House Amendment 2064
PAG LIN
1 1 Amend Senate File 601, as amended, passed, and
1 2 reprinted by the Senate, as follows:
1 3 #1. Page 53, by inserting after line 6 the
1 4 following:
1 5 <Sec. . NEW SECTION. 422.11T BIODIESEL
1 6 BLENDED FUEL TAX CREDIT FOR CONSUMERS.
1 7 1. As used in this section, unless the context
1 8 otherwise requires:
1 9 a. "Biodiesel blended fuel" and "retail dealer"
1 10 mean the same as defined in section 214A.1.
1 11 b. "Purchase" means to purchase on a retail basis.
1 12 c. "Tax credit" means a biodiesel blended fuel tax
1 13 credit for consumers as provided in this section.
1 14 2. The taxes imposed under this division, less the
1 15 credits allowed under sections 422.12 and 422.12B,
1 16 shall be reduced by the amount of the biodiesel
1 17 blended fuel tax credit for consumers for each tax
1 18 year that the taxpayer is eligible to claim a tax
1 19 credit under this subsection.
1 20 a. In order to be eligible, all of the following
1 21 must apply:
1 22 (1) The taxpayer is a consumer who purchases
1 23 biodiesel blended fuel from a retail dealer in the tax
1 24 year in which the tax credit is claimed.
1 25 (2) The consumer does not resell the biodiesel
1 26 blended fuel.
1 27 (3) The consumer complies with requirements of the
1 28 department established to administer this section.
1 29 b. The tax credit shall apply to biodiesel blended
1 30 fuel formulated with a minimum percentage of two
1 31 percent by volume of biodiesel, if the formulation
1 32 meets the standards provided in section 214A.2.
1 33 3. The amount of the tax credit is seven cents
1 34 multiplied by the total number of gallons of biodiesel
1 35 blended fuel purchased by the consumer during the
1 36 consumer's tax year.
1 37 4. Any credit in excess of the consumer's tax
1 38 liability shall be refunded. In lieu of claiming a
1 39 refund, the consumer may elect to have the overpayment
1 40 shown on the consumer's final, completed return
1 41 credited to the tax liability for the following tax
1 42 year.
1 43 5. An individual may claim the tax credit allowed
1 44 a partnership, limited liability company, S
1 45 corporation, estate, or trust electing to have the
1 46 income taxed directly to the individual. The amount
1 47 claimed by the individual shall be based upon the pro
1 48 rata share of the individual's earnings of the
1 49 partnership, limited liability company, S corporation,
1 50 estate, or trust.
2 1 Sec. . Section 422.33, Code 2007, is amended by
2 2 adding the following new subsection:
2 3 NEW SUBSECTION. 11D. The taxes imposed under this
2 4 division shall be reduced by a biodiesel blended fuel
2 5 tax credit for consumers for each tax year that the
2 6 taxpayer is eligible to claim the tax credit under
2 7 this subsection.
2 8 a. The taxpayer may claim the biodiesel blended
2 9 fuel tax for consumers credit according to the same
2 10 requirements, for the same amount, and calculated in
2 11 the same manner, as provided for the biodiesel blended
2 12 fuel tax credit for consumers pursuant to section
2 13 422.11T.
2 14 b. Any biodiesel blended fuel tax credit for
2 15 consumers which is in excess of the taxpayer's tax
2 16 liability shall be refunded or may be shown on the
2 17 taxpayer's final, completed return credited to the tax
2 18 liability for the following tax year in the same
2 19 manner as provided in section 422.11T.>
2 20 #2. Page 59, by inserting after line 4 the
2 21 following:
2 22 Sec. . EFFECTIVE AND APPLICABILITY DATES. The
2 23 sections of this division of this Act enacting section
2 24 422.11T and section 422.33, subsection 11D, take
2 25 effect January 1, 2008, and apply to tax years
2 26 beginning on or after that date.>
2 27
2 28
2 29
2 30 ALONS of Sioux
2 31
2 32
2 33
2 34 WORTHAN of Buena Vista
2 35
2 36
2 37
2 38 KAUFMANN of Cedar
2 39
2 40
2 41
2 42 DEYOE of Story
2 43 SF 601.221 82
2 44 mg/es/10011
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