Amendment AA2-AB211

LRBa1470/1

JK:kjf:rs

2011 - 2012 LEGISLATURE

ASSEMBLY AMENDMENT 2, TO 2011 ASSEMBLY BILL 211

September 2, 2011 - Offered by Representative Molepske Jr.

AB211-AA2,1,1 At the locations indicated, amend the bill as follows:

AB211-AA2,1,2 1. Page 3, line 7: after "Limitations." insert "1.".

AB211-AA2,1,3 2. Page 3, line 14: after that line insert:

AB211-AA2,1,10 "2. A claimant who withdraws a qualified investment from a community development financial institution prior to the date of withdrawal specified in the written notice provided to the claimant under s. 238.17 (5) (b) and who does not immediately reinvest the proceeds of the qualified investment as a qualified investment in another community development financial institution shall add to the claimant's liability for taxes imposed under s. 71.02 one of the following percentages of the amount of the credits received under this subsection:

AB211-AA2,1,12 a. If the withdrawal occurs during the first year after the date on which the claimant made the qualified investment, 100 percent.

AB211-AA2,2,2 b. If the withdrawal occurs during the 2nd year after the date on which the claimant made the qualified investment, 75 percent.

AB211-AA2,2,4 c. If the withdrawal occurs during the 3rd year after the date on which the claimant made the qualified investment, 50 percent.

AB211-AA2,2,6 d. If the withdrawal occurs during the 4th year after the date on which the claimant made the qualified investment, 25 percent.

AB211-AA2,2,8 e. If the withdrawal occurs during the 5th year after the date on which the claimant made the qualified investment, 10 percent.".

AB211-AA2,2,9 3. Page 4, line 23: after " Limitations." insert "1.".

AB211-AA2,2,10 4. Page 5, line 5: after that line insert:

AB211-AA2,2,17 "2. A claimant who withdraws a qualified investment from a community development financial institution prior to the date of withdrawal specified in the written notice provided to the claimant under s. 238.17 (5) (b) and who does not immediately reinvest the proceeds of the qualified investment as a qualified investment in another community development financial institution shall add to the claimant's liability for taxes imposed under s. 71.23 one of the following percentages of the amount of the credits received under this subsection:

AB211-AA2,2,19 a. If the withdrawal occurs during the first year after the date on which the claimant made the qualified investment, 100 percent.

AB211-AA2,2,21 b. If the withdrawal occurs during the 2nd year after the date on which the claimant made the qualified investment, 75 percent.

AB211-AA2,2,23 c. If the withdrawal occurs during the 3rd year after the date on which the claimant made the qualified investment, 50 percent.

AB211-AA2,3,2 d. If the withdrawal occurs during the 4th year after the date on which the claimant made the qualified investment, 25 percent.

AB211-AA2,3,4 e. If the withdrawal occurs during the 5th year after the date on which the claimant made the qualified investment, 10 percent.".

AB211-AA2,3,5 5. Page 6, line 14: after " Limitations." insert "1.".

AB211-AA2,3,6 6. Page 6, line 21: after that line insert:

AB211-AA2,3,13 "2. A claimant who withdraws a qualified investment from a community development financial institution prior to the date of withdrawal specified in the written notice provided to the claimant under s. 238.17 (5) (b) and who does not immediately reinvest the proceeds of the qualified investment as a qualified investment in another community development financial institution shall add to the claimant's liability for taxes imposed under s. 71.43 one of the following percentages of the amount of the credits received under this subsection:

AB211-AA2,3,15 a. If the withdrawal occurs during the first year after the date on which the claimant made the qualified investment, 100 percent.

AB211-AA2,3,17 b. If the withdrawal occurs during the 2nd year after the date on which the claimant made the qualified investment, 75 percent.

AB211-AA2,3,19 c. If the withdrawal occurs during the 3rd year after the date on which the claimant made the qualified investment, 50 percent.

AB211-AA2,3,21 d. If the withdrawal occurs during the 4th year after the date on which the claimant made the qualified investment, 25 percent.

AB211-AA2,3,23 e. If the withdrawal occurs during the 5th year after the date on which the claimant made the qualified investment, 10 percent.".

AB211-AA2,3,24 7. Page 7, line 22: after that line insert:

AB211-AA2,4,8 "(4) Repayment. An insurer who claims a credit under this section and who withdraws a qualified investment from a community development financial institution prior to the date of withdrawal specified in the written notice provided to the insurer under s. 238.17 (5) (b) and does not immediately reinvest the proceeds of the qualified investment as a qualified investment in another community development financial institution shall add to the insurer's liability for fees imposed under s. 76.60, 76.63, 76.65, 76.66, or 76.67 one of the following percentages of the amount of the credits received under this subsection:

AB211-AA2,4,10 a. If the withdrawal occurs during the first year after the date on which the insurer made the qualified investment, 100 percent.

AB211-AA2,4,12 b. If the withdrawal occurs during the 2nd year after the date on which the insurer made the qualified investment, 75 percent.

AB211-AA2,4,14 c. If the withdrawal occurs during the 3rd year after the date on which the insurer made the qualified investment, 50 percent.

AB211-AA2,4,16 d. If the withdrawal occurs during the 4th year after the date on which the insurer made the qualified investment, 25 percent.

AB211-AA2,4,18 e. If the withdrawal occurs during the 5th year after the date on which the insurer made the qualified investment, 10 percent.".

AB211-AA2,4,20 8. Page 11, line 4: delete the material beginning with "1." and ending with "2." on line 22.

AB211-AA2,4,21 (End)