1.1.................... moves to amend H.F. No. 1316 as follows:
1.2Page 8, after line 17, insert:

1.3    "Sec. 2. Minnesota Statutes 2010, section 289A.35, is amended to read:
1.4289A.35 ASSESSMENTS ON RETURNS.
1.5(a) The commissioner may audit and adjust the taxpayer's computation of federal
1.6taxable income, items of federal tax preferences, or federal credit amounts to make them
1.7conform with the provisions of chapter 290 or section 298.01. If a return has been filed,
1.8the commissioner shall enter the liability reported on the return and may make any audit
1.9or investigation that is considered necessary.
1.10(b) The commissioner may audit and adjust the taxpayer's computation of tax under
1.11chapter 291. In the case of a return filed pursuant to section 289A.10, the commissioner
1.12shall notify the estate no later than nine months after the filing date, as provided by section
1.13289A.38, subdivision 2, whether the return is under examination or the return has been
1.14processed as filed.
1.15EFFECTIVE DATE.This section is effective for estates of decedents dying after
1.16December 31, 2010."
1.17Page 8, line 23, delete "the day of final enactment" and insert "December 31, 2010"
1.18Page 9, line 14, delete "the day of final enactment" and insert "December 31, 2010"
1.19Page 13, line 6, delete "are" and insert "were" and reinstate "during the preceding
1.20year"
1.21Page 13, line 31, delete everything after "used"
1.22Page 13, line 32, delete everything before the colon and insert "intensively for
1.23one or more of the following purposes"
1.24Page 27, line 11, delete the new language
1.25Page 27, delete lines 17 to 21 and insert:
2.1"(b) Except as provided in subdivision 3, any document that alters an existing
2.2mortgage to secure debt that was (i) advanced, (ii) repaid in whole or in part, and (iii) then
2.3readvanced in whole or in part, shall be taxed based upon the new amounts advanced, even
2.4if the maximum debt previously secured by the mortgage is not exceeded."
2.5Renumber the sections in sequence and correct the internal references
2.6Amend the title accordingly