5171-S AMH JUDI BARC 023

SSB 5171 - H COMM AMD

By Committee on Judiciary

    On page 2, beginning on line 10, after "payment" strike "as of the first business day of the accounting period" and insert "((as of the first business day of the accounting period)) according to the most recent statement of value preceding the beginning of the accounting period"

    On page 3, line 8, after "equal" strike "three" and insert "four"

    On page 3, beginning on line 20, strike all of section 2

    Renumber the remaining sections consecutively and correct any internal references accordingly.

    Correct the title.

EFFECT:  The amendment makes the following changes:

·   Requires a trustee to calculate the 4% allocation made to income using the most recent statement of value preceding the beginning of the accounting period, in cases where no part of a payment is characterized as interest, a dividend, or an equivalent. 

·   Removes the section changing the provisions related to income taxes on receipts from business entities.

·   Changes the formula used to calculate the internal income of a separate fund from 3% to 4% of the fund's value, in cases where the trustee cannot determine the internal income of a separate fund but can determine the value of the separate fund. 

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