Senate Amendment 5018
PAG LIN
1 1 Amend Senate File 2256 as follows:
1 2 #1. Page 1, by inserting after line 7, the
1 3 following:
1 4 <Sec. . Section 422.16, Code Supplement 2005,
1 5 is amended by adding the following new subsection:
1 6 NEW SUBSECTION. 15. An employer or withholding
1 7 agent in possession of a soy=based transformer fluid
1 8 tax credit certificate issued pursuant to chapter 476D
1 9 who is required to deduct and withhold tax under
1 10 subsections 1 and 12 may receive a tax credit from the
1 11 amount of the tax deducted and withheld which is
1 12 payable to the department equal to the amount of the
1 13 soy=based transformer fluid tax credit certificate.
1 14 To obtain the tax credit, the person shall attach to
1 15 the return required under subsection 2, the soy=based
1 16 transformer fluid tax credit certificate issued to the
1 17 person pursuant to chapter 476D and provide any other
1 18 information the director may require. The amount of
1 19 the tax deducted and withheld which is not remitted to
1 20 the department under this subsection may be used for
1 21 any purpose of the employer or withholding agent.
1 22 This subsection is repealed December 31, 2008.>
1 23 #2. Page 2, by striking lines 11 through 28.
1 24 #3. Page 2, by striking lines 32 and 33.
1 25 #4. Page 4, line 14, by striking the word <board>
1 26 and inserting the following: <department>.
1 27 #5. Page 4, line 15, by striking the word <board>
1 28 and inserting the following: <department>.
1 29 #6. Page 4, line 18, by striking the word <board>
1 30 and inserting the following: <department>.
1 31 #7. Page 4, by striking lines 19 and 20.
1 32 #8. Page 4, line 23, by striking the word <board>
1 33 and inserting the following: <department>.
1 34 #9. Page 4, by striking lines 24 and 25, and
1 35 inserting the following:
1 36 <1A. An electric utility may seek assurance of the
1 37 availability of tax credits by getting approval from
1 38 the department for the tax credits by submitting an
1 39 estimate of the soy=based transformer fluid to be used
1 40 during the transition period prior to the utility
1 41 entering into any agreement to purchase the soy=based
1 42 transformer fluid and prior to the start of its
1 43 transition period. If tax credits are available, the
1 44 department shall reserve the tax credits for the
1 45 electric utility. Prior approval under this
1 46 subsection shall be granted based upon the earliest
1 47 date of application. Prior approval under this
1 48 subsection does not eliminate the requirement for the
1 49 electric utility to file the application under
1 50 subsection 1.>
2 1 #10. Page 4, line 26, by striking the word
2 2 <utility.> and inserting the following: <2.>
2 3 #11. Page 4, line 27, by inserting after the word
2 4 <issue> the following: <, or in the case of prior
2 5 approval under subsection 1A, shall reserve>.
2 6 #12. Page 4, line 32, by inserting after the
2 7 figure <17A.> the following: <However, the denial of
2 8 an application solely because of the lack of the
2 9 availability of tax credits is not appealable.>
2 10 #13. Page 5, line 11, by striking the words <and
2 11 the board>.
2 12 #14. Page 5, by inserting after line 17, the
2 13 following:
2 14 <Sec. . EFFECTIVE DATE. This Act, being deemed
2 15 of immediate importance, takes effect upon enactment.>
2 16 #15. Title page, line 2, by inserting after the
2 17 word <including> the following: <effective and>.
2 18
2 19
2 20
2 21 BOB BRUNKHORST
2 22 JOHN P. KIBBIE
2 23 SF 2256.502 81
2 24 mg/je/3419
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