S.Amdt. 2622

1. Adds SEC. __. HYDROELECTRIC DEVELOPMENT INCENTIVES at the end of title IV

   Adds a section

   In S. 2020 · Placed on Calendar Senate

   (d) Effective Date.--The amendments made by this section shall apply to amounts paid or accrued during the period beginning after December 31, 2006, and before January 1, 2008, and properly allocable to such period, with respect to mortgage insurance contracts issued after December 31, 2006.

   Inserted: SEC. __. HYDROELECTRIC DEVELOPMENT INCENTIVES.

   Inserted: (a) In General.--Project numbers 1051, 10440, 11393, 11077, 11588, and 12379 of the Federal Energy Regulatory Commission shall be eligible for the maximum favorable treatment afforded under any Federal legislation or any amendments made by such legislation which promotes hydroelectric development that is enacted during the 10-year period that begins on the date that is 5 years prior to the date of enactment of this Act.

   Inserted: (b) Deemed Qualified Energy Resources.--All power produced by the project numbers specified in subsection (a) shall be deemed to be qualified energy resources for purposes of qualifying for any energy production credit or similar benefit enacted for hydroelectric development within the 10-year period described in subsection (a).

   Inserted: (c) Triple Interest and Penalties for Underpayments Related to Certain Offshore Financial Arrangements.--Section 532 of this Act is amended--

   Inserted: (1) in the section heading, by striking "DOUBLING" and inserting "TRIPLING"; and

   Inserted: (2) in subsection (a)(1)(B), by striking "twice" and inserting "3 times".

   Original wording

   At the end of title IV, add the following:

Read automatically from the Congressional Record. Check the original before relying on it.

As printed