S.Amdt. 4501

TEXT OF AMENDMENTS

SA 4494. Ms. MIKULSKI (for herself, Mr. Kennedy, and Mr. Harkin)
submitted an amendment intended to be proposed to amendment SA 4478
submitted by Mrs. Murray (for herself, Mr. Schumer, Mr. Casey, and Mr.
Brown) to the 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; as follows:

In lieu of the matter proposed to be inserted, insert the
following:

SEC. _____.

Notwithstanding any other provision of this Act, the amount
appropriated under section 301(a) of this Act shall be
$3,862,500,000 and the amount appropriated under section 401
of this Act shall be $237,500,00: Provided, That, of amounts
appropriated under such section 401 $37,500,000 shall be used
by the Neighborhood Reinvestment Corporation (referred to in
this section as the ``NRC'') to (1) make grants to counseling
intermediaries approved by the Department of Housing and
Urban Development or the NRC to hire attorneys trained and
capable of assisting homeowners of owner-occupied homes with
mortgages in default, in danger of default, or subject to or
at risk of foreclosure who have legal issues that cannot be
handled by counselors already employed by such
intermediaries, and (2) support NRC partnerships with State
and local legal organizations and organizations described in
section 501(c)(3) of the Internal Revenue Code of 1986 and
exempt from tax under section 501(a) of that Code with
demonstrated relevant legal experience in home foreclosure
law, as such experience is determined by the Chief Executive
Officer of NRC: Provided further, That for the purpose of the
prior proviso the term ``relevant experience'' means
experience representing homeowners in negotiations and or
legal proceedings aimed at preventing or mitigating
foreclosure or providing legal research and technical legal
expertise to community based organizations whose goal is to
reduce, prevent, or mitigate foreclosure: Provided further,
That of the amounts provided for in the prior provisos the
NRC shall give priority consideration to counseling
intermediaries and legal organizations that (1) provide legal
assistance in the 100 metropolitan statistical areas (as
defined by the Director of the Office of Management and
Budget) with the highest home foreclosure rates, and (2) have
the capacity to begin using the financial assistance within
90 days after receipt of the assistance.
______

SA 4495. Mrs. HUTCHISON (for herself and Mr. Nelson of Florida)
submitted an amendment intended to be proposed to amendment SA 4425
submitted by Mrs. Hutchison (for herself and Mr. Nelson of Florida) and
intended to be proposed 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:

In lieu of the matter proposed to be inserted, insert the
following:

SEC. ___. NEW RESTAURANT PROPERTY ELIGIBLE FOR BONUS
DEPRECIATION.

(a) In General.--Clause (i) of section 168(k)(2)(A) of the
Internal Revenue Code of 1986 (relating to qualified
property) is amended by striking ``or'' at the end of
subclause (III), by inserting ``or'' at the end of subclause
(IV), and by adding at the end the following new subclause:

``(V) which is new restaurant property,''.

(b) Qualified New Restaurant Property.--Subsection (k) of
section 168 of such Code, as amended by this Act, is amended
by adding at the end the following new paragraph:
``(6) Qualified new restaurant property.--For purposes of
this subsection, the term `qualified new restaurant property'
means any section 1250 property which is a building if more
than 50 percent of the building's square footage is devoted
to preparation of, and seating for on-premises consumption
of, prepared meals.''.
(c) Effective Date.--The amendments made by this section
shall apply to property placed in service after the date of
the enactment of this Act.
______

SA 4496. Mr. SPECTER submitted an amendment intended to be proposed
by him 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:

At the appropriate place, insert the following:

SEC. __. EXTENSION OF MOVING TO WORK DEMONSTRATION AGREEMENT.

