FORTY-NINTH LEGISLATURE

FIRST SESSION, 2009

March 4, 2009

Mr. Speaker:

    Your TAXATION AND REVENUE COMMITTEE, to whom has been referred

HOUSE BILL 160, as amended

has had it under consideration and reports same with recommendation that it DO PASS, amended as follows:

     1. On page 1, strike line 12 through "REQUIRING" and insert in lieu thereof "TO PROVIDE FOR THE PHASING IN OF THE".

     2. On page 2, line 11, after "which", insert a colon.

     3. On page 2, lines 12 through 16 and lines 18 through 24, remove the brackets and line-through.

     4. On page 2, line 23, after "Code", insert "; provided, however, that if the provisions of this subsection result in an increase in the value of the property, that increase in value shall not be immediately effective but shall be phased in at the rate of twenty percent of the amount of the increase in each tax year, beginning in the tax year in which the determination pursuant to this subsection is made, until the amount of the increase has been fully applied to the value of the property".

     5. On page 2, line 24, strike "B.".

     6. Reletter the succeeding subsection accordingly.

     7. On pages 4 and 5, remove the brackets and line-through.