HOUSE AMENDMENT

                                                  Bill No. HB 1049

    Amendment No. 2 (for drafter's use only)

                            CHAMBER ACTION
              Senate                               House
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 5                                           ORIGINAL STAMP BELOW

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11  The Committee on Financial Services offered the following:

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13         Amendment (with title amendment) 

14         On page 4, between line(s) 5&6, of the bill

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16  insert:

17         220.13  "Adjusted federal income" defined.--

18         (2)  For purposes of this section, a taxpayer's taxable

19  income for the taxable year means taxable income as defined in

20  s. 63 of the Internal Revenue Code and properly reportable for

21  federal income tax purposes for the taxable year, but subject

22  to the limitations set forth in paragraph (1)(b) with respect

23  to the deductions provided by ss. 172 (relating to net

24  operating losses), 170(d)(2) (relating to excess charitable

25  contributions), 404(a)(1)(D) (relating to excess pension trust

26  contributions), 404(a)(3)(A) and (B) (to the extent relating

27  to excess stock bonus and profit-sharing trust contributions),

28  and 1212 (relating to capital losses) of the Internal Revenue

29  Code, except that, subject to the same limitations, the term:

30         (i)  "Taxable income," in the case of a corporation for

31  which there is in effect for the taxable year an election

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    File original & 9 copies    04/04/97
    hfs0004                     11:47 am         01049-fs  -174621




                                                   HOUSE AMENDMENT

                                                  Bill No. HB 1049

    Amendment No. 2 (for drafter's use only)





 1  under s. 1362(a) of the Internal Revenue Code, including all

 2  qualified subchapter S subsidiaries within the meaning of s.

 3  1361 of the Internal Revenue Code, means the amounts subject

 4  to tax under s. 1374 or s. 1375 of the Internal Revenue Code

 5  for each taxable year;

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 8  ================ T I T L E   A M E N D M E N T ===============

 9  And the title is amended as follows:

10         On page 1, line(s) 9,

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12  after "companies;" insert:

13         exempting certain subsidiary corporations from

14         the corporate income tax;

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    File original & 9 copies    04/04/97
    hfs0004                     11:47 am         01049-fs  -174621