AMENDMENT(S) PROPOSED BY THE SENATE

FINANCE

1. Line 196, introduced, after (C).

insert

Notwithstanding the statute on assessments contained in § 58.1-312, any subtraction taken pursuant to clause (i) of this subdivision shall be subject to recapture in the taxable year or years in which the third party supplemental needs trust is revoked or in the taxable year or years in which distributions from the trust are made for any reason other than the (a) supplemental needs of the beneficiary or (b) death of the beneficiary.

FINANCE

3. Line 372, introduced, after (C).

insert

Notwithstanding the statute on assessments contained in § 58.1-312, any tax exempted under this article pursuant to clause (i) shall be subject to recapture in the taxable year or years in which the third party supplemental needs trust is revoked or in the taxable year or years in which distributions from the trust are made for any reason other than the (a) supplemental needs of the beneficiary or (b) death of the beneficiary.

SEN. MARSDEN

1. Line 326, introduced, after 2011,

strike

the lesser of $2,000 or the total fair market value of contributions made by the individual during the taxable year

insert

marketable securities and monetary contributions made during the taxable year up to an aggregate of $2,000