S.Amdt. 2764

SA 2764. Mr. BREAUX (for himself and Mr. Hatch) submitted an amendment intended to be proposed by him to the bill S. 1637, to amend the Internal Revenue Code of 1986 to comply with the World Trade Organization rulings on the FSC/ETI benefit in a manner that preserves jobs and production activities in the United States, to reform and simplify the international taxation rules of the United States, and for other purposes; which was ordered to lie on the table; as follows:

On page 179, after line 25, add the following:

SEC. __. REPEAL OF 10 YEAR RULE FOR QUALIFIED MORTGAGE BONDS; HOLIDAY FOR USE OF CERTAIN REPAYMENTS.

(a) Repeal.--Subparagraph (A) of section 143(a)(2) (relating to qualified mortgage issue defined) is amended by striking the last sentence thereof.

(b) Holiday for Prepayments.--Subparagraph (A) of section 143(a)(2) is amended by adding at the end the following flush sentence: “Clause (iv) shall not apply to amounts received during 2004, 2005, and 2006.”.

(c) Effective Dates.--

(1) Subsection (a).--The amendment made by subsection (a) shall apply to bonds issued after the date of the enactment of this Act.

(2) Subsection (b).--The amendment made by subsection (b) shall apply to amounts received after December 31, 2003.