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1st Sub. S.B. 23
         LIFE SCIENCE AND TECHNOLOGY TAX CREDIT AMENDMENTS

House Committee Amendments

Amendment 1 February 28, 2012 3:51 PM



Representative Patrick Painter proposes the following amendments:

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.
  (c) For fiscal year 2011-12 only, if the total amount of tax credit certificates the office issues in fiscal year 2011-12 is less than the amount of tax credit certificates the office may issue in tax credit certificates under Subsection (2), the office:

(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
  after fiscal year 2011-12       , the office shall allocate:

             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 .


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