Senate Amendment 3148 PAG LIN 1 1 Amend Senate File 392 as follows: 1 2 #1. Page 1, by striking lines 4 through 6 and 1 3 inserting the following: <partnership, S corporation, 1 4 or limited liability company using low=income housing 1 5 tax credits authorized under section 42 of the 1 6 Internal Revenue Code to assist in the financing of 1 7 the housing development, the name of any partner if 1 8 the business is a partnership, a shareholder if the 1 9 business is an S corporation, or a member if the 1 10 business is a limited liability company and the amount 1 11 designated as allowed under subsection 8.> 1 12 #2. Page 1, by striking lines 9 through 11 and 1 13 inserting the following: 1 14 <a. An eligible housing business may claim a tax 1 15 credit up to a maximum of ten>. 1 16 #3. By striking page 1, line 34, through page 2, 1 17 line 1, and inserting the following: <limited 1 18 liability company, or estate or trust except as 1 19 allowed for under subsection 8 when low=income housing 1 20 tax credits authorized under section 42 of the 1 21 Internal Revenue Code are used to assist in the 1 22 financing of the housing development.> 1 23 #4. Page 2, by striking lines 16 through 18 and 1 24 inserting the following: <eligible housing business 1 25 except when low=income housing tax credits authorized 1 26 under section 42 of the Internal Revenue Code are used 1 27 to assist in the financing of the housing development 1 28 in which case the tax credit certificate may be issued 1 29 to a partner if the business is a partnership, a 1 30 shareholder if the business is an S corporation, or a 1 31 member if the business is a limited liability company 1 32 in the amounts designated by the eligible partnership, 1 33 S corporation, or limited liability company. An 1 34 eligible housing business or the designated partner if 1 35 the business is a partnership, designated shareholder 1 36 if the business is an S corporation, or designated 1 37 member if the business is a limited liability company, 1 38 or transferee shall>. 1 39 #5. Page 3, by striking lines 15 through 24. 1 40 #6. Page 3, by striking lines 33 through 35 and 1 41 inserting the following: <company, S corporation, 1 42 estate, or trust except when low=income housing tax 1 43 credits authorized under section 42 of the Internal 1 44 Revenue Code are used to assist in the financing of 1 45 the housing development in which case the tax credit 1 46 certificate may be issued to a partner if the business 1 47 is a partnership, a shareholder if the business is an 1 48 S corporation, or a member if the business is a 1 49 limited liability company in the amounts designated by 1 50 the eligible partnership, S corporation, or limited 2 1 liability company.> 2 2 #7. By renumbering as necessary. 2 3 2 4 2 5 2 6 MIKE CONNOLLY 2 7 SF 392.201 81 2 8 tm/sh/2837 -1-