PROPOSED
HOUSE OF REPRESENTATIVES AMENDMENTS TO H.B. 2670
(Reference to printed bill)
Page 1, line 39, strike "tax" insert "taxable"
Page 2, line 16, strike "following" insert "after"
Line 23, after "public" insert a comma
Line 24, after "department" insert "of revenue"
Strike lines 29 and 30, insert "unless ownership of the international operations center is sold, conveyed, transferred or otherwise directly or indirectly disposed of to another entity in which the original owner holds less than a controlling interest. For the purposes of this subsection, "controlling interest" means at least eighty percent of the voting shares of a corporation or of the interests in a noncorporate entity."
Page 19, line 40, after "if" strike remainder of line; strike line 41, insert "the power is transferred to the same utility that provides power to the facility."
Page 20, line 32, after "dollars" strike remainder of line
Line 33, strike "is comprised of a single entity or multiple affiliated entities"; after the period insert "If a taxpayer uses the power generated by the renewable energy facility in the taxpayer's international operations center, the taxpayer, including all affiliates of the taxpayer, may not cumulate tax credits under this section over different taxable years exceeding, in the aggregate, twenty-five million dollars."
Page 22, strike lines 26 through 42, insert:
"K. If the taxpayer fails to make the required investment in renewable energy facilities within the time period required by subsection B, paragraph 1 or subsection C, paragraph 1 of this section or if the certification of an international operations center has been revoked under section 41-1520 due to a failure to make a one billion two hundred fifty million dollar investment in the center within ten years after certification or if the taxpayer fails to receive final certification of the credit under subsection J of this section, the taxpayer shall not be eligible and must cease claiming any further credits under this section and shall reimburse the amount of all credits previously received under this section. The reimbursement must be made on the taxpayer's income tax return for the taxable year in which it is first known that the required investment would not be made within the required time or the taxable year in which the certification was revoked. The department may give special consideration or allow a temporary exemption from reimbursement if there is extraordinary hardship due to factors beyond the taxpayer's control. If the reimbursement is due to revocation of the certification of an international operations center due to a failure to invest one billion two hundred fifty million dollars in the center within ten years after certification, the credits shall be reimbursed in inverse proportion to the total capital investment made in the international operations center divided by one billion two hundred fifty million dollars. The department may require reimbursement before the tenth anniversary of certification of an international operations center if the facility has been closed or relocated or the taxpayer has otherwise demonstrated that the one billion two hundred fifty million dollar investment will not be timely made."
Page 24, line 34, after "if" strike remainder of line; strike line 35, insert "the power is transferred to the same utility that provides power to the facility."
Page 25, line 3, after "or" insert "by"
Line 24, after "dollars" strike remainder of line
Line 25, strike "is comprised of a single entity or multiple affiliated entities"; after the period insert "If a taxpayer uses the power generated by the renewable energy facility in the taxpayer's international operations center, the taxpayer, including all affiliates of the taxpayer, may not cumulate tax credits under this section over different taxable years exceeding, in the aggregate, twenty-five million dollars."
Page 27, strike lines 17 through 33, insert:
"K. If the taxpayer fails to make the required investment in renewable energy facilities within the time period required by subsection B, paragraph 1 or subsection C, paragraph 1 of this section or if the certification of an international operations center has been revoked under section 41-1520 due to a failure to make a one billion two hundred fifty million dollar investment in the center within ten years after certification or if the taxpayer fails to receive final certification of the credit under subsection J of this section, the taxpayer shall not be eligible and must cease claiming any further credits under this section and shall reimburse the amount of all credits previously received under this section. The reimbursement must be made on the taxpayer's income tax return for the taxable year in which it is first known that the required investment would not be made within the required time or the taxable year in which the certification was revoked. The department may give special consideration or allow a temporary exemption from reimbursement if there is extraordinary hardship due to factors beyond the taxpayer's control. If the reimbursement is due to revocation of the certification of an international operations center due to a failure to invest one billion two hundred fifty million dollars in the center within ten years after certification, the credits shall be reimbursed in inverse proportion to the total capital investment made in the international operations center divided by one billion two hundred fifty million dollars. The department may require reimbursement before the tenth anniversary of certification of an international operations center if the facility has been closed or relocated or the taxpayer has otherwise demonstrated that the one billion two hundred fifty million dollar investment will not be timely made."
Page 28, after line 45, insert:
"Sec. 7. Effective date; retroactivity
A. Sections 42-5063, 42-5159 and 42-6012, Arizona Revised Statutes, as amended by this act, are effective from and after the last day of the month of the general effective date of the fifty-second legislature, first regular session.
B. Sections 43-1083.04 and 43-1164.05, Arizona Revised Statutes, as amended by this act, apply retroactively to taxable years beginning from and after December 31, 2014."
Amend title to conform
JUSTIN OLSON |