Text: SF00265 Text: SF00267 Text: SF00200 - SF00299 Text: SF Index Bills and Amendments: General Index Bill History: General Index
© 2003 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: Wed Mar 12 02:30:00 CST 2003
URL: /DOCS/GA/80GA/Legislation/SF/00200/SF00266/030304.html
jhf