House
File
352
H-1199
Amend
House
File
352
as
follows:
1
1.
Page
2,
by
striking
lines
2
through
9
and
inserting:
2
<
2.
For
tax
years
beginning
on
or
after
January
1,
2022,
3
notwithstanding
any
other
provision
of
law
to
the
contrary,
4
a
taxpayer
may
elect
to
be
subject
to
the
provisions
of
this
5
section.
This
section
only
applies
to
tax
years
for
which
6
the
limitation
on
individual
deductions
applies
under
section
7
164(b)(6)
of
the
Internal
Revenue
Code.
>
8
2.
Page
3,
by
striking
lines
1
through
4
and
inserting
<
a
9
credit
equal
to
the
product
of
the
following
amounts:
>
10
3.
Page
3,
before
line
5
by
inserting:
11
<
(1)
The
ratio
of
the
partner’s
or
shareholder’s
share
of
12
the
taxpayer’s
taxable
income
over
the
taxpayer’s
total
taxable
13
income
multiplied
by
the
state
tax
liability
actually
paid
by
14
the
taxpayer.
15
(2)
The
difference
between
one
hundred
percent
and
the
16
highest
individual
income
tax
rate
in
effect
for
the
tax
year.
>
17
4.
Page
3,
by
striking
lines
8
through
19
and
inserting:
18
<
c.
Any
credit
in
excess
of
the
tax
liability
is
refundable.
19
In
lieu
of
claiming
a
refund,
the
partner
or
shareholder
20
may
elect
to
have
the
overpayment
shown
on
the
partner’s
or
21
shareholder’s
final,
completed
return
credited
to
the
tax
22
liability
for
the
following
tax
year.
>
23
5.
Title
page,
line
3,
by
striking
<
income
tax
>
and
24
inserting
<
and
corporate
income
taxes
and
the
franchise
tax
>
25
______________________________
KNIFF
MCCULLA
of
Marion
-1-
HF
352.1570
(1)
90
jm/jh
1/
1
#1.
#2.
#3.
#4.
#5.