HB 1007-1_ Filed 01/23/2006, 10:34 Pelath

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    WITHDRAWN        Noes _______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

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HOUSE MOTION ____

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MR. SPEAKER:

    I move that House Bill 1007 be amended to read as follows:

SOURCE: Page 2, line 11; (06)MO100703.2. -->     Page 2, delete lines 11 through 42, begin a new paragraph and insert:

SOURCE: IC 6-3-7-3; (06)MO100703.2. -->     "SECTION 2. IC 6-3-7-3 IS AMENDED TO READ AS FOLLOWS [EFFECTIVE JANUARY 1, 2007]: Sec. 3. (a) All revenues derived from collection of the adjusted gross income tax imposed on corporations shall be deposited as follows:
        (1) The following amount in the property tax replacement fund:
            (A) In the period beginning January 1, 2007, and ending June 30, 2007, three million one hundred dollars ($3,100,000).
            (B) In the period beginning July 1, 2007, and ending June 30, 2008, ten million dollars ($10,000,000).
            (C) In the period beginning July 1, 2008, and ending June 30, 2009, seventeen million six hundred thousand dollars ($17,600,000).
            (D) In the period beginning July 1, 2009, and ending June 30, 2010, twenty-six million two hundred thousand dollars ($26,200,000).
            (E) In the period beginning July 1, 2010, and ending June 30, 2011, forty-five million nine hundred thousand dollars ($45,900,000).
            (F) In the period beginning July 1, 2011, and ending June 30, 2012, and each state fiscal year thereafter, sixty-three million nine hundred thousand dollars ($63,900,000).
        (2) The balance remaining after making the deposits required

under subdivision (1) in the state general fund.
    (b) All revenues derived from collection of the adjusted gross income tax imposed on persons shall be deposited as follows:
        (1) Eighty-six percent (86%) in the state general fund.
        (2) Fourteen percent (14%) in the property tax replacement fund.".
    Delete pages 3 through 7.

SOURCE: Page 8, line 1; (06)MO100703.8. -->     Page 8, delete lines 1 through 29.
    Page 10, between lines 5 and 6, begin a new paragraph and insert:

SOURCE: ; (06)MO100703.6. -->     "SECTION 6. [EFFECTIVE JULY 1, 2006] Notwithstanding P.L.246-2005:
        (1) there is appropriated two billion thirty-one million six hundred nine thousand one hundred ninety-seven dollars ($2,031,609,197) and not two billion twenty-eight million five hundred nine thousand one hundred ninety-seven dollars ($2,028,509,197) to the property tax replacement fund board from the property tax replacement fund (IC 6-1.1-21) for total operating expense (as defined in P.L.246-2005, SECTION 1) beginning July 1, 2006, and ending June 30, 2007; and
        (2) the appropriation in subdivision (1) is the maximum amount that may be distributed to political subdivisions under IC 6-1.1-21 to replace revenue lost as the result of granting homestead credits under IC 6-1.1-20.9 and property tax replacement credits under IC 6-1.1-21-5.
If the amount determined under IC 6-1.1-21 exceeds the amount appropriated, the property tax replacement fund board shall reduce the credit percentages proportionately so that the distributions equal the appropriation.".
    Renumber all SECTIONS consecutively.
    (Reference is to HB 1007 as printed January 20, 2006.)

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