Bill Text: IN SB0480 | 2013 | Regular Session | Introduced
Bill Title: Substitute natural gas contract.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2013-01-14 - First reading: referred to Committee on Utilities [SB0480 Detail]
Download: Indiana-2013-SB0480-Introduced.html
Introduced Version
SENATE BILL No. 480
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DIGEST OF INTRODUCED BILL
Citations Affected: IC 4-4; IC 6-3.1-29-20.7.
Synopsis: Substitute natural gas contract. Repeals IC 4-4-11.6
concerning substitute natural gas contracts. Makes conforming
amendments.
Effective: Upon passage.
Taylor
January 14, 2013, read first time and referred to Committee on Utilities.
Introduced
First Regular Session 118th General Assembly (2013)
PRINTING CODE. Amendments: Whenever an existing statute (or a section of the Indiana Constitution) is being amended, the text of the existing provision will appear in this style type, additions will appear in this style type, and deletions will appear in
Additions: Whenever a new statutory provision is being enacted (or a new constitutional provision adopted), the text of the new provision will appear in this style type. Also, the word NEW will appear in that style type in the introductory clause of each SECTION that adds a new provision to the Indiana Code or the Indiana Constitution.
Conflict reconciliation: Text in a statute in this style type or
SENATE BILL No. 480
A BILL FOR AN ACT to amend the Indiana Code concerning state
offices and administration.
Be it enacted by the General Assembly of the State of Indiana:
SOURCE: IC 4-4-10.9-1.2; (13)IN0480.1.1. -->
SECTION 1. IC 4-4-10.9-1.2, AS AMENDED BY P.L.1-2010,
SECTION 5, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
UPON PASSAGE]: Sec. 1.2. "Affected statutes" means all statutes that
grant a power to or impose a duty on the authority, including but not
limited to IC 4-4-11, IC 4-4-11.4, IC 4-4-11.6 (before its repeal)
IC 4-4-21, IC 4-13.5, IC 5-1-16, IC 5-1-16.5, IC 8-9.5, IC 8-14.5,
IC 8-15, IC 8-15.5, IC 8-16, IC 13-18-13, IC 13-18-21, IC 13-19-5, and
IC 14-14.
SOURCE: IC 4-4-11.6; (13)IN0480.1.2. -->
SECTION 2. IC 4-4-11.6 IS REPEALED [EFFECTIVE UPON
PASSAGE]. (Additional Authority; Substitute Natural Gas Contracts).
SOURCE: IC 6-3.1-29-20.7; (13)IN0480.1.3. -->
SECTION 3. IC 6-3.1-29-20.7, AS ADDED BY P.L.182-2009(ss),
SECTION 204, IS AMENDED TO READ AS FOLLOWS
[EFFECTIVE UPON PASSAGE]: Sec. 20.7. (a) The findings in
IC 4-4-11.6-12 (before its repeal) are incorporated by reference into
this section. The general assembly further finds that the refundable
credit provided by this section is also necessary to achieve the purposes
set forth in IC 4-4-11.6-12 (before its repeal).
(b) This section applies to a taxpayer that:
(1) makes a qualified investment in an integrated coal gasification powerplant; and
(2) enters into a contract to sell substitute natural gas (as defined in IC 4-4-11.6-11 (before its repeal)) to the Indiana finance authority under IC 4-4-11.6 (before its repeal).
(c) Notwithstanding anything in this chapter to the contrary, a taxpayer may elect in the manner prescribed by the department to take and receive all credits to which the taxpayer is entitled under section 15 of this chapter (without regard to section 16 of this chapter) as a refundable credit against the taxpayer's state tax liability, if any, over a period of twenty (20) taxable years, beginning not later than the taxable year in which the taxpayer places into service its integrated coal gasification powerplant. If, in a taxable year, a taxpayer that makes an election under this subsection has no state tax liability, the department shall pay to the taxpayer the full amount of the refundable credit for that taxable year.
(d) The amount of a credit to which a taxpayer that makes an election under subsection (c) is entitled for a particular taxable year equals the result determined under STEP FOUR:
STEP ONE: Determine the total credit amount to which the taxpayer is entitled under section 15 of this chapter (without regard to section 16 of this chapter).
STEP TWO: Divide the STEP ONE amount by twenty (20).
STEP THREE: Determine the ratio of Indiana coal to total coal used in the taxpayer's integrated coal gasification powerplant in the taxable year.
STEP FOUR: Multiply the STEP TWO and STEP THREE amounts.
(e) A taxpayer shall claim a refund under this section in the manner provided by the department. The department shall pay the refunded amount to the taxpayer not more than ninety (90) days after the date on which the refund is claimed.
(f) The shareholders, members, or partners of a pass through entity that makes an election under subsection (c) are not entitled to a credit allowed under section 20(b) of this chapter.
(g) A credit allowed under this section is not assignable under section 20.5 of this chapter.
(b) This section applies to a taxpayer that:
(1) makes a qualified investment in an integrated coal gasification powerplant; and
(2) enters into a contract to sell substitute natural gas (as defined in IC 4-4-11.6-11 (before its repeal)) to the Indiana finance authority under IC 4-4-11.6 (before its repeal).
(c) Notwithstanding anything in this chapter to the contrary, a taxpayer may elect in the manner prescribed by the department to take and receive all credits to which the taxpayer is entitled under section 15 of this chapter (without regard to section 16 of this chapter) as a refundable credit against the taxpayer's state tax liability, if any, over a period of twenty (20) taxable years, beginning not later than the taxable year in which the taxpayer places into service its integrated coal gasification powerplant. If, in a taxable year, a taxpayer that makes an election under this subsection has no state tax liability, the department shall pay to the taxpayer the full amount of the refundable credit for that taxable year.
(d) The amount of a credit to which a taxpayer that makes an election under subsection (c) is entitled for a particular taxable year equals the result determined under STEP FOUR:
STEP ONE: Determine the total credit amount to which the taxpayer is entitled under section 15 of this chapter (without regard to section 16 of this chapter).
STEP TWO: Divide the STEP ONE amount by twenty (20).
STEP THREE: Determine the ratio of Indiana coal to total coal used in the taxpayer's integrated coal gasification powerplant in the taxable year.
STEP FOUR: Multiply the STEP TWO and STEP THREE amounts.
(e) A taxpayer shall claim a refund under this section in the manner provided by the department. The department shall pay the refunded amount to the taxpayer not more than ninety (90) days after the date on which the refund is claimed.
(f) The shareholders, members, or partners of a pass through entity that makes an election under subsection (c) are not entitled to a credit allowed under section 20(b) of this chapter.
(g) A credit allowed under this section is not assignable under section 20.5 of this chapter.
SOURCE: ; (13)IN0480.1.4. -->
SECTION 4. An emergency is declared for this act.
