Amendments for HB08-1408
 

House Journal, April 30
36 Amendment No. 1, by Representative Levy.
37
38 Amend printed bill, page 2, line 4, strike "can be" and substitute "is
39 apportioned based on";
40
41 line 5, strike "reasonably attributed to";
42
43 line 7, strike "in a" and substitute "based on";
44
45 line 8, strike "form that most clearly reflects";
46
47 line 12, strike "do not represent the underlying economic reality,";
48
49 line 13, strike "purpose," and substitute "purpose" and strike "clear";
50
51 line 14, strike "for income attributable to a" and substitute "apportioned
52 based on the".
53
54 Page 3, strike line 7 and substitute the following:
55
56 "state.".
1 Page 8, line 10, after the period, add "FOR PURPOSES OF THIS PARAGRAPH
2 (b), IN NO EVENT SHALL AN IDENTIFIED LISTED TRANSACTION BE ANY
3 LISTED TRANSACTION NOT ALREADY ADOPTED BY OTHER STATES.";
4
5 strike lines 13 through 18 and substitute the following:
6
7 "(7) "REPORTABLE TRANSACTION" MEANS ANY TRANSACTION OR
8 ARRANGEMENT CARRIED OUT THROUGH, OR INVESTED IN BY, ONE OR MORE
9 ENTITIES THAT ARE DOING BUSINESS IN THIS STATE AND DESCRIBED:
10
11 (a) IN 26 CFR 1.6011-4 (b) (2) TO (7); OR
12
13 (b) BY THE DEPARTMENT BY RULES PROMULGATED IN
14 ACCORDANCE WITH SECTION 39-21-112 (1). FOR PURPOSES OF THIS
15 PARAGRAPH (b), IN NO EVENT SHALL AN IDENTIFIED REPORTABLE
16 TRANSACTION BE ANY REPORTABLE TRANSACTION NOT ALREADY ADOPTED
17 BY OTHER STATES.".
18
19 Page 10, after line 2, insert the following:
20
21 "(3) FOR PURPOSES OF THIS SECTION, IF TWO OR MORE MEMBERS
22 OF THE SAME COMBINED REPORT OR CONSOLIDATED RETURN PARTICIPATE
23 IN THE SAME TRANSACTION, THE PENALTY IMPOSED BY SUBSECTION (1) OF
24 THIS SECTION SHALL ONLY BE IMPOSED ONCE ON SUCH COMBINED REPORT
25 OR CONSOLIDATED RETURN.";
26
27 line 15, after "(2)" insert "(a)";
28
29 after line 21, insert the following:
30
31 "(b) NOTWITHSTANDING THE PROVISIONS OF PARAGRAPH (a) OF
32 THIS SUBSECTION (2), IF A TAXPAYER AMENDS AN INCOME TAX RETURN TO
33 CHANGE THE TAX TREATMENT OF A REPORTABLE TRANSACTION PRIOR TO
34 DECEMBER 31, 2008, THAT CHANGE IN THE TAX TREATMENT OF THE
35 REPORTABLE TRANSACTION CONTAINED IN THE AMENDED INCOME TAX
36 RETURN SHALL BE CONSIDERED IN DETERMINING A TAX UNDERPAYMENT
37 UNDER THIS SECTION.".
38
39 Page 13, after line 10, insert the following:
40
41 "SECTION 5. Applicability. Section 4 of this act shall apply to
42 income tax returns filed after the department of revenue promulgates rules
43 as specified by section 39-29-651 (5) (b) and (7) (b), Colorado Revised
44 Statutes. The executive director of the department of revenue shall notify
45 in writing the revisor of statutes the date such rules are promulgated.".
46
47 Renumber succeeding section accordingly.
48
49 Amendment No. 2, by Representative Balmer.
50
51 Amend, Amendment No.2, by Representative Levy, as printed in House
52 Journal page 1769, strike lines 1 through 17and substitute the following:
53
54 "Page 8 of the printed bill, line 5, strike "BY:";
55
56 strike line 6 and substitute the following:
1 "BY THE UNITED STATES SECRETARY OF THE TREASURY IN WRITTEN";
2
3 line 8, strike "CODE; OR" and substitute "CODE.";
4
5 strike lines 9 and 10;
6
7 strike lines 14 through 18 and substitute the following:
8
9 "ARRANGEMENT IN WHICH THE TAXPAYER IS REQUIRED TO FILE A
10 DISCLOSURE STATEMENT UNDER 26 CFR 1.6011-4.".".
11
12 As amended, ordered engrossed and placed on the Calendar for Third
13 Reading and Final Passage.
14 (For change in action, see Amendments to Report, page 1773.)
15