PREVAILED Roll Call No. _______
FAILED Ayes _______
WITHDRAWN Noes _______
RULED OUT OF ORDER
[
HOUSE MOTION ____
]
MR. SPEAKER:
I move that Engrossed Senate Bill 207 be amended to read as follows:
SOURCE: Page 1, line 1; (03)MO020701.1. -->
Page 1, between the enacting clause and line 1, begin a new
paragraph and insert:
SOURCE: IC 6-3.1-23-1.5; (03)MO020701.1. -->
"SECTION 1. IC 6-3.1-23-1.5 IS ADDED TO THE INDIANA
CODE AS A NEW SECTION TO READ AS FOLLOWS
[EFFECTIVE JANUARY 1, 2004]: Sec. 1.5. As used in this chapter,
"legislative body" refers to:
(1) the legislative body of a municipality (as defined in
IC 36-1-2-11) in which is located property on which
remediation referred to in section 3(1) of this chapter occurs;
or
(2) if the property referred to in subdivision (1) is not located
in a municipality, the legislative body of the county in which
the property is located.
SOURCE: IC 6-3.1-23-3; (03)MO020701.2. -->
SECTION 2. IC 6-3.1-23-3, AS ADDED BY P.L.109-2001,
SECTION 1, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
JANUARY 1, 2004]: Sec. 3. As used in this chapter, "qualified
investment" means costs that:
(1)
are incurred result from work performed in Indiana to
conduct a voluntary remediation,
whether or not under
IC 13-25-5, that involves the remediation of a brownfield;
(2)
may are not
be recovered by a taxpayer from another person
after the taxpayer has made a good faith effort to recover the
costs; and
(3) are not paid from state financial assistance;
(4) result in taxable income to any other Indiana taxpayer;
and
(5) are approved by the department of environmental management
and the Indiana development finance authority under section 12
of this chapter.
SOURCE: IC 6-3.1-23-3.5; (03)MO020701.3. -->
SECTION 3. IC 6-3.1-23-3.5 IS ADDED TO THE INDIANA
CODE AS A NEW SECTION TO READ AS FOLLOWS
[EFFECTIVE JANUARY 1, 2004]: Sec. 3.5. As used in this chapter,
"state financial assistance" means money received by a taxpayer:
(1) as a direct loan:
(A) under a state program; or
(B) of:
(i) loan proceeds; or
(ii) grant proceeds;
received by a political subdivision under a state program;
or
(2) as a grant:
(A) under a state program; or
(B) of:
(i) loan proceeds; or
(ii) grant proceeds;
received by a political subdivision under a state program.
SOURCE: IC 6-3.1-23-5; (03)MO020701.4. -->
SECTION 4. IC 6-3.1-23-5, AS ADDED BY P.L.109-2001,
SECTION 1, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
JANUARY 1, 2004]: Sec. 5. (a) A taxpayer is entitled to a credit equal
to the amount determined under section 6 of this chapter against the
taxpayer's state tax liability for a taxable year if the following
requirements are satisfied:
(1) The taxpayer does the following:
(A) Makes a qualified investment in that taxable year.
(B) Makes a good faith attempt to recover the costs of the
environmental damages from the liable parties.
(C) Submits a plan to the legislative body of the political
subdivision in which the property is located to redevelop that:
(i) describes the taxpayer's proposed redevelopment of
the property; in a manner in which the legislative body
determines to be in the best interest of the community.
(ii) indicates the sources and amounts of money to be
used for the remediation and proposed redevelopment of
the property; and
(iii) estimates the value of the remediation and proposed
redevelopment.
(D) Certifies to the legislative body that the taxpayer:
(i) has never had an ownership interest in an entity that
contributed; and
(ii) has not contributed;
to contamination (as defined in IC 13-11-2-43) that is the
subject of the voluntary remediation, as determined under
the written standards adopted by the department of
environmental management and the Indiana development
finance authority.
(2) The legislative body, of the political subdivision in which the
property is located, after holding a public hearing of which
notice was given under IC 5-3-1, adopts a resolution: under
section 7 of this chapter
(A) determining that:
(i) the estimate of the value of the remediation and
proposed redevelopment included in the plan under
subdivision (1)(C)(iii) is reasonable for projects of that
nature; and
(ii) the plan submitted under subdivision (1)(C) is in the
best interest of the community;
(B) determining that the taxpayer:
(i) has never had an ownership interest in an entity that
contributed; and
(ii) has not contributed;
to contamination (as defined in IC 13-11-2-43) that is the
subject of the voluntary remediation, as determined under
the written standards adopted by the department of
environmental management and the Indiana development
finance authority; and
(C) approving the credit.
(3) The department determines under section 15 of this chapter
that the taxpayer's return claiming the credit is filed with the
department before the maximum amount of credits allowed under
this chapter is met.
(b) The redevelopment plan must include a statement of public
benefits, which must include the following:
(1) a description of the proposed redevelopment.
(2) An estimate of the number of individuals who will be
employed or housed in the new development and an estimate of
the annual salaries of the employees.
(c) (b) In determining whether the redevelopment is in the best
interest of the community, the legislative body must consider, among
other things, whether the proposed development promotes:
(1) the development of low to moderate income housing;
(2) the development of green space;
(3) the development of high technology businesses; or
(4) the creation or retention of high paying jobs.
