YES:
MR. SPEAKER:
Your Committee on Ways and Means , to which was referred House Bill 1293 ,
has had the same under consideration and begs leave to report the same back to the House with
the recommendation that said bill be amended as follows:
the pass through entity is entitled to a tax credit equal to:
(1) the tax credit determined for the pass through entity for
the taxable year; multiplied by
(2) the percentage of the pass through entity's distributive
income to which the shareholder, partner, or member is
entitled.
(b) The credit provided under subsection (a) is in addition to a
tax credit to which a shareholder, partner, or member of a pass
through entity is otherwise entitled under this chapter. However,
a pass through entity and a shareholder, partner, or member of the
pass through entity may not claim more than one (1) credit for the
same maintenance activity.
Sec. 12. To obtain a credit under this chapter, a taxpayer must
claim the credit on the taxpayer's annual state tax return or
returns in the manner prescribed by the department of state
revenue. The taxpayer shall submit to the department of state
revenue all information that the department of state revenue
determines is necessary for the calculation of the credit provided
by this chapter. The taxpayer shall forward a copy of any
information provided to the department of state revenue under this
section to the municipality that provided the taxpayer's PMA
certification under IC 36-7-35.
Sec. 13. The department shall forward to each municipality that
has adopted a PMA ordinance the total amount of all tax credits
awarded under this chapter during the taxable year.
Sec. 14. The department may adopt rules under IC 4-22-2 to
carry out this chapter.
determination is made; and
(2) reported on an annual return or amended return processed by
the department in the state fiscal year ending before July 1 of the
calendar year in which the determination is made;
as adjusted (as determined after review of the recommendation of the
budget agency) for refunds of county option income tax made in the
state fiscal year.
(b) Before August 2 of each calendar year, the department, after
reviewing the recommendation of the budget agency, shall certify to the
county auditor of each adopting county the amount determined under
subsection (a) plus the amount of interest in the county's account that
has accrued and has not been included in a certification made in a
preceding year. The amount certified is the county's "certified
distribution" for the immediately succeeding calendar year. The amount
certified shall be adjusted, as necessary, under subsections (c), (d), (e),
and (f), and (g). The department shall provide with the certification an
informative summary of the calculations used to determine the certified
distribution. The department shall also certify information concerning
the part of the certified distribution that is attributable to a tax rate
under section 30, 31, or 32 of this chapter. This information must be
certified to the county auditor and to the department of local
government finance not later than September 1 of each calendar year.
The part of the certified distribution that is attributable to a tax rate
under section 30, 31, or 32 of this chapter may be used only as
specified in those provisions.
(c) The department shall certify an amount less than the amount
determined under subsection (b) if the department, after reviewing the
recommendation of the budget agency, determines that the reduced
distribution is necessary to offset overpayments made in a calendar
year before the calendar year of the distribution. The department, after
reviewing the recommendation of the budget agency, may reduce the
amount of the certified distribution over several calendar years so that
any overpayments are offset over several years rather than in one (1)
lump sum.
(d) The department, after reviewing the recommendation of the
budget agency, shall adjust the certified distribution of a county to
correct for any clerical or mathematical errors made in any previous
certification under this section. The department, after reviewing the
recommendation of the budget agency, may reduce the amount of the
certified distribution over several calendar years so that any adjustment
under this subsection is offset over several years rather than in one (1)
lump sum.
(e) This subsection applies to a county that:
(1) initially imposed the county option income tax; or
(2) increases the county option income tax rate;
under this chapter in the same calendar year in which the department
makes a certification under this section. The department, after
reviewing the recommendation of the budget agency, shall adjust the
certified distribution of a county to provide for a distribution in the
immediately following calendar year and in each calendar year
thereafter. The department shall provide for a full transition to
certification of distributions as provided in subsection (a)(1) through
(a)(2) in the manner provided in subsection (c).
(f) This subsection applies in the year a county initially imposes a
tax rate under section 30 of this chapter. Notwithstanding any other
provision, the department shall adjust the part of the county's certified
distribution that is attributable to the tax rate under section 30 of this
chapter to provide for a distribution in the immediately following
calendar year equal to the result of:
(1) the sum of the amounts determined under STEP ONE through
STEP FOUR of IC 6-3.5-1.5-1(a) in the year in which the county
initially imposes a tax rate under section 30 of this chapter;
multiplied by
(2) the following:
(A) In a county containing a consolidated city, one and
five-tenths (1.5).
(B) In a county other than a county containing a consolidated
city, two (2).
(g) If one (1) or more municipalities in a county have established
a property maintenance area under IC 36-7-35, the department
shall reduce the county's annual certified distribution by an
amount equal to the total amount of credits awarded under
IC 6-3.1-32.5 with respect to qualified expenditures certified in a
property maintenance area in the county in the preceding calendar
year.
(g) (h) One-twelfth (1/12) of each adopting county's certified
distribution for a calendar year shall be distributed from its account
established under section 16 of this chapter to the appropriate county
treasurer on the first day of each month of that calendar year.
(h) (i) Upon receipt, each monthly payment of a county's certified
distribution shall be allocated among, distributed to, and used by the
civil taxing units of the county as provided in sections 18 and 19 of this
chapter.
