HB 1120-2_ Filed 01/31/2005, 11:15 Cheney


Text Box


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    WITHDRAWN        Noes _______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


[

HOUSE MOTION ____

]

MR. SPEAKER:

    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 investment.".
    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 state 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 follows:
        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 TWO amount.
        STEP SIX: Multiply the STEP FIVE result by the STEP ONE sum.

     (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.)

________________________________________

Representative Cheney


MO112003/DI 92     2005