Amended Substitute House Bill No. 150 Summary

• Provides tax reduction of up to $1 million per year for newly formed bank organizations during their first three years of operation through a "de novo bank organization" tax credit.

• De novo bank organizations pay tax equal to calculated tax minus $1 million, with no tax due if the difference is zero or negative.

• Excludes the principal balance of mortgage loans sold by registered mortgage lenders from commercial activity tax gross receipts calculation.

• Adds definition of "de novo bank organization" as a bank that first began operations in the preceding taxable year or within the two immediately preceding taxable years.

• Applies to bank organizations that first begin operations in the taxable year of enactment or any ensuing taxable year, and to mortgage lender transactions occurring after the effective date.