(a) In General.--Notwithstanding any other provision of
law, the Secretary of Housing and Urban Development (in this
section referred to as the ``Secretary'') shall extend the
effective period of the Moving to Work Demonstration
Agreement entered into between the Philadelphia Housing
Authority and the Department of Housing and Urban Development
on or about February 28, 2002, pursuant to section 204 of the
Omnibus Consolidated Rescissions and Appropriations Act of
1996, under the heading ``Public Housing/Moving to Work
Demonstration'' (Public Law 104-134, 110 Stat. 1321-281) for
the 45-day period beginning on April 1, 2008.
(b) Compliance Review.--If the Philadelphia Housing
Authority submits certifications by an independent expert
verifying that at least 5 percent of its public housing units
are in compliance with section 504 of the Rehabilitation Act
of 1973, and such certifications are satisfactory to the
Secretary, the Secretary shall further extend the Moving to
Work Demonstration Agreement for an additional 1 year period.
(c) Terms and Conditions.--Any extension of the Moving to
Work Demonstration Agreement under this section shall be
under the same terms and conditions as were applicable to the
original agreement.
(d) Limitation on Actions of the Secretary.--The Secretary
may not terminate or take any adverse action with respect to
an agreement described in subsection (a) or any extension
thereto--
(1) unless there has been an express finding, on the
record, after opportunity for a hearing, of a failure by the
Housing Authority to comply with the terms of the agreement
or otherwise applicable provisions of law; and
(2) before the expiration of the 30-day period beginning on
the date on which the Secretary has filed with the
appropriate committees of Congress a full written report of
the circumstances and the grounds for such action.
______

SA 4497. Mr. BUNNING 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:

Strike titles III and IV and insert the following:

TITLE III--TIMING OF THE HOME MORTGAGE DEDUCTION

SEC. 301. DEDUCTION FOR POINTS ON HOME MORTGAGE REFINANCING
ALLOWED IN YEAR PAID.

(a) In General.--Paragraph (2) of section 461(g) of the
Internal Revenue Code of 1986 (relating to prepaid interest)
is amended--
(1) by striking ``This subsection'' and inserting the
following:
``(A) In general.--This subsection'', and
(2) by adding at the end the following new subparagraph:
``(B) Exception for certain refinancings.--
``(i) In general.--This subsection shall not apply to
points paid--

``(I) in respect of indebtedness secured by such residence
resulting from the refinancing of indebtedness meeting the
requirements of the subparagraph (A), and
``(II) before January 1, 2011.

[[Page S2759]]

``(ii) Limitation.--Clause (i) shall apply only to the
extent the amount of the indebtedness resulting from such
refinancing does not exceed the sum of--

``(I) the amount of the refinanced indebtedness, plus
``(II) the lesser of $10,000 or the points paid in respect
of the indebtedness resulting from the refinancing to the
extent that the indebtedness resulting from the refinancing
does not exceed the refinanced indebtedness.

``(iii) Adjustment for inflation.--In the case of any
calendar year beginning after 2008, the $10,000 amount under
clause (ii)(II) shall be increased by an amount equal to--

``(I) such dollar amount, multiplied by
``(II) the cost-of-living adjustment determined under
section 1(f)(3) for the calendar year in which the taxable
year begins, determined by substituting `calendar year 2007'
for `calendar year 1992' in subparagraph (B) thereof.

If any amount as adjusted under the preceding sentence is not
a multiple of $100, such amount shall be rounded to the next
nearest multiple of $100.''.
(b) Conforming Amendment.--The heading of paragraph (2) of
section 461(g) of such Code is amended by striking
``Exception'' and inserting ``Exceptions''.
(c) Effective Date.--The amendments made by this section
shall apply to amounts paid in taxable years beginning after
December 31, 2007.
______

SA 4498. Mr. BUNNING submitted an amendment intended to be proposed
to amendment SA 4395 submitted by Mr. Bunning and intended to be
proposed to the amendment SA 4387 proposed 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:

In lieu of the matter proposed to be inserted, insert the
following:

SEC. ___. DEDUCTION FOR POINTS ON HOME MORTGAGE REFINANCING
ALLOWED IN YEAR PAID.

(a) Deduction.--
(1) In general.--Paragraph (2) of section 461(g) of the
Internal Revenue Code of 1986 (relating to prepaid interest)
is amended--
(A) by striking ``This subsection'' and inserting the
following:
``(A) In general.--This subsection'', and
(B) by adding at the end the following new subparagraph:
``(B) Exception for certain refinancings.--
``(i) In general.--This subsection shall not apply to
points paid--

``(I) in respect of indebtedness secured by such residence
resulting from the refinancing of indebtedness meeting the
requirements of the subparagraph (A), and
``(II) before January 1, 2011.

``(ii) Limitation.--Clause (i) shall apply only to the
extent the amount of the indebtedness resulting from such
refinancing does not exceed the sum of--

``(I) the amount of the refinanced indebtedness, plus
``(II) the lesser of $10,000 or the points paid in respect
of the indebtedness resulting from the refinancing to the
extent that the indebtedness resulting from the refinancing
does not exceed the refinanced indebtedness.

