HB 1001-5_ Filed 02/27/2006, 10:32 Ford

SENATE MOTION


MADAM PRESIDENT:

    I move
that Engrossed House Bill 1001 be amended to read as follows:

SOURCE: Page 58, line 5; (06)MO100140.58. -->     Page 58, between lines 5 and 6, begin a new paragraph and insert:
SOURCE: IC 6-3.1-13-18; (06)MO100140.36. -->     "SECTION 36. IC 6-3.1-13-18, AS AMENDED BY P.L.197-2005, SECTION 7, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE APRIL 1, 2006]: Sec. 18. (a) The corporation shall determine the amount and duration of a tax credit awarded under this chapter. The duration of the credit may not exceed ten (10) taxable years. The credit may be stated as a percentage of the incremental income tax withholdings attributable to the applicant's project and may include a fixed dollar limitation. In the case of a credit awarded for a project to create new jobs in Indiana, the credit amount may not exceed the incremental income tax withholdings. However, the credit amount claimed for a taxable year may exceed the taxpayer's state tax liability for the taxable year, in which case the excess may, at the discretion of the corporation, be refunded to the taxpayer.
    (b) For state fiscal years 2004, 2005, 2006, and 2007, 2008, and 2009, the aggregate amount of credits awarded under this chapter for projects to retain existing jobs in Indiana may not exceed five ten million dollars ($5,000,000) ($10,000,000) per year.".
    (Reference is to EHB 1001 as printed February 24, 2006.)

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Senator FORD




MO100140/DI 44
2006