2641 AMS .... WILS 059

HB 2641 - S AMD to S AMD (S4692.1)

    By Senator Poulsen

                                              NOT ADOPTED 03/07/02

    On page 2, after line 31, insert the following:

    "(3) Any business taking a deduction under this section that moves outside the state within five years of the calendar year in which the deduction is first taken shall immediately pay to the department of revenue the amount of taxes saved as a result of the deduction.  As used in this subsection, "business" does not include a subsidiary corporation, parent corporation, or other affiliated entity of the business taking the deduction."

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EFFECT: Requires repayment of taxes if the business moves outside the state within 5 years of first taking the deduction.  This applies only to the business taking the deduction and not to any parent, subsidiary, or affiliated company.