Senate File 572 - Enrolled

PAG LIN

1	1	SENATE FILE 57	
1	2	
1	3	AN ACT	
1	5	FLUID BY ELECTRIC UTILITIES AND INCLUDING EFFECTIVE AND	
1	6	APPLICABILITY DATE PROVISIONS.	
1	7		

2

1	4 EXTENDING STATE TAX BENEFITS FOR USE OF SOY=BASED TRANSFORMER

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1 16	This section is repealed December 31, 2008 2009.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1 22	This subsection is repealed December 31, 2008 2009.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1 25	c.	This subsection is repealed December 31, 2008 2009.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
35 476D.	To obtain the reimbursement, the person shall attach to
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2	9	This section is repealed December 31, 2008 2009.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
35	I hereby certify that this bill originated in the Senate and
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