Amend the bill, as and if amended, Part IB, Section 90, STATEWIDE REVENUE, page 538, after line 14, by adding an appropriately numbered new proviso to read:
/ 90.___. (SR: Refund) There is appropriated an amount to the Income Tax Rebate Fund an amount equal to any amount of general fund revenue in excess of the state general funds appropriated in Part 1A of this act. Although the money is appropriated on the effective date of this act, the money shall be credited to the fund upon the closing of the books for the fiscal year. The fund shall be created in the State Treasury and is separate and distinct from the general fund of the State, the Capital Reserve Fund, and all other funds. Revenues credited to this fund may be appropriated or used to offset revenue reductions, in priority order:
(1) if the balance in the general reserve fund established pursuant to Section 36, Article III of the Constitution of this State and Section 11-11-310 is less than the required balance, there must be appropriated to it all amounts in the Income Tax Rebate Fund up to the total necessary to replenish the general reserve fund. This amount does not replace or supplant the minimum replenishment amount otherwise required to be made to the general reserve fund; and
(2) for expenses incurred by this State as a result of natural or other disasters declared by the President of the United States.
After any appropriations or offsets in subsection (1) or (2), any remaining balance must be used as an offset for general fund revenue not collected resulting from an income tax credit, which is hereby enacted, against the state individual and corporate income tax liability of taxpayers. This income tax credit for each such taxpayer is the result produced when multiplying a fraction in which the taxpayer's income tax liability is the numerator and the denominator is the net state income tax revenues in the most recently completed tax year, multiplied by the balance in the Income Tax Rebate Fund available to offset the collective credits. The credit is allowed against the liability on returns due to be filed for tax year 2012. /
Renumber sections to conform.
Amend sections, totals and title to conform.