House Amendment 1667


PAG LIN




     1  1    Amend Senate File 554, as amended, passed, and
     1  2 reprinted by the Senate, as follows:
     1  3 #1.  Page 1, by inserting after line 5 the
     1  4 following:
     1  5    <Sec.    .  Section 422.33, Code 2007, is amended
     1  6 by adding the following new subsection:
     1  7    NEW SUBSECTION.  24.  a.  The taxes imposed under
     1  8 this division shall be reduced by a public,
     1  9 educational, and governmental access channel equipment
     1 10 donation tax credit.  The holder of a franchise
     1 11 granted pursuant to chapter 477A for the construction
     1 12 or operation of a cable system or video service
     1 13 provider's network is eligible to receive a public,
     1 14 educational, and governmental access channel equipment
     1 15 donation tax credit in an amount equivalent to the
     1 16 value of equipment donated to a municipality for
     1 17 public, educational, and governmental access channel
     1 18 programming, not to exceed ten thousand dollars.
     1 19    b.  If a holder of a franchise elects to take the
     1 20 public, educational, and governmental access channel
     1 21 equipment donation tax credit, the holder shall not
     1 22 deduct for Iowa tax purposes any amount of equipment
     1 23 donated which is deductible for federal tax purposes,
     1 24 and a deduction pursuant to section 170 of the
     1 25 Internal Revenue Code shall not be allowed for the
     1 26 amount of the donation.
     1 27    c.  Any credit in excess of the tax liability is
     1 28 not refundable but the excess for the tax year may be
     1 29 credited to the tax liability for the following five
     1 30 tax years or until depleted, whichever is the
     1 31 earlier.>
     1 32 #2.  Page 15, line 15, by inserting after the word
     1 33 <EFFECTIVE> the following:  <AND APPLICABILITY>.
     1 34 #3.  Page 15, line 16, by inserting after the word
     1 35 <enactment.> the following:  <The section of this Act
     1 36 establishing a public, educational, and governmental
     1 37 access channel equipment donation tax credit is
     1 38 retroactively applicable to tax years beginning on or
     1 39 after January 1, 2007.>
     1 40 #4.  Title page, line 2, by inserting after the
     1 41 word <fees> the following:  <, providing a tax credit
     1 42 for specified donations of equipment,>.
     1 43 #5.  Title page, line 5, by inserting after the
     1 44 word <effective> the following:  <and applicability>.
     1 45
     1 46
     1 47                               
     1 48 KAUFMANN of Cedar
     1 49 SF 554.507 82
     1 50 rn/je/8324

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