Senate Amendment 5096


PAG LIN




     1  1    Amend Senate File 2290 as follows:
     1  2 #1.  By striking page 1, line 10, through page 2,
     1  3 line 29, and inserting the following:
     1  4    <Sec. ___.  NEW SECTION.  15.331C  CORPORATE TAX
     1  5 CREDIT == FOR CERTAIN SALES TAXES PAID BY DEVELOPER.
     1  6    1.  An eligible business or a supporting business
     1  7 may claim a corporate tax credit in an amount equal to
     1  8 the taxes paid by a third=party developer under
     1  9 chapters 422 and 423 for gas, electricity, water, or
     1 10 sewer utility services, goods, wares, or merchandise,
     1 11 or on services rendered, furnished, or performed to or
     1 12 for a contractor or subcontractor and used in the
     1 13 fulfillment of a written contract relating to the
     1 14 construction or equipping of a facility with the
     1 15 economic development area of the eligible business or
     1 16 supporting business.  Taxes attributable to intangible
     1 17 property and furniture and furnishings shall not be
     1 18 included, but taxes attributable to racks, shelving,
     1 19 and conveyor equipment to be used in a warehouse or
     1 20 distribution center shall be included.  Any credit in
     1 21 excess of the tax liability for the tax year may be
     1 22 credited to the tax liability for the following seven
     1 23 years or until depleted, whichever occurs earlier.  An
     1 24 eligible business may elect to receive a refund of all
     1 25 or a portion of an unused tax credit.
     1 26    2.  A third=party developer shall state under oath,
     1 27 on forms provided by the department of economic
     1 28 development, the amount of taxes paid as described in
     1 29 subsection 1 and shall submit such forms to the
     1 30 department.  After receiving the form from the third=
     1 31 party developer, the department shall issue a tax
     1 32 credit to the eligible business or supporting
     1 33 business.  The eligible business or supporting
     1 34 business shall not claim a tax credit under this
     1 35 section unless a tax credit certificate issued by the
     1 36 department of economic development is attached to the
     1 37 taxpayer's tax return for the tax year for which the
     1 38 tax credit is claimed.  A tax credit certificate shall
     1 39 contain the eligible business's or supporting
     1 40 business's name, address, tax identification number,
     1 41 the amount of the tax credit, and other information
     1 42 required by the department of revenue.>
     1 43 #2.  Page 4, line 7, by striking the word <ten> and
     1 44 inserting the following:  <five>.
     1 45 #3.  Page 6, line 2, by striking the word <ten> and
     1 46 inserting the following:  <five>.
     1 47 #4.  Page 6, by inserting after line 2 the
     1 48 following:
     1 49    <Sec. ___.  Section 15.385, Code Supplement 2003,
     1 50 is amended by adding the following new subsection:
     2  1    NEW SUBSECTION.  1A.  Corporate tax credit for
     2  2 certain sales taxes paid by a developer, as provided
     2  3 in section 15.331C.>
     2  4 #5.  Page 6, line 25, by striking the word <ten>
     2  5 and inserting the following:  <five>.
     2  6 #6.  Page 8, line 1, by striking the word <ten> and
     2  7 inserting the following:  <five>.
     2  8
     2  9
     2 10                               
     2 11 KEN VEENSTRA
     2 12 SF 2290.301 80
     2 13 tm/cf

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