Bill Text: IA HF2400 | 2013-2014 | 85th General Assembly | Introduced
Bill Title: A bill for an act providing an income tax credit for propane storage tanks and related equipment, and including effective date and retroactive applicability provisions.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2014-03-24 - Subcommittee, Windschitl, Prichard, and Sands. H.J. 566. [HF2400 Detail]
Download: Iowa-2013-HF2400-Introduced.html
House
File
2400
-
Introduced
HOUSE
FILE
2400
BY
PRICHARD
A
BILL
FOR
An
Act
providing
an
income
tax
credit
for
propane
storage
tanks
1
and
related
equipment,
and
including
effective
date
and
2
retroactive
applicability
provisions.
3
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
4
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2400
Section
1.
NEW
SECTION
.
422.11C
Propane
storage
tank
tax
1
credit.
2
1.
The
taxes
imposed
under
this
division,
less
the
credits
3
allowed
under
section
422.12,
shall
be
reduced
by
a
propane
4
storage
tank
tax
credit
equal
to
seventy-five
percent
of
the
5
cost
of
a
propane
storage
tank
and
equipment
directly
related
6
to
the
storage
of
propane
gas.
A
tax
credit
under
this
section
7
shall
be
limited
to
one
storage
tank
per
physical
location
8
where
the
propane
is
stored
for
the
taxpayer’s
own
use.
Any
9
credit
in
excess
of
the
tax
liability
for
the
tax
year
shall
10
not
be
refunded,
but
may
be
credited
to
the
tax
liability
for
11
the
following
ten
tax
years
or
until
depleted,
whichever
is
12
earlier.
13
2.
An
individual
may
claim
the
tax
credit
allowed
a
14
partnership,
limited
liability
company,
S
corporation,
estate,
15
or
trust
electing
to
have
the
income
taxed
directly
to
the
16
individual.
The
amount
claimed
by
the
individual
shall
be
17
based
upon
the
pro
rata
share
of
the
individual’s
earnings
of
a
18
partnership,
limited
liability
company,
S
corporation,
estate,
19
or
trust.
20
3.
The
director
of
revenue
shall
adopt
rules
pursuant
to
21
chapter
17A
for
the
administration
of
this
section.
22
Sec.
2.
Section
422.33,
Code
2014,
is
amended
by
adding
the
23
following
new
subsection:
24
NEW
SUBSECTION
.
31.
The
taxes
imposed
under
this
division
25
shall
be
reduced
by
a
propane
storage
tank
tax
credit
allowed
26
under
section
422.11C.
27
Sec.
3.
EFFECTIVE
UPON
ENACTMENT.
This
Act,
being
deemed
of
28
immediate
importance,
takes
effect
upon
enactment.
29
Sec.
4.
RETROACTIVE
APPLICABILITY.
This
Act
applies
30
retroactively
to
January
1,
2014,
for
tax
years
beginning
on
31
or
after
that
date.
32
EXPLANATION
33
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
34
the
explanation’s
substance
by
the
members
of
the
general
assembly.
35
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This
bill
provides
a
corporate
and
individual
income
tax
1
credit
for
propane
storage
tanks
and
related
equipment
in
an
2
amount
equal
to
75
percent
of
the
cost
of
the
storage
tank
and
3
equipment
directly
related
to
the
storage
of
propane
gas.
The
4
bill
provides
that
the
credit
shall
be
limited
to
one
storage
5
tank
per
physical
location
where
the
propane
is
stored
for
the
6
claimant’s
own
use.
The
bill
states
that
any
credit
in
excess
7
of
the
tax
liability
for
the
tax
year
shall
not
be
refunded,
8
but
may
be
credited
to
the
tax
liability
for
the
following
10
9
tax
years
or
until
depleted,
whichever
is
earlier.
The
bill
10
authorizes
the
director
of
revenue
to
adopt
rules
pursuant
11
to
Code
chapter
17A
for
the
administration
of
the
bill’s
12
provisions.
13
The
bill
takes
effect
upon
enactment,
and
is
retroactively
14
applicable
to
January
1,
2014,
for
tax
years
beginning
on
or
15
after
that
date.
16
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