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  1 16    This section is repealed December 31, 2008 2009.
  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  1 22    This subsection is repealed December 31, 2008 2009.
  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  1 25    c.  This subsection is repealed December 31, 2008 2009.
  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, 2008 2009.
  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, 2008 2009.
  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, 2008 2009.
  2 19    2.  This chapter is repealed December 31, 2008 2009.
  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