SB 1243 — technical correction; liquor licensees; entrances

SB1243 - 542R - S-AppropriationsS -Ver Strike  Everything-Proposed    Fifty-fourthSenate Legislature                                          Engrossed Appropriations        State of Arizona Senate Fifty-fourth Legislature Second Regular Session                                                 Session S.B.      SENATE BILL 1243       AN ACT   amending sections 41-1518 and 43-1074.02, arizona revised statutes;

 relating PROPOSEDto SENATEincome AMENDMENTStax TOcredits. S.B.

1243  (Reference  to(TEXT printedOF bill)BILL BEGINS ON NEXT PAGE)   StrikeBe everythingit afterenacted by the enactingLegislature clauseof andthe insert:State of Arizona:

"Section 1.  SectionSection 1.  Section 41-1518, Arizona Revised Statutes, is amended to read:

Through June 30, 2017, the authority shall not certify tax credits under this section exceeding twenty million dollars $20,000,000.  From and after June 30, 2017 through June 30, 2021 2031, the authority may certify additional tax credits under this section not exceeding two million five hundred thousand dollars $2,500,000 each fiscal year, plus any unused credit capacity, which that carries over from the preceding fiscal year or years. years.  Tax Tax credits that expire after certification or that are otherwise not timely used by the qualified investor for whom they were originally authorized shall also be included in the applicable dollar limit.  If qualifying applications exceed the dollar limit, the authority shall authorize credits in the order of the date and time that the applications are received by the authority, as evidenced by the time and date stamped on the application when received by the authority. authority.  All All applications shall be filed on a form and in the manner prescribed by the Arizona commerce authority.  If an application is received that, if authorized, would require the authority to exceed the applicable dollar limit, the authority shall only grant the applicant the remaining amount of tax credits that would not exceed the dollar limit.  After the authority authorizes the allowable amount of tax credits, the authority shall deny any subsequent applications that are received.  The authority shall certify to the qualified investor and to the department of revenue the amount of the tax credit that is authorized for the purposes of section 43‑1074.02 for each taxable year described in subsection E of this section.

(d)  Has total assets not exceeding two million dollars $2,000,000 through December 31, 2011 or ten million dollars $10,000,000 beginning from and after December 31, 2011, excluding any investment made under this section.

F.  If the department of revenue determines that there has been a misrepresentation on an application submitted to the Arizona commerce authority under section 41‑1518, the department of revenue shall deny the credit if the misrepresentation relates to whether the applicant was a qualified investor or made a qualified investment.investment.  If the misrepresentation relates to whether the investment was made to:

If the misrepresentation relates to whether the investment was made to:

2.  A bioscience enterprise or a business that maintains its principal place of business in a rural county in this state, the department of revenue shall decrease the amount of the credit that would have been allowed only if the applicant knew or should have known at any time before the certification that the representation was false.END_STATUTE"false. Amend title to conform   DAVID GOWAN   1243GOWAN 02/19/2020 6:53 PM C:

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