HB 1313-1_ Filed 01/27/2005, 11:04
Adopted 1/27/2005


Text Box

Adopted Rejected


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COMMITTEE REPORT


                                                        YES:

12

                                                        NO:
0

MR. SPEAKER:
    Your Committee on       Agriculture and Rural Development     , to which was referred       House Bill 1313     , has had the same under consideration and begs leave to report the same back to the House with the recommendation that said bill be amended as follows:

SOURCE: Page 1, line 1; (05)AM131301.1. -->     Page 1, between the enacting clause and line 1, begin a new paragraph and insert:
SOURCE: IC 6-3.1-28-7; (05)AM131301.1. -->     "SECTION 1. IC 6-3.1-28-7 IS AMENDED TO READ AS FOLLOWS [EFFECTIVE UPON PASSAGE]: Sec. 7. (a) Subject to section 11 of this chapter, a taxpayer that produces ethanol at a facility is entitled to a credit against the taxpayer's state tax liability equal to the product of:
        (1) twelve and one-half cents ($.125); multiplied by
        (2) the number of gallons of ethanol produced at the Indiana facility.
     (b) A taxpayer may assign any part of the credit to which the taxpayer is entitled under this chapter to another taxpayer. A credit that is assigned under this subsection remains subject to this chapter.
    (c) An assignment under subsection (b) must be in writing and

both taxpayers must report the assignment on their state tax return for the year in which the assignment is made, in the manner prescribed by the department. The assigning taxpayer may not receive value in connection with the assignment under subsection (b) that exceeds the value of the part of the credit assigned.".

SOURCE: Page 4, line 39; (05)AM131301.4. -->     Page 4, line 39, after "19." insert " (a)".
    Page 5, between lines 2 and 3, begin a new paragraph and insert:
    " (b) A taxpayer may assign any part of the credit to which the taxpayer is entitled under this chapter to another taxpayer. A credit that is assigned under this subsection remains subject to this chapter.
    (c) An assignment under subsection (b) must be in writing and both taxpayers must report the assignment on their state tax return for the year in which the assignment is made, in the manner prescribed by the department. The assigning taxpayer may not receive value in connection with the assignment under subsection (b) that exceeds the value of the part of the credit assigned.
".
    Page 6, after line 28, begin a new paragraph and insert:
SOURCE: ; (05)AM131301.3. -->     "SECTION 3. An emergency is declared for this act.".
    Renumber all SECTIONS consecutively.
    (Reference is to HB 1313 as introduced.)

and when so amended that said bill do pass.

__________________________________

Representative Gutwein


AM131301/DI 14    2005