House
File
148
H-1192
Amend
House
File
148
as
follows:
1
1.
Page
1,
after
line
28
by
inserting:
2
<
Sec.
___.
NEW
SECTION
.
421D.1
Tax
expenditures
3
repealed.
4
1.
Beginning
on
June
30,
2012,
and
every
fifth
year
5
thereafter,
each
Code
provision
in
effect
that
provides
6
for
a
state
or
local
tax
expenditure
is
repealed.
For
7
purposes
of
this
section,
“tax
expenditure”
means
an
8
exclusion
from
the
operation
or
collection
of
a
tax
9
imposed
in
this
state.
Tax
expenditures
include
tax
10
credits,
exemptions,
deductions,
and
rebates.
Tax
11
expenditures
also
include
sales
tax
refunds
issued
12
pursuant
to
section
423.4.
13
2.
a.
The
repeal
of
a
tax
expenditure
shall
be
14
applicable
beginning
with
the
tax
year,
assessment
15
year,
or
fiscal
year,
as
applicable,
following
the
date
16
of
the
repeal.
17
b.
The
repeal
of
a
tax
expenditure
originally
taken
18
prior
to
its
repeal
that
authorized
the
carryforward
of
19
an
unused
portion
of
the
tax
expenditure
shall
continue
20
to
be
valid
after
its
repeal
until
the
unused
portion
21
is
depleted
or
until
expiration
of
the
carryforward
22
period
provided
for
in
the
statutory
authorization
for
23
the
tax
expenditure,
whichever
is
earlier.
The
repeal
24
of
a
tax
expenditure
shall
not
apply
to
a
taxpayer
who
25
was
authorized
to
take
the
tax
expenditure
pursuant
26
to
a
contract
entered
into
with
a
state
agency
until
27
such
time
as
the
contract
is
voided
or
expires.
A
28
tax
expenditure
authorized
for
multiple
years
that
is
29
repealed
pursuant
to
this
section
shall
continue
after
30
the
date
of
repeal
until
its
expiration
provided
for
in
31
the
statutory
authorization
for
the
tax
expenditure.
32
Sec.
___.
APPLICABILITY.
The
section
of
this
33
division
of
this
Act
enacting
section
421D.1
applies
to
34
tax
expenditures
in
effect
on
and
after
June
30,
2012.
>
35
2.
By
renumbering
as
necessary.
36
______________________________
ISENHART
of
Dubuque
-1-
HF148.251
(1)
84
jp/sc
1/
1
#1.
#2.