SB 247-7_ Filed 02/24/2004, 14:45 Crawford


Text Box


    PREVAILED      Roll Call No. _______
    FAILED        Ayes _______
    WITHDRAWN        Noes _______
    RULED OUT OF ORDER


[

HOUSE MOTION ____

]

MR. SPEAKER:

    I move that Engrossed Senate Bill 247 be amended to read as follows:

SOURCE: Page 3, line 10; (04)MO024708.3. -->     Page 3, line 10, delete "does" and insert " do".
    Page 3, after line 41, begin a new paragraph and insert:
SOURCE: ; (04)MO024708.3. -->     "SECTION 3. [EFFECTIVE JANUARY 1, 2001 (RETROACTIVE)] (a) This SECTION applies notwithstanding the following:
        IC 6-1.1-3-7.5
        IC 6-1.1-10-10
        IC 6-1.1-10-13
        IC 6-1.1-10-31.1
        IC 6-1.1-11
        IC 6-1.1-12.1-5.4
        50 IAC 4.2-11
        50 IAC 4.2-12-1
        50 IAC 10-3
        50 IAC 16.
    (b) As used in this SECTION, "taxpayer" means a taxpayer in a county containing a consolidated city that filed:
        (1) an original personal property tax return under IC 6-1.1-3 for the March 1, 2001, assessment date using a consolidated return, Form 103-C; and
        (2) before March 1, 2003, a Form 133 petition for correction of an error with respect to the assessed value of the taxpayer's personal property on the March 1, 2001, assessment date.

     (c) Before January 1, 2005, a taxpayer may file an amended personal property tax return for the March 1, 2001, assessment date.
    (d) A taxpayer that files an amended personal property tax return under subsection (c) is entitled to the following exemptions for the March 1, 2001, assessment date:
        (1) An exemption for an industrial waste control facility under IC 6-1.1-10-9.
        (2) An exemption for an air pollution control system under IC 6-1.1-10-12.
        (3) An exemption for tangible personal property under IC 6-1.1-10-29, as in effect on March 1, 2001.
        (4) An exemption for tangible personal property under IC 6-1.1-10-29.3.
        (5) An exemption for tangible personal property under IC 6-1.1-10-30.
    (e) The amount of an exemption described in subsection (d)(1) or (d)(2) is based on the total cost of the industrial waste control facility or air pollution control system reported by the taxpayer on a Form 103-P that must be filed with the amended personal property tax return filed under subsection (c).
    (f) The total amount of the exemptions described in subsection (d)(3) through (d)(5) is:
        (1) the total cost of the taxpayer's finished goods reported on Schedule B, line 3, of the taxpayer's amended personal property tax return filed under subsection (c); multiplied by
        (2) the ratio reported by the taxpayer on the Form 103-W filed with the taxpayer's amended personal property tax return.
    (g) Before January 1, 2005, a taxpayer may file with the county auditor an application for a deduction from assessed valuation for new manufacturing equipment in an economic revitalization area for the March 1, 2001, assessment date. The taxpayer shall include all necessary attachments to the deduction application.
    (h) If a taxpayer files an amended personal property tax return under subsection (c) and a deduction application described in subsection (g), the taxpayer is entitled to a credit in the amount of the taxes paid by the taxpayer on the remainder of:
        (1) the assessed value reported on the taxpayer's original personal property tax return for the March 1, 2001, assessment date; minus
        (2) the assessed value reported on the taxpayer's amended personal property tax return for the March 1, 2001,

assessment date filed under subsection (c).
For purposes of calculating the credit allowed under this subsection, the assessed value reported on the taxpayer's amended personal property tax return filed under subsection (c) shall be reduced by the amount of the deduction claimed on the deduction application filed under subsection (g).
    (i) The county auditor shall reduce the amount of the credit to which a taxpayer is entitled under subsection (h) by the amount of any property tax refunds paid:
        (1) to the taxpayer for personal property taxes based on the March 1, 2001, assessment date; and
        (2) before the date the taxpayer files an amended personal property tax return under subsection (c).
    (j) Notwithstanding IC 6-1.1-26, the county auditor shall apply the full amount of the credit allowed under subsection (h) against the taxpayer's property tax liability for property taxes first due and payable in 2004. If the full amount of the credit allowed under subsection (h) exceeds the taxpayer's property tax liability for property taxes first due and payable in 2004, the county auditor shall apply the amount of the excess credit against the taxpayer's property tax liability in each succeeding year until the credit is exhausted. However, the county auditor may refund the remaining credit amount at any time before the credit is exhausted.
    (k) A taxpayer is not required to file a separate application for the credit allowed under subsection (h).
    (l) This SECTION expires January 1, 2007.

SOURCE: ; (04)MO024708.4. -->     SECTION 4. An emergency is declared for this act.".
    (Reference is to ESB 247 as printed February 17, 2004.)

________________________________________

Representative Crawford


MO024708/DI 52     2004