HOUSE AMENDMENT

                                        Bill No. HB 1049, 1st Eng.

    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  Representative(s) Lacasa offered the following:

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13         Amendment (with title amendment) 

14         On page 3, line(s) 24,through page 4, line 7

15  remove from the bill:  all of said lines

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17  and insert in lieu thereof:

18         Section 3.  Paragraphs (i) and (j) of subsection (2) of

19  section 220.13, Florida Statutes, are amended to read:

20         220.13  "Adjusted federal income" defined.--

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

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

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

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

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

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

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

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

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

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

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

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    File original & 9 copies    04/28/97
    hfs0006                     12:19 pm         01049-0117-590379




                                                   HOUSE AMENDMENT

                                        Bill No. HB 1049, 1st Eng.

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





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

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

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

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

 5  qualified subchapter S subsidiaries within the meaning of s.

 6  1361 of the Internal Revenue Code, means the amounts subject

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

 8  for each taxable year;

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

12  And the title is amended as follows:

13         On page 1, line(s) 6,

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15  before "redefining" insert:

16         exempting certain subsidiary corporations from

17         the corporate income tax;

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    File original & 9 copies    04/28/97
    hfs0006                     12:19 pm         01049-0117-590379