SB 378-4_ Filed 03/22/2005, 11:13 Woodruff


Text Box


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    WITHDRAWN        Noes _______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


[
HOUSE MOTION ____

]

MR. SPEAKER:

    I move that Engrossed Senate Bill 378 be amended to read as follows:

    Page 9, line 23, delete "has any state tax" and insert " makes a qualified investment.".
    Page 9, delete line 24.
    Page 11, line 40, after "20." insert " (a) This section applies if a qualified investment is made by a pass through entity or by taxpayers who are co-owners of an integrated coal gasification powerplant.".
    Page 11, line 40, delete "If a pass through entity does not have" and insert:
    " (b) If the credit allowed by this chapter for a taxable year is greater than the".
    Page 11, line 40, after "state tax liability" insert " of the pass through entity".
    Page 12, line 3, after "year" insert " in excess of the pass through entity's state tax liability for the taxable year".
    Page 12, between lines 11 and 12, begin a new paragraph and insert:
    " (c) If an integrated coal gasification powerplant is co-owned by two or more taxpayers, the amount of the credit which may be allowed to a co-owner in a taxable year is equal to:
        (1) the tax credit determined under sections 15 and 16 of this chapter with respect to the total qualified investment in the integrated coal gasification powerplant; multiplied by
        (2) the co-owner's percentage of ownership in the integrated coal gasification powerplant.


    (d) The amount of an annual installment of the credit allowed to a shareholder, partner, or member of a pass through entity or a co-owner shall be determined under section 16 of this chapter modified as follows:
            (1) STEP ONE (A) shall be based on the percentage of the credit allowed to the shareholder, partner, member or co- owner under this section.
            (2) STEP ONE (B) shall be based on the state tax liability or liability for utilities receipts tax of the shareholder, partner, member or co-owner.
".
    (Reference is to ESB 378 as printed March 18, 2005.)

________________________________________

Representative WOODRUFF


RH 037801/DI jh
2005