CODING: Words stricken are deletions; words underlined are additions.
SENATE AMENDMENT
Bill No. CS for SB 1450
Amendment No.
CHAMBER ACTION
Senate House
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11 Senator Burt moved the following amendment:
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13 Senate Amendment (with title amendment)
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17 (m) Stock options granted to employees by their
18 employer pursuant to an incentive plan, if the employees
19 cannot transfer, sell, or mortgage the options. Stock
20 purchased by an employee from an employer pursuant to an
21 incentive plan shall be treated as a nontaxable stock option
22 if part of the purchase price of the stock is nonrecourse debt
23 secured by the stock and the stock cannot be sold,
24 transferred, or assigned by the employee until the nonrecourse
25 debt is discharged. Such stock becomes taxable stock when it
26 can be sold, transferred, or assigned by the employee.
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29 ================ T I T L E A M E N D M E N T ===============
30 And the title is amended as follows:
31 On page 1, line 21, after the semicolon
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12:25 AM 04/28/98 s1450c1c-16b01
SENATE AMENDMENT
Bill No. CS for SB 1450
Amendment No.
1 insert:
2 exempting stock options granted to employees by
3 an employer and stock purchased by employees
4 under certain conditions from intangible
5 personal property taxes;
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