Bill Amendment: AZ HB2617 | 2013 | Fifty-first Legislature 1st Regular
Bill Title: School tuition organizations; preapproval; entities
Status: 2013-06-20 - Governor Vetoed [HB2617 Detail]
Download: Arizona-2013-HB2617-HOUSE_ADOPTED_AMENDMENT_Ways_and_Means.html
Fifty-first Legislature
First Regular Session
COMMITTEE ON WAYS AND MEANS
HOUSE OF REPRESENTATIVES AMENDMENTS TO H.B. 2617
(Reference to printed bill)
Page 2, strike lines 22 through 32, insert:
"J. FOR A TAXPAYER THAT IS A LIMITED LIABILITY COMPANY TAXED AS A PARTNERSHIP, THE ALLOWABLE TAX CREDIT SHALL BE APPORTIONED TO A MEMBER IN THE SAME MANNER AS THE MEMBER’S SHARE OF PROFITS AS PRESCRIBED IN SECTION 29-709. FOR A TAXPAYER THAT IS A LIMITED LIABILITY COMPANY TAXED AS A SOLE PROPRIETOR, THE ALLOWABLE TAX CREDIT SHALL BE APPORTIONED TO THE SOLE PROPRIETOR.
K. FOR A TAXPAYER THAT IS A CORPORATION THAT HAS MADE AN ELECTION FOR THE TAXABLE YEAR PURSUANT TO SUBTITLE A, CHAPTER 1, subchapter S OF THE INTERNAL REVENUE CODE, THE ALLOWABLE TAX CREDIT SHALL BE APPORTIONED TO A STOCKHOLDER AS PRESCRIBED IN SECTION 43-1126, SUBSECTION B.
L. FOR A TAXPAYER THAT IS A LIMITED LIABILITY COMPANY OR A CORPORATION THAT HAS MADE AN ELECTION FOR THE TAXABLE YEAR PURSUANT TO SUBTITLE A, CHAPTER 1, SUBchapter S OF THE INTERNAL REVENUE CODE, THE AMOUNT OF THE APPORTIONED TAX CREDIT TO BE APPLIED AGAINST A MEMBER OR STOCKHOLDER'S INDIVIDUAL INCOME TAX SHALL BE LIMITED TO THE INCOME FROM THE TAXPAYER INCLUDED IN ARIZONA ADJUSTED GROSS INCOME TIMES THE EFFECTIVE TAX RATE ON ALL ARIZONA ADJUSTED GROSS INCOME."
Reletter to conform
Line 40, after the first "THE" strike remainder of line; strike line 41, insert "GROSS INCOME TAX COMPUTED BEFORE ANY CREDITS DIVIDED BY THE ARIZONA ADJUSTED GROSS INCOME."
Line 45, strike "SUBSECTION" insert "SUBCHAPTER"
Page 3, line 1, after "COMPANY" insert a period; strike remainder of line; strike line 2
Page 4, strike lines 19 through 28, insert:
"J. FOR A TAXPAYER THAT IS A LIMITED LIABILITY COMPANY TAXED AS A PARTNERSHIP, THE ALLOWABLE TAX CREDIT SHALL BE APPORTIONED TO A MEMBER IN THE SAME MANNER AS THE MEMBER’S SHARE OF PROFITS AS PRESCRIBED IN SECTION 29-709. FOR A TAXPAYER THAT IS A LIMITED LIABILITY COMPANY TAXED AS A SOLE PROPRIETOR, THE ALLOWABLE TAX CREDIT SHALL BE APPORTIONED TO THE SOLE PROPRIETOR.
K. FOR A TAXPAYER THAT IS A CORPORATION THAT HAS MADE AN ELECTION FOR THE TAXABLE YEAR PURSUANT TO SUBTITLE A, CHAPTER 1, SUBchapter S OF THE INTERNAL REVENUE CODE, THE ALLOWABLE TAX CREDIT SHALL BE APPORTIONED TO A STOCKHOLDER AS PRESCRIBED IN SECTION 43-1126, SUBSECTION B.
L. FOR A TAXPAYER THAT IS A LIMITED LIABILITY COMPANY OR A CORPORATION THAT HAS MADE AN ELECTION FOR THE TAXABLE YEAR PURSUANT TO SUBTITLE A, CHAPTER 1, SUBchapter S OF THE INTERNAL REVENUE CODE, THE AMOUNT OF THE APPORTIONED TAX CREDIT TO BE APPLIED AGAINST A MEMBER OR STOCKHOLDER'S INDIVIDUAL INCOME TAX SHALL BE LIMITED TO THE INCOME FROM THE TAXPAYER INCLUDED IN ARIZONA ADJUSTED GROSS INCOME TIMES THE EFFECTIVE TAX RATE ON ALL ARIZONA ADJUSTED GROSS INCOME."
Reletter to conform
Page 4, line 35, after the first "THE" strike remainder of line; strike line 36, insert "gross income tax computed before any credits divided by the arizona adjusted gross income."
Line 40, strike "SUBSECTION" insert "subchapter"
Line 42, after "COMPANY" insert a period; strike remainder of line; strike line 43
Amend title to conform
