LRBa0964/1
JK:kmg:pg
2003 - 2004 LEGISLATURE
ASSEMBLY AMENDMENT 1,
TO 2003 ASSEMBLY BILL 499
September 23, 2003 - Offered by Representatives Schooff and Shilling.
AB499-AA1,1,4
21. Page 8, line 15: delete lines 15 and 16 and substitute "property for the
3purposes of ss. 71.07 (9m) (a), 71.28 (6) (a), and 71.47 (6) (a). Such standards shall
4be substantially similar to the standards".
AB499-AA1,2,8
6"71.07
(9m) (a) 2. A person whose qualified rehabilitation expenditures do not
7satisfy the adjusted basis requirement under section
47 (c) (1) of the Internal
8Revenue Code, but who otherwise would be eligible to claim the rehabilitation credit
9under section
47 of the Internal Revenue Code, may claim as a credit against taxes
10imposed under s. 71.02, up to the amount of those taxes, an amount equal to 20
11percent of the costs of qualified rehabilitation expenditures, as defined in section
47 12(c) (2) of the Internal Revenue Code, if the property is located in a certified downtown
13under s. 560.03 (21m) or is included in a business area revitalization under s.
1560.081; if the person's qualified rehabilitation expenditures, as defined in section
247 (c) (2) of the Internal Revenue Code, are at least $10,000; if the rehabilitation is
3approved by the state historical society before the physical work of construction, or
4destruction in preparation for construction, begins; if the person includes evidence
5of such approval with the person's return; if the physical work of construction, or
6destruction in preparation for construction, begins after December 31, 2003; and if
7the person claims the credit for the same taxable year in which the person would have
8claimed the credit for federal purposes.".
AB499-AA1,3,7
16"71.28
(6) (a) 2. A person whose qualified rehabilitation expenditures do not
17satisfy the adjusted basis requirement under section
47 (c) (1) of the Internal
18Revenue Code, but who otherwise would be eligible to claim the rehabilitation credit
19under section
47 of the Internal Revenue Code, may claim as a credit against taxes
20imposed under s. 71.02, up to the amount of those taxes, an amount equal to 20
21percent of the costs of qualified rehabilitation expenditures, as defined in section
47 22(c) (2) of the Internal Revenue Code, if the property is located in a certified downtown
23under s. 560.03 (21m) or is included in a business area revitalization under s.
24560.081; if the person's qualified rehabilitation expenditures, as defined in section
147 (c) (2) of the Internal Revenue Code, are at least $10,000; if the rehabilitation is
2approved by the state historical society before the physical work of construction, or
3destruction in preparation for construction, begins; if the person includes evidence
4of such approval with the person's return; if the physical work of construction, or
5destruction in preparation for construction, begins after December 31, 2003; and if
6the person claims the credit for the same taxable year in which the person would have
7claimed the credit for federal purposes.".
AB499-AA1,4,3
12"71.47
(6) (a) 2. A person whose qualified rehabilitation expenditures do not
13satisfy the adjusted basis requirement under section
47 (c) (1) of the Internal
14Revenue Code, but who otherwise would be eligible to claim the rehabilitation credit
15under section
47 of the Internal Revenue Code, may claim as a credit against taxes
16imposed under s. 71.02, up to the amount of those taxes, an amount equal to 20
17percent of the costs of qualified rehabilitation expenditures, as defined in section
47 18(c) (2) of the Internal Revenue Code, if the property is located in a certified downtown
19under s. 560.03 (21m) or is included in a business area revitalization under s.
20560.081; if the person's qualified rehabilitation expenditures, as defined in section
2147 (c) (2) of the Internal Revenue Code, are at least $10,000; if the rehabilitation is
22approved by the state historical society before the physical work of construction, or
23destruction in preparation for construction, begins; if the person includes evidence
24of such approval with the person's return; if the physical work of construction, or
1destruction in preparation for construction, begins after December 31, 2003; and if
2the person claims the credit for the same taxable year in which the person would have
3claimed the credit for federal purposes.".
