Qualifications
For tax year 2005, a qualified taxpayer is a corporation or individual with a Federal taxable income of $113,644 or less.
The Cow/Calf claim is based on the following types of cattle: bred cows, bred heifers, and breeding bulls. The beef cattle must be located in Iowa and must also have been in inventory July 1 of the tax year and still in inventory on December 31 of the tax year.

The refund is computed on the basis of corn equivalents deemed to have been consumed by qualifying cattle in the operation on December 31, 2005.

Distribution of Refund
The amount to be distributed for Cow-Calf Refund claims will be appropriated by the General Assembly. Refunds will be prorated when issued in February 2007. The maximum refund for a corporation is $3,000. The maximum refund for each cow-calf operation is $3,000. The total refund may not exceed $3,000 per spouse, or $3,000 for both spouses if involved in the same cow-calf operation.

If a cow-calf operation was a partnership, limited liability company, subchapter S corporation, estate, or a trust, the Cow-Calf Refund must be allocated to the owners in the ratio of the earnings of each individual in the entity to the entity's total earnings, with total refund claimed by all owners no more than $3,000.

Filing Deadlines
All claims must be filed within 10 months of the end of the tax year with the taxpayer's income tax return. If the claim is not paid by February 28, 2007, because the taxpayer is a fiscal filer, the claim will be considered as a claim filed for the following tax year.

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