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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