Senate Amendment 3205 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 1 47 1 48 1 49 JAMES HAHN 1 50 HF 869.501 81 2 1 da/pj/900 -1-