H2297B3347A06248       MSP:DM  03/14/08    #90             A06248
                       AMENDMENTS TO HOUSE BILL NO. 2297
                                    Sponsor:  REPRESENTATIVE KENNEY
                                           Printer's No. 3347

     1       Amend Title, page 1, line 15, by striking out "and" where it
     2    appears the third time and inserting a comma
     3       Amend Title, page 1, line 16, by removing the period after
     4    "tax" and inserting
     5               and for local earned income and net profits taxes.
     6       Amend Bill, page 7, by inserting between lines 9 and 10
     7       Section 3.1.  Section 703 of the act is amended by adding a
     8    subsection to read:
     9    Section 703.  Local earned income and net profits taxes;
    10                   business privilege taxes.
    11       * * *
    12       (g)  Determination of exemption.--For the purposes of
    13    determining an exemption under this section, a tax on or
    14    measured by any of the following shall be attributed to business
    15    activity conducted within a subzone, improvement zone or
    16    expansion zone by applying the apportionment factors under
    17    section 515(d):
    18           (1)  Business gross receipts.
    19           (2)  Gross or net income.
    20           (3)  Gross or net profits.







    C14L90MSP/HB2297A06248