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 NEW SECTION . 421D.1 Tax expenditures 3 repealed. 4 1.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every fifth year 5 thereafter, each Code provision in effect that provides 6 for a state or local tax expenditure is repealed.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 A 28 tax expenditure authorized for multiple years that is 29 repealed pursuant to this section shall continue after 30 the date of repeal until its expiration provided for in 31 the statutory authorization for the tax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.