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Sen. Antonio Munoz
Filed: 2/24/2004
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09300SB2892sam001 |
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LRB093 17807 MKM 47785 a |
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| AMENDMENT TO SENATE BILL 2892
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| AMENDMENT NO. ______. Amend Senate Bill 2892 on page 30, |
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| immediately below line 24, by inserting the following: |
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| "(I) Holders of residual interests in real estate |
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| mortgage investment conduits that also have net |
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| operating losses. In the case of a holder of a residual |
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| interest in a real estate mortgage investment conduit |
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| (REMIC) with excess inclusion pursuant to Section 860E |
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| of the Internal Revenue Code, as now or hereafter |
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| amended, that also has a net operating loss pursuant to |
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| Section 860E(a)(3) of the Internal Revenue Code, as now |
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| or hereafter amended, the amount computed under |
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| Section 860E(a)(3) of the Internal Revenue Code |
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| (federal taxable income or loss without regard to such |
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| excess inclusion). Notwithstanding any other provision |
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| of this paragraph (I), such excess inclusion shall, in |
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| all events, be subject to tax. The provisions added to |
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| this Section by this amendatory Act of the 93rd General |
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| Assembly shall be construed as declaratory of existing |
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| law and not as a new enactment."; and
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| on page 32, immediately below line 15, by inserting the |
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| following:
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| "Section 99. Effective date. This Act takes effect upon |