Reference is to Printer's Date 4/14/15-H.
Amend the bill, as and if amended, by striking Part 5 and inserting:
SECTION 15. Article 21, Chapter 36, Title 12 of the 1976 Code is amended by adding:
"Section 12-36-2140.
(A) Notwithstanding any other
provision of law, the provisions of Section 12-36-2120 are not
effective as of July 1, 2015, and all such previously exempt
items are taxable, to the extent allowed by federal law, except
item (15) relating to motor fuel.
(B) From the revenue
generated pursuant to this section, the first five hundred
million dollars must be transferred to the State Highway Fund.
The remainder of the funds must be used to provide an individual
income tax credit, with the credit being proportionate to the
taxpayer's income tax liability when compared to all taxpayers'
income tax liability. The Department of Revenue may promulgate
regulations necessary to determine each taxpayer's credit."
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Renumber sections to conform.
Amend title to conform.