Florida Senate - 2007                      COMMITTEE AMENDMENT
    Bill No. SB 982
                        Barcode 271778
                            CHAMBER ACTION
              Senate                               House
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 1           Comm: 1/RCS           .                    
       03/14/2007 07:40 AM         .                    
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11  The Committee on Commerce (Lynn) recommended the following
12  amendment:
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14         Senate Amendment 
15         On page 4, lines 16-27, delete those lines
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17  and insert:  worthless accounts if a proper election under
18  paragraph (e) is made by the dealer and lender and the
19  following conditions are met:
20         1.  No credit or refund was previously claimed or
21  allowed on any portion of the account.
22         2.  The accounts have been found worthless and are
23  deductible as bad debts for federal income tax purposes by the
24  lender or any entity affiliated with the lender under 26
25  U.S.C. s. 1504.
26         3.  The accounts are found to be worthless on or after
27  July 1, 2007, and the credit or refund is claimed not later
28  than 12 months following the date on which the accounts are
29  charged off for federal income tax purposes.
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    4:47 PM   03/09/07                              s0982.cm07.00c