HOUSE AMENDMENT

                                                  Bill No. HB 1119

    Amendment No. 001 (for drafter's use only)

                            CHAMBER ACTION
              Senate                               House
                                   .
                                   .
 1                                 .
                                   .
 2                                 .
                                   .
 3                                 .
                                   .
 4                                                                

 5                                           ORIGINAL STAMP BELOW

 6

 7

 8

 9

10                                                                

11  The Committee on Finance & Taxation offered the following:

12

13         Amendment (with title amendment) 

14         On page 1, lines 20-25

15  remove from the bill:  all of said lines

16

17  and insert in lieu thereof:

18         (zz)  Joining fees paid for memberships and ownership

19  interests in and assessments for capital expenditures levied

20  by private not-for-profit clubs.--Exempt from the taxes

21  imposed by this chapter are:

22         1.  Monies paid on a one-time-only basis for the

23  privilege of joining and acquiring ownership interest in

24  private not-for-profit clubs, regardless of whether such

25  monies are refundable or not and regardless of the purposes

26  for which such monies are used.

27         2.  Assessments for capital expenditures levied by

28  private, not-for-profit clubs in which members have an

29  ownership interest, whether such assessments are recurring or

30  non-recurring provided, however, that such assessments do not

31  result in a reduction of dues or fees.  For purposes of this

                                  1

    File original & 9 copies    04/16/99
    hft0006                     04:36 pm         01119-ft  -760163




                                                   HOUSE AMENDMENT

                                                  Bill No. HB 1119

    Amendment No. 001 (for drafter's use only)





 1  paragraph, "capital expenditures" means the acquisition of

 2  capital assets and payments for capital improvements,

 3  including repairs or maintenance to existing capital assets,

 4  that maintain or add to the value of or prolong the useful

 5  life of the capital asset, according to generally accepted

 6  accounting principles.

 7

 8

 9  ================ T I T L E   A M E N D M E N T ===============

10  And the title is amended as follows:

11         On page 1, lines 4-7

12  remove from the title of the bill:  all of said lines

13

14  and insert in lieu thereof:

15  providing an exemption from the taxes imposed by chapter 212

16  for joining fees paid for memberships and ownership interests

17  in and assessments for capital expenditures levied by

18  not-for-profit membership clubs; providing an effective date.

19

20

21

22

23

24

25

26

27

28

29

30

31

                                  2

    File original & 9 copies    04/16/99
    hft0006                     04:36 pm         01119-ft  -760163