Amendment AA2-AB486

LRBa2126/2

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2015 - 2016 LEGISLATURE

ASSEMBLY AMENDMENT 2, TO ASSEMBLY BILL 486

February 10, 2016 - Offered by Joint Committee on Finance.

AB486-AA2,1,1 At the locations indicated, amend the bill as follows:

AB486-AA2,1,2 1. Page 2, line 2: after that line insert:

AB486-AA2,1,4 " Section 1b. 71.07 (5b) (b) 1. of the statutes is renumbered 71.07 (5b) (b) and amended to read:

AB486-AA2,1,10 71.07 (5b) (b) For taxable years beginning after December 31, 2004, subject to the limitations provided under this subsection and s. 238.15 or s. 560.205, 2009 stats., and except as provided in subd. 2., a claimant may claim as a credit against the tax imposed under ss. 71.02 and 71.08, up to the amount of those taxes, 25 percent of the claimant's investment paid to a fund manager that the fund manager invests in a business certified under s. 238.15 (1) or s. 560.205 (1), 2009 stats.

AB486-AA2,1c Section 1c. 71.07 (5b) (b) 2. of the statutes is repealed.

AB486-AA2,1d Section 1d. 71.07 (5b) (c) of the statutes is amended to read:

AB486-AA2,2,9 71.07 (5b) (c) Limitations. Partnerships, limited liability companies, and tax-option corporations may not claim the credit under this subsection, but the eligibility for, and the amount of, the credit are based on their payment of amounts under par. (b). A partnership, limited liability company, or tax-option corporation shall compute the amount of credit that each of its partners, members, or shareholders may claim and shall provide that information to each of them. Partners, members of limited liability companies, and shareholders of tax-option corporations may claim the credit in proportion to their ownership interest or as specially allocated in their organizational documents.

AB486-AA2,1e Section 1e. 71.28 (5b) (b) 1. of the statutes is renumbered 71.28 (5b) (b) and amended to read:

AB486-AA2,2,17 71.28 (5b) (b) For taxable years beginning after December 31, 2004, subject to the limitations provided under this subsection and s. 238.15 or s. 560.205, 2009 stats., and except as provided in subd. 2., a claimant may claim as a credit against the tax imposed under s. 71.23, up to the amount of those taxes, 25 percent of the claimant's investment paid to a fund manager that the fund manager invests in a business certified under s. 238.15 (1) or s. 560.205 (1), 2009 stats.

AB486-AA2,1f Section 1f. 71.28 (5b) (b) 2. of the statutes is repealed.

AB486-AA2,1g Section 1g. 71.28 (5b) (c) of the statutes is amended to read:

AB486-AA2,3,3 71.28 (5b) (c) Limitations. Partnerships, limited liability companies, and tax-option corporations may not claim the credit under this subsection, but the eligibility for, and the amount of, the credit are based on their payment of amounts under par. (b). A partnership, limited liability company, or tax-option corporation shall compute the amount of credit that each of its partners, members, or shareholders may claim and shall provide that information to each of them. Partners, members of limited liability companies, and shareholders of tax-option corporations may claim the credit in proportion to their ownership interest or as specially allocated in their organizational documents.

AB486-AA2,1h Section 1h. 71.47 (5b) (b) 1. of the statutes is renumbered 71.47 (5b) (b) and amended to read:

AB486-AA2,3,11 71.47 (5b) (b) For taxable years beginning after December 31, 2004, subject to the limitations provided under this subsection and s. 238.15 or s. 560.205, 2009 stats., and except as provided in subd. 2., a claimant may claim as a credit against the tax imposed under s. 71.43, up to the amount of those taxes, 25 percent of the claimant's investment paid to a fund manager that the fund manager invests in a business certified under s. 238.15 (1) or s. 560.205 (1), 2009 stats.

AB486-AA2,1i Section 1i. 71.47 (5b) (b) 2. of the statutes is repealed.

AB486-AA2,1j Section 1j. 71.47 (5b) (c) of the statutes is amended to read:

AB486-AA2,3,22 71.47 (5b) (c) Limitations. Partnerships, limited liability companies, and tax-option corporations may not claim the credit under this subsection, but the eligibility for, and the amount of, the credit are based on their payment of amounts under par. (b). A partnership, limited liability company, or tax-option corporation shall compute the amount of credit that each of its partners, members, or shareholders may claim and shall provide that information to each of them. Partners, members of limited liability companies, and shareholders of tax-option corporations may claim the credit in proportion to their ownership interest or as specially allocated in their organizational documents.".

AB486-AA2,3,24 2. Page 2, line 4: delete "This act" and substitute "The treatment of section 16.295 (10) of the statutes".

AB486-AA2,4,1 3. Page 2, line 4: after that line insert:

AB486-AA2,4,7 "(2) The treatment of sections 71.07 (5b) (c), 71.28 (5b) (c), and 71.47 (5b) (c) of the statutes, the renumbering and amendment of sections 71.07 (5b) (b) 1., 71.28 (5b) (b) 1., and 71.47 (5b) (b) 1. of the statutes, and the repeal of sections 71.07 (5b) (b) 2., 71.28 (5b) (b) 2., and 71.47 (5b) (b) 2. of the statutes first apply to investments in qualified new business ventures eligible for early stage seed credits made on the effective date of this subsection.".

AB486-AA2,4,8 (End)