Adopted by House 2-26-07
HB3145 HFA White and Palumbo 2-26 #1 McO
Delegates White and Palumbo move to amend the bill on page
five, section three, line forty-seven, by striking out the words
"or regional";
On page seven, section four, line two, following the words
"allow, a", by inserting the word "nonrefundable";
On page nine, section five, line thirty, following the words
"subdivision (2), subsection", by striking out the designation
"(b)" and inserting in lieu thereof the designation "(a)";
And,
On page fourteen, following line thirty-five, by striking out
section eight and its section heading in its entirety and inserting
in lieu thereof the following:
"§11-13W-8. Uses of credit; unused credit; carry forward; carry
back prohibited; expiration and forfeiture of
credit.
(a) No credit is allowed under this section against any
employer withholding taxes imposed by article twenty-one of this
chapter.
(b) If the tax credit allowed under this article in any
taxable year exceeds the sum of the taxes enumerated in subsections
(b),(c) or (d), section seven of this article for that taxable
year, the excess may be applied against those taxes, in the order
and manner stated in section seven of this article, for succeeding taxable years until the earlier of the following:
(1) The full amount of the excess tax credit is used; or
(2) The expiration of the second taxable year after the
taxable year in which the expenditures occurred. The tax credit
remaining thereafter is forfeited.
(c) No carryback to a prior taxable year is allowed for the
amount of any unused portion of any annual credit allowance.".
ADOPTED
REJECTED