Amendment AA1-AB370

LRBa1029/1

MES&JK:jld:rs

2001 - 2002 LEGISLATURE

ASSEMBLY AMENDMENT 1, TO 2001 ASSEMBLY BILL 370

January 16, 2002 - Offered by Committee on Ways and Means.

AB370-AA1,1,1 At the locations indicated, amend the bill as follows:

AB370-AA1,2,2 1. Page 1, line 5: after "$300" insert ", except that for taxable years beginning after December 31, 2002, the dollar amount in this paragraph shall be increased each year by a percentage equal to the percentage change between the U.S. consumer price index for all urban consumers, U.S. city average, for the month of August of the previous year and the U.S. consumer price index for all urban consumers, U.S. city average, for the month of August 2001, as determined by the federal department of labor. The amount that is revised under this paragraph shall be rounded to the nearest multiple of $1 if the revised amount is not a multiple of $1 or, if the revised amount is a multiple of 50 cents, such an amount shall be increased to the next higher multiple of $1. The department of revenue shall annually adjust the changes in dollar amounts required under this paragraph and incorporate the changes into the income tax forms and instructions".

AB370-AA1,2,3 (End)