HF 2071 (LSB 5832YH (4) 91)

HOUSE FILE 2071

BY  JONES

A BILL FOR

An Act  modifying the sales or use tax refund for biodiesel production.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:

    Section 1.  Section 423.4, subsection 9, paragraphs b and e, Code 2026, are amended to read as follows:
   b.  The amount of the refund shall be calculated by multiplying a designated rate by the total number of gallons of biodiesel produced by the biodiesel producer in this state during each quarter of a calendar year. The designated rate shall be four five cents.
   e.  This subsection is repealed January 1, 2028 2031.
EXPLANATION
The inclusion of this explanation does not constitute agreement with
the explanation’s substance by the members of the general assembly.
   This bill increases the sales or use tax refund available to the producers of biodiesel from 4 cents per gallon to 5 cents per gallon. The amount of the refund is calculated by multiplying the designated rate (currently 4 cents) by the total number of gallons of biodiesel produced by the biodiesel producer in this state. The bill changes the repeal date of the refund from January 1, 2028, to January 1, 2031.