Text: S03604 Text: S03606 Text: S03600 - S03699 Text: S Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Amend Senate File 478 as follows:
1 2 #1. By striking everything after the enacting
1 3 clause and inserting the following:
1 4 "Section 1. Section 422.61, subsection 2, Code
1 5 1995, is amended by adding the following new
1 6 paragraph:
1 7 NEW PARAGRAPH. f. A deduction shall not be
1 8 allowed for that portion of the taxpayer's expenses
1 9 computed under this paragraph which is allocable to an
1 10 investment in an investment subsidiary. The portion
1 11 of the taxpayer's expenses which is allocable to an
1 12 investment in an investment subsidiary is an amount
1 13 which bears the same ratio to the taxpayer's expenses
1 14 as the taxpayer's average adjusted basis, as computed
1 15 pursuant to section 1016 of the Internal Revenue Code,
1 16 of investment in that investment subsidiary bears to
1 17 the average adjusted basis for all assets of the
1 18 taxpayer. The portion of the taxpayer's expenses that
1 19 is computed and disallowed under this paragraph shall
1 20 be added. However, for a tax year beginning in the
1 21 1995 calendar year, only fifty percent of the portion
1 22 of the taxpayer's expenses allocable to an investment
1 23 in an investment subsidiary shall be disallowed and
1 24 such amount shall be added.
1 25 Sec. 2. Section 422.61, Code 1995, is amended by
1 26 adding the following new subsection:
1 27 NEW SUBSECTION. 1A. "Investment subsidiary" means
1 28 an entity that is owned, capitalized, and utilized by
1 29 a financial institution with one of its purposes being
1 30 to make, hold, and manage, for and on behalf of the
1 31 financial institution, investments in securities which
1 32 the financial institution would be permitted by
1 33 applicable law to make for its own account.
1 34 Sec. 3. This Act, being deemed of immediate
1 35 importance, takes effect upon enactment and applies
1 36 retroactively to January 1, 1995, for tax years
1 37 beginning on or after that date."
1 38
1 39
1 40
1 41 WAYNE BENNETT
1 42 SF 478.702 76
1 43 mg/sc
Text: S03604 Text: S03606 Text: S03600 - S03699 Text: S Index Bills and Amendments: General Index Bill History: General Index
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