Rep. Barbara Flynn Currie
Filed: 5/30/2007
 
 

 




 

 		












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AMENDMENT TO SENATE BILL 1544




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    AMENDMENT NO. ______. Amend Senate Bill 1544, AS AMENDED, 
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with reference to page and line numbers of House Amendment No. 
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1, as follows:

 
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on page 2, by replacing line 16 with the following:
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"for a period from February 1, 2008 through March 15, 2008.";
 
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on page 14, line 10, by deleting "foreign"; and
 
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on page 17, line 6, by deleting "foreign"; and
 
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on page 25, line 1, after "State or", by inserting ", for 
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taxable years ending on or after December 31, 2008,"; and 
 
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on page 25, line 7, after "amortization,", by inserting " and, 
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for taxable years ending on or after December 31, 2008,"; and  
 
 


 






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on page 33, line 5, by deleting "foreign"; and
 
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on page 33, line 25, by deleting "foreign"; and
 
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on page 38, line 18, by deleting "foreign"; and
 
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on page 41, line 14, by deleting "foreign"; and
 
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on page 45, line 15, after "paid", by inserting "to a 
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corporation by a captive real estate trust"; and
 
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on page 46, line 24, after "State or", by inserting ", for 
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taxable years ending on or after December 31, 2008,"; and 
 
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on page 47, line 4, after "amortization,", by inserting " and, 
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for taxable years ending on or after December 31, 2008,"; and  
 
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on page 55, line 23, by deleting "foreign"; and
 
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on page 56, line 17, by deleting "foreign"; and
 
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on page 61, line 20, by deleting "foreign"; and
 
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on page 64, line 16, by deleting "foreign"; and
 
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on page 69, line 13, after "State or", by inserting ", for 
 


 






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taxable years ending on or after December 31, 2008,"; and 
 
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on page 69, line 19, after "amortization,", by inserting " and, 
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for taxable years ending on or after December 31, 2008,"; and  
 
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on page 75, line 20, by deleting "foreign"; and
 
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on page 79, line 16, by deleting "foreign"; and
 
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on page 82, line 12, by deleting "foreign"; and
 
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on page 86, line 24, after "State or", by inserting ", for 
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taxable years ending on or after December 31, 2008,"; and 
 
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on page 87, line 4, after "amortization,", by inserting " and, 
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for taxable years ending on or after December 31, 2008,"; and  
 
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on page 92, line 12, by deleting "foreign"; and
 
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on page 93, line 6, by deleting "foreign"; and
 
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on page 101, by replacing lines 17 through 20 with "A"; and
 
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on page 114, by replacing lines 13 and 14 with the following:
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"storage for purposes of this Section. Sales of"; and
 
 


 






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on page 120, by replacing lines 11 through 23, with the 
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following:
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"annuity considerations as reported for the taxable year on the 
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annual statement filed by the company with the Illinois 
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Director of Insurance in the form approved by the National 
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Convention of Insurance Commissioners or such other form as may 
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be prescribed in lieu thereof."; and
 
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on page 163, immediately below line 13, by inserting the 
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following:
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        "(1.5) Captive real estate investment trust:
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        (A) The term "captive real estate investment trust" 
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    means a corporation, trust, or association:
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            (i) that is considered a real estate investment 
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        trust for the taxable year under Section 856 of the 
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        Internal Revenue Code;
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            (ii) that is not regularly traded on an established 
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        securities market; and
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            (iii) of which more than 50% of the voting power or 
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        value of the beneficial interest or shares, at any time 
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        during the last half of the taxable year, is owned or 
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        controlled, directly or indirectly, by a single entity 
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        that is subject to the provisions of Subchapter C of 
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        Chapter 1 of the Internal Revenue Code.
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        (B) The term "captive real estate investment trust" 
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    does not include:
 


 






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            (i) a corporation, trust, or association of which 
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        more than 50% of the voting power or value of the 
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        beneficial interest or shares is owned or controlled, 
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        at any time during which the corporation, trust, or 
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        association satisfies item (A)(iii) of this subsection 
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        (1.5), by:
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                (a) a real estate investment trust, other than 
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            a real estate investment trust described in item 
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            (A) of this subsection;
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                (b) a person who is exempt from taxation under 
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            Section 501 of the Internal Revenue Code;
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                (c) a listed Australian property trust; or
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                (d) a real estate investment trust that, 
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            subject to rules of the Secretary of State, is 
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            intended to become regularly traded on an 
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            established securities market and that satisfies 
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            the requirements of Sections 856(A)(5) and 
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            856(A)(6) of the Internal Revenue Code by reason of 
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            Section 856(H)(2) of the Internal Revenue Code.
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        (C) For the purposes of this subsection (1.5), the 
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    constructive ownership rules prescribed under Section 
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    318(A) of the Internal Revenue Code, as modified by Section 
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    856(D)(5) of the Internal Revenue Code, apply in 
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    determining the ownership of stock, assets, or net profits 
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    of any person; and

 
 


 






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on page 163, by replacing  line 25 and 26 with "it is so 
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classified for federal income tax purposes."; and
 
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on page 164, by deleting lines 1 and 2. 
 
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    Section 99. Effective date. This Act takes effect upon 
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becoming law.".