H.B. 1154                                                VETOES

(21) "REGULAR PLACE OF BUSINESS" MEANS AN OFFICE AT WHICH THE
BANK OR TRUST COMPANY CARRIES ON ITS BUSINESS IN A REGULAR AND
SYSTEMATIC MANNER AND IS CONTINUOUSLY MAINTAINED, OCCUPIED AND USED
BY EMPLOYEES OF THE BANK OR TRUST COMPANY.

(22) "ANOTHER STATE" OR "OTHER STATE" MEANS A STATE OF THE
UNITED STATES OTHER THAN THIS STATE, THE DISTRICT OF COLUMBIA, THE
COMMONWEALTH OF PUERTO RICO, ANY TERRITORY OR POSSESSION OF THE
UNITED STATES OR ANY FOREIGN COUNTRY.

(23) "SYNDICATION" MEANS AN EXTENSION OF CREDIT IN WHICH TWO
OR MORE PERSONS FUND AND EACH PERSON IS AT RISK ONLY UP TO A SPECIFIED
PERCENTAGE OF THE TOTAL EXTENSION OF CREDIT OR UP TO A SPECIFIED DOLLAR
AMOUNT.

(24) "TAXABLE" MEANS:

(I) THAT A BANK OR TRUST COMPANY IS SUBJECT IN ANOTHER
STATE TO A NET INCOME TAX, A FRANCHISE TAX MEASURED BY NET INCOME, A
FRANCHISE TAX FOR THE PRIVILEGE OF DOING BUSINESS, A CORPORATE STOCK
TAX (INCLUDING A BANK SHARES TAX), A SINGLE BUSINESS TAX, OR AN EARNED
SURPLUS TAX, OR ANY TAX WHICH IS IMPOSED UPON OR MEASURED BY NET
INCOME; OR

(II) THAT ANOTHER STATE HAS JURISDICTION TO SUBJECT THE
BANK OR TRUST COMPANY TO ANY OF SUCH TAXES REGARDLESS OF WHETHER, IN
FACT, THE OTHER STATE DOES OR DOES NOT.

(25) "TRANSPORTATION PROPERTY" MEANS VEHICLES AND VESSELS
CAPABLE OF MOVING UNDER THEIR OWN POWER, SUCH AS AIRCRAFT, TRAINS,
WATER VESSELS AND MOTOR VEHICLES, AS WELL AS ANY EQUIPMENT OR
CONTAINERS ATTACHED TO SUCH PROPERTY, SUCH AS ROLLING STOCK, BARGES,
TRAILERS OR THE LIKE,

(B) (1) EXCEPT AS OTHERWISE SPECIFICALLY PROVIDED, A BANK OR
TRUST COMPANY WHOSE BUSINESS ACTIVITY IS TAXABLE BOTH WITHIN AND
WITHOUT THIS STATE SHALL ALLOCATE AND APPORTION ITS NET EARNINGS AS
PROVIDED IN THIS SECTION. A BANK OR TRUST COMPANY ORGANIZED UNDER THE
LAWS OF A FOREIGN COUNTRY, THE COMMONWEALTH OF PUERTO RICO, OR A
TERRITORY OR POSSESSION OF THE UNITED STATES WHOSE EFFECTIVELY
CONNECTED INCOME (AS DEFINED UNDER THE INTERNAL REVENUE CODE) IS
TAXABLE BOTH WITHIN THIS STATE AND WITHIN ANOTHER STATE, OTHER THAN
THE OTHER STATE IN WHICH IT IS ORGANIZED, SHALL ALLOCATE AND APPORTION
ITS NET INCOME AS PROVIDED IN THIS SECTION.

(2) ALL NET EARNINGS SHALL BE APPORTIONED TO THIS STATE BY
MULTIPLYING SUCH INCOME BY THE APPORTIONMENT PERCENTAGE. THE
APPORTIONMENT PERCENTAGE IS DETERMINED BY ADDING THE BANK OR TRUST
COMPANY'S RECEIPTS FACTOR, PROPERTY FACTOR, AND PAYROLL FACTOR
TOGETHER AND DIVIDING THE SUM BY THREE. IF ONE OF THE FACTORS IS MISSING,
THE TWO REMAINING FACTORS ARE ADDED AND THE SUM IS DIVIDED BY TWO. IF

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