S.Amdt. 2871

SA 2871. Mr. GRAHAM of Florida 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:

At the appropriate place insert the following:

SEC. __. REPEAL OF APPLICATION OF BELOW-MARKET LOAN RULES TO AMOUNTS PAID TO CERTAIN CONTINUING CARE FACILITIES.

(a) In General.--Section 7872(c)(1) (relating to below-market loans to which section applies) is amended by striking subparagraph (F).

(b) Full Exception.--Section 7872(g) (relating to exception for certain loans to qualified continuing care facilities) is amended--

(1) by striking paragraphs (2) and (5),

(2) by redesignating paragraphs (3) and (4) as paragraphs (2) and (3), respectively,

(3) by adding at the end of paragraph (2) (as so redesignated) the following new flush sentence: “The Secretary shall issue guidance which limits such term to contracts which provide to an individual or individual's spouse only facilities, care, and services described in this paragraph which are customarily offered by continuing care facilities.”, and

(4) by striking “Certain” in the heading thereof.

(c) Effective Date.--The amendments made by this section shall apply to calendar years beginning after December 31, 2004.