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PART II                                                                            PAGE 572

 1                       SECTION 49
 2
 3     TO AMEND SECTION 12-14-60, AS AMENDED, OF THE 1976 CODE, RELATING TO THE STATE INCOME TAX
 4     INVESTMENT CREDIT ALLOWED FOR QUALIFIED ECONOMIC IMPACT ZONE INVESTMENTS, SO AS TO LIMIT
 5     THE CREDIT IN ONE TAXABLE YEAR TO NO MORE THAN FIFTY PERCENT OF A TAXPAYER'S INCOME TAX
 6     LIABILITY FOR THAT YEAR, AND PROVIDE THAT INVESTMENTS MADE AFTER DECEMBER 31, 2000, ARE
 7     INELIGIBLE FOR THIS CREDIT.
 8
 9     A.  Section 12-14-60 of the 1976 Code, as last amended by Act 151 of 1997, is further amended by adding at the end:
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11           "(E)       The credit allowed by this section taken in any one taxable year may not exceed fifty percent of a taxpayer's income tax
12     liability for that taxable year.
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14           (F)  Investments made after December 31, 2000, are ineligible for the credit allowed by this section."
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16     B.   This section applies for taxable years beginning after 1997.
17