Language Page 421, after line 14, insert:"§ 3-5.00 MODIFICATIONS AND ADJUSTMENTS TO TAXES AND FEES§ 3-5.01 LIMIT THE QUALIFIED EQUITY AND SUBORDINATED DEBT INVESTMENTS TAX CREDITNotwithstanding any other provision of law, for taxable years beginning on January 1, 2001, the amount of the Qualified Equity and Subordinated Debt Investments Tax Credit available under § 58.1-339.4 of the Code of Virginia shall be limited to $4,000,000 for a calendar year. For taxable years beginning on or after January 1, 2002, the amount of the Credit available under § 58.1-339.4 shall be limited to $3,000,000 for calendar year.§ 3-5.02 LIMIT THE TAX CREDIT FOR RETALIATORY COSTS PAID TO OTHER STATES Notwithstanding any other provision of law, for license years beginning on July 1, 2003, the amount of the Tax Credit for Retaliatory Costs to Other States available under § 58.1-2510 of the Code of Virginia for those companies not receving a credit for the license year beginning on January 1, 2000 shall be limited to eighty percent of the retaliatory costs paid to other states for those companies or groups having more than 100 qualified full-time employees in this Commonwealth during the entire license year and who met the definition of "qualified investment" on or after January 1, 2001. For license years beginning on July 1, 2004, the amount of the Tax Credit shall be limited to 60 percent to these same companies or groups.”
Explanation(This amendment limits the amount of the Qualified Equity and Subordinated Debt Investments Tax Credit to $4 million in the first year and $3 million in the second year.)