S.Amdt. 4448

SA 4448. Ms. LANDRIEU 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 76, strike line 13 through page 77, line 9, and
insert the following:
structure that is--
``(i) a residence--

``(I) upon which foreclosure has been filed pursuant to the
laws of the State in which the residence is located, and
``(II) which--

``(aa) is a new previously unoccupied residence for which a
building permit was issued and construction began on or
before September 1, 2007, or
``(bb) was occupied as a principal residence by the
mortgagor for at least 1 year prior to the foreclosure
filing, or
``(ii) a residence that is damaged as a result of Hurricane
Katrina, Hurricane Rita, or Hurricane Wilma, and that has
been sold or transferred to a State or local government as a
result of such damage.
``(B) Single-family.--For purposes of subparagraph (A)(ii),
the term `single-family' includes 2, 3, or 4 family
residences one unit of which was occupied by the owner of the
units at the time of the occurrence of the damage described
in such subparagraph.
``(C) Certification.--
``(i) New previously unoccupied residence.--In the case of
an eligible single-family residence described in subparagraph
(A)(i)(II)(aa), no credit shall be allowed under this section
unless the purchaser submits a certification by the seller of
such residence that such residence meets the requirements of
such subparagraph.
``(ii) Residence transferred as a result of hurricane.--In
the case of an eligible single-family residence described in
subparagraph (A)(ii), no credit shall be allowed under this
section unless the purchaser submits a certification by the
appropriate State or local government that such residence
meet the requirements of such subparagraph.
On page 79, between lines 3 and 4, insert the following:
``(4) Homes transferred as a result of hurricane.--In the
case of a qualified principal residence described in
subsection (c)(2)(A)(ii)--
``(A) Limitation based on income.--No credit shall be
allowed under this section if the taxpayer's adjusted gross
income for the taxable year exceeds $50,000 ($100,000 in the
case of a joint return).
``(B) Recapture period.--Subsection (e) shall be applied by
substituting `36 months' for `24 months'.
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