Reference is to Printer's Date 5/15/14--H.
Amend the bill, as and if amended, by striking SECTION 2.A. and inserting:
/ SECTION 2. A. Section 12-67-140(B)(3) of 1976 Code, as added by Act 57 of 2013, is amended to read:
"(3)(a)(i)
The Except for a credit claimed in
connection with the rehabilitation of a state owned abandoned
building, the entire credit is earned in the taxable year in
which the applicable phase or portion of the building site is
placed in service but must be taken in equal installments over a
five-year period beginning with the tax year in which the
applicable phase or portion of the building site is placed in
service. Unused credit may be carried forward for the
succeeding five years.
(ii)
If the credit is earned in connection with the
rehabilitation of a state owned abandoned building, the credit
is refundable and the entire credit is earned and must be
claimed in the taxable year in which the applicable phase or
portion of the building site is placed in service.
(b)
Except for a credit claimed in connection with the
rehabilitation of a state owned abandoned building, the
entire credit earned pursuant to this subsection may not exceed
five hundred thousand dollars for any taxpayer in a tax year for
each abandoned building site. If the credit is earned in
connection with the rehabilitation of a state owned abandoned
building, the entire credit earned pursuant to this subsection
may not exceed seven million dollars in the aggregate for all
taxpayers in all taxable years. The department shall notify the
taxpayer of the credit remaining for the rehabilitation of a
state owned building when the taxpayer files the Notice of
Intent to Rehabilitate. The limitation provided in this
subitem applies to each unit or parcel deemed to be an abandoned
building site." /
Amend the bill further, as and if amended, by striking SECTION 3 and inserting:
/ SECTION 3. Section 12-6-3535(A) and (C)(1) of the 1976 Code is amended to read:
"(A) A taxpayer
who is allowed a federal income tax credit pursuant to Section
47 of the Internal Revenue Code for making qualified
rehabilitation expenditures for a certified historic structure
located in this State is allowed to claim a credit against
income taxes and license fees imposed by this title. For the
purposes of this section, 'qualified rehabilitation
expenditures' and 'certified historic structure' are defined as
provided in the Internal Revenue Code Section 47 and the
applicable treasury regulations. Except as provided in
subsection (A)(1), the amount of the credit is ten percent
of the expenditures that qualify for the federal credit. To
claim the credit allowed by this subsection, a taxpayer filing a
paper return must attach a copy of the section of the federal
income tax return showing the credit claimed, along with other
information that the Department of Revenue determines is
necessary for the calculation of the credit provided by this
subsection.
(1)
A taxpayer may elect a twenty-five percent tax
credit in lieu of the ten percent tax credit.
(2)(a)
Except for a credit claimed for qualified
rehabilitation expenditures related to any state owned abandoned
building, a taxpayer electing a twenty-five percent tax credit
may not claim a credit that exceeds five hundred thousand
dollars for each certified historic structure.
(b)
If a taxpayer elects a twenty-five percent tax
credit for qualified rehabilitation expenditures related to any
state owned abandoned building, then the entire credit earned
pursuant to this section may not exceed seven million dollars in
the aggregate for all taxpayers in all taxable years. In a
manner it deems appropriate, the department shall notify the
public of the amount of credit remaining for rehabilitating a
state owned abandoned building.
(C)(1)(a)
Except for a credit claimed in connection with the
rehabilitation of a state owned abandoned building, the
entire credit may not be taken for the taxable year in which the
property is placed in service but must be taken in equal
installments over a five-year period beginning with the year in
which the property is placed in service.
(b)
If the credit is claimed in connection with the
rehabilitation of a state owned abandoned building, the credit
is refundable and the entire credit must be claimed in the
taxable year in which the property is placed in service. For
purposes of this section, 'state owned abandoned building' has
the same meaning as provided in section 12-67-120. 'Placed
in service' means the rehabilitation is completed and allows for
the intended use. Any unused portion of any credit installment
may be carried forward for the succeeding five years."
/
Renumber sections to conform.
Amend title to conform.