FORTY-EIGHTH LEGISLATURE

FIRST SESSION, 2007

March 2, 2007

Mr. Speaker:

    Your TAXATION AND REVENUE COMMITTEE, to whom has been referred

HOUSE BILL 430, as amended

has had it under consideration and reports same with recommendation that it DO PASS, amended as follows:

     1. On page 4, line 22, after the semicolon insert the following:

"provided that the amount of a qualified expenditure shall be limited to the value of manufacturing equipment with respect to which the qualified expenditure is claimed. For the purposes of this section, "value of manufacturing equipment" means the adjusted basis of the equipment for federal income tax purposes determined as of the time of acquisition or introduction into this state or of conversion to use, whichever is later.".