House Amendment 1594


PAG LIN




     1  1    Amend House File 869, as passed by the House, as
     1  2 follows:
     1  3 #1.  Page 1, lines 6 and 7, by striking the words
     1  4 <AGRICULTURAL ASSETS == TAX CREDIT> and inserting the
     1  5 following:  <AGRICULTURAL ASSETS TRANSFER TAX CREDIT>.
     1  6 #2.  Page 1, by striking lines 8 and 9, and
     1  7 inserting the following:
     1  8    <   .  An agricultural assets transfer tax credit
     1  9 is allowed under this section.  The tax credit is
     1 10 allowed against the taxes imposed in chapter 422,
     1 11 division II, as provided in section 422.11I, and in
     1 12 chapter 422, division III, as provided in section
     1 13 422.33, to facilitate the transfer of>.
     1 14 #3.  Page 1, line 11, by striking the word <a.>
     1 15 #4.  Page 1, by striking lines 21 through 23.
     1 16 #5.  Page 2, by striking lines 16 through 18, and
     1 17 inserting the following:
     1 18    <6.  a.  In order to qualify for the tax credit as
     1 19 a beginning farmer, a person must be eligible to
     1 20 receive financial assistance under section 175.12.
     1 21 The taxpayer may claim the tax credit on the gross
     1 22 amount paid to the taxpayer as provided in this
     1 23 section until the beginning farmer is no longer
     1 24 eligible to receive financial assistance under section
     1 25 175.12.
     1 26    b.  A tax credit in excess of the>.
     1 27 #6.  Page 2, line 26, by striking the figure <6.>
     1 28 and inserting the following:  <7.>
     1 29 #7.  Page 3, line 25, by striking the figure <7.>
     1 30 and inserting the following:  <8.>
     1 31 #8.  Page 3, line 30, by striking the figure <8.>
     1 32 and inserting the following:  <9.>
     1 33 #9.  Page 4, by inserting after line 14, the
     1 34 following:
     1 35    <Sec.    .  NEW SECTION.  422.11I  AGRICULTURAL
     1 36 ASSETS TRANSFERRED TO BEGINNING FARMERS.
     1 37    The taxes imposed under this division, less the
     1 38 credits allowed under sections 422.12 and 422.12B,
     1 39 shall be reduced by an agricultural assets transfer
     1 40 tax credit as allowed under section 175.37.
     1 41    Sec.    .  Section 422.33, Code 2005, is amended by
     1 42 adding the following new subsection:
     1 43    NEW SUBSECTION.  17.  The taxes imposed under this
     1 44 division shall be reduced by an agricultural assets
     1 45 transfer tax credit as allowed under section 175.37.>
     1 46 HF 869.S
     1 47 da/cc/26
   1 48
   1 49
   1 50

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