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 -1-