``(iii) Adjustment for inflation.--In the case of any
calendar year beginning after 2008, the $10,000 amount under
clause (ii)(II) shall be increased by an amount equal to--

``(I) such dollar amount, multiplied by
``(II) the cost-of-living adjustment determined under
section 1(f)(3) for the calendar year in which the taxable
year begins, determined by substituting `calendar year 2007'
for `calendar year 1992' in subparagraph (B) thereof.

If any amount as adjusted under the preceding sentence is not
a multiple of $100, such amount shall be rounded to the next
nearest multiple of $100.''.
(2) Conforming amendment.--The heading of paragraph (2) of
section 461(g) of such Code is amended by striking
``Exception'' and inserting ``Exceptions''.
(3) Effective date.--The amendments made by this subsection
shall apply to amounts paid in taxable years beginning after
December 31, 2007.
(b) Offset.--There is hereby rescinded 100 percent of
budget authority provided for the appropriations in titles
III and IV.
______

SA 4499. Ms. LANDRIEU submitted an amendment intended to be proposed
to amendment SA 4404 proposed by Ms. Landrieu to the 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:

In lieu of the matter proposed to be inserted, insert the
following:
(a) Use of Qualified Mortgage Bonds Proceeds for
Refinancing Subprime Loans and Certain Residences Affected by
the 2005 Hurricanes.--Section 143(k) of the Internal Revenue
Code of 1986 (relating to other definitions and special
rules) is amended by adding at the end the following new
paragraph:
``(12) Special rules for certain refinancings.--
``(A) In general.--Notwithstanding the requirements of
subsection (i)(1), the proceeds of a qualified mortgage issue
may be used to refinance a mortgage which--
``(i) is a mortgage on a residence and which was originally
financed by the mortgagor through a qualified subprime loan,
or
``(ii) is a mortgage on a residence--

``(I) located in the Gulf Opportunity Zone (as defined in
section 1400M(1)) and damaged or rendered uninhabitable by
reason of Hurricane Katrina,
``(II) located in the Rita GO Zone (as defined in section
1400M(3)) and damaged or rendered uninhabitable by reason of
Hurricane Rita, or
``(III) located in the Wilma GO Zone (as defined in section
1400M(5)) and damaged or rendered uninhabitable by reason of
Hurricane Wilma.

``(B) Special rules.--In applying this paragraph to any
case in which the proceeds of a qualified mortgage issue are
used for any refinancing described in subparagraph (A)--
``(i) subsection (a)(2)(D)(i) (relating to proceeds must be
used within 42 months of date of issuance) shall be applied
by substituting `12-month period' for `42-month period' each
place it appears,
``(ii) subsection (d) (relating to 3-year requirement)
shall not apply, and
``(iii) subsection (e) (relating to purchase price
requirement) shall be applied by using the market value of
the residence at the time of refinancing in lieu of the
acquisition cost.
``(C) Qualified subprime loan.--The term `qualified
subprime loan' means an adjustable rate single-family
residential mortgage loan originated after December 31, 2001,
and before January 1, 2008, that the bond issuer determines
would be reasonably likely to cause financial hardship to the
borrower if not refinanced.
``(D) Termination.--This paragraph shall not apply to any
bonds issued after December 31, 2010.''.
(b) Use of Additional Volume Cap for Purchases of Certain
Homes Damaged by Hurricanes Katrina, Rita, and Wilma.--
Subparagraph (B) of section 146(d)(5) of the Internal Revenue
Code of 1986, as added by subsection (d), is amended by
striking clause (ii) and inserting the following:
``(ii) Qualified purpose.--For purposes of this paragraph,
the term `qualified purpose' means--

``(I) the issuance of exempt facility bonds used solely to
provide qualified residential rental projects, or
``(II) an issuance described in clause (iii).

``(iii) Certain qualified mortgage issues.--A issuance is
describe in this clause if such issuance is a qualified
mortgage issue, determined--

``(I) by substituting `12-month period' for `42-month
period' each place it appears in section 143(a)(2)(D)(i), and
``(II) in the case of a qualified residence, without regard
to section 143(d).

``(iv) Qualified residence.--For purposes of clause (iii),
the term `qualified residence' means any residence--

``(I) located in the Gulf Opportunity Zone (as defined in
section 1400M(1)) and damaged or rendered uninhabitable by
reason of Hurricane Katrina,
``(II) located in the Rita GO Zone (as defined in section
1400M(3)) and damaged or rendered uninhabitable by reason of
Hurricane Rita, or
``(III) located in the Wilma GO Zone (as defined in section
1400M(5)) and damaged or rendered uninhabitable by reason of
Hurricane Wilma.''.

