House of Representatives
State of Utah
UTAH STATE CAPITOL COMPLEX . 350 STATE CAPITOL
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P.O. BOX 145030 . SALT LAKE CITY, UTAH 84114-5030 . (801) 538-1029 February 29, 2012
Madam Speaker:
The Revenue and Taxation Committee recommends S.B. 23, LIFE SCIENCE AND
TECHNOLOGY TAX CREDIT AMENDMENTS, by Senator C. Bramble, be replaced, reports a
favorable recommendation on 1st Sub. S.B. 23, LIFE SCIENCE AND TECHNOLOGY TAX CREDIT
AMENDMENTS, with the following amendments, and, due to unknown fiscal impact, recommends the
substitute be referred to the Rules Committee pending completion of a fiscal note:
million
}
$1 billion
in
Respectfully,
Patrick Painter
1. Page
10, Lines 283 through 292
:
283
(2) For fiscal year 2011-12 only, the office may issue a total of $1,300,000 in tax
credit
284
certificates in accordance with this part.
285
(3) (a) If the total amount of tax credit certificates the office issues in a fiscal year is
286
less than the amount of tax credit certificates the office may issue under this part in a
fiscal
287
year, the office may issue the remaining amount of tax credit certificates in a fiscal year
after
288
the fiscal year for which there is a remaining amount of tax credit certificates.
289
(b)
If
}
Except as provided in Subsection (3)(c), if
the total amount of
tax credit certificates the office issues in a quarter of a fiscal
290
year is less than the amount of tax credit certificates the office may issue under this part
in that
291
quarter, the office may issue the remaining amount of tax credit certificates in a quarter
after
292
the quarter for which there is a remaining amount of tax credit certificates.
(i) may issue the remaining amount of tax credit certificates in a fiscal year after fiscal year
2011-12; and
(ii) is not required to allocate the tax credit certificates to any particular quarter.
2. Page
11, Lines 325 through 330
:
325
(1) (a) Except as provided in Subsection
63M-1-2903
(3)(b), for each quarter of a
fiscal
326
year
327
(i) 25% of the total amounts made available for allocation in accordance with
Section
328
63M-1-2903
for the tax credits under Sections
59-7-614.6
and
59-10-1109
; and
329
(ii) 25% of the amounts made available for allocation in accordance with Section
330
63M-1-2903
for the tax credit under Section
59-10-1025
.
1. Page
2, Lines 44 through 46
:
44
(f) "Qualifying agreement" means an agreement under Subsection
63M-1-2908
that
45
includes a provision for an eligible business entity to make new capital expenditures of at
least
46
$750 million
}
$1 billion
in the state.
2. Page
12, Line 361 through Page 13, Line 367
:
361
(c) for the seven taxable years immediately following the last of the two taxable
years
362
described in Subsection (1)(b) if:
363
(i) the agreement with the office described in Section
63M-1-2908
includes a
provision
364
that the tax credit applicant will make new capital expenditures of at least
$750
million
}
$1 billion
in the
365
state; and
366
(ii) the tax credit applicant makes new capital expenditures of at least
$750
367
the state in accordance with the agreement with the office described in Section
63M-1-2908
.
Committee Chair
Voting: 12-0-4
7NA SB0023.HC1.wpd 2/29/12 9:42 am phildean/PVD RLR/PVD
Bill Number
*SB0023S01*
SB0023S01