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.)
________________________________________
Senator FORD