Senate File 572 - Enrolled PAG LIN 1 1 SENATE FILE 572 1 2 1 3 AN ACT 1 4 EXTENDING STATE TAX BENEFITS FOR USE OF SOY=BASED TRANSFORMER 1 5 FLUID BY ELECTRIC UTILITIES AND INCLUDING EFFECTIVE AND 1 6 APPLICABILITY DATE PROVISIONS. 1 7 1 8 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 1 9 1 10 Section 1. Section 422.11R, Code Supplement 2007, is 1 11 amended to read as follows: 1 12 422.11R SOY=BASED TRANSFORMER FLUID TAX CREDIT. 1 13 The taxes imposed under this division, less the credits 1 14 allowed under section 422.12, shall be reduced by a soy=based 1 15 transformer fluid tax credit allowed under chapter 476D. 1 16 This section is repealed December 31,20082009. 1 17 Sec. 2. Section 422.33, subsection 22, Code Supplement 1 18 2007, is amended to read as follows: 1 19 22. The taxes imposed under this division shall be reduced 1 20 by a soy=based transformer fluid tax credit allowed under 1 21 chapter 476D. 1 22 This subsection is repealed December 31,20082009. 1 23 Sec. 3. Section 423.4, subsection 7, paragraph c, Code 1 24 Supplement 2007, is amended to read as follows: 1 25 c. This subsection is repealed December 31,20082009. 1 26 Sec. 4. Section 437A.17C, Code 2007, is amended to read as 1 27 follows: 1 28 437A.17C REIMBURSEMENT FOR SOY=BASED TRANSFORMER FLUID. 1 29 A person in possession of a soy=based transformer fluid tax 1 30 credit certificate issued pursuant to chapter 476D may apply 1 31 to the director for a reimbursement of the amount of taxes 1 32 imposed and paid by the person pursuant to this chapter in an 1 33 amount not more than the person received in soy=based 1 34 transformer fluid tax credit certificates pursuant to chapter 1 35 476D. To obtain the reimbursement, the person shall attach to 2 1 the return required under section 437A.8 the soy=based 2 2 transformer fluid tax credit certificates issued to the person 2 3 pursuant to chapter 476D and provide any other information the 2 4 director may require. The director shall direct a warrant to 2 5 be issued to the person for an amount equal to the tax imposed 2 6 and paid by the person pursuant to this chapter but for not 2 7 more than the amount of the soy=based transformer fluid tax 2 8 credit certificates attached to the return. 2 9 This section is repealed December 31,20082009. 2 10 Sec. 5. Section 476D.2, subsection 1, paragraph a, Code 2 11 2007, is amended to read as follows: 2 12 a. The costs were incurred after June 30, 2006, and before 2 13 January 1,20082009. 2 14 Sec. 6. Section 476D.5, Code 2007, is amended to read as 2 15 follows: 2 16 476D.5 APPLICABILITY == REPEAL. 2 17 1. This chapter applies to tax years ending after June 30, 2 18 2006, and beginning before January 1,20082009. 2 19 2. This chapter is repealed December 31,20082009. 2 20 Sec. 7. EFFECTIVE AND APPLICABILITY DATES. This Act, 2 21 being deemed of immediate importance, takes effect upon 2 22 enactment and applies to applications made on or after the 2 23 effective date of this Act. 2 24 2 25 2 26 2 27 JOHN P. KIBBIE 2 28 President of the Senate 2 29 2 30 2 31 2 32 PATRICK J. MURPHY 2 33 Speaker of the House 2 34 2 35 I hereby certify that this bill originated in the Senate and 3 1 is known as Senate File 572, Eighty=second General Assembly. 3 2 3 3 3 4 3 5 MICHAEL E. MARSHALL 3 6 Secretary of the Senate 3 7 Approved , 2008 3 8 3 9 3 10 3 11 CHESTER J. CULVER 3 12 Governor