HB 1120-1_ Filed 01/31/2005, 10:52 Espich
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WITHDRAWN Noes _______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 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
(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.)
MO112002/DI 51 2005