Senate File 2465 S-5227 Amend Senate File 2465 as follows: 1 1. By striking page 13, line 30, through page 15, line 24, 2 and inserting: 3 < Sec. ___. Section 203.3, subsection 4, paragraph b, Code 4 2026, is amended by striking the paragraph and inserting in 5 lieu thereof the following: 6 b. The grain dealer shall submit, as required by the 7 department, a financial statement that is accompanied by 8 an unqualified opinion based upon an audit performed by a 9 certified public accountant licensed in this state. However, 10 the department may accept a qualification in an opinion that 11 is unavoidable by any audit procedure that is permitted under 12 generally accepted accounting principles. An opinion that 13 is qualified because of a limited audit procedure or because 14 the scope of an audit is limited shall not be accepted by 15 the department. The department shall not require that a 16 grain dealer submit more than one such unqualified opinion 17 per year. The grain dealer, except as provided in section 18 203.15 , may elect to submit a financial statement that is 19 accompanied by the report of a certified public accountant 20 licensed in this state that is based upon a review performed 21 by the certified public accountant in lieu of the audited 22 financial statement specified in this paragraph. However, at 23 any time the department may require a financial statement that 24 is accompanied by the report of a certified public accountant 25 licensed in this state that is based upon a review performed 26 by a certified public accountant if the department has good 27 cause. A grain dealer shall submit financial statements to 28 the department in addition to those required in this paragraph 29 if the department determines that it is necessary to verify 30 the grain dealer’s financial status or compliance with this 31 subsection . 32 Sec. ___. Section 203.3, subsection 5, paragraph b, Code 33 2026, is amended by striking the paragraph and inserting in 34 lieu thereof the following: 35 -1- SF 2465.4289 (2) 91 da/js 1/ 8 #1.

b. The grain dealer shall submit, as required by the 1 department, a financial statement that is accompanied by 2 an unqualified opinion based upon an audit performed by a 3 certified public accountant licensed in this state. However, 4 the department may accept a qualification in an opinion that 5 is unavoidable by any audit procedure that is permitted under 6 generally accepted accounting principles. An opinion that 7 is qualified because of a limited audit procedure or because 8 the scope of an audit is limited shall not be accepted by the 9 department. The department shall not require that a grain 10 dealer submit more than one such unqualified opinion per year. 11 The grain dealer may elect, however, to submit a financial 12 statement that is accompanied by the report of a certified 13 public accountant licensed in this state that is based upon 14 a review performed by the certified public accountant in 15 lieu of the audited financial statement specified in this 16 paragraph. However, at any time the department may require 17 a financial statement that is accompanied by the report of a 18 certified public accountant licensed in this state that is 19 based upon a review performed by a certified public accountant 20 if the department has good cause. A grain dealer shall submit 21 financial statements to the department in addition to those 22 required in this paragraph if the department determines that it 23 is necessary to verify the grain dealer’s financial status or 24 compliance with this section . > 25 2. Page 16, after line 30 by inserting: 26 < Sec. ___. Section 203.15, subsection 4, Code 2026, is 27 amended by striking the subsection and inserting in lieu 28 thereof the following: 29 4. a. A grain dealer shall not purchase grain on 30 credit-sale contract during any time period in which the grain 31 dealer fails to maintain fifty cents of net worth for each 32 outstanding bushel of grain purchased under credit. The grain 33 dealer may maintain a deficiency bond or an irrevocable letter 34 of credit in the amount of two thousand dollars for each one 35 -2- SF 2465.4289 (2) 91 da/js 2/ 8 #2.

