Senate Amendment 5407


PAG LIN




     1  1    Amend Senate File 2312 as follows:
     1  2 #1.  Page 15, line 6, by inserting after the word
     1  3 <purposes,> the following:  <but only>.
     1  4 #2.  Page 15, line 7, by striking the word and
     1  5 figures <May 5, 2003> and inserting the following:
     1  6 <June 30, 2004>.
     1  7 #3.  Page 15, by inserting after line 7, the
     1  8 following:  <For property acquired after May 5, 2003,
     1  9 and before July 1, 2004, if the taxpayer has taken the
     1 10 deduction allowed in section 168(k)(4), as enacted by
     1 11 Pub. L. No. 108=27, in computing federal adjusted
     1 12 gross income, the adjustments in paragraph "a" shall
     1 13 be made.>
     1 14 #4.  Page 16, line 4, by inserting after the word
     1 15 <purposes,> the following:  <but only>.
     1 16 #5.  Page 16, line 5, by striking the word and
     1 17 figures <May 5, 2003> and inserting the following:
     1 18 <June 30, 2004>.
     1 19 #6.  Page 16, by inserting after line 5, the
     1 20 following:  <For property acquired after May 5, 2003,
     1 21 and before July 1, 2004, if the taxpayer has taken the
     1 22 deduction allowed in section 168(k)(4), as enacted by
     1 23 Pub. L. No. 108=27, in computing federal adjusted
     1 24 gross income, the adjustments in paragraph "a" shall
     1 25 be made.
     1 26    Sec.    .  STATE GENERAL FUND TRANSFER.  There is
     1 27 transferred from the general fund of the state to the
     1 28 federal economic stimulus and jobs holding fund, if
     1 29 created, during the fiscal year beginning July 1,
     1 30 2004, and ending June 30, 2005, the amount of increase
     1 31 in state individual and corporate income tax revenues
     1 32 during the fiscal year beginning July 1, 2004, as a
     1 33 result of the 50 percent bonus depreciation in section
     1 34 168(k)(4) of the Internal Revenue Code being
     1 35 applicable only to qualified property acquired after
     1 36 June 30, 2004.>
     1 37
     1 38
     1 39                               
     1 40 HERMAN C. QUIRMBACH
     1 41 SF 2312.702 80
     1 42 mg/gg
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