Senate Amendment 5366


PAG LIN




     1  1    Amend Senate File 2295, as amended, passed, and
     1  2 reprinted by the Senate, as follows:
     1  3 #1.  Page 1, line 5, by inserting after the words
     1  4 <equal to> the following:  <seventy=five percent of>.
     1  5 #2.  Page 1, line 9, by striking the word <Five>
     1  6 and inserting the following:  <Seven>.
     1  7 #3.  Page 1, line 10, by striking the words <Six
     1  8 hundred twenty=five> and inserting the following:
     1  9 <Eight hundred>.
     1 10 #4.  Page 1, by inserting after line 10 the
     1 11 following:
     1 12    <   .  The taxpayer shall not be entitled to the
     1 13 credit for tax years beginning in the 2005 and 2006
     1 14 calendar years unless the credit is preapproved by the
     1 15 department as provided in subsection 2A.>
     1 16 #5.  Page 1, line 18, by inserting after the word
     1 17 <taxpayer> the following:  <or any other student
     1 18 designated by the taxpayer>.
     1 19 #6.  Page 1, by inserting after line 18 the
     1 20 following:
     1 21    <2A.  To receive the tax credit for tax years
     1 22 beginning in the 2005 and 2006 calendar years, the
     1 23 taxpayer shall apply for the credit to the department
     1 24 by January 31 following the end of the calendar year
     1 25 in which the contribution was made.  If the taxpayer
     1 26 and school tuition organization qualify, the
     1 27 department shall approve the application for credit
     1 28 and so notify the taxpayer by April 1 following
     1 29 receipt of the application.  However, the department
     1 30 of revenue shall only grant approval under this
     1 31 section for a total of five million dollars in credits
     1 32 in the fiscal year beginning July 1, 2005, and for a
     1 33 total of ten million dollars in credits in the fiscal
     1 34 year beginning July 1, 2006.  If the qualified
     1 35 applications total more than five million dollars or
     1 36 ten million dollars, as applicable, in credits, the
     1 37 department shall reduce the amount of credit approved
     1 38 for each taxpayer on a pro rata basis and shall so
     1 39 notify the taxpayer of the percentage of the credit
     1 40 approved.  The department shall prepare application
     1 41 forms which may be made available to charitable
     1 42 organizations that may qualify as school tuition
     1 43 organizations.>
     1 44 #7.  Page 2, line 29, by inserting after the word
     1 45 <school.> the following:  <A school tuition
     1 46 organization shall only award educational scholarships
     1 47 and tuition grants to children who reside in Iowa.>
     1 48 #8.  Page 2, line 35, by striking the word <three>
     1 49 and inserting the following:  <two>.
     1 50 #9.  Page 3, line 15, by inserting after the word
     2  1 <students> the following:  <, who reside in the
     2  2 state,>.
     2  3 #10.  Page 3, line 16,  by striking the word
     2  4 <three> and inserting the following:  <two>.
     2  5 #11.  Page 3, line 35, by inserting after the
     2  6 figure <2005> the following:  <, but before January 1,
     2  7 2013>.
     2  8 #12.  By renumbering, relettering, or redesignating
     2  9 and correcting internal references as necessary.
     2 10 SF 2295.H
     2 11 mg/es/25

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