S.Amdt. 4462

SA 4462. Mr. KERRY (for himself, Mr. Grassley, Mrs. Boxer, and Ms.
Cantwell) 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

[[Page S2650]]

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 82, between lines 7 and 8, insert the following:

SEC. ___. INCREASE OF AMT REFUNDABLE CREDIT AMOUNT FOR
INDIVIDUALS WITH LONG-TERM UNUSED CREDITS FOR
PRIOR YEAR MINIMUM TAX LIABILITY, ETC.

(a) In General.--Paragraph (2) of section 53(e) of the
Internal Revenue Code of 1986 is amended to read as follows:
``(2) AMT refundable credit amount.--For purposes of
paragraph (1), the term `AMT refundable credit amount' means,
with respect to any taxable year, the amount (not in excess
of the long-term unused minimum tax credit for such taxable
year) equal to the greater of--
``(A) 50 percent of the long-term unused minimum tax credit
for such taxable year, or
``(B) the amount (if any) of the AMT refundable credit
amount determined under this paragraph for the taxpayer's
preceding taxable year.''.
(b) Treatment of Certain Underpayments, Interest, and
Penalties Attributable to the Treatment of Incentive Stock
Options.--Section 53 of the Internal Revenue Code of 1986 is
amended by adding at the end the following new subsection:
``(f) Treatment of Certain Underpayments, Interest, and
Penalties Attributable to the Treatment of Incentive Stock
Options.--
``(1) Abatement.--Any underpayment of tax outstanding on
the date of the enactment of this subsection which is
attributable to the application of section 56(b)(3) for any
taxable year ending before January 1, 2008 (and any interest
or penalty with respect to such underpayment which is
outstanding on such date of enactment), is hereby abated. No
credit shall be allowed under this section with respect to
any amount abated under this paragraph.
``(2) Increase in credit for certain interest and penalties
already paid.--Any interest or penalty paid before the date
of the enactment of this subsection which would (but for such
payment) have been abated under paragraph (1) shall be
treated for purposes of this section as an amount of adjusted
net minimum tax imposed for the taxable year of the
underpayment to which such interest or penalty relates.''.
(c) Effective Date.--
(1) In general.--Except as provided in paragraph (2), the
amendment made by this section shall apply to taxable years
beginning after December 31, 2007.
(2) Abatement.--Section 53(f)(1) of the Internal Revenue
Code of 1986, as added by subsection (b), shall take effect
on the date of the enactment of this Act.
______