S.Amdt. 2641

1. Adds SEC. __. MODIFICATIONS OF EFFECTIVE DATES OF LEASING PROVISIONS OF THE AMERICAN JOBS CREATION ACT OF 2004 AND FUNDING OF LIHEAP TRUST FUND 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. __. MODIFICATIONS OF EFFECTIVE DATES OF LEASING PROVISIONS OF THE AMERICAN JOBS CREATION ACT OF 2004 AND FUNDING OF LIHEAP TRUST FUND.

   Inserted: (a) In General.--Section 849(b) of the American Jobs Creation Act of 2004, as amended by section 553 of this Act, is amended by adding at the end the following new paragraph:

   Inserted: "(3) Leases to foreign entities.--In the case of tax-exempt use property leased to a tax-exempt entity which is a foreign person or entity, the amendments made by this part shall apply to taxable years beginning after December 31, 2004, with respect to leases entered into on or before March 12, 2004.".

   Inserted: (b) Low Income Home Energy Assistance Trust Fund.--

   Inserted: (1) In general.--Subchapter A of chapter 98 (relating to trust fund code) is amended by adding at the end the following new section:

   Inserted: "SEC. 9511. LOW-INCOME HOME ENERGY ASSISTANCE TRUST FUND.

   Inserted: "(a) Creation of Trust Fund.--There is established in the Treasury of the United States a trust fund to be known as the 'Low-Income Home Energy Assistance Trust Fund', consisting of any amount appropriated or credited to the Trust Fund as provided in this section or section 9602(b).

   Inserted: "(b) Transfers to Trust Fund.--There are hereby appropriated to the Low-Income Home Energy Assistance Trust Fund amounts equivalent to the increased revenues received in the Treasury as the result of the amendment made by section 410(a) of the Tax Relief Act of 2005.

   Inserted: "(c) Expenditures From Trust Fund.--Amounts in the Low Income Home Energy Assistance Trust Fund not to exceed $2,920,000,000 shall be available for fiscal year 2006, as provided by appropriation Acts, to carry out the program under the Low-Income Home Energy Assistance Act of 1981 through the distribution of funds to all the States in accordance with section 2604 of that Act (42 U.S.C. 8623) (other than subsection (e) of such section), but only if not less than $1,880,000,000 has been appropriated for such program for such fiscal year.".

   Inserted: (2) Clerical amendment.--The table of sections for such subchapter is amended by adding at the end the following new item:

   Inserted: "Sec. 9511. Low-Income Home Energy Assistance Trust Fund.".

   Inserted: (c) Effective Dates.--

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   Inserted: (1) In general.--The amendments made by subsection (a) shall take effect as if included in the enactment of the American Jobs Creation Act of 2004.

   Inserted: (2) Subsection (b).--The amendments made by subsection (b) shall take effect on the date of the enactment of this Act.

   Original wording

   At the end of title IV add the following:

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As printed