SB 378-1_ Filed 02/28/2005, 10:21 Weatherwax
Adopted 2/28/2005

SENATE MOTION


MADAM PRESIDENT:

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

SOURCE: Page 8, line 6; (05)MO037803.8. -->     Page 8, between lines 6 and 7, begin a new paragraph and insert:
    " Sec. 6. As used in this chapter, "pass through entity" means:
        (1) a corporation that is exempt from the adjusted gross income tax under IC 6-3-2-2.8(2);
        (2) a partnership;
        (3) a limited liability company; or
        (4) a limited liability partnership.
".
    Page 8, line 7, delete "6." and insert " 7.".
    Page 8, line 12, after "equipment" insert " and other real and personal property".
    Page 8, line 15, delete "7." and insert " 8.".
    Page 8, delete line 17.
    Page 8, line 18, delete "(2)" and insert " (1)".
    Page 8, line 19, delete "(3)" and insert " (2)".
    Page 8, line 20, delete "(4)" and insert " (3)".
    Page 8, line 24, delete "8." and insert " 9.".
    Page 8, line 27, delete "9." and insert " 10.".
    Page 8, line 35, after "powerplant" insert " and for the taxable years provided in section 12 of this chapter".
    Page 8, line 36, delete "10." and insert " 11.".
    Page 8, line 36, delete "(a)".
    Page 8, line 36, delete "subsection (b) and".
    Page 8, line 36, delete "11" and insert " 12".
    Page 8, delete lines 39 through 42.
    Page 9, delete lines 1 through 8.
    Page 9, line 15, delete "11." and insert " 12.".
    Page 9, line 15, delete "10" and insert " 11".
    Page 9, line 17, delete "credit is granted." and insert " taxpayer places into service an integrated coal gasification powerplant.".
    Page 9, line 19, delete "10" and insert " 11".
    Page 9, line 20, delete "10" and insert " 11".
    Page 9, delete lines 24 through 32, begin a new line block indented and insert:
    " (c) If the credit allowed by this chapter is available to a member of an affiliated group of corporations filing a consolidated return under IC 6-3-4-14, the credit shall be applied against the state tax liability of the affiliated group.".
    Page 9, line 33, delete "12." and insert " 13.".
    Page 9, line 38, delete "13." and insert " 14.".
    Page 9, line 42, delete "14." and insert " 15.".
    Page 10, line 12, delete "all".
    Page 10, line 12, after "its employees" insert " at the integrated coal gasification powerplant,".
    Page 10, line 14, after "Code)" insert " ,".
    Page 10, line 19, delete "not more than thirty (30) days" and insert " and the department at least forty-five (45) days before executing any agreement".
    Page 10, line 20, delete "after the taxpayer makes or receives a proposal".
    Page 10, between lines 27 and 28, begin a new line block indented and insert:
        " (8) A requirement that the taxpayer shall use Indiana coal at the taxpayer's integrated coal gasification powerplant.".
    Page 10, line 31, delete ":" and insert " whether the taxpayer is in compliance with the agreement.".
    Page 10, delete lines 32 through 37.
    Page 10, line 40, delete "The certificate must indicate whether at least ninety-five".
    Page 10, delete lines 41 through 42, begin a new paragraph and insert:
    " Sec. 16. If a pass through entity does not have state tax liability against which the tax credit may be applied, a shareholder, partner, or member of the pass through entity is entitled to a tax credit equal to:
        (1) the tax credit determined for the pass through entity for the taxable year; multiplied by
        (2) the percentage of the pass through entity's distributive income to which the shareholder, partner, or member is entitled.
".
    Page 11, delete lines 1 through 7.

    Page 11, line 8, delete "15." and insert " 17.".
    Page 11, line 12, delete "14" and insert " 15".
    Page 11, line 13, delete "14" and insert " 15".
    (Reference is to SB 378 as printed February 25, 2005.)

________________________________________

Senator WEATHERWAX


MO037803/DI 44
2005