SB2892sam002 93RD GENERAL ASSEMBLY

Sen. Antonio Munoz

Filed: 3/22/2004

09300SB2892sam002 LRB093 17807 BDD 48838 a

AMENDMENT TO SENATE BILL 2892

AMENDMENT NO. ______. Amend Senate Bill 2892 on page 30, immediately below line 24, by inserting the following:

"(I) Holders of residual interests in real estate mortgage investment conduits that also have net operating losses. In the case of a holder of a residual interest in a real estate mortgage investment conduit (REMIC) with excess inclusion pursuant to Section 860E of the Internal Revenue Code, as now or hereafter amended, that also has a net operating loss pursuant to Section 860E(a)(3) of the Internal Revenue Code, as now or hereafter amended, the amount computed under Section 860E(a)(3) of the Internal Revenue Code (federal taxable income or loss without regard to such excess inclusion). Notwithstanding any other provision of this paragraph (I), such excess inclusion shall, in all events, be subject to tax. The provisions added to this Section by this amendatory Act of the 93rd General Assembly shall be construed as declaratory of existing law and not as a new enactment."; and

on page 32, immediately below line 15, by inserting the following:

"Section 99. Effective date. This Act takes effect upon becoming law.".