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.)
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MO038604/DI 92 2003