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

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