(c) Emergency Designation Related to Subsections (a) and
(b).--For purposes of Senate enforcement, all provisions of
subsections (a) and (b) are designated as emergency
requirements and necessary to meet emergency needs pursuant
to section 204 of S. Con. Res. 21 (110th Congress), the
concurrent resolution on the budget for fiscal year 2008.
(d) Increased Volume Cap for Certain Bonds.--
______

SA 4500. Ms. LANDRIEU submitted an amendment intended to be proposed
to amendment SA 4448 submitted by Ms. Landrieu and intended to be
proposed to the amendment SA 4387 proposed 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

[[Page S2760]]

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 2, beginning on line 16, strike through page 3,
line 21, and insert the following:
``(ii) a residence that is damaged as a result of Hurricane
Katrina, or Hurricane Rita, and that has been sold or
transferred to the State of Louisiana or an agency or
political subdivision thereof 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
State of Louisiana or by the appropriate agency or
subdivision thereof that such residence meets the
requirements of such subparagraph.''.
(b) Emergency Designation.--For purposes of Senate
enforcement, all provisions of this section are designated as
emergency requirements and necessary to meet emergency needs
pursuant to section 204 of S. Con. Res. 21 (110th Congress),
the concurrent resolution on the budget for fiscal year 2008.
(c) Special Rule for Residences Transferred as a Result of
Hurricane Damage.--Section 25E, as added by subsection (a)
and amended by subsection (d), is amended by adding at the
end of subsection (f) of such section 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'.''.
(d) Definition of Principal Residence; Special Rules.--
Section 25E, as added by subsection (a), is amended by adding
at the end the following:
______

SA 4501. Mr. GREGG submitted an amendment intended to be proposed to
amendment SA 4419 proposed by Mr. Ensign to the 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:

At the end, add the following:

Subtitle C--Revenue Provisions

SEC. 831. LIMITATION OF DEDUCTION FOR INCOME ATTRIBUTABLE TO
DOMESTIC PRODUCTION OF OIL, GAS, OR PRIMARY
PRODUCTS THEREOF.

(a) Denial of Deduction for Major Integrated Oil Companies
for Income Attributable to Domestic Production of Oil, Gas,
or Primary Products Thereof.--
(1) In general.--Subparagraph (B) of section 199(c)(4)
(relating to exceptions) is amended by striking ``or'' at the
end of clause (ii), by striking the period at the end of
clause (iii) and inserting ``, or'', and by inserting after
clause (iii) the following new clause:
``(iv) in the case of any major integrated oil company (as
defined in section 167(h)(5)(B)), the production, refining,
processing, transportation, or distribution of oil, gas, or
any primary product thereof during any taxable year described
in section 167(h)(5)(B).''.
(2) Primary product.--Section 199(c)(4)(B) is amended by
adding at the end the following flush sentence:
``For purposes of clause (iv), the term `primary product' has
the same meaning as when used in section 927(a)(2)(C), as in
effect before its repeal.''.
(b) Limitation on Oil Related Qualified Production
Activities Income for Taxpayers Other Than Major Integrated
Oil Companies.--
(1) In general.--Section 199(d) is amended by redesignating
paragraph (9) as paragraph (10) and by inserting after
paragraph (8) the following new paragraph:
``(9) Special rule for taxpayers with oil related qualified
production activities income.--
``(A) In general.--If a taxpayer (other than a major
integrated oil company (as defined in section 167(h)(5)(B)))
has oil related qualified production activities income for
any taxable year beginning after 2009, the amount of the
deduction under subsection (a) shall be reduced by 3 percent
of the least of--
``(i) the oil related qualified production activities
income of the taxpayer for the taxable year,
``(ii) the qualified production activities income of the
taxpayer for the taxable year, or
``(iii) taxable income (determined without regard to this
section).
``(B) Oil related qualified production activities income.--
The term `oil related qualified production activities income'
means for any taxable year the qualified production
activities income which is attributable to the production,
refining, processing, transportation, or distribution of oil,
gas, or any primary product thereof during such taxable
year.''.
(2) Conforming amendment.--Section 199(d)(2) (relating to
application to individuals) is amended by striking
``subsection (a)(1)(B)'' and inserting ``subsections
(a)(1)(B) and (d)(9)(A)(iii)''.
(c) Effective Date.--The amendments made by this section
shall apply to taxable years beginning after December 31,
2008.

