Amend the amendment bearing document number P:\LEGWORK\SENATE\amend\COUNCIL\NL\261.002.NL.DG13.docx, as and if amended, by striking the amendment in its entirety and inserting:
/ SECTION ___. (A) For tax year 2013, if the updated reference to the Internal Revenue Code contained in SECTION 1 of this Act result in an increased tax liability for a taxpayer compared to if reference to the Internal Revenue Code remained through December 31, 2011, then the taxpayer may claim a refundable credit equal to the amount of the increased tax liability, in the manner that the Department of Revenue shall prescribe. The credit may be claimed in tax year 2013 or 2014.
(B)(1) By December 1, 2013, the department must estimate the amount of credits claimed pursuant to this section in tax year 2013. Based on the estimate, each member of the General Assembly's legislative salary, including in-district expense payments, shall be reduced equally by an amount sufficient to equal the amount of the estimate. The Senate and the House of Representatives shall transfer the reduced amount to the general fund.
(2) By December 1, 2014, the department must estimate the amount of credits claimed pursuant to this section in tax year 2014. If the department under estimated the amount claimed in 2013, the excess amount must be added to the 2014 estimate. Based on the estimate, plus any amount added from 2013, each member of the General Assembly's legislative salary shall be reduced equally by an amount sufficient to equal the amount of the estimate. The Senate and the House of Representatives shall transfer the reduced amount to the general fund. /
Renumber sections to conform.
Amend title to conform.