Bill
Number: S.B. 1643
Gowan
Floor Amendment
Reference
to: APPROPRIATIONS Committee amendment
Amendment
drafted by: Leg Concil
FLOOR
AMENDMENT EXPLANATION
1. Reduces the FY 2023 appropriation to the
Arizona Commerce Authority (ACA) from $55,075,000 to $50,075,000.
2. Specifies that a taxpayer with a carry
forward balance of Research and Development Credits (R&D Credits) is
authorized to apply to the ACA for income tax credit reinvestment.
3. Lowers the income tax credit reinvestment
from $0.75 per dollar to $0.60 per dollar of unused R&D Credits and sets
the maximum credit per applicant as the current unused balance of R&D
Credits or $10,000,000, whichever is less.
4. Requires the amount of a taxpayer's
unused balance of R&D Credits to be reduced by the amount of income tax
credits converted for reinvestment.
5. Specifies that monies allowed to be
distributed by the ACA after project approval are income tax reinvestment
monies.
6. Requires a taxpayer’s qualifying project
for tax credit reinvestment to take place in Arizona and adds a career and technical education district to the
institutions authorized to partner with the taxpayer for certain qualifying
projects.
7. Modifies the qualifying project that
demonstrates receipt of matching federal monies by:
a) requiring the project to be a capital
expenditure project; and
b) requiring the project to be supported
by, rather than demonstrated with, matching federal monies.
8.
Makes
technical and conforming changes.
Page 2, line
23, strike "; definition"
Line 26,
after "credits" insert "for
increased research activities under section 43-1074.01 or 43-1168
to further qualify for reinvestment of a portion of the taxpayer's unused
balance of the tax credit"
Line 31,
after the second "the" insert "income"; strike "may"
insert "reinvestment is $.60 per dollar of unused income
tax credits under section 43-1074.01 or 43-1168, as applicable,";
after "not" insert "to"
Line 32,
after "applicant" insert "or
the applicant's current unused balance of income tax credits under section 43-1074.01
or 43-1168, whichever is less.
3.
The amount of the taxpayer's unused balance of income tax credits under section
43-1074.01 or 43-1168, as applicable, shall be reduced by the
amount of income tax credits converted under this section"
Page 3, line
2, strike "the reinvestment of the unused balance of"
Line 3,
strike "credits" insert "credit
reinvestment"
Line 9,
after "that" strike remainder of line
Strike line
10, insert "the taxpayer will conduct with the potential
income tax credit reinvestment monies."
Line 11,
after "credits" insert "under
section 43-1074.01 or 43-1168, as applicable,"
Line 17,
after the first "the" insert "applicant's"; after "credits"
insert "for reinvestment"
Line 23,
after "approve" strike remainder of line
Line 24,
strike "balance of"; strike "credits" insert "credit reinvestments"
Page
3, line 25, after the period insert "Income tax"
Line
30, after "purposes" insert "in this state"
Page 4,
lines 4 and 6, after "learning" insert "or a career technical education district"
Line 10,
after the first "a" insert "capital expenditure"; strike "demonstrates
receipt of" insert "is supported by"
Line 12,
after "distribute" insert "income
tax reinvestment"
Line 15,
strike "investment" insert "reinvestment"
Strike lines
29 and 30
Page 5, line
5, strike "$55,075,000" insert "$50,075,000"
Strike lines
10 and 11
Renumber to
conform
Amend title to conform