Mr. President:
The Education Committee reports a favorable recommendation on S.B. 62, COLLEGE
AND UNIVERSITY TUITION TAX CREDITS, by Senator G. Bell, with the following
amendments:
Respectfully,
Margaret Dayton
Voting: 5-2-1
1. Page
1, Lines 15 through 18
:
15
. establishes definitions, including eligibility for the credit;
16
. requires the State Tax Commission to verify certain eligibility
information with
17
institutions of higher education;
}
and
18
. gives rulemaking authority to the State Tax Commission.
2. Page
2, Lines 37 through 38
:
37
(ii) is legally claimed as a personal exemption on the federal and state individual
38
income tax return of a claimant who has claimant's income of $30,000 or less
3. Page
3, Lines 67 through 73
:
67
section if the amount of the tax credit exceeds the claimant's tax liability under this
chapter.
68
(b)
(i) Prior to issuing a refund for a refundable tax credit as provided in
Subsection
69
(3)(a), the commission shall, at a minimum, verify enrollment and qualified higher
education
70
expense information with the eligible institution.
71
(ii)
}
Upon request of the commission, the eligible institution shall release
the
requested
72
information, including
}
applicable enrollment and qualified higher education expense
73
information
,
}
to the commission for an eligible student.
Committee Chair
3 SB0062.SC1.wpd phildean/PVD DSL/CCS 2/5/07 10:04 am
Bill Number
*SB0062*
SB0062