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 -1-