H.B.
52
RESEARCH ACTIVITIES TAX CREDITS AMENDMENTS
house committee
Amendments
Amendment 1 January 21, 2008 11:45 am
Representative John Dougall
proposes the following amendments:
1. Page
2, Lines 37 through 45
:
37
(1) (a) A taxpayer meeting the requirements of this section may claim the following
38
nonrefundable tax credits:
39
(i) a research tax credit of
{
7%
}
5%
of the taxpayer's qualified research expenses for the
40
current taxable year that exceed the base amount provided for under Subsection (4);
41
(ii) a tax credit for [payments] a payment to a qualified [organizations] organization for
42
basic research as provided in Section 41(e), Internal Revenue Code, of
{
7%
}
5%
for the current
43
taxable year that exceed the base amount provided for under Subsection (4); and
44
(iii) a tax credit equal to
:
(A) for the taxable year beginning on or after January 1, 2008, but beginning on or before
December 31, 2008,
5% of the taxpayer's qualified research expenses for the
45
current taxable year
{
.
}
;
(B) for the taxable year beginning on or after January 1, 2009, but beginning on or before
December 31, 2009, 6.3% of the taxpayer's qualified research expenses for the current taxable year; or
(C) for taxable years beginning on or after January 1, 2010, 9.2% of the taxpayer's qualified
research expenses for the current taxable year.
2. Page
8, Lines 223 through 232
:
223
(1) (a) A claimant, estate, or trust meeting the requirements of this section may claim
224
the following nonrefundable tax credits:
225
(i) a research tax credit of
{
7%
}
5%
of the claimant's, estate's, or trust's qualified research
226
expenses for the current taxable year that exceed the base amount provided for under
227
Subsection (3);
228
(ii) a tax credit for [payments] a payment to a qualified [organizations] organization for
229
basic research as provided in Section 41(e), Internal Revenue Code of
{
7%
}
5%
for the current
230
taxable year that exceed the base amount provided for under Subsection (3); and
231
(iii) a tax credit equal to
:
(A) for the taxable year beginning on or after January 1, 2008, but beginning on or before
December 31, 2008,
5% of the claimant's, estate's, or trust's qualified research
232
expenses for the current taxable year
{
.
}
;
(B) for the taxable year beginning on or after January 1, 2009, but beginning on or before
December 31, 2009, 6.3% of the claimant's, estate's, or trust's qualified research expenses for the
current taxable year; or
(C) for taxable years beginning on or after January 1, 2010, 9.2% of the claimant's, estate's, or
trust's qualified research expenses for the current taxable year.
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