thousand dollars or fraction thereof of deficiency in net 1 worth. 2 b. A grain dealer who is also a warehouse operator licensed 3 by the department under chapter 203C or the United States 4 department of agriculture under the United States Warehouse 5 Act, and who does not have a sufficient quantity or quality 6 of grain to satisfy the warehouse operator’s obligations 7 based on an examination by the department or the United 8 States department of agriculture shall not purchase grain on 9 credit-sale contract to correct the shortage of grain. 10 c. (1) A grain dealer must meet at least either of the 11 following conditions: 12 (a) The grain dealer’s last financial statement required 13 to be submitted to the department pursuant to section 203.3 14 is accompanied by an unqualified opinion based upon an audit 15 performed by a certified public accountant licensed in this 16 state. 17 (b) The grain dealer files a bond with the department in 18 the amount of one hundred thousand dollars payable to the 19 department. 20 (2) (a) The bond filed with the department under this 21 paragraph shall be used to indemnify sellers for losses 22 resulting from a breach of a credit-sale contract as provided 23 by rules adopted by the department. The rules shall include 24 but are not limited to procedures and criteria for providing 25 notice, filing claims, valuing losses, and paying claims. The 26 bond provided in this paragraph shall be in addition to any 27 other bond required in this chapter . 28 (b) The bond shall not be canceled by the issuer on less 29 than ninety days’ notice by certified mail to the department 30 and the principal. However, if an adequate replacement bond 31 is filed with the department, the department may authorize 32 the cancellation of the original bond before the end of the 33 ninety-day period. 34 (c) If an adequate replacement bond is not received by the 35 -3- SF 2465.4289 (2) 91 da/js 3/ 8

department within sixty days of the issuance of the notice of 1 cancellation, the department shall suspend the grain dealer’s 2 license. The department shall cause an inspection of the 3 licensed grain dealer immediately at the end of the sixty-day 4 period. If a replacement bond is not filed within another 5 thirty days following the suspension, the department shall 6 revoke the grain dealer’s license. 7 (3) When a license is revoked, the department shall provide 8 notice of the revocation by ordinary mail to the last known 9 address of each holder of an outstanding credit-sale contract 10 and all known sellers. > 11 3. By striking page 16, line 33, through page 20, line 1, 12 and inserting: 13 < Sec. ___. Section 203C.6, subsection 4, paragraph b, Code 14 2026, is amended by striking the paragraph and inserting in 15 lieu thereof the following: 16 b. The warehouse operator shall submit, as required by 17 the department, a financial statement that is accompanied by 18 an unqualified opinion based upon an audit performed by a 19 certified public accountant licensed in this state. However, 20 the department may accept a qualification in an opinion that 21 is unavoidable by any audit procedure that is permitted under 22 generally accepted accounting principles. An opinion that 23 is qualified because of a limited audit procedure or because 24 the scope of an audit is limited shall not be accepted by the 25 department. The department shall not require that a warehouse 26 operator submit more than one such unqualified opinion per 27 year. The warehouse operator may elect, however, to submit 28 a financial statement that is accompanied by the report of 29 a certified public accountant licensed in this state that 30 is based upon a review performed by the certified public 31 accountant in lieu of the audited financial statement specified 32 in this paragraph. However, at any time the department may 33 require a financial statement that is accompanied by the report 34 of a certified public accountant licensed in this state that is 35 -4- SF 2465.4289 (2) 91 da/js 4/ 8 #3.

based upon a review performed by a certified public accountant 1 if the department has good cause. A warehouse operator shall 2 submit financial statements to the department in addition to 3 those required in this paragraph if the department determines 4 that it is necessary to verify the warehouse operator’s 5 financial status or compliance with this subsection . 6 Sec. ___. Section 203C.6, subsection 5, paragraph b, Code 7 2026, is amended by striking the paragraph and inserting in 8 lieu thereof the following: 9 b. The warehouse operator shall submit, as required by 10 the department, a financial statement that is accompanied by 11 an unqualified opinion based upon an audit performed by a 12 certified public accountant licensed in this state. However, 13 the department may accept a qualification in an opinion that 14 is unavoidable by any audit procedure that is permitted under 15 generally accepted accounting principles. An opinion that 16 is qualified because of a limited audit procedure or because 17 the scope of an audit is limited shall not be accepted by the 18 department. The department shall not require that a warehouse 19 operator submit more than one such unqualified opinion per 20 year. The warehouse operator may elect, however, to submit 21 a financial statement that is accompanied by the report of 22 a certified public accountant licensed in this state that 23 is based upon a review performed by the certified public 24 accountant in lieu of the audited financial statement specified 25 in this paragraph. However, at any time the department may 26 require a financial statement that is accompanied by the report 27 of a certified public accountant licensed in this state that is 28 based upon a review performed by a certified public accountant 29 if the department has good cause. A warehouse operator shall 30 submit financial statements to the department in addition to 31 those required in this paragraph if the department determines 32 that it is necessary to verify the warehouse operator’s 33 financial status or compliance with this subsection . > 34 4. Page 20, after line 34 by inserting: 35 -5- SF 2465.4289 (2) 91 da/js 5/ 8 #4.

