H.B. 1154                                                VETOES

NUMERATOR OF THE RECEIPTS FACTOR TO THE EXTENT THAT THE PROPERTY IS
USED IN THIS STATE. THE EXTENT AN AIRCRAFT WILL BE DEEMED TO BE USED IN
THIS STATE AND THE AMOUNT OF RECEIPTS THAT IS TO BE INCLUDED IN THE
NUMERATOR OF THIS STATE'S RECEIPTS FACTOR IS DETERMINED BY MULTIPLYING
ALL THE RECEIPTS FROM THE LEASE OR RENTAL OF THE AIRCRAFT BY A FRACTION,
THE NUMERATOR OF WHICH IS THE NUMBER OF LANDINGS OF THE AIRCRAFT IN
THIS STATE AND THE DENOMINATOR OF WHICH IS THE TOTAL NUMBER OF
LANDINGS OF THE AIRCRAFT. IF THE EXTENT OF THE USE OF ANY
TRANSPORTATION PROPERTY WITHIN THIS STATE CANNOT BE DETERMINED, THEN
THE PROPERTY WILL BE DEEMED TO BE USED WHOLLY IN THE STATE WHERE THE
PROPERTY HAS ITS PRINCIPAL BASE OF OPERATIONS. A MOTOR VEHICLE WILL BE
DEEMED TO BE USED WHOLLY IN THE STATE WHERE IT IS REGISTERED.

(4) (I) THE NUMERATOR OF THE RECEIPTS FACTOR INCLUDES
INTEREST AND FEES OR PENALTIES IN THE NATURE OF INTEREST FROM LOANS
SECURED BY REAL PROPERTY IF THE PROPERTY IS LOCATED WITHIN THIS STATE. IF
THE PROPERTY IS LOCATED BOTH WITHIN THIS STATE AND ONE OR MORE OTHER
STATES, THE RECEIPTS DESCRIBED IN THIS SUBSECTION ARE INCLUDED IN THE
NUMERATOR OF THE RECEIPTS FACTOR IF MORE THAN 50% OF THE FAIR MARKET
VALUE OF THE REAL PROPERTY IS LOCATED WITHIN THIS STATE. IF MORE THAN
50% OF THE FAIR MARKET VALUE OF THE REAL PROPERTY IS NOT LOCATED WITHIN
ANY ONE STATE, THEN THE RECEIPTS DESCRIBED IN THIS SUBSECTION SHALL BE
INCLUDED IN THE NUMERATOR OF THE RECEIPTS FACTOR IF THE BORROWER IS
LOCATED IN THIS STATE;

(II) THE DETERMINATION OF WHETHER THE REAL PROPERTY
SECURING A LOAN IS LOCATED WITHIN THIS STATE SHALL BE MADE AS OF THE TIME
THE ORIGINAL AGREEMENT WAS MADE AND ANY AND ALL SUBSEQUENT
SUBSTITUTIONS OF COLLATERAL SHALL BE DISREGARDED.

(5) THE NUMERATOR OF THE RECEIPTS FACTOR INCLUDES INTEREST
AND FEES OR PENALTIES IN THE NATURE OF INTEREST FROM LOANS NOT SECURED
BY REAL PROPERTY IF THE BORROWER IS LOCATED IN THIS STATE.

(6) THE NUMERATOR OF THE RECEIPTS FACTOR INCLUDES NET GAINS
FROM THE SALE OF LOANS. NET GAINS FROM THE SALE OF LOANS INCLUDES
INCOME RECORDED UNDER THE COUPON STRIPPING RULES OF § 1286 OF THE
INTERNAL REVENUE CODE.

(I) THE AMOUNT OF NET GAINS (BUT NOT LESS THAN ZERO)
FROM THE SALE OF LOANS SECURED BY REAL PROPERTY INCLUDED IN THE
NUMERATOR IS DETERMINED BY MULTIPLYING SUCH NET GAINS BY A FRACTION
THE NUMERATOR OF WHICH IS THE AMOUNT INCLUDED IN THE NUMERATOR OF
THE RECEIPTS FACTOR PURSUANT TO PARAGRAPH (4) OF THIS SUBSECTION AND
THE DENOMINATOR OF WHICH IS THE TOTAL AMOUNT OF INTEREST AND FEES OR
PENALTIES IN THE NATURE OF INTEREST FROM LOANS SECURED BY REAL
PROPERTY.

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