SEC. 832. CLARIFICATION OF DETERMINATION OF FOREIGN OIL AND
GAS EXTRACTION INCOME.

(a) In General.--Paragraph (1) of section 907(c) of this
amended by redesignating subparagraph (B) as subparagraph
(C), by striking ``or'' at the end of subparagraph (A), and
by inserting after subparagraph (A) the following new
subparagraph:
``(B) so much of any transportation of such minerals as
occurs before the fair market value event, or''.
(b) Fair Market Value Event.--Subsection (c) of section 907
is amended by adding at the end the following new paragraph:
``(6) Fair market value event.--For purposes of this
section, the term `fair market value event' means, with
respect to any mineral, the first point in time at which such
mineral--
``(A) has a fair market value which can be determined on
the basis of a transfer, which is an arm's length
transaction, of such mineral from the taxpayer to a person
who is not related (within the meaning of section 482) to
such taxpayer, or
``(B) is at a location at which the fair market value is
readily ascertainable by reason of transactions among
unrelated third parties with respect to the same mineral
(taking into account source, location, quality, and chemical
composition).''.
(c) Special Rule for Certain Petroleum Taxes.--Subsection
(c) of section 907, as amended by subsection (b), is amended
to by adding at the end the following new paragraph:
``(7) Oil and gas taxes.--In the case of any tax imposed by
a foreign country which is limited in its application to
taxpayers engaged in oil or gas activities--
``(A) the term `oil and gas extraction taxes' shall include
such tax,
``(B) the term `foreign oil and gas extraction income'
shall include any taxable income which is taken into account
in determining such tax (or is directly attributable to the
activity to which such tax relates), and
``(C) the term `foreign oil related income' shall not
include any taxable income which is treated as foreign oil
and gas extraction income under subparagraph (B).''.
(d) Conforming Amendments.--
(1) Subparagraph (C) of section 907(c)(1), as redesignated
by this section, is amended by inserting ``or used by the
taxpayer in the activity described in subparagraph (B)''
before the period at the end.
(2) Subparagraph (B) of section 907(c)(2) is amended to
read as follows:
``(B) so much of the transportation of such minerals or
primary products as is not taken into account under paragraph
(1)(B),''.
(e) Effective Date.--The amendments made by this section
shall apply to taxable years beginning after the date of the
enactment of this Act.
______

SA 4502. Mr. FEINGOLD (for himself and Mr. Kohl) submitted an
amendment intended to be proposed to amendment SA 4467 submitted by Mr.
Ensign and intended to be proposed 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 15, strike lines 5 through 8, and insert the
following:
(1) In general.--Section 451(i)(3) (defining qualifying
electric transmission transaction) is amended by striking
``before January 1, 2008'' and inserting ``by a taxpayer
which is an electric utility (as defined in section 3(22) of
the Federal Power Act (16 U.S.C. 796(22)) before January 1,
2010''.

[[Page S2761]]

______

SA 4503. Mr. FEINGOLD (for himself and Mr. Kohl) submitted an
amendment intended to be proposed to amendment SA 4419 proposed by Mr.
Ensign to the 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 14, strike lines 18 through 21, and insert the
following:
(1) In general.--Section 451(i)(3) (defining qualifying
electric transmission transaction) is amended by striking
``before January 1, 2008'' and inserting ``by a taxpayer
which is an electric utility (as defined in section 3(22) of
the Federal Power Act (16 U.S.C. 796(22)) before January 1,
2010''.
______

SA 4504. Mr. THUNE submitted an amendment intended to be proposed to
amendment SA 4419 proposed by Mr. Ensign to the 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:

At the end add the following:

Subtitle C--Biofuels

SEC. 831. CREDIT FOR PRODUCTION OF CELLULOSIC BIOFUEL.

