SB170 HFIN AM 2-11

McO 3230

The Committee on Finance moves to amend the bill on page one, section twenty, line nine, following the words “this section shall”, by striking out the word “does” and inserting in lieu thereof the word “shall”;

On page one, section twenty, following line eleven, by inserting a new subdivision to read as follows:

“(3) A credit pursuant to this section for income tax paid to a foreign country shall be allowed only when the taxpayer demonstrates to the satisfaction of the Tax Commissioner that, after application of provisions of the Internal Revenue Code with regard to taxation of foreign income, double taxation of the foreign income included in the federal adjusted gross income of the taxpayer will occur unless the credit provided in this section is allowed.”

And,

On page two, section twenty, line twenty-four, following the words “Legislature through”, by striking out the date “July 1, 2069” and inserting in lieu thereof the date “July 1, 2040”.

ADOPTED

REJECTED