S0742B0795A04598 MSP:JSL 05/31/24 #90 A04598
AMENDMENTS TO SENATE BILL NO. 742
Sponsor: SENATOR MARTIN
Printer's No. 795
Amend Bill, page 1, line 12, by inserting after "obligations"
; and providing for ascertainment of taxable amount and
construction
Amend Bill, page 3, lines 3 through 8, by striking out all of
said lines and inserting
Section 2. The amendment of section 701.1(b), (b.1) and (c)
of the act shall apply to the ascertainment of the taxable
amount of shares after December 31, 2024, and to the report and
the payment of the bank and trust company shares tax due after
March 14, 2025.
Section 3. The General Assembly finds and declares as
follows:
(1) The amendment of section 701.1(b), (b.1) and (c) of
the act shall not be relied upon to:
(i) ascertain the taxable amount of shares for a
period prior to January 1, 2025;
(ii) ascertain the amount of tax due prior to March
15, 2025; or
(iii) authorize a refund of a tax paid for a period
for which a report was due prior to March 15, 2025,
beyond the extent to which the refund would have
otherwise been due notwithstanding the amendment of
section 701.1(b), (b.1) and (c) of the act.
(2) In ascertaining the taxable amount of shares for a
period prior to January 1, 2025, the amount of goodwill
subtracted and disregarded in calculating the deduction for
United States obligations under section 701.1(b) of the act,
and the amount of goodwill deducted from the taxable amount
of shares under section 701.1(b.1) of the act, shall be
determined based on the law as in effect prior to the
effective date of this section, without any inference that
the amendment of section 701.1(b), (b.1) and (c) of the act
expanded, or confirmed any administrative determination that
limited or restricted, the extent to which goodwill could be
subtracted and disregarded under section 701.1(b) of the act
or deducted under section 701.1(b.1) of the act.
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Amend Bill, page 3, line 9, by striking out "3" and inserting
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