Amendment AA3-ASA1-AB873

LRBa1381/1

JK:ahe&cjs

2019 - 2020 LEGISLATURE

ASSEMBLY AMENDMENT 3, TO ASSEMBLY SUBSTITUTE AMENDMENT 1, TO ASSEMBLY BILL 873

February 20, 2020 - Offered by Representative Tranel.

AB873-ASA1-AA3,1,1 At the locations indicated, amend the substitute amendment as follows:

AB873-ASA1-AA3,1,6 1. Page 9, line 16: delete that line and substitute “section in a taxable year is $7,500. In the case of a married couple filing jointly, the maximum amount of the credit that may be claimed under this section in a taxable year is $7,500. In the case of a married individual filing separately, the maximum amount of the credit that may be claimed under this section in a taxable year is $3,750.”.

AB873-ASA1-AA3,1,7 2. Page 9, line 23: after that line insert:

AB873-ASA1-AA3,1,11 “(e) If a person acquires or transfers ownership of a farm during a taxable year for which a claim may be filed under this section, the person may file a claim under this section based on the assessed value prorated in proportion to the period of time the person owned the farm.”.

AB873-ASA1-AA3,2,2 3. Page 10, line 1: after “section" insert “, reduced by any amount of refund previously received by filing a claim online,".

AB873-ASA1-AA3,2,4 4. Page 10, line 24: delete “as of January 1, 2019," and substitute “that is associated with the most recent property tax bill".

AB873-ASA1-AA3,2,10 5. Page 11, line 1: after “farming" insert “, multiplied by 0.01187. No claimant may file a claim online unless the claimant is a farmer and filed a schedule F for the taxable year prior to the year on which the claim is based or is an entity actively engaged in farming under 7 CFR 1400.201. No claimant may file a claim online unless the claimant's annual gross income from farming for the taxable year prior to the year on which the claim is based is not less than $35,000.".

AB873-ASA1-AA3,2,13 6. Page 11, line 2: delete “as expeditiously as possible" and substitute “for tax year 2020 on and after July 1, 2020, for tax year 2021 on and after July 1, 2021, and for tax year 2022 on and after July 1, 2022,".

AB873-ASA1-AA3,2,16 7. Page 11, line 2: delete the material beginning with “payment as" and ending with “(b)" on line 3 and substitute “payment to the department of administration for payment as a refund”.

AB873-ASA1-AA3,2,17 (End)