S-5227

   Amend Senate File 2465 as follows:
   1.  By striking page 13, line 30, through page 15, line 24, and inserting: 
   <Sec. ___.  Section 203.3, subsection 4, paragraph b, Code 2026, is amended by striking the paragraph and inserting in lieu thereof the following:
   b.  The grain dealer shall submit, as required by the department, a financial statement that is accompanied by an unqualified opinion based upon an audit performed by a certified public accountant licensed in this state. However, the department may accept a qualification in an opinion that is unavoidable by any audit procedure that is permitted under generally accepted accounting principles. An opinion that is qualified because of a limited audit procedure or because the scope of an audit is limited shall not be accepted by the department. The department shall not require that a grain dealer submit more than one such unqualified opinion per year. The grain dealer, except as provided in section 203.15, may elect to submit a financial statement that is accompanied by the report of a certified public accountant licensed in this state that is based upon a review performed by the certified public accountant in lieu of the audited financial statement specified in this paragraph. However, at any time the department may require a financial statement that is accompanied by the report of a certified public accountant licensed in this state that is based upon a review performed by a certified public accountant if the department has good cause. A grain dealer shall submit financial statements to the department in addition to those required in this paragraph if the department determines that it is necessary to verify the grain dealer’s financial status or compliance with this subsection.
   Sec. ___.  Section 203.3, subsection 5, paragraph b, Code 2026, is amended by striking the paragraph and inserting in lieu thereof the following:
   b.  The grain dealer shall submit, as required by the department, a financial statement that is accompanied by an unqualified opinion based upon an audit performed by a certified public accountant licensed in this state. However, the department may accept a qualification in an opinion that is unavoidable by any audit procedure that is permitted under generally accepted accounting principles. An opinion that is qualified because of a limited audit procedure or because the scope of an audit is limited shall not be accepted by the department. The department shall not require that a grain dealer submit more than one such unqualified opinion per year. The grain dealer may elect, however, to submit a financial statement that is accompanied by the report of a certified public accountant licensed in this state that is based upon a review performed by the certified public accountant in lieu of the audited financial statement specified in this paragraph. However, at any time the department may require a financial statement that is accompanied by the report of a certified public accountant licensed in this state that is based upon a review performed by a certified public accountant if the department has good cause. A grain dealer shall submit financial statements to the department in addition to those required in this paragraph if the department determines that it is necessary to verify the grain dealer’s financial status or compliance with this section.>
   2.  Page 16, after line 30 by inserting: 
   <Sec. ___.  Section 203.15, subsection 4, Code 2026, is amended by striking the subsection and inserting in lieu thereof the following:
   4.  a.  A grain dealer shall not purchase grain on credit-sale contract during any time period in which the grain dealer fails to maintain fifty cents of net worth for each outstanding bushel of grain purchased under credit. The grain dealer may maintain a deficiency bond or an irrevocable letter of credit in the amount of two thousand dollars for each one thousand dollars or fraction thereof of deficiency in net worth.
   b.  A grain dealer who is also a warehouse operator licensed by the department under chapter 203C or the United States department of agriculture under the United States Warehouse Act, and who does not have a sufficient quantity or quality of grain to satisfy the warehouse operator’s obligations based on an examination by the department or the United States department of agriculture shall not purchase grain on credit-sale contract to correct the shortage of grain.
   c.  (1)  A grain dealer must meet at least either of the following conditions:
   (a)  The grain dealer’s last financial statement required to be submitted to the department pursuant to section 203.3 is accompanied by an unqualified opinion based upon an audit performed by a certified public accountant licensed in this state.
   (b)  The grain dealer files a bond with the department in the amount of one hundred thousand dollars payable to the department.
   (2)  (a)  The bond filed with the department under this paragraph shall be used to indemnify sellers for losses resulting from a breach of a credit-sale contract as provided by rules adopted by the department. The rules shall include but are not limited to procedures and criteria for providing notice, filing claims, valuing losses, and paying claims. The bond provided in this paragraph shall be in addition to any other bond required in this chapter.
   (b)  The bond shall not be canceled by the issuer on less than ninety days’ notice by certified mail to the department and the principal. However, if an adequate replacement bond is filed with the department, the department may authorize the cancellation of the original bond before the end of the ninety-day period.
   (c)  If an adequate replacement bond is not received by the department within sixty days of the issuance of the notice of cancellation, the department shall suspend the grain dealer’s license. The department shall cause an inspection of the licensed grain dealer immediately at the end of the sixty-day period. If a replacement bond is not filed within another thirty days following the suspension, the department shall revoke the grain dealer’s license.
   (3)  When a license is revoked, the department shall provide notice of the revocation by ordinary mail to the last known address of each holder of an outstanding credit-sale contract and all known sellers.>
   3.  By striking page 16, line 33, through page 20, line 1, and inserting: 
   <Sec. ___.  Section 203C.6, subsection 4, paragraph b, Code 2026, is amended by striking the paragraph and inserting in lieu thereof the following:
   b.  The warehouse operator shall submit, as required by the department, a financial statement that is accompanied by an unqualified opinion based upon an audit performed by a certified public accountant licensed in this state. However, the department may accept a qualification in an opinion that is unavoidable by any audit procedure that is permitted under generally accepted accounting principles. An opinion that is qualified because of a limited audit procedure or because the scope of an audit is limited shall not be accepted by the department. The department shall not require that a warehouse operator submit more than one such unqualified opinion per year. The warehouse operator may elect, however, to submit a financial statement that is accompanied by the report of a certified public accountant licensed in this state that is based upon a review performed by the certified public accountant in lieu of the audited financial statement specified in this paragraph. However, at any time the department may require a financial statement that is accompanied by the report of a certified public accountant licensed in this state that is based upon a review performed by a certified public accountant if the department has good cause. A warehouse operator shall submit financial statements to the department in addition to those required in this paragraph if the department determines that it is necessary to verify the warehouse operator’s financial status or compliance with this subsection.
   Sec. ___.  Section 203C.6, subsection 5, paragraph b, Code 2026, is amended by striking the paragraph and inserting in lieu thereof the following:
   b.  The warehouse operator shall submit, as required by the department, a financial statement that is accompanied by an unqualified opinion based upon an audit performed by a certified public accountant licensed in this state. However, the department may accept a qualification in an opinion that is unavoidable by any audit procedure that is permitted under generally accepted accounting principles. An opinion that is qualified because of a limited audit procedure or because the scope of an audit is limited shall not be accepted by the department. The department shall not require that a warehouse operator submit more than one such unqualified opinion per year. The warehouse operator may elect, however, to submit a financial statement that is accompanied by the report of a certified public accountant licensed in this state that is based upon a review performed by the certified public accountant in lieu of the audited financial statement specified in this paragraph. However, at any time the department may require a financial statement that is accompanied by the report of a certified public accountant licensed in this state that is based upon a review performed by a certified public accountant if the department has good cause. A warehouse operator shall submit financial statements to the department in addition to those required in this paragraph if the department determines that it is necessary to verify the warehouse operator’s financial status or compliance with this subsection.>
   4.  Page 20, after line 34 by inserting: 

