House File 2454 H-8201 Amend the amendment, H-8189, to House File 2454 as 1 follows: 2 1. Page 1, by striking lines 2 and 3 and inserting: 3 < ___. By striking everything after the enacting 4 clause and inserting: 5 < DIVISION I 6 PAST VERSIONS OF THE AGRICULTURAL ASSETS TRANSFER TAX 7 CREDIT 8 Section 1. APPLICABILITY OF CARRYFORWARD 9 PROVISIONS. 10 1. This section shall apply, notwithstanding any 11 of the following: 12 a. The five-year carryforward period during which 13 a taxpayer may claim a tax credit in excess of the 14 taxpayer’s liability as provided in section 175.37, as 15 enacted in 2006 Iowa Acts, chapter 1161, including any 16 subsequent amendments to that section. 17 b. The directive to strike future amendments to 18 section 175.37, as provided in 2013 Iowa Acts, chapter 19 125, section 25, subsection 3. 20 c. The repeal of section 175.37 as provided in 2014 21 Iowa Acts, Senate File 2328, section 112, if enacted. 22 2. For any tax year commencing in calendar years 23 2008 through 2012, a tax credit that could have been 24 first issued, awarded, or allowed and claimed under 25 section 175.37, as that section applied when the tax 26 credit could have been first claimed, and which is in 27 excess of the taxpayer’s liability, may be credited to 28 the tax liability of that taxpayer for ten tax years 29 following the tax year for which the taxpayer could 30 have first claimed the tax credit, or until depleted, 31 whichever is earlier. 32 3. The carryforward provisions of this section 33 shall continue to be effective until no longer 34 applicable, including by application to tax years 35 beginning on or after January 1, 2018. 36 Sec. 2. EFFECTIVE UPON ENACTMENT. This division of 37 this Act, being deemed of immediate importance, takes 38 effect upon enactment. 39 Sec. 3. RETROACTIVE APPLICABILITY. This division 40 of this Act applies retroactively to January 1, 2008, 41 for tax years beginning on or after that date. 42 DIVISION II 43 CURRENT VERSION OF THE AGRICULTURAL ASSETS TRANSFER TAX 44 CREDIT 45 Sec. 4. Section 175.37, subsection 6, Code 2014, is 46 amended to read as follows: 47 6. A tax credit in excess of the taxpayer’s 48 liability for the tax year may be credited to the tax 49 liability for the following five ten tax years or until 50 -1- H8189.3714 (1) 85 da/rj 1/ 6 #1.

depleted, whichever is earlier. A tax credit shall not 1 be carried back to a tax year prior to the tax year 2 in which the taxpayer redeems the tax credit. A tax 3 credit shall not be transferable to any other person 4 other than the taxpayer’s estate or trust upon the 5 taxpayer’s death. 6 Sec. 5. APPLICABILITY OF CARRYFORWARD PROVISIONS. 7 1. This section shall apply, notwithstanding any 8 of the following: 9 a. The five-year carryforward period during which 10 a taxpayer may claim a tax credit in excess of the 11 taxpayer’s liability as provided in section 175.37, 12 subsection 7, Code 2013. 13 b. The directive to strike future amendments to 14 section 175.37, as provided in 2013 Iowa Acts, chapter 15 125, section 25, subsection 3. 16 c. The repeal of section 175.37 as provided in 2014 17 Iowa Acts, Senate File 2328, section 112, if enacted. 18 2. For any tax year commencing in calendar year 19 2013 or 2014, a tax credit that could have been or 20 could be first issued, awarded, or allowed and claimed 21 under section 175.37, as that section applies when the 22 tax credit could have been or is first claimed, and in 23 excess of the taxpayer’s liability, may be credited to 24 the tax liability of that taxpayer for ten tax years 25 following the tax year for which the taxpayer could 26 have first claimed or could first claim the tax credit, 27 or until depleted, whichever is earlier. 28 3. a. For any tax year commencing in calendar 29 years 2015 through 2017, a tax credit that is first 30 issued, awarded, or allowed and claimed under section 31 175.37, as that section applies when the tax credit 32 is first claimed, and in excess of the taxpayer’s 33 liability, may be credited to the tax liability of that 34 taxpayer for ten tax years following the tax year that 35 the taxpayer first claims the tax credit, or until 36 depleted, whichever is earlier. 37 b. Paragraph “a” does not apply if 2014 Iowa Acts, 38 Senate File 2328, is enacted. 39 4. The carryforward provisions of this section 40 shall continue to be effective until no longer 41 applicable, including by application to tax years 42 beginning on or after January 1, 2018. 43 Sec. 6. EFFECTIVE UPON ENACTMENT. This division of 44 this Act, being deemed of immediate importance, takes 45 effect upon enactment. 46 Sec. 7. RETROACTIVE APPLICABILITY. This division 47 of this Act applies retroactively to January 1, 2013, 48 for tax years beginning on or after that date. 49 DIVISION III 50 -2- H8189.3714 (1) 85 da/rj 2/ 6

