Senate File 295 - Introduced



                                       SENATE FILE       
                                       BY  DOTZLER


    Passed Senate, Date               Passed House,  Date             
    Vote:  Ayes        Nays           Vote:  Ayes        Nays         
                 Approved                            

                                      A BILL FOR

  1 An Act extending state tax benefits for use of soy=based
  2    transformer fluid by electric utilities and including
  3    effective and applicability date provisions.
  4 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
  5 TLSB 2665SS 82
  6 mg/je/5

PAG LIN



  1  1    Section 1.  Section 422.11R, Code 2007, is amended to read
  1  2 as follows:
  1  3    422.11R  SOY=BASED TRANSFORMER FLUID TAX CREDIT.
  1  4    The taxes imposed under this division, less the credits
  1  5 allowed under sections 422.12 and 422.12B, shall be reduced by
  1  6 a soy=based transformer fluid tax credit allowed under chapter
  1  7 476D.
  1  8    This section is repealed December 31, 2008 2009.
  1  9    Sec. 2.  Section 422.33, subsection 23, Code 2007, is
  1 10 amended to read as follows:
  1 11    23.  The taxes imposed under this division shall be reduced
  1 12 by a soy=based transformer fluid tax credit allowed under
  1 13 chapter 476D.
  1 14    This subsection is repealed December 31, 2008 2009.
  1 15    Sec. 3.  Section 423.4, subsection 7, paragraph c, Code
  1 16 2007, is amended to read as follows:
  1 17    c.  This subsection is repealed December 31, 2008 2009.
  1 18    Sec. 4.  Section 437A.17C, Code 2007, is amended to read as
  1 19 follows:
  1 20    437A.17C  REIMBURSEMENT FOR SOY=BASED TRANSFORMER FLUID.
  1 21    A person in possession of a soy=based transformer fluid tax
  1 22 credit certificate issued pursuant to chapter 476D may apply
  1 23 to the director for a reimbursement of the amount of taxes
  1 24 imposed and paid by the person pursuant to this chapter in an
  1 25 amount not more than the person received in soy=based
  1 26 transformer fluid tax credit certificates pursuant to chapter
  1 27 476D.  To obtain the reimbursement, the person shall attach to
  1 28 the return required under section 437A.8 the soy=based
  1 29 transformer fluid tax credit certificates issued to the person
  1 30 pursuant to chapter 476D and provide any other information the
  1 31 director may require.  The director shall direct a warrant to
  1 32 be issued to the person for an amount equal to the tax imposed
  1 33 and paid by the person pursuant to this chapter but for not
  1 34 more than the amount of the soy=based transformer fluid tax
  1 35 credit certificates attached to the return.
  2  1    This section is repealed December 31, 2008 2009.
  2  2    Sec. 5.  Section 476D.2, subsection 1, paragraph a, Code
  2  3 2007, is amended to read as follows:
  2  4    a.  The costs were incurred after June 30, 2006, and before
  2  5 January 1, 2008 2009.
  2  6    Sec. 6.  Section 476D.5, Code 2007, is amended to read as
  2  7 follows:
  2  8    476D.5  APPLICABILITY == REPEAL.
  2  9    1.  This chapter applies to tax years ending after June 30,
  2 10 2006, and beginning before January 1, 2008 2009.
  2 11    2.  This chapter is repealed December 31, 2008 2009.
  2 12    Sec. 7.  EFFECTIVE AND APPLICABILITY DATES.  This Act,
  2 13 being deemed of immediate importance, takes effect upon
  2 14 enactment and applies to applications made on or after the
  2 15 effective date of this Act.
  2 16                           EXPLANATION
  2 17    This bill extends by a year the time period during which
  2 18 costs must be incurred in order to receive state tax benefits
  2 19 for the use of soy=based transformer fluid by electric
  2 20 utilities from January 1, 2008, to January 1, 2009.  Because
  2 21 of this extension, the repeal of the tax benefits are also
  2 22 extended one year from December 31, 2008, to December 31,
  2 23 2009.  The state tax benefits that are affected by this
  2 24 extension are the tax credit under the individual or corporate
  2 25 income tax and the refund of sales and use taxes or utility
  2 26 replacement taxes paid.
  2 27    The bill takes effect upon enactment and applies to
  2 28 applications for the tax credit made on or after the enactment
  2 29 date.
  2 30 LSB 2665SS 82
  2 31 mg:sc/je/5