AMENDMENT(S) PROPOSED BY THE SENATE

FINANCE

1. Line 27, introduced

strike

all of lines 27 and 28

SEN. SASLAW

2. Line 30, introduced, after line 29

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 taxable 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 taxable year 2010 and one third of such income may be deferred until taxable year 2011.