SENATE AMENDMENT

    Bill No. CS for SB 2496

    Amendment No.    

                            CHAMBER ACTION
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11  Senator Cowin moved the following amendment:

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13         Senate Amendment (with title amendment) 

14         On page 2, between lines 24 and 25,

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16  insert:

17         Section 2.  Paragraph (j) of subsection (1) of section

18  199.185, Florida Statutes, 1998 Supplement, is amended to

19  read:

20         199.185  Property exempted from annual and nonrecurring

21  taxes.--

22         (1)  The following intangible personal property shall

23  be exempt from the annual and nonrecurring taxes imposed by

24  this chapter:

25         (j)  Units of a unit investment trust and shares or

26  units of, or other undivided interest in, a business trust

27  organized under an agreement, indenture, or declaration of

28  trust and registered under the Investment Company Act of 1940,

29  as amended, shall be exempt if at least 90 percent of the net

30  asset value of the portfolio of assets corresponding to such

31  shares, units, or undivided interests is invested in assets

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    10:07 AM   04/27/99                             s2496c1c-1115y




                                                  SENATE AMENDMENT

    Bill No. CS for SB 2496

    Amendment No.    





 1  that are exempt from the tax imposed by s. 199.032 whose

 2  portfolio of assets consists solely of assets exempt under

 3  this section.

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 5  (Redesignate subsequent sections.)

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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 5, after the semicolon

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12  insert:

13         amending s. 199.185, F.S.; amending exemptions

14         from taxes imposed under ch. 199, F.S.;

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    10:07 AM   04/27/99                             s2496c1c-1115y