S.Amdt. 4440

SA 4440. Mr. NELSON of Nebraska submitted an amendment intended to be
proposed to amendment SA 4387 submitted by Mr. Dodd (for himself and
Mr. Shelby) to the bill H.R. 3221, moving the United States toward
greater energy independence and security, developing innovative new
technologies, reducing carbon emissions, creating green jobs,
protecting consumers, increasing clean renewable energy production, and
modernizing our energy infrastructure, and to amend the Internal
Revenue Code of 1986 to provide tax incentives for the production of
renewable energy and energy conservation; which was ordered to lie on
the table; as follows:

On page 73, strike lines 19 through 21 and insert the
following:
(d) Modification of Definition of Qualified Home
Improvement Loan.--Paragraph (4) of section 143(k) of the
Internal Revenue Code of 1986 (relating to qualified home
improvement loan) is amended to read as follows:
``(4) Qualified home improvement loan.--The term `qualified
home improvement loan' means the financing (in an amount
which does not exceed 50 percent of the purchase price
limitation that would be applicable to the residence to be
improved under subsection (e) if such residence were to be
acquired by the mortgagor at the time of execution of the
qualified home improvement loan)--
``(A) of alterations, repairs, and improvements on or in
connection with an existing residence by the owner thereof,
but
``(B) only of such items as substantially protect or
improve the basic livability or energy efficiency of the
property.''.
(e) Effective Date.--The amendments made by this section
shall apply to bonds issued after the date of the enactment
of this Act.
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