CONDITIONAL FUTURE VERSION OF THE AGRICULTURAL ASSETS 1 TRANSFER TAX CREDIT —— 2015 CODE 2 Sec. 8. Section 16.80, subsection 6, if enacted 3 in 2014 Iowa Acts, Senate File 2328, section 60, is 4 amended to read as follows: 5 6. A tax credit in excess of the taxpayer’s 6 liability for the tax year may be credited to the tax 7 liability for the following five ten tax years or until 8 depleted, whichever is earlier. A tax credit shall not 9 be carried back to a tax year prior to the tax year 10 in which the taxpayer redeems the tax credit. A tax 11 credit shall not be transferable to any other person 12 other than the taxpayer’s estate or trust upon the 13 taxpayer’s death. 14 Sec. 9. APPLICABILITY OF CARRYFORWARD PROVISIONS. 15 1. This section shall apply, notwithstanding the 16 amendment to section 16.80 as provided in 2014 Iowa 17 Acts, Senate File 2328, section 122, if enacted. 18 2. For any tax year commencing in calendar years 19 2015 through 2017, a tax credit that is first issued, 20 awarded, or allowed and claimed under section 16.80, 21 as that section applies when the tax credit is first 22 claimed, and in excess of the taxpayer’s liability, may 23 be credited to the tax liability of that taxpayer for 24 ten tax years following the tax year that the taxpayer 25 first claims the tax credit, or until depleted, 26 whichever is earlier. 27 3. The carryforward provisions of this section 28 shall continue to be effective until no longer 29 applicable, including by application to tax years 30 beginning on or after January 1, 2018. 31 Sec. 10. EFFECTIVE DATE —— CONDITION. This 32 division of this Act takes effect January 1, 2015, only 33 if 2014 Iowa Acts, Senate File 2328 is enacted. 34 DIVISION IV 35 FIRST CONDITIONAL FUTURE VERSION OF THE AGRICULTURAL 36 ASSETS TRANSFER TAX CREDIT —— 2018 CODE 37 Sec. 11. APPLICABILITY OF CARRYFORWARD 38 PROVISIONS. Upon the repeal of amendments to section 39 175.37, as enacted in 2013 Iowa Acts, chapter 125, 40 section 25, the following shall apply: Section 175.37, 41 subsection 7, Code 2013, is amended by striking the 42 words “five years” and inserting in lieu thereof the 43 words “ten tax years”. 44 Sec. 12. EFFECTIVE DATE —— CONDITION. This 45 division of this Act takes effect January 1, 2018, only 46 if 2014 Iowa Acts, Senate File 2328, is not enacted. 47 Sec. 13. APPLICABILITY. This division of this Act 48 applies to tax years beginning on and after January 1, 49 2018. 50 -3- H8189.3714 (1) 85 da/rj 3/ 6

DIVISION V 1 SECOND CONDITIONAL FUTURE VERSION OF THE AGRICULTURAL 2 ASSETS TRANSFER TAX CREDIT —— 2018 CODE 3 Sec. 14. Section 16.80, subsection 7, as amended 4 by 2014 Iowa Acts, Senate File 2328, section 122, if 5 enacted, is amended to read as follows: 6 7. A tax credit in excess of the taxpayer’s 7 liability for the tax year may be credited to the tax 8 liability for the following five ten tax years or until 9 depleted, whichever is earlier. A tax credit shall not 10 be carried back to a tax year prior to the tax year 11 in which the taxpayer redeems the tax credit. A tax 12 credit shall not be transferable to any other person 13 other than the taxpayer’s estate or trust upon the 14 taxpayer’s death. 15 Sec. 15. EFFECTIVE DATE —— CONDITION. This 16 division of this Act takes effect January 1, 2018, only 17 if 2014 Iowa Acts, Senate File 2328, is enacted. 18 Sec. 16. APPLICABILITY. This division of this Act 19 applies to tax years beginning on or after January 1, 20 2018. 21 DIVISION VI 22 CURRENT VERSION OF THE CUSTOM CONTRACT TAX CREDIT 23 Sec. 17. Section 175.38, subsection 9, Code 2014, 24 is amended to read as follows: 25 9. A custom farming contract tax credit in excess 26 of the taxpayer’s liability for the tax year may be 27 credited to the tax liability for the following five 28 ten tax years or until depleted, whichever is earlier. 29 A tax credit shall not be carried back to a tax year 30 prior to the tax year in which the taxpayer redeems the 31 tax credit. A tax credit shall not be transferable to 32 any other person other than the taxpayer’s estate or 33 trust upon the taxpayer’s death. 34 Sec. 18. APPLICABILITY OF CARRYFORWARD PROVISIONS. 35 1. This section shall apply, notwithstanding any 36 of the following: 37 a. The five-year carryforward period during which 38 a taxpayer may claim a tax credit in excess of the 39 taxpayer’s liability as provided in section 175.38, 40 subsection 9, Code 2014. 41 b. The repeal of section 175.38, as provided in 42 2013 Iowa Acts, chapter 125, section 25, subsection 2. 43 c. The directive to strike future amendments to 44 section 175.38, as provided in 2013 Iowa Acts, chapter 45 125, section 25, subsection 3. 46 d. The repeal of section 175.38, as provided in 47 2014 Iowa Acts, Senate File 2328, section 112, if 48 enacted. 49 2. For any tax year commencing in calendar year 50 -4- H8189.3714 (1) 85 da/rj 4/ 6

