Read the full stored bill text
House
File
2785
-
Introduced
HOUSE
FILE
2785
BY
COMMITTEE
ON
WAYS
AND
MEANS
(SUCCESSOR
TO
HSB
688)
A
BILL
FOR
An
Act
extending
the
biodiesel
blended
fuel
tax
credit.
1
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
2
TLSB
6080HV
(1)
91
jm/jh
H.F.
2785
Section
1.
Section
422.11P,
subsection
8,
Code
2026,
is
1
amended
to
read
as
follows:
2
8.
This
section
is
repealed
January
1,
2028
2033
.
3
Sec.
2.
Section
422.33,
subsection
11C,
paragraph
c,
Code
4
2026,
is
amended
to
read
as
follows:
5
c.
This
subsection
is
repealed
January
1,
2028
2033
.
6
Sec.
3.
2011
Iowa
Acts,
chapter
113,
section
31,
as
amended
7
by
2016
Iowa
Acts,
chapter
1106,
section
10,
and
2022
Iowa
8
Acts,
chapter
1067,
section
52,
is
amended
to
read
as
follows:
9
SEC.
31.
TAX
CREDIT
AVAILABILITY.
For
a
retail
dealer
10
who
may
claim
a
biodiesel
blended
fuel
promotion
tax
credit
11
under
section
422.11P
or
422.33,
subsection
11C
,
as
amended
12
in
this
Act
and
amended
in
subsequent
Acts,
in
calendar
year
13
2027
2032
,
and
whose
tax
year
ends
prior
to
December
31,
2027
14
2032
,
the
retail
dealer
may
continue
to
claim
the
tax
credit
in
15
the
retail
dealer’s
following
tax
year.
In
that
case,
the
tax
16
credit
shall
be
calculated
in
the
same
manner
as
provided
in
17
section
422.11P
or
422.33,
subsection
11C
,
as
amended
in
this
18
Act
and
amended
in
subsequent
Acts,
for
the
remaining
period
19
beginning
on
the
first
day
of
the
retail
dealer’s
new
tax
year
20
until
December
31,
2027
2032
.
For
that
remaining
period,
the
21
tax
credit
shall
be
calculated
in
the
same
manner
as
a
retail
22
dealer
whose
tax
year
began
on
the
previous
January
1
and
who
23
is
calculating
the
tax
credit
on
December
31,
2027
2032
.
24
EXPLANATION
25
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
26
the
explanation’s
substance
by
the
members
of
the
general
assembly.
27
This
bill
extends
the
repeal
of
the
biodiesel
blended
fuel
28
tax
credit
for
retail
dealers
from
January
1,
2028,
to
January
29
1,
2033,
for
purposes
of
the
individual
and
corporate
income
30
taxes.
31
The
bill
amends
the
Iowa
Acts
to
ensure
the
availability
of
32
the
biodiesel
blended
fuel
tax
credit
for
an
entire
tax
year
33
for
those
retail
dealers
whose
tax
year
does
not
align
with
the
34
repeal
date
of
the
tax
credit.
35
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