House Amendment 8393
PAG LIN
1 1 Amend House File 2759 as follows:
1 2 #1. Page 1, by inserting before line 34 the
1 3 following:
1 4 <Sec. . NEW SECTION. 15G.115 BIOREFINERY
1 5 TECHNOLOGY PROJECTS FUND == SUPPORT OF PROJECTS.
1 6 A biorefinery technology projects fund is created
1 7 in the state treasury under the control of the
1 8 department of economic development. The fund is
1 9 separate from the general fund of the state.
1 10 1. Moneys in the biorefinery technology projects
1 11 fund are appropriated to the Iowa economic development
1 12 board exclusively to support persons engaged in the
1 13 research, development, and commercialization of
1 14 integrated biorefinery technology projects. A project
1 15 must further the production of liquid renewable fuels
1 16 and other high=value coproducts that use nonfood
1 17 agricultural crops as biofuel stock. The board shall
1 18 award moneys to eligible persons in the form of a
1 19 grant, loan, or no=interest loan based on terms and
1 20 conditions as established by the board.
1 21 2. a. Payments of interest, the recapture of
1 22 awards or penalties, or other repayments of moneys
1 23 originating from moneys awarded to support the
1 24 biorefinery technology projects fund shall be
1 25 deposited into the biorefinery technology projects
1 26 fund.
1 27 b. Notwithstanding section 8.33, any unexpended
1 28 balance in the fund at the end of a fiscal year shall
1 29 be retained in the fund.
1 30 c. Notwithstanding section 12C.7, subsection 2,
1 31 interest, earnings on investments, or time deposits of
1 32 the moneys in the fund shall be credited to the fund.
1 33 Sec. . Section 452A.2, as amended by 2006 Iowa
1 34 Acts, House File 2754, if enacted, is amended by
1 35 adding the following new subsection:
1 36 NEW SUBSECTION. 24C. "Sever" means the physical
1 37 removal of a natural resource, including a crop as
1 38 defined in section 717A.1, from land located within
1 39 the territory of this state.
1 40 Sec. . NEW SECTION. 452A.41 BIOFUEL SEVERANCE
1 41 TAX.
1 42 1. A person who processes a severed natural
1 43 resource for the production of a biofuel which may be
1 44 used as a component of a renewable fuel as defined in
1 45 section 214A.1, if 2006 Iowa Acts, House File 2754, is
1 46 enacted, is subject to a severance tax as provided in
1 47 this section. The severance tax is imposed at a rate
1 48 of five cents per each gallon of biofuel that is
1 49 transported to a destination outside of this state for
1 50 sale.
2 1 2. A person subject to the severance tax shall
2 2 maintain an inventory of gallons of biofuel which is
2 3 taxable under this section. The person shall report
2 4 the biofuel gallonage and pay the severance tax based
2 5 on that inventory on a monthly or quarterly basis as
2 6 determined by rules adopted by the department. The
2 7 exclusive method of determining gallonage is on a
2 8 gross volume basis.
2 9 3. The department shall adopt rules necessary to
2 10 administer this section and to collect the severance
2 11 tax, and may require that records such as invoices,
2 12 bills of lading, or other documents of sale or
2 13 purchase and returns be made and maintained by a
2 14 person who produces, processes, purchases, sells, or
2 15 transports the biofuel.
2 16 4. This section does not impose a tax or require
2 17 that records be made or maintained by a person who
2 18 produces or severs the natural resource.
2 19 5. Of the moneys collected from the severance tax
2 20 as provided in this section, the department shall
2 21 deposit the moneys as follows:
2 22 a. One=half of the moneys into the renewable fuel
2 23 infrastructure fund as created in section 455G.32, if
2 24 enacted in 2006 Iowa Acts, House File 2754.
2 25 b. One=half of the moneys into the biorefinery
2 26 technology projects fund created in section 15G.115.>
2 27 #2. Title page, line 1, by inserting after the
2 28 words <for the> the following: <imposition of a
2 29 severance tax and>.
2 30 #3. By renumbering as necessary.
2 31
2 32
2 33
2 34 WHITAKER of Van Buren
2 35 HF 2759.202 81
2 36 da/sh/1652
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