PART___
EFFECTIVE DATE
   <Sec. ___.  EFFECTIVE DATE.  This division of this Act, being deemed of immediate importance, takes effect upon enactment.>
   5.  By striking page 20, line 35, through page 21, line 19, and inserting: 
<DIVISION ___
DEPARTMENT OF TRANSPORTATION —— IMPLEMENTS OF HUSBANDRY>
   6.  Page 23, after line 33 by inserting: 
<DIVISION ___
HONEYBEES —— SALES AND USE TAX EXEMPTION

   Sec. ___.  Section 423.3, Code 2026, is amended by adding the following new subsection:
   NEW SUBSECTION.  111.  The sales price of honeybees.
DIVISION ___
VETERINARY PRACTICE

PART A
RURAL VETERINARIAN LOAN REPAYMENT PROGRAM
   Sec. ___.  Section 256.226, subsection 4, paragraph c, Code 2026, is amended to read as follows:
   c.  (1)  Secure Subject to subparagraph (2), secure an offer of employment or establish and maintain a practice in a veterinary shortage situation or rural service commitment area and engage in the full-time practice of veterinary medicine for a period of four consecutive years after entering into the agreement in the veterinary shortage area or rural service commitment area, unless the loan repayment recipient receives.
   (2)  (a)  The loan repayment recipient may notify the commission that the loan repayment recipient will complete the years of full-time practice required under the agreement by securing new employment, or establishing and maintaining a new practice, in the same veterinary shortage area or rural service commitment area, according to rules adopted by the commission.
   (b)  The commission may grant the loan repayment recipient a waiver from the commission to complete the years of full-time practice required under the agreement in another veterinary shortage area or rural service commitment area pursuant to subsection 7.

PART B
INCOME TAX EXEMPTION
   Sec. ___.  Section 422.7, Code 2026, is amended by adding the following new subsection:
   NEW SUBSECTION.  46.  a.  Subtract, to the extent included, loan repayments received under a program agreement entered into by a taxpayer who is a loan repayment recipient and the Iowa college student aid commission pursuant to section 256.226, if the taxpayer fulfills the obligation to engage in the practice of veterinary medicine according to terms of that section and the program agreement.
   b.  The amount subtracted in paragraph “a” shall not exceed the following limits:
   (1)  For any tax year, fifteen thousand dollars.
   (2)  For the aggregate of all tax years, sixty thousand dollars.
   (3)  In any case, the amount of the outstanding eligible loan.
   Sec. ___.  EFFECTIVE DATE.  This part of this division of this Act takes effect January 1, 2027.
   Sec. ___.  APPLICABILITY.  This part of this division of this Act applies to tax years beginning on or after January 1, 2027.>
   7.  Title page, by striking lines 5 through 7 and inserting <transportation of agricultural items, the use of agricultural land, sales and use taxes, and veterinary practice and income taxes, making penalties applicable, and including effective date and applicability provisions.>
   8.  By renumbering as necessary.

______________________________
TOM SHIPLEY