HB 1120-1_ Filed 01/31/2005, 10:52 Espich

Text Box

    PREVAILED      Roll Call No. _______
    FAILED        Ayes _______
    WITHDRAWN        Noes _______





    I move that House Bill 1120 be amended to read as follows:

SOURCE: Page 1, line 8; (05)MO112002.1. -->     Page 1, between lines 8 and 9, begin a new paragraph and insert:
SOURCE: IC 6-3.1-26-16; (05)MO112002.2. -->     "SECTION 2. IC 6-3.1-26-16 IS AMENDED TO READ AS FOLLOWS [EFFECTIVE JANUARY 1, 2004 (RETROACTIVE)]: Sec. 16. (a) If a pass through entity does not have state tax liability growth against which the tax credit may be applied, the pass through entity may compute the state tax liability growth that the pass through entity would have had if the pass through entity had been a taxpayer after applying all allowable deductions and credits in each taxable year over which state tax liability growth is computed.
     (b) If the pass through entity would have had state tax liability growth if the pass through entity were a taxpayer, a shareholder, member, or partner of the pass through entity is entitled to a tax credit equal to:
        (1) the tax credit determined for the pass through entity for the taxable year under this section; multiplied by
        (2) the percentage of the pass through entity's distributive income to which the shareholder, member, or partner is entitled.".
SOURCE: Page 3, line 8; (05)MO112002.3. -->     Page 3, after line 8, begin a new paragraph and insert:
SOURCE: ; (05)MO112002.4. -->     "SECTION 4. [EFFECTIVE JANUARY 1, 2004
(RETROACTIVE)] IC 6-3.1-26-16, as amended by this act, applies to taxable years beginning after December 31, 2003.
SOURCE: ; (05)MO112002.5. -->     SECTION 5. An emergency is declared for this act.".
    Renumber all SECTIONS consecutively.
    (Reference is to HB 1120 as printed January 28, 2005.)


Representative Espich

MO112002/DI 51     2005