I move that House Bill 2008 be amended to read as follows:
Page 52, between lines 20 and 21, begin a new paragraph and
" SECTION 29. IC 6-3.1-26 IS ADDED TO THE INDIANA CODE AS A NEW CHAPTER TO READ AS FOLLOWS [EFFECTIVE JULY 1, 2003]:
Chapter 26. Indiana Growth Scholars Tax Credit
Sec. 1. As used in this chapter, "eligible taxpayer" means an individual who satisfies the following requirements:
(1) The individual participated in the Indiana growth scholars program established under IC 20-12-20.3.
(2) The individual received provisional tax credits under the program described in subdivision (1).
(3) The individual graduated from a certified degree program (as defined in IC 20-12-20.3-1).
(4) The individual is employed in Indiana.
Sec. 2. As used in this chapter, "state income tax liability" means an individual's adjusted gross income tax liability under IC 6-3.
Sec. 3. (a) Beginning with the eligible taxpayer's first taxable year that begins after the date that the eligible taxpayer graduated from a certified degree program, an eligible taxpayer is entitled to a refundable credit against the eligible taxpayer's state income tax liability. The amount of the tax credit is equal to the amount of the
provisional credit awarded to the eligible taxpayer in the academic
year that corresponds to the number of taxable years following the
eligible taxpayer's graduation as follows:
Taxable year following Academic year in the
(b) If the amount of the credit under this chapter exceeds the eligible taxpayer's state tax liability for the taxable year, the excess shall be refunded to the eligible taxpayer.
Sec. 4. To obtain the credit provided by this chapter, an eligible taxpayer must file with the department information proving the amount of the provisional tax credits awarded to the eligible taxpayer as a student participating in the Indiana growth scholars program and any other information required by the department.
SOURCE: IC 20-12-20.3; (03)PD4456.2. --> SECTION 2. IC 20-12-20.3 IS ADDED TO THE INDIANA CODE AS A NEW CHAPTER TO READ AS FOLLOWS [EFFECTIVE JULY 1, 2003]:
Chapter 20.3. Indiana Growth Scholars Program
Sec. 1. As used in this chapter, "certified degree program" has the meaning set forth in IC 22-4.1-7-1.
Sec. 2. As used in this chapter, "commission" refers to the student assistance commission established by IC 20-12-21-4.
Sec. 3. As used in this chapter, "eligible employer" means an employer that provides employment to an eligible student in targeted employment (as defined in IC 22-4.1-7-6 ) through the internship component of a certified degree program under IC 22-4.1-7. The term includes the following:
(1) A person (as defined in IC 6-3-1-14 ) acting as a sole proprietor.
(2) A corporation (as defined in IC 6-3-1-10 ).
(3) A partnership (as defined in IC 6-3-1-19 ).
Sec. 4. As used in this chapter, "eligible student" means a student (as defined in IC 22-4.1-7-5 ) who:
(1) is enrolled full time as an undergraduate in a certified degree program through an institution of higher learning;
(2) is an Indiana resident;
(3) has achieved a Core 40 or an Academic Honors Diploma, or the equivalent of a Core 40 or an Academic Honors Diploma, as determined by the commission; and
(4) has a cumulative high school grade point average of at least 3.0 on a 4.0 scale.
The commission may impose additional eligibility requirements, including requirements set forth in IC 20-12-21-6.
Sec. 5. As used in this chapter, "institution of higher learning" means:
(1) a state educational institution (as defined in IC 20-12-0.5-1 ); or
(2) a private institution of higher education (as defined in IC 20-12-63-3 (10)).
Sec. 6. (a) The Indiana growth scholars program is established.
(b) The commission shall administer the program.
Sec. 7. The executive director of the commission may employ or contract for clerical and professional staff and administrative support necessary to implement this chapter.
Sec. 8. (a) The commission shall award a provisional tax credit to an eligible student who:
(1) is enrolled in good standing in a certified degree program;
(2) enters into an agreement with the commission under this chapter; and
(3) complies with the requirements established under the rules of the commission.
(b) An eligible student may not claim a tax credit against the student's Indiana adjusted gross income tax under this chapter. However, proof of the provisional tax credit awarded under this chapter may be used to obtain a tax credit under IC 6-3.1-25 in a taxable year that begins after the eligible student graduates from a certified degree program and remains eligible for a tax credit under the requirements of IC 6-3.1-25.
Sec. 9. (a) The amount of a provisional tax credit awarded under section 8 of this chapter may be up to four thousand dollars ($4,000) per academic year.
(b) The commission may consider any of the following factors in determining the amount of the grant to award under section 8 of this chapter:
(1) Whether an eligible student is enrolled in a certified degree program for less than a full academic year.
(2) Whether a student receives additional aid from other state assistance programs.
(3) Any other factor set forth in the rules of the commission.
Sec. 10. An eligible student must enter into an agreement with the commission to be eligible for a provisional tax credit under this chapter. The agreement must include the following requirements:
(1) The eligible student must remain enrolled in good standing in a certified degree program during the academic year.
(2) The eligible student must remain and be employed in Indiana after the student graduates from the certified degree program for a period of years equal to the number of years for which the student received a provisional tax credit under this chapter.
The agreement may include any other provisions that the commission considers necessary to administer this chapter.
Sec. 11. The commission shall enter into agreements with institutions of higher learning to implement this chapter.
Sec. 12. The commission may adopt rules under IC 4-22-2 that are necessary or appropriate to implement this chapter. The rules that are adopted under this chapter may include rules establishing different standards or procedures for resident and nonresident students.".
Renumber all SECTIONS consecutively.
(Reference is to HB 2008 as printed February 26, 2003.)