AMENDMENT(S) REJECTED BY THE SENATE

SEN. SASLAW (WITHDRAWN)

1. Line 29, introduced, after passage.

insert

3.  Notwithstanding the provisions of subsection B.3. of section 58.1-301, two-thirds of any income derived in taxable year 2009 from the cancellation of indebtedness income which has been deferred in taxable year 2009 from federal adjusted income pursuant to § 108 (i) of the Internal Revenue Code may be subtracted from 2009 taxable income and deferred as follows: one-third of such income may be deferred until tax year 2010 and one-third of such income may be deferred until tax year 2011.

SEN. COLGAN  (REJECTED)

1. Line 25, introduced, after § 163 (e) (5) (F)

strike

 remainder of line 25, all of lines 26 and 27, and through Code on line 28

insert

Notwithstanding any other provision of this section or other law, the amount of the deduction allowed for domestic production activities pursuant to § 199 of the Internal Revenue Code (i) for taxable year 2010 may be taken as a deduction by the taxpayer only as follows: one-half for the taxable year 2012 return and  one-half for the taxable year 2013 return, and (ii) for taxable year 2011 may be taken as a deduction by the taxpayer only as follows: one-half for the taxable year 2013 return and one-half for the taxable year 2014 return.