SB 386-2_ Filed 02/20/2003, 09:16 Kenley

SENATE MOTION


MR. PRESIDENT:

    I move
that Senate Bill 386 be amended to read as follows:

SOURCE: Page 1, line 5; (03)MO038604.1. -->     Page 1, between lines 5 and 6, begin a new paragraph and insert:
SOURCE: IC 6-3.1-24-6; (03)MO038604.2. -->     "SECTION 2. IC 6-3.1-24-6 , AS ADDED BY P.L.192-2002(ss), SECTION 119, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE JANUARY 1, 2003 (RETROACTIVE)]: Sec. 6. A taxpayer that:
         (1) provides qualified investment capital to a qualified Indiana business; and
        (2) fulfills the requirements of the department of commerce under section 12.5 of this chapter;

is entitled to a credit against the person's state tax liability in a taxable year equal to the amount specified in section 10 of this chapter.".
SOURCE: Page 3, line 5; (03)MO038604.3. -->     Page 3, line 5, after "($10,000,000)." insert " The department of commerce may not certify a proposed investment plan under section 12.5 of this chapter if the proposed investment would result in the total amount of the tax credits certified for the calendar year exceeding ten million dollars ($10,000,000). An amount of an unused credit carried over from a previous calendar year may not be considered in determining the amount of proposed investments that the department of commerce may certify under this chapter.".
    Page 3, line 8, after "2008." insert " However, this subsection may not be construed to prevent a taxpayer from carrying over to a taxable year beginning after December 31, 2008, an unused tax credit attributable to an investment occurring before January 1, 2009.".
    Page 3, line 11, delete "(a)".
    Page 3, delete lines 20 through 42.
    Page 4, delete line 1, begin a new paragraph and insert:
SOURCE: IC 6-3.1-24-12.5; (03)MO038604.5. -->     "SECTION 5. IC 6-3.1-24-12.5 IS ADDED TO THE INDIANA CODE AS A NEW SECTION TO READ AS FOLLOWS [EFFECTIVE JANUARY 1, 2003 (RETROACTIVE)]: Sec. 12.5. (a) A taxpayer wishing to obtain a credit under this chapter must

apply to the department of commerce for a certification that the taxpayer's proposed investment plan would qualify for a credit under this chapter.
    (b) The application required under subsection (a) must include:
        (1) the name and address of the taxpayer;
        (2) the name and address of each proposed recipient of the taxpayer's proposed investment;
        (3) the amount of the proposed investment;
        (4) a copy of the certification issued under section 7 of this chapter that the proposed recipient is a qualified Indiana business; and
        (5) any other information required by the department of commerce.
    (c) If the department of commerce determines that:
        (1) the proposed investment would qualify the taxpayer for a credit under this chapter; and
        (2) the amount of the proposed investment would not result in the total amount of tax credits certified for the calendar year exceeding ten million dollars ($10,000,000);
the department of commerce shall certify the taxpayer's proposed investment plan.
    (d) To receive a credit under this chapter, the taxpayer must provide qualified investment capital to a qualified Indiana business according to the taxpayer's certified investment plan within two (2) years after the date on which the department of commerce certifies the investment plan.
    (e) Upon making the investment required under subsection (d), the taxpayer shall provide proof of the investment to the department of commerce.
    (f) Upon receiving proof of a taxpayer's investment under subsection (e), the department of commerce shall issue the taxpayer a certificate indicating that the taxpayer has fulfilled the requirements of the department of commerce and that the taxpayer is entitled to a credit under this chapter.
    (g) A taxpayer forfeits the right to a tax credit attributable to an investment certified under subsection (c) if the taxpayer fails to make the proposed investment within the period required under subsection (d).
".

SOURCE: Page 4, line 4; (03)MO038604.4. -->     Page 4, line 4, strike "(a)".
    Page 4, strike line 9.
    Page 4, line 10, strike "qualified Indiana business" and insert " a copy of the certificate issued by the department of commerce to the taxpayer under section 12.5(f) of this chapter".
    Page 4, strike lines 13 through 19.
    Page 4, line 20, strike "credit filed later in that calendar year may not be approved.".
    Page 4, line 20, delete "However,".
    Page 4, delete lines 21 through 23, begin a new paragraph and

insert:

SOURCE: ; (03)MO038604.6. -->     "SECTION 6. [EFFECTIVE JANUARY 1, 2003 (RETROACTIVE)] (a) Notwithstanding P.L.192-2002(ss), SECTION 207, IC 6-3.1-24 , as added by P.L.192-2002(ss), SECTION 119, applies to taxable years beginning after December 31, 2002.
    (b) The following statutes, all as amended by this act, apply to taxable years beginning after December 31, 2002:
        (1) IC 6-3.1-24-5.
        (2) IC 6-3.1-24-6.
        (3) IC 6-3.1-24-7.
        (4) IC 6-3.1-24-9.
        (5) IC 6-3.1-24-12.
        (6) IC 6-3.1-24-13.
    (c) IC 6-3.1-24-12.5 , as added by this act, applies to taxable years beginning after December 31, 2002.
".
    Renumber all SECTIONS consecutively.
    (Reference is to SB 386 as printed February 5, 2003.)

________________________________________

Senator KENLEY


MO038604/DI 92     2003