Senate File 520 S-3256 Amend Senate File 520 as follows: 1 1. Page 1, before line 1 by inserting: 2 < Section 1. Section 422.7, Code 2011, is amended by 3 adding the following new subsection: 4 NEW SUBSECTION . 54. a. A taxpayer taking a 5 depreciation allowance under section 168 of the 6 Internal Revenue Code for property described in section 7 422.11Y is not allowed to take the allowance to the 8 extent that a tax credit is taken for the purchase of 9 the property under section 422.11Y. 10 b. A taxpayer taking an expensing allowance under 11 section 179 of the Internal Revenue Code for property 12 described in section 422.11Y is not allowed to take the 13 allowance to the extent that a tax credit is taken for 14 the purchase of such property under section 422.11Y. 15 c. This subsection is repealed on January 1, 2019. > 16 2. Page 1, after line 2 by inserting: 17 < ___. As used in this section, “motor vehicle” 18 means the same as defined in section 322.2. > 19 3. Page 1, by striking lines 9 through 14 and 20 inserting: 21 < ___. a. The taxpayer claiming the tax credit on 22 a commercial basis as provided in this section must 23 construct, install, and place in service any of the 24 following: 25 (1) An electric vehicle facility which serves a 26 motor vehicle that is designed by a manufacturer to 27 operate using electricity. 28 (2) A natural gas vehicle facility which serves a 29 motor vehicle that is designed by a manufacturer to 30 operate using compressed natural gas. 31 b. The taxpayer claiming the tax credit on a 32 residential basis as provided in this section must 33 construct, install, and place in service an electric 34 vehicle facility which serves a motor vehicle that 35 is designed by a manufacturer to operate using 36 electricity. 37 ___. a. After verifying the eligibility for an 38 electric or natural gas vehicle facility tax credit as 39 provided in this section, the department of revenue 40 shall issue the taxpayer an electric or natural gas 41 vehicle facility tax credit certificate which must be 42 attached to the taxpayer’s tax return. An electric or 43 natural gas vehicle facility tax credit certificate 44 shall include all of the following: 45 (1) The taxpayer’s name, address, tax 46 identification number, and any other information 47 required by the department of revenue. 48 (2) A description of the infrastructure, equipment, 49 or machinery being purchased and installed which 50 -1- SF520.2606 (1) 84 da/rj 1/ 2 #1. #2. #3.

is eligible for the tax credit to be claimed on the 1 taxpayer’s tax return. 2 (3) The amount of the tax credit being claimed. 3 b. The department shall adopt rules establishing 4 criteria for the receipt of applications for electric 5 or natural gas vehicle facility tax credit certificates 6 and the issuance of those certificates. A tax credit 7 certificate shall be issued in the taxpayer’s name and 8 shall expire on or after the last day of the taxable 9 year for which the taxpayer is claiming the tax credit. 10 A tax credit certificate is nontransferable. 11 c. The aggregate amount of electric or natural gas 12 vehicle facility tax credit certificates that may be 13 issued pursuant to this section shall not exceed five 14 million dollars for all tax years that the tax credit 15 is available under this section. The department shall 16 issue the tax credit certificates on a first-come, 17 first-served basis to qualified applicants. > 18 4. Page 1, line 31, by striking < basis > and 19 inserting < basis as follows: > 20 5. Page 2, by striking lines 10 through 12 and 21 inserting: 22 < b. A person may claim the tax credit on a 23 residential basis only for an electric vehicle facility 24 that is for personal, family, household, or > 25 6. Page 2, line 14, by striking < or natural gas > 26 7. Page 3, after line 18 by inserting: 27 < Sec. ___. Section 422.35, Code 2011, is amended by 28 adding the following new subsection: 29 NEW SUBSECTION . 15. a. A taxpayer taking a 30 depreciation allowance under section 168 of the 31 Internal Revenue Code for property described in section 32 422.33, subsection 11D, is not allowed to take the 33 allowance to the extent that a tax credit is taken for 34 the purchase of the property under section 422.33, 35 subsection 11D. 36 b. A taxpayer taking an expensing allowance under 37 section 179 of the Internal Revenue Code for property 38 described in section 422.33, subsection 11D, is not 39 allowed to take the allowance to the extent that a tax 40 credit is taken for the purchase of such property under 41 section 422.33, subsection 11D. 42 c. This subsection is repealed on January 1, 2019. > 43 8. By renumbering, redesignating, and correcting 44 internal references as necessary. 45 ______________________________ ROBERT M. HOGG -2- SF520.2606 (1) 84 da/rj 2/ 2 #4. #5. #6. #7. #8.