House Amendment 1703


PAG LIN




     1  1    Amend House File 883 as follows:
     1  2 #1.  Page 1, by inserting before line 1 the
     1  3 following:
     1  4    <Section 1.  Section 422.7, subsection 8, Code
     1  5 2007, is amended to read as follows:
     1  6    8.  a.  Subtract the amount of the federal work
     1  7 opportunity tax credit allowable for the tax year
     1  8 under section 51 of the Internal Revenue Code to the
     1  9 extent that the credit increased federal adjusted
     1 10 gross income.
     1 11    b.  Add the amount of the state work opportunity
     1 12 tax credit allowable for the tax year.
     1 13    Sec.    .  NEW SECTION.  422.11T  STATE WORK
     1 14 OPPORTUNITY TAX CREDIT.
     1 15    The taxes imposed under this division shall be
     1 16 reduced by a state work opportunity tax credit equal
     1 17 to twenty=five percent of the federal work opportunity
     1 18 tax credit provided in section 51 of the Internal
     1 19 Revenue Code.  Any credit in excess of the tax
     1 20 liability is nonrefundable.>
     1 21 #2.  Page 1, by inserting after line 8 the
     1 22 following:
     1 23    <Sec.    .  Section 422.33, Code 2007, is amended
     1 24 by adding the following new subsection:
     1 25    NEW SUBSECTION.  24.  The taxes imposed under this
     1 26 division shall be reduced by a state work opportunity
     1 27 tax credit equal to twenty=five percent of the federal
     1 28 work opportunity tax credit provided in section 51 of
     1 29 the Internal Revenue Code.  Any credit in excess of
     1 30 the tax liability is nonrefundable.
     1 31    Sec.    .  Section 422.35, subsection 5, Code 2007,
     1 32 is amended to read as follows:
     1 33    5.  a.  Subtract the amount of the federal work
     1 34 opportunity tax credit allowable for the tax year
     1 35 under section 51 of the Internal Revenue Code to the
     1 36 extent that the credit increased federal taxable
     1 37 income.
     1 38    b.  Add the amount of the state work opportunity
     1 39 tax credit allowable for the tax year.
     1 40    Sec.    .  Section 422.60, Code 2007, is amended by
     1 41 adding the following new subsection:
     1 42    NEW SUBSECTION.  13.  The taxes imposed under this
     1 43 division shall be reduced by a state work opportunity
     1 44 tax credit equal to twenty=five percent of the federal
     1 45 work opportunity tax credit provided in section 51 of
     1 46 the Internal Revenue Code.  Any credit in excess of
     1 47 the tax liability is nonrefundable.>
     1 48 #3.  Title page, line 3, by inserting after the
     1 49 word <refundable> the following:  <and to a state work
     1 50 opportunity tax credit,>.
     2  1
     2  2
     2  3                               
     2  4 VAN FOSSEN of Scott
     2  5 HF 883.704 82
     2  6 mg/gg/9096

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