(i) (j) All distributions from an account established under section 16
of this chapter shall be made by warrants issued by the auditor of state
to the treasurer of state ordering the appropriate payments.
IC 36-8-15-19(b), and IC 36-9-4-42 from the county's certified
distribution for that same calendar year; and
(2) the amount of an additional tax rate imposed under section 27,
28, 29, 30, 31, 32, or 33 of this chapter.
The county auditor shall distribute amounts retained under this
subsection to the county.
(d) All certified distribution revenues that are not retained and
distributed under subsections (b) and (c) shall be distributed to the civil
taxing units of the county as distributive shares.
(e) Subject to subsection (j), the amount of distributive shares that
each civil taxing unit in a county is entitled to receive during a month
equals the product of the following:
(1) The amount of revenue that is to be distributed as distributive
shares during that month; multiplied by
(2) A fraction. The numerator of the fraction equals the allocation
amount for the civil taxing unit for the calendar year in which the
month falls. The denominator of the fraction equals the sum of the
allocation amounts of all the civil taxing units of the county for
the calendar year in which the month falls.
(f) The department of local government finance shall provide each
county auditor with the fractional amount of distributive shares that
each civil taxing unit in the auditor's county is entitled to receive
monthly under this section.
(g) Notwithstanding subsection (e) and subject to subsection (j),
if a civil taxing unit of an adopting county does not impose a property
tax levy that is first due and payable in a calendar year in which
distributive shares are being distributed under this section, that civil
taxing unit is entitled to receive a part of the revenue to be distributed
as distributive shares under this section within the county. The
fractional amount such a civil taxing unit is entitled to receive each
month during that calendar year equals the product of the following:
(1) The amount to be distributed as distributive shares during that
month; multiplied by
(2) A fraction. The numerator of the fraction equals the budget of
that civil taxing unit for that calendar year. The denominator of
the fraction equals the aggregate budgets of all civil taxing units
of that county for that calendar year.
(h) If for a calendar year a civil taxing unit is allocated a part of a
county's distributive shares by subsection (g), then the formula used in
subsection (e) to determine all other civil taxing units' distributive
shares shall be changed each month for that same year by reducing the
amount to be distributed as distributive shares under subsection (e) by
the amount of distributive shares allocated under subsection (g) for that
same month. The department of local government finance shall make
any adjustments required by this subsection and provide them to the
appropriate county auditors.
(i) Notwithstanding any other law, a county fiscal body may pledge
revenues received under this chapter (other than revenues attributable
to a tax rate imposed under section 30, 31, or 32 of this chapter) to the
payment of bonds or lease rentals to finance a qualified economic
development tax project under IC 36-7-27 in that county or in any other
county if the county fiscal body determines that the project will
promote significant opportunities for the gainful employment or
retention of employment of the county's residents.
(j) If a municipality in a county has established a property
maintenance area under IC 36-7-35, the county auditor shall
reduce the municipality's monthly allocation determined under
subsection (e) or (g) by an amount equal to the total amount of
credits awarded under IC 6-3.1-32.5 with respect to qualified
expenditures certified in a property maintenance area in the
municipality in the preceding calendar year divided by twelve (12).
section 9 of this chapter.
Sec. 5. (a) As used in this chapter, "property" means a building
or structure:
(1) assessed as real property under IC 6-1.1-4; and
(2) listed in a PMA ordinance.
(b) The term does not include land.
Sec. 6. As used in this chapter, "property maintenance area"
means an area established by a municipality under section 9 of this
chapter.
Sec. 7. As used in this chapter, "qualified expenditure" means
an expenditure made by a taxpayer for maintenance activities that
qualify the taxpayer for a credit under IC 6-3.1-32.5 as determined
under a PMA ordinance.
Sec. 8. As used in this chapter, "residentially distressed area"
means an area:
(1) that has a significant number of:
(A) dwellings (as defined in IC 6-1.1-20.9-1) within the area
that are:
(i) not permanently occupied;
(ii) subject to an order issued under IC 36-7-9; or
(iii) evidencing significant building deficiencies; or
(B) vacant parcels of real property (as defined by
IC 6-1.1-1-15); or
(2) that has experienced a net loss in the number of dwellings
(as defined in IC 6-1.1-20.9-1).
Sec. 9. The fiscal body of a municipality located in a county that
imposes a county option income tax under IC 6-3.5-6 may adopt an
ordinance establishing a property maintenance area to provide
certification of qualified expenditures on property in the property
maintenance area. The ordinance shall be referred to as a PMA
ordinance. The boundaries of a property maintenance area may
not exceed five percent (5%) of the total land area of the
municipality. The property maintenance area established under
this section must be either:
(1) a residentially distressed area; or
(2) an area:
(A) that contains the types of property listed or defined in
the PMA ordinance; and
assessor with respect to tangible personal property that is subject
to an amended return filed under this SECTION is considered
withdrawn and nullified.
(g) IC 6-1.1-37-7, IC 6-1.1-37-9, and IC 6-1.1-37-10 do not apply
to any additional personal property taxes owed by a taxpayer as
the result of filing an amended return under this SECTION.
(h) A taxpayer is not entitled to a refund with respect to an
amended return filed by a taxpayer under this SECTION.
(i) This SECTION expires July 1, 2009.
and when so amended that said bill do pass.