HB 1120-2_ Filed 01/31/2005, 11:15 Cheney
PREVAILED Roll Call No. _______
FAILED Ayes _______
WITHDRAWN Noes _______
RULED OUT OF ORDER
HOUSE MOTION ____
I move that House Bill 1120 be amended to read as follows:
SOURCE: Page 2, line 33; (05)MO112003.2. -->
Page 2, line 33, strike "existed before the qualified investment was
made." and insert " is attributable to the taxpayer's qualified
Page 2, between lines 40 and 41, begin a new paragraph and insert:
SOURCE: IC 6-3.1-26-23; (05)MO112003.3. -->
"SECTION 3. IC 6-3.1-26-23 IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JULY 1, 2005]: Sec. 23. (a)
If the director
determines that a taxpayer who has received a credit under this chapter
is not complying with the requirements of the tax credit agreement or
all the provisions of this chapter, the director shall, after giving the
taxpayer an opportunity to explain the noncompliance, notify the
department of commerce and the department of state revenue of the
noncompliance and request an assessment.
(b) Except as provided in subsection (c),
the department of state
revenue, with the assistance of the director, shall determine and
the amount of the assessment, which may not exceed the sum of any
previously allowed credits under this chapter.
(c) If a taxpayer who has received a tax credit under this
chapter reduces the taxpayer's payroll at the location of the
taxpayer's qualified investment below the level required in the
taxpayer's tax credit agreement, the department of state revenue
shall compute the assessment required under this section as
STEP ONE: Determine the sum of the tax credits claimed by
the taxpayer under this chapter that are attributable to the
qualified investment at the location of the reduced payroll.
STEP TWO: Determine the amount of the payroll at the
location of the qualified investment required under the
taxpayer's tax credit agreement.
STEP THREE: Determine the amount of the payroll at the
location of the qualified investment at the time of the
director's determination that the taxpayer is not complying
with the terms of the tax credit agreement.
STEP FOUR: Subtract the STEP THREE amount from the
STEP TWO amount.
STEP FIVE: Divide the STEP FOUR result by the STEP
STEP SIX: Multiply the STEP FIVE result by the STEP ONE
(d) After receiving the notice, the department of state revenue shall
make an assessment against the taxpayer under IC 6-8.1.".
Renumber all SECTIONS consecutively.
(Reference is to HB 1120 as printed January 28, 2005.)
MO112003/DI 92 2005