HB 1008-14_ Filed 02/23/2007, 07:41 Brownt


Text Box


    PREVAILED      Roll Call No. _______
    FAILED        Ayes _______
    WITHDRAWN        Noes _______
    RULED OUT OF ORDER


[

HOUSE MOTION ____

]

MR. SPEAKER:

    I move that House Bill 1008 be amended to read as follows:

SOURCE: Page 1, line 1; (07)MO100816.1. -->     Page 1, between the enacting clause and line 1, begin a new paragraph and insert:
SOURCE: IC 6-3-3-13; (07)MO100816.1. -->     "SECTION 1. IC 6-3-3-13 IS ADDED TO THE INDIANA CODE AS A NEW SECTION TO READ AS FOLLOWS [EFFECTIVE JULY 1, 2007]: Sec. 13. (a) As used in this section, "taxpayer" means:
        (1) an individual filing a single return; or
        (2) a married couple filing a joint return.
    (b) As used in this section, "qualifying period" refers to both of the following:
        (1) The period beginning July 1, 2007 and ending December 31, 2007.
        (2) A taxable year beginning after December 31, 2007.
    (c) At the election of the taxpayer, there shall be allowed, as a credit against the adjusted gross income tax imposed by IC 6-3-1 through IC 6-3-7 for the taxable year, an amount equal to the amount determined in the last STEP of the following formula:
        STEP ONE: Determine the number of cigarette packs containing twenty (20) cigarettes that the taxpayer purchased in a qualifying period.
        STEP TWO: Determine the amount of cigarette taxes paid by the taxpayer under IC 6-7-1-12 during a qualifying period that is attributable to the cigarette packs described in STEP ONE.
        STEP THREE: Determine the product of:
            (A) the STEP ONE result; multiplied by

             (B) fifty-five and five-tenths cents ($0.555).
        STEP FOUR: Determine the number of cigarette packs containing twenty-five (25) cigarettes that the taxpayer purchased in a qualifying period.
        STEP FIVE: Determine the amount of cigarette taxes paid by the taxpayer under IC 6-7-1-12 during a qualifying period that is attributable to the cigarette packs described in STEP FOUR.
        STEP SIX: Determine the product of:
            (A) the STEP FOUR result; multiplied by

             (B) sixty-nine and three hundred seventy-five thousandths cents ($0.69375).
        STEP SEVEN: Determine the sum of:
            (A) the STEP THREE product; plus
            (B) the STEP SIX product.
        STEP EIGHT: Determine the sum of:
            (A) the STEP TWO amount; plus
            (B) the STEP FIVE amount.
        STEP NINE: Determine the difference between:
            (A) the STEP EIGHT sum; minus
            (B) the STEP SEVEN sum.
    (d) If the credit amount determined under subsection (c) exceeds the taxpayer's adjusted gross income tax liability for the taxable year, the excess shall be refunded to the taxpayer.
    (e) To obtain a credit under this section, a taxpayer must claim the credit in the manner prescribed by the department of state revenue. The taxpayer shall submit to the department of state revenue proof of the taxpayer's cigarette purchases and all other information that the department of state revenue determines is necessary for the calculation of the credit provided by this section.
".
SOURCE: Page 15, line 26; (07)MO100816.15. -->     Page 15, between lines 26 and 27, begin a new paragraph and insert:
SOURCE: ; (07)MO100816.20. -->     "SECTION 20. [EFFECTIVE UPON PASSAGE] IC 6-3-3-13, as added by this act, applies to a taxable year beginning after December 31, 2006.".
    Renumber all SECTIONS consecutively.
    (Reference is to HB 1008 as printed February 20, 2007.)

________________________________________

Representative Brown T


MO100816/DI 92     2007