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91_SB1118sam001
LRB9102874PTpkam
1 AMENDMENT TO SENATE BILL 1118
2 AMENDMENT NO. . Amend Senate Bill 1118 on page 4,
3 by replacing lines 16 through 29 with the following:
4 "(M) With the exception of any amounts
5 subtracted under subparagraph (N), an amount equal
6 to the sum of all amounts disallowed as deductions
7 by (i) Sections 171(a)(2), and 265(2) of the
8 Internal Revenue Code of 1954, as now or hereafter
9 amended, and all amounts of expenses allocable to
10 interest and disallowed as deductions by Section
11 265(1) of the Internal Revenue Code of 1954, as now
12 or hereafter amended; and (ii) for taxable years
13 beginning on or after January 1, 2000, Sections
14 171(a)(2), 265, 280C, and 832(b)(5)(B)(i) of the
15 Internal Revenue Code; the provisions of this
16 subparagraph are exempt from the provisions of
17 Section 250;"; and
18 on page 9, by replacing lines 29 through 34 with the
19 following:
20 "(I) With the exception of any amounts
21 subtracted under subparagraph (J), an amount equal
22 to the sum of all amounts disallowed as deductions
23 by (i) Sections 171(a)(2), and 265(a)(2) and amounts
-2- LRB9102874PTpkam
1 disallowed as interest expense by Section 291(a)(3)
2 of the Internal Revenue Code, as now or hereafter
3 amended, and all amounts of expenses allocable to
4 interest and disallowed as deductions by Section
5 265(a)(1) of the Internal Revenue Code, as now or
6 hereafter amended; and (ii) for taxable years
7 beginning on or after January 1, 2000, Sections
8 171(a)(2), 265, 280C, and 832(b)(5)(B)(i) of the
9 Internal Revenue Code; the provisions of this
10 subparagraph are exempt from the provisions of
11 Section 250;"; and
12 on page 10, by deleting lines 1 through 9; and
13 on page 17, by replacing lines 5 through 18 with the
14 following:
15 "(L) With the exception of any amounts
16 subtracted under subparagraph (K), an amount equal
17 to the sum of all amounts disallowed as deductions
18 by (i) Sections 171(a)(2) and 265(a)(2) of the
19 Internal Revenue Code, as now or hereafter amended,
20 and all amounts of expenses allocable to interest
21 and disallowed as deductions by Section 265(1) of
22 the Internal Revenue Code of 1954, as now or
23 hereafter amended; and (ii) for taxable years
24 beginning on or after January 1, 2000, Sections
25 171(a)(2), 265, 280C, and 832(b)(5)(B)(i) of the
26 Internal Revenue Code; the provisions of this
27 subparagraph are exempt from the provisions of
28 Section 250;"; and
29 on page 20, by replacing lines 3 through 16 with the
30 following:
31 "(J) With the exception of any amounts
32 subtracted under subparagraph (G), an amount equal
33 to the sum of all amounts disallowed as deductions
-3- LRB9102874PTpkam
1 by (i) Sections 171(a)(2), and 265(2) of the
2 Internal Revenue Code of 1954, as now or hereafter
3 amended, and all amounts of expenses allocable to
4 interest and disallowed as deductions by Section
5 265(1) of the Internal Revenue Code, as now or
6 hereafter amended; and (ii) for taxable years
7 beginning on or after January 1, 2000, Sections
8 171(a)(2), 265, 280C, and 832(b)(5)(B)(i) of the
9 Internal Revenue Code; the provisions of this
10 subparagraph are exempt from the provisions of
11 Section 250;".