(a) In General.--Subsection (a) of section 40 (relating to
alcohol used as fuel) is amended by striking ``plus'' at the
end of paragraph (2), by striking the period at the end of
paragraph (3) and inserting ``, plus'', and by adding at the
end the following new paragraph:
``(4) the cellulosic biofuel producer credit.''.
(b) Cellulosic Biofuel Producer Credit.--
(1) In general.--Subsection (b) of section 40 is amended by
adding at the end the following new paragraph:
``(6) Cellulosic biofuel producer credit.--
``(A) In general.--The cellulosic biofuel producer credit
of any taxpayer is an amount equal to the applicable amount
for each gallon of qualified cellulosic biofuel production.
``(B) Applicable amount.--For purposes of subparagraph (A),
the applicable amount means the excess of--
``(i) $1.25, over
``(ii) the sum of--

``(I) the amount of the credit in effect for alcohol which
is ethanol under subsection (b)(1) (without regard to
subsection (b)(3)) at the time of the qualified cellulosic
biofuel production, plus
``(II) the amount of the credit in effect under subsection
(b)(4) at the time of such production.

``(C) Qualified cellulosic biofuel production.--For
purposes of this section, the term `qualified cellulosic
biofuel production' means any cellulosic biofuel which during
the taxable year--
``(i) is sold by the taxpayer to another person--

``(I) for use by such other person in the production of a
qualified cellulosic biofuel mixture in such other person's
trade or business (other than casual off-farm production),
``(II) for use by such other person as a fuel in a trade or
business, or
``(III) who sells such cellulosic biofuel at retail to
another person and places such cellulosic biofuel in the fuel
tank of such other person, or

``(ii) is used or sold by the taxpayer for any purpose
described in clause (i).
The qualified cellulosic biofuel production of any taxpayer
for any taxable year shall not include any alcohol which is
purchased by the taxpayer and with respect to which such
producer increases the proof of the alcohol by additional
distillation.
``(D) Qualified cellulosic biofuel mixture.--For purposes
of this paragraph, the term `qualified cellulosic biofuel
mixture' means a mixture of cellulosic biofuel and any
petroleum fuel product which--
``(i) is sold by the person producing such mixture to any
person for use as a fuel, or
``(ii) is used as a fuel by the person producing such
mixture.
``(E) Cellulosic biofuel.--
``(i) In general.--The term `cellulosic biofuel' has the
meaning given such term under section 168(l)(3), but does not
include any alcohol with a proof of less than 150.
``(ii) Determination of proof.--The determination of the
proof of any alcohol shall be made without regard to any
added denaturants.
``(F) Allocation of cellulosic biofuel producer credit to
patrons of cooperative.--Rules similar to the rules under
subsection (g)(6) shall apply for purposes of this paragraph.
``(G) Application of paragraph.--This paragraph shall apply
with respect to qualified cellulosic biofuel production after
December 31, 2007, and before April 1, 2015.''.
(2) Termination date not to apply.--Subsection (e) of
section 40 (relating to termination) is amended--
(A) by inserting ``or subsection (b)(6)(G)'' after ``by
reason of paragraph (1)'' in paragraph (2), and
(B) by adding at the end the following new paragraph:
``(3) Exception for cellulosic biofuel producer credit.--
Paragraph (1) shall not apply to the portion of the credit
allowed under this section by reason of subsection (a)(4).''.
(c) Biofuel Not Used as a Fuel, etc.--
(1) In general.--Paragraph (3) of section 40(d) is amended
by redesignating subparagraph (D) as subparagraph (E) and by
inserting after subparagraph (C) the following new
subparagraph:
``(D) Cellulosic biofuel producer credit.--If--
``(i) any credit is allowed under subsection (a)(4), and
``(ii) any person does not use such fuel for a purpose
described in subsection (b)(6)(C),

then there is hereby imposed on such person a tax equal to
the applicable amount for each gallon of such cellulosic
biomass biofuel.''.
(2) Conforming amendments.--
(A) Subparagraph (C) of section 40(d)(3) is amended by
striking ``Producer'' in the heading and inserting ``Small
Ethanol Producer''.
(B) Subparagraph (E) of section 40(d)(3), as redesignated
by paragraph (1), is amended by striking ``or (C)'' and
inserting ``(C), or (D)''.
(d) Biofuel Produced in the United States.--Section 40(d)
is amended by adding at the end the following new paragraph:
``(6) Special rule for cellulosic biofuel producer
credit.--No cellulosic biofuel producer credit shall be
determined under subsection (a) with respect to any
cellulosic biofuel unless such cellulosic biofuel is produced
in the United States.''.
(e) Waiver of Credit Limit for Cellulosic Biofuel
Production by Small Ethanol Producers.--Section 40(b)(4)(C)
is amended by inserting ``(determined without regard to any
qualified cellulosic biofuel production'' after ``15,000,000
gallons''.
(f) Effective Date.--The amendments made by this section
shall apply to fuel produced after December 31, 2007.

