S.Amdt. 4213

SA 4213. Mr. ISAKSON submitted an amendment intended to be proposed by him to the concurrent resolution S. Con. Res. 70, setting forth the congressional budget for the United States Government for fiscal year 2009 and including the appropriate budgetary levels for fiscal years 2008 and 2010 through 2013; which was ordered to lie on the table; as follows:

On page 52, strike line 3 through line 7, and insert the following:

or other sources, or provide a Federal income tax credit in an amount not to exceed $15,000 equally divided among 3 taxable years to the purchaser of a qualified principal residence that is--

(1) a new previously unoccupied residence for which the building permit is issued and construction begins on or before September 1, 2007, but only if such residence is purchased by the taxpayer directly from the person to whom such building permit was issued;

(2) an owner-occupied residence with respect to which the owner's acquisition indebtedness is in default on or before March 1, 2008; or

(3) a single-family residence with respect to which a foreclosure event has taken place and which is owned by the mortgagor or the mortgagor's agent, but only if such residence was occupied as a principal residence by the mortgagee for at least 1 year prior to the foreclosure event;

by the amounts provided in such legislation for those purposes, provided that such legislation would not increase the deficit over either the period of the total of fiscal years 2008 through 2013 or the period of the total of fiscal years 2008 through 2018.