FORTY-NINTH LEGISLATURE

FIRST SESSION, 2009

February 22, 2009

Mr. Speaker:

    Your BUSINESS AND INDUSTRY COMMITTEE, to whom has been referred

HOUSE BILL 415

has had it under consideration and reports same WITHOUT RECOMMENDATION, amended as follows:

     1. On page 1, line 20, after "section", insert ", except as provided in Subsection C of this section".

     2. On page 2, between lines 15 and 16, insert the following:

          "C. The taxation and revenue department shall deny a claim for a small business tax credit if an ownership interest equal to a controlling interest in the small business in regard to which the credit is being claimed has been purchased or acquired within the five taxable years prior to the taxable year for which the taxpayer is claiming a small business tax credit.".

     3. Reletter the succeeding subsections accordingly.

     4. On page 3, between lines 9 and 10, insert the following new section:

     "Section 2. EFFECTIVE DATE.--The effective date of the provisions of this act is January 1, 2010.".,

and thence referred to the TAXATION AND REVENUE COMMITTEE.