SEC. 832. EXTENSION AND MODIFICATION OF CREDIT FOR BIODIESEL
AND RENEWABLE DIESEL USED AS FUEL.

(a) Extension.--
(1) Income tax credits for biodiesel and renewable diesel
and small agri-biodiesel producer credit.--Section 40A(g)
(relating to termination) is amended by striking ``December
31, 2008'' and inserting ``December 31, 2010 (December 31,
2012, in the case of the credit allowed by reason of
subsection (a)(3))''.
(2) Excise tax credit.--Section 6426(c)(6) (relating to
termination) is amended by striking ``2008'' and inserting
``2010''.
(3) Fuels not used for taxable purposes.--Section
6427(e)(5)(B) (relating to termination) is amended by
striking ``2008'' and inserting ``2010''.
(b) Modification of Credit for Renewable Diesel.--Section
40A(f) (relating to renewable diesel) is amended by adding at
the end the following new paragraph:
``(4) Special rule for co-processed renewable diesel.--In
the case of a taxpayer which produces renewable diesel
through the co-processing of biomass and petroleum at any
facility, this subsection shall not apply to so much of the
renewable diesel produced at such facility and sold or used
during the taxable year in a mixture described in subsection
(b)(1)(B) as exceeds 60,000,000 gallons.''.
(c) Modification Relating to Definition of Agri-
Biodiesel.--Paragraph (2) of section 40A(d) (relating to
agri-biodiesel) is amended by striking ``and mustard seeds''
and inserting ``mustard seeds, and camelina''.
(d) Eligibility of Certain Aviation Fuel.--Section
40A(f)(3) (defining renewable diesel) is amended by adding at
the end the following new flush sentence:
``The term `renewable diesel' also means fuel derived from
biomass (as defined in section 45K(c)(3)) using a thermal
depolymerization process which meets the requirements of a
Department of Defense specification for military jet fuel or
an American Society of Testing and Materials specification
for aviation turbine fuel.''.
(e) Effective Dates.--The amendments made by this section
shall apply to fuel sold or used after the date of the
enactment of this Act.
______

SA 4505. Mrs. MURRAY submitted an amendment intended to be proposed
by her 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

[[Page S2762]]

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:

At the end of the amendment, insert the following:
Notwithstanding any other provision of this Act, the amount
appropriated under section 301(a) of this Act shall be
$3,900,000,000 and the amount appropriated under section 401
of this Act shall be $200,000,000 and the increase in volume
cap for certain bonds under section 602(b)(1) of this Act,
shall be as follows:
______

SA 4506. Mrs. MURRAY submitted an amendment intended to be proposed
by her 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:

In lieu of the matter proposed to be inserted by said
amendment, insert the following:
Notwithstanding any other provision of this Act, the amount
appropriated under section 301(a) of this Act shall be
$3,900,000,000 and the amount appropriated under section 401
of this Act shall be $200,000,000.
______

SA 4507. Mrs. MURRAY submitted an amendment intended to be proposed
to amendment SA 4478 submitted by Mrs. MURRAY (for herself, Mr.
Schumer, Mr. Casey, and Mr. Brown) to the amendment SA 4387 submitted
by Mr. Dodd (for hime1f 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:

Strike all after the word ``amount'' the first time it
appears, and insert the following:

``appropriated under section 301(a) of this Act shall be
$3,899,000,000 and the amount appropriated under section 401
of this Act shall be $201,000,000.''
______

SA 4508. Ms. LANDRIEU submitted an amendment intended to be proposed
to amendment SA 4404 proposed by Ms. Landrieu to the 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:

In lieu of the matter proposed to be inserted, insert the
following:
(a) Use of Qualified Mortgage Bonds Proceeds for
Refinancing Subprime Loans and Certain Residences Affected by
the 2005 Hurricanes.--Section 143(k) of the Internal Revenue
Code of 1986 (relating to other definitions and special
rules) is amended by adding at the end the following new
paragraph:
``(12) Special rules for certain refinancings.--
``(A) In general.--Notwithstanding the requirements of
subsection (i)(1), the proceeds of a qualified mortgage issue
may be used to refinance a mortgage which--
``(i) is a mortgage on a residence and which was originally
financed by the mortgagor through a qualified subprime loan,
or
``(ii) is a mortgage on a residence--

``