MODIFICATION OF CONTROL DEFINITION FOR PURPOSES OF SECTION 249.

SEC. 1108. MODIFICATION OF CONTROL DEFINITION FOR PURPOSES OF SECTION 249. (a) In General.—Section 249(a) is amended by striking “, or a corporation in control of, or controlled by,” and inserting “, or a corporation in the same parent-subsidiary controlled group (within the meaning of section 1563(a)(1) as”. (b) Conforming Amendment.—Section 249(b) is amended— (1) by striking all that precedes “is the issue price” and inserting: “(b) Adjusted Issue Price. For purposes of subsection (a), the adjusted issue price” , and (2) by striking paragraph (2). (c) [26 U.S.C. 249 note] Effective Date.—The amendments made by this section shall apply to repurchases after the date of the enactment of this Act.