PART___ 1 EFFECTIVE DATE 2 < Sec. ___. EFFECTIVE DATE. This division of this Act, being 3 deemed of immediate importance, takes effect upon enactment. > 4 5. By striking page 20, line 35, through page 21, line 19, 5 and inserting: 6 < DIVISION ___ 7 DEPARTMENT OF TRANSPORTATION —— IMPLEMENTS OF HUSBANDRY > 8 6. Page 23, after line 33 by inserting: 9 < DIVISION ___ 10 HONEYBEES —— SALES AND USE TAX EXEMPTION 11 Sec. ___. Section 423.3, Code 2026, is amended by adding the 12 following new subsection: 13 NEW SUBSECTION . 111. The sales price of honeybees. 14 DIVISION ___ 15 VETERINARY PRACTICE 16 PART A 17 RURAL VETERINARIAN LOAN REPAYMENT PROGRAM 18 Sec. ___. Section 256.226, subsection 4, paragraph c, Code 19 2026, is amended to read as follows: 20 c. (1) Secure Subject to subparagraph (2), secure an 21 offer of employment or establish and maintain a practice in a 22 veterinary shortage situation or rural service commitment area 23 and engage in the full-time practice of veterinary medicine 24 for a period of four consecutive years after entering into the 25 agreement in the veterinary shortage area or rural service 26 commitment area , unless the loan repayment recipient receives . 27 (2) (a) The loan repayment recipient may notify the 28 commission that the loan repayment recipient will complete the 29 years of full-time practice required under the agreement by 30 securing new employment, or establishing and maintaining a new 31 practice, in the same veterinary shortage area or rural service 32 commitment area, according to rules adopted by the commission. 33 (b) The commission may grant the loan repayment recipient a 34 waiver from the commission to complete the years of full-time 35 -6- SF 2465.4289 (2) 91 da/js 6/ 8 #5. #6.

practice required under the agreement in another veterinary 1 shortage area or rural service commitment area pursuant to 2 subsection 7 . 3 PART B 4 INCOME TAX EXEMPTION 5 Sec. ___. Section 422.7, Code 2026, is amended by adding the 6 following new subsection: 7 NEW SUBSECTION . 46. a. Subtract, to the extent included, 8 loan repayments received under a program agreement entered into 9 by a taxpayer who is a loan repayment recipient and the Iowa 10 college student aid commission pursuant to section 256.226, if 11 the taxpayer fulfills the obligation to engage in the practice 12 of veterinary medicine according to terms of that section and 13 the program agreement. 14 b. The amount subtracted in paragraph “a” shall not exceed 15 the following limits: 16 (1) For any tax year, fifteen thousand dollars. 17 (2) For the aggregate of all tax years, sixty thousand 18 dollars. 19 (3) In any case, the amount of the outstanding eligible 20 loan. 21 Sec. ___. EFFECTIVE DATE. This part of this division of 22 this Act takes effect January 1, 2027. 23 Sec. ___. APPLICABILITY. This part of this division of 24 this Act applies to tax years beginning on or after January 1, 25 2027. > 26 7. Title page, by striking lines 5 through 7 and inserting 27 < transportation of agricultural items, the use of agricultural 28 land, sales and use taxes, and veterinary practice and income 29 taxes, making penalties applicable, and including effective 30 date and applicability provisions. > 31 8. By renumbering as necessary. 32 -7- SF 2465.4289 (2) 91 da/js 7/ 8 #7.