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
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.)