Introduced Version






SENATE BILL No. 356

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DIGEST OF INTRODUCED BILL



Citations Affected: IC 6-3.1-1.5.

Synopsis: Sale of tax credits. Provides that a taxpayer that is entitled to a state tax credit may sell, assign, convey, or otherwise transfer any unused portion of the tax credit that exceeds the taxpayer's tax liability.

Effective: July 1, 2004.





Ford




    January 12, 2004, read first time and referred to Committee on Finance.







Introduced

Second Regular Session 113th General Assembly (2004)


PRINTING CODE. Amendments: Whenever an existing statute (or a section of the Indiana Constitution) is being amended, the text of the existing provision will appear in this style type, additions will appear in this style type, and deletions will appear in this style type.
Additions: Whenever a new statutory provision is being enacted (or a new constitutional provision adopted), the text of the new provision will appear in this style type. Also, the word NEW will appear in that style type in the introductory clause of each SECTIONl that adds a new provision to the Indiana Code or the Indiana Constitution.
Conflict reconciliation: Text in a statute in this style type or this style type reconciles conflicts between statutes enacted by the 2003 Regular Session of the General Assembly.

SENATE BILL No. 356



    A BILL FOR AN ACT to amend the Indiana Code concerning taxation.

Be it enacted by the General Assembly of the State of Indiana:

    SECTION 1. IC 6-3.1-1.5 IS ADDED TO THE INDIANA CODE AS A NEW CHAPTER TO READ AS FOLLOWS [EFFECTIVE JULY 1, 2004]:
     Chapter 1.5. Sale or Assignment of Tax Credits
    Sec. 1. Notwithstanding any other provision, a taxpayer:
        (1) that is entitled to a tax credit under this article or IC 6-3-3-10; and
        (2) for which the tax credit or any portion of the tax credit exceeds the taxpayer's tax liability, after the application of any other credits that are claimed by the taxpayer;
may after December 31, 2004, sell, assign, convey, or otherwise transfer the unused portion of the tax credit that exceeds the taxpayer's tax liability.

    Sec. 2. A sale, assignment, conveyance, or transfer under this chapter of a tax credit must be in writing, and both the taxpayer and the person to which the credit is sold, assigned, conveyed, or transferred must report the sale, assignment, conveyance, or

transfer on their state tax returns in the manner prescribed by the department of state revenue.
     Sec. 3. The department of state revenue shall adopt rules necessary to administer this chapter.