House Amendment 1639


PAG LIN




     1  1    Amend the Senate amendment, H=1634, to House File
     1  2 761, as amended, passed, and reprinted by the House,
     1  3 as follows:
     1  4 #1.  Page 8, by inserting after line 43 the
     1  5 following:
     1  6    <Sec.    .  Section 422.12, unnumbered paragraph 1,
     1  7 Code 2005, is amended to read as follows:
     1  8    There Except as otherwise provided in subsection 2,
     1  9 paragraph "b", there shall be deducted from but not to
     1 10 exceed the tax, after the same shall have been
     1 11 computed as provided in this division, the following:>
     1 12 #2.  Page 10, by striking lines 29 and 30 and
     1 13 inserting the following:  <exceed this limit the
     1 14 taxpayers that shall receive the full amount of the
     1 15 credit shall be determined under the procedures
     1 16 established by rule of the department.  The remaining
     1 17 taxpayers shall receive their credits for the
     1 18 subsequent fiscal year, subject to the maximum credit
     1 19 limitation.  The department shall>.
     1 20 #3.  Page 10, by inserting before line 34, the
     1 21 following:
     1 22    <cc.  Any credit under paragraph "b" that is in
     1 23 excess of the taxpayer's tax liability shall be
     1 24 refunded.  In lieu of claiming a refund, the taxpayer
     1 25 may elect to have the overpayment shown on the
     1 26 taxpayer's final, completed return credited to the tax
     1 27 liability for the following tax year.>
     1 28 #4.  By renumbering as necessary.
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     1 31                               
     1 32 HOGG of Linn
     1 33 HF 761.704 81
     1 34 jp/gg/4781
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