S.Amdt. 4491

SA 4491. Mr. GRASSLEY 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:

Beginning on page 63, strike line 20 and all that follows
through line 7 on page 64 and insert the following:
``(ii) Taxable years ending during 2008 and 2009.--An
eligible taxpayer (within the meaning of section 168(k)(4))
may elect to apply this paragraph to any net operating loss
for any taxable year ending during 2008 or 2009--

``(I) by substituting `4' for `2' in subparagraph (A)(i),
``(II) by substituting `3' for `2' in subparagraph (E)(ii),
and
``(III) without regard to subparagraph (F).''.

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