2013 or 2014, a tax credit that could have been or 1 could be first issued, awarded, or allowed and claimed 2 under section 175.38, as that section applies when the 3 tax credit could have been or could be first claimed, 4 and in excess of the taxpayer’s liability, may be 5 credited to the tax liability of that taxpayer for ten 6 tax years following the tax year for which the taxpayer 7 first claimed or could first claim the tax credit, or 8 until depleted, whichever is earlier. 9 3. a. For any tax year commencing in calendar 10 years 2015 through 2017, a tax credit that is first 11 issued, awarded, or allowed and claimed under section 12 175.38, as that section applies when the tax credit 13 is first claimed, and in excess of the taxpayer’s 14 liability, may be credited to the tax liability of 15 that taxpayer for ten tax years following the tax year 16 for which the taxpayer first claims the tax credit, or 17 until depleted, whichever is earlier. 18 b. Paragraph “a” does not apply if 2014 Iowa Acts, 19 Senate File 2328, is enacted. 20 4. The carryforward provisions of this section 21 shall continue to be effective until no longer 22 applicable, including by application to tax years 23 beginning on or after January 1, 2018. 24 Sec. 19. EFFECTIVE UPON ENACTMENT. This division 25 of this Act, being deemed of immediate importance, 26 takes effect upon enactment. 27 Sec. 20. RETROACTIVE APPLICABILITY. This division 28 of this Act applies retroactively to January 1, 2013, 29 for tax years beginning on or after that date. 30 DIVISION VII 31 CONDITIONAL FUTURE VERSION OF THE CUSTOM CONTRACT TAX 32 CREDIT —— 2015 CODE 33 Sec. 21. Section 16.81, subsection 9, if enacted 34 in 2014 Iowa Acts, Senate File 2328, section 61, is 35 amended to read as follows: 36 9. A custom farming contract tax credit in excess 37 of the taxpayer’s liability for the tax year may be 38 credited to the tax liability for the following five 39 ten tax years or until depleted, whichever is earlier. 40 A tax credit shall not be carried back to a tax year 41 prior to the tax year in which the taxpayer redeems the 42 tax credit. A tax credit shall not be transferable to 43 any other person other than the taxpayer’s estate or 44 trust upon the taxpayer’s death. 45 Sec. 22. APPLICABILITY OF CARRYFORWARD PROVISIONS. 46 1. This section shall apply, notwithstanding the 47 repeal of section 16.81 as provided in 2014 Iowa Acts, 48 Senate File 2328, section 120, if enacted. 49 2. For any tax year commencing in calendar years 50 -5- H8189.3714 (1) 85 da/rj 5/ 6

2015 through 2017, a tax credit that is first issued, 1 awarded, or allowed and claimed under section 16.81, 2 as that section applies when the tax credit is first 3 claimed, and in excess of the taxpayer’s liability, 4 may be credited to the tax liability of that taxpayer 5 for ten tax years following the tax year for which 6 the taxpayer first claims the tax credit, or until 7 depleted, whichever is earlier. 8 3. The carryforward provisions of this section 9 shall continue to be effective until no longer 10 applicable, including by application to tax years 11 beginning on or after January 1, 2018. 12 Sec. 23. EFFECTIVE DATE —— CONDITION. This 13 division of this Act takes effect January 1, 2015, only 14 if 2014 Iowa Acts, Senate File 2328, is enacted. 15 Sec. 24. APPLICABILITY. This division of this Act 16 applies to tax years beginning on and after January 1, 17 2015. > 18 ___. Title page, line 4, by striking < carryover > 19 and inserting < carryforward >> 20 ______________________________ DEYOE of Story -6- H8189.3714 (1) 85 da/rj 6/ 6