‘ 2. Amount of credit. The amount of the credit allowed under this section is equal to the tax paid during the taxable year under Parts 3 and 5 on internal combustion engine fuel, as defined in section 2902, subsection 3, and special fuel, as defined in section 3202, subsection 6, used by the employer for commercial forestry up to a maximum credit of $1,000. The employer shall report the number of gallons purchased and the type of fuel purchased to the State Tax Assessor. For purposes of this subsection, "commercial forestry" means the cultivation, management, maintenance and development of forests; the harvesting of trees; and the transport of forest products as defined in section 1752, subsection 2-E.’
Amend the bill in section 1 in §5219-FF by striking out all of subsection 2 (page 1, lines 7 to 9 in L.D.) and inserting the following:
Amend the bill by inserting after section 1 the following:
‘Sec. 2. Application. This Act applies to tax years beginning on or after January 1, 2013.
Sec. 3. Appropriations and allocations. The following appropriations and allocations are made.
ADMINISTRATIVE AND FINANCIAL SERVICES, DEPARTMENT OF
Revenue Services - Bureau of 0002
Initiative: Appropriates funds for programming changes to tax forms to establish an income tax credit of up to $1,000 based on fuel purchased by employers in the commercial forestry industry in the State who employ residents of the State for tax years beginning on or after January 1, 2013.
| GENERAL FUND | 2011-12 | 2012-13 |
|
All Other
|
$0 | $22,000 |
 |
|
|
| GENERAL FUND TOTAL | $0 | $22,000 |
summary
This amendment replaces the per employee income tax credit to an employer in the logging industry that employs residents of the State to harvest timber in this State with a credit equal to the tax paid during the taxable year on fuel used by the employer for commercial forestry up to a maximum credit of $1,000. The amendment also delays the application to tax years beginning on or after January 1, 2013 and adds an appropriations and allocations section.
FISCAL NOTE REQUIRED
(See attached)