(Doc Name COUNCIL\DG\3720C016.BBM.DG17.DOCX):
Amend the bill, as and if amended, by striking the amendment bearing document number H:\LEGWORK\HOUSE\AMEND\H-WM\001\118.14 LITIGATION RECOVERY. DOCX, BY STRIKING THE AMENDMENT IN ITS ENTIRETY AND INSERTING:
Amend the bill further, as and if amended, Section 118, STATEWIDE REVENUE, page 507, paragraph 118.14, by striking lines 34-35, and inserting:
/ (12) Tax Relief for Students Fund
$6,000,000
(12.1)
(A)There is created the Tax Relief for Students
Fund within the State Treasury. The fund only may be used to
provide tax credits as provided in this item. Upon the credits
being claimed, the Tax Relief for Students Fund shall transfer
an equal amount of funds to the general fund. Any amounts
remaining in the fund on June 30, 2018, shall lapse to the
general fund.
(B) There is
allowed an income tax credit of three hundred dollars for any
taxpayer who, during the tax year ending in the current fiscal
year, was enrolled in a public institution of higher learning,
including technical colleges, accredited by the Southern
Association of Colleges and Schools, and earned at least six
credit hours in any semester while simultaneously being employed
at a full-time job. The maximum aggregate credit for all
taxpayers may not exceed six million dollars. If the credits
claimed exceed the six million dollar limit, the department of
Revenue must reduce each credit amount equally. This provision
only applies if the taxpayer is not claimed as a dependent on
any other taxpayer's return. The department may require any
proof it determines necessary to implement this provision. For
purposes of this provision, "full-time job" has the
same meaning as provided in Section 12-6-3360 of the 1976
Code. /
/ Amend the bill, as and if amended, Part IB, Section 118, STATEWIDE REVENUE, page 506, paragraph 118.14, line 13, by striking /$10,183,789/ and inserting /$16,183,789/
Amend the bill further, as and if amended, Section 118, STATEWIDE REVENUE, page 506, paragraph 118.14, line 14, by striking:/ (3) $6,000,000 from the Litigation Recovery Account /
Renumber sections to conform.
Amend totals and titles to conform.