Amend the bill, as and if amended, by striking SECTION 7 to read:
/ SECTION 7. Section 12-36-2120(51) and (67) of the 1976 Code is amended to read:
"(51) material handling systems and material handling equipment used in the operation of a distribution facility or a manufacturing facility including, but not limited to, racks used in the operation of a distribution facility or a manufacturing facility and either used or not used to support a facility structure or part of it. To qualify for this exemption, the taxpayer shall notify the department before the first month it uses the exemption and shall invest:
(a) at least thirty-five million dollars in real or personal property in this State; or
(b) twenty million dollars in a port enhancement zone as defined in Section 12-6-3360(M) over the five-year period beginning on the date provided by the taxpayer to the department in its notices. The taxpayer shall notify the department in writing that it has met the thirty-five million dollar investment requirement or, after the expiration of the five years, that it has not met the thirty-five million dollar investment requirement. The department may assess any tax due on material handling systems and material handling equipment purchased tax-free pursuant to this item but due the State as a result of the taxpayer's failure to meet the thirty-five million dollar investment requirement. The running of the periods of limitations for assessment of taxes provided in Section 12-54-85 is suspended for the time period beginning with notice to the department before the taxpayer uses the exemption and ending with notice to the department that the taxpayer either has met or has not met the thirty-five million dollar investment requirement.
As used in this item (51), 'distribution facility' includes a port facility, as that term is defined in Section 12-6-3375;
(67) effective July 1, 2011, construction materials used in the construction of a new or expanded single manufacturing or distribution facility, or one that serves both purposes, with:
(a) a capital investment of at least one hundred million dollars in real and personal property at a single site in the State over an eighteen-month period, or;
(b) at least forty million dollars in real and personal property at a single site located in a port enhancement zone as defined in Section 12-6-3360(M); or
(c) effective November 1, 2009, construction materials used in the construction of a new or expanded single manufacturing facility where:
(i) the taxpayer invests at least seven hundred fifty million dollars in real or personal property or both comprising or located at the facility over a seven-year period; and
(ii) the taxpayer creates at least three thousand eight hundred new full-time new jobs at the facility during that seven-year period.
To qualify for this exemption, the taxpayer shall notify the department before the first month it uses the exemption and shall make the required investment over the applicable time period beginning on the date provided by the taxpayer to the department in its notices. The taxpayer shall notify the department in writing that it has met the investment requirement or, after the expiration of the applicable time period, that it has not met the investment requirement. The department may assess any tax due on construction materials purchased tax free pursuant to this subitem but due the State as a result of the taxpayer's failure to meet the investment requirement. The running of the periods of limitations for assessment of taxes provided in Section 12-54-85 is suspended for the time period beginning with notice to the department before the taxpayer uses the exemption and ending with notice to the department that the taxpayer either has met or has not met the investment requirement.
As used in this subitem, 'taxpayer' includes a person who bears a relationship to the taxpayer as described in Section 267(b) of the Internal Revenue Code.
As used in this item (67), 'distribution facility' includes a port facility, as that term is defined in Section 12-6-3375;"
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Renumber sections to conform.
Amend title to conform.