SOURCE: IC 6-3.1-23-11; (03)MO020701.5. -->
SECTION 5. IC 6-3.1-23-11, AS ADDED BY P.L.109-2001,
SECTION 1, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
JANUARY 1, 2004]: Sec. 11. (a) If the amount determined under
section 6 of this chapter in a taxable year exceeds the taxpayer's state
tax liability for that taxable year, the taxpayer may carry the excess:
(1) over for not more than the immediately following five (5)
taxable years; The amount of the credit carryover from a taxable
year shall be reduced to the extent that the carryover is used by
the taxpayer to obtain a credit under this chapter for any
subsequent taxable year.
(b) A taxpayer is not entitled to a carryback or a refund of any
unused credit. or
(2) back to the immediately preceding taxable year.
(b) The amount of excess available to be used for carryover
under subsection (a)(1) is reduced to the extent it is used for:
(1) a carryover under subsection (a)(1); or
(2) a carryback under subsection (a)(2).
SOURCE: IC 6-3.1-23-12; (03)MO020701.6. -->
SECTION 6. IC 6-3.1-23-12, AS ADDED BY P.L.109-2001,
SECTION 1, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
JANUARY 1, 2004]: Sec. 12. (a) To be entitled to a credit under this
chapter, a taxpayer must request the department of environmental
management and the Indiana development finance authority to
determine if costs incurred in a voluntary remediation involving a
brownfield are qualified investments.
(b) The request under subsection (a) must be made before the costs
are incurred.
(c)
Upon receipt of a request under subsection (a), the
department of environmental management and the Indiana
development finance authority shall:
certify costs incurred in a
voluntary remediation as a qualified investment to the extent that
(1) examine the costs
(1) result from work performed in Indiana to conduct a voluntary
remediation under IC 13-25-5 that involves the remediation of a
brownfield;
(2) may not be recovered by the taxpayer from another person
after the taxpayer has made a good faith effort to recover the
costs; and
(3) result in taxable income to any other Indiana taxpayer;
as determined under the standards adopted by the department of
environmental management;
and
(2) certify any costs that the department and the authority
determine to be a qualified investment.
(d) Upon completion of a voluntary remediation
that has for which
costs have been certified as a qualified investment under subsection
(c), the taxpayer:
(1) shall notify the department of environmental management;
and
(2) shall request
certification of the completion of the voluntary
remediation. from the department of environmental
management:
(A) with respect to voluntary remediation conducted under
IC 13-25-5, the certificate of completion issued by the
commissioner under IC 13-25-5-16 for the voluntary
remediation work plan under which the costs certified
under subsection (c)(2) were incurred; or
(B) with respect to voluntary remediation not conducted
under IC 13-25-5, a certification of the costs incurred for
the voluntary remediation that are consistent with the
costs certified under subsection (c)(2).
SOURCE: IC 6-3.1-23-13; (03)MO020701.7. -->
SECTION 7. IC 6-3.1-23-13, AS ADDED BY P.L.109-2001,
SECTION 1, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
JANUARY 1, 2004]: Sec. 13. (a) To receive the credit provided by this
chapter, a taxpayer must claim the credit on the taxpayer's state tax
return or returns in the manner prescribed by the department of state
revenue.
(b) The taxpayer shall submit the following to the department of
state revenue:
(1) The certification of the qualified investment by the department
of environmental management and the Indiana development
finance authority and under section 12(c) of this chapter.
(2) Either:
(A) an official copy of the certification of the completion of
the voluntary remediation by the department of environmental
management referred to in section 12(d)(2)(A) of this
chapter; or
(B) the certification issued by the department of
environmental management in response to a request under
section 12(d)(2)(B) of this chapter.
(2) (3) Proof of payment of the certified qualified investment.
(3) Proof (4) A copy of the legislative body's approval of the
credit. resolution adopted under section 5(a)(2) of this chapter.
(4) (5) Information that the department determines is necessary
for the calculation of the credit provided by this chapter.
SOURCE: IC 6-3.1-23-16; (03)MO020701.8. -->
SECTION 8. IC 6-3.1-23-16, AS ADDED BY P.L.109-2001,
SECTION 1, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
JANUARY 1, 2004]: Sec. 16. A tax credit may not be allowed under
this chapter for a taxable year that begins after December 31, 2003.
2005. However, this section does not affect the ability of a taxpayer to
carry forward the excess of a tax credit claimed for a taxable years
2002 or 2003 year that begins before January 1, 2006, under section
11 of this chapter.".
SOURCE: Page 1, line 13; (03)MO020701.1. -->
Page 1, after line 13, begin a new paragraph and insert:
SOURCE: IC 6-3.1-23-7; IC 6-3.1-23-8; IC 6-3.1-23-9; IC 6-3.1-23-10.
; (03)MO020701.10. -->
"SECTION 10. THE FOLLOWING ARE REPEALED
[EFFECTIVE JANUARY 1, 2004]: IC 6-3.1-23-7; IC 6-3.1-23-8;
IC 6-3.1-23-9; IC 6-3.1-23-10.
SOURCE: ; (03)MO020701.11. -->
SECTION 11. [EFFECTIVE JANUARY 1, 2004]
(a) The
following, all as amended by this act, apply only to taxable years
beginning after December 31, 2003:
(1) IC 6-3.1-23-3.
(2) IC 6-3.1-23-5.
(3) IC 6-3.1-23-11.
(4) IC 6-3.1-23-12.
(5) IC 6-3.1-23-13.
(6) IC 6-3.1-23-16.
(b) IC 6-3.1-23-1.5 and IC 6-3.1-23-3.5, both as added by this
act, apply only to taxable years beginning after December 31, 2003.
(c) This SECTION expires January 1, 2004.".
Renumber all SECTIONS consecutively.
(Reference is to ESB 207 as printed March 28, 2003.)
________________________________________
MO020701/DI 52 2003