S.Amdt. 757

1. Inserts new text on page 7, between lines 8 and 9

   InsertsPrinted page

   Inserted: (c) Limitation.--

   Inserted: (1) In general.--The authority granted under subsections (a) and (b) shall not apply with respect to any remote seller that is not a qualifying remote seller.

   Inserted: (2) Qualifying remote seller.--For purposes of this subsection--

   Inserted: (A) In general.--The term "qualifying remote seller" means--

   Inserted: (i) any remote seller that meets the ownership requirements of subparagraph (B); or

   Inserted: (ii) any remote seller the majority of domestic employees of which are primarily employed at a location in a participating State.

   Inserted: (B) Ownership requirements.--A remote seller meets the ownership requirements of this subparagraph if--

   Inserted: (i) in the case of a remote seller that is a publicly traded corporation, more than 50 percent of the covered employees (as defined in section 162(m)(3)) of the Internal Revenue Code of 1986) of such corporation reside in participating States;

   Inserted: (ii) in the case of a remote seller that is a corporation (other than a publicly traded corporation), more than 50 percent of the stock (by vote or value) of such corporation is held by individuals residing in participating States;

   Inserted: (iii) in the case of a remote seller that is a partnership, more than 50 percent of the profits interests or capital interests in such partnership is held by individuals residing in participating States; and

   Inserted: (iv) in the case of any other remote seller, more than 50 percent of the beneficial interests in the entity is held by individuals residing in participating States.

   Inserted: (C) Attribution rules.--For purposes of subparagraph (B), the rules of section 318(a) of the Internal Revenue Code of 1986 shall apply.

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   Inserted: (D) Aggregation rules.--For purposes of this paragraph, all persons treated as a single employer under subsection (a) or (b) of section 52 of the Internal Revenue Code of 1986 or subsection (m) or (o) of section 414 of such Code shall be treated as one person.

   Inserted: (3) Participating state.--The term "participating State" means--

   Inserted: (A) a Member State under the Streamlined Sales and Use Tax Agreement which has exercised authority under subsection (a); or

   Inserted: (B) a State that--

   Inserted: (i) is not a Member State under the Streamlined Sales and Use Tax Agreement; and

   Inserted: (ii) has met the requirements of paragraphs (1) and (2) of subsection (b) for exercising the authority granted under such subsection.

   Original wording

   On page 7, between lines 8 and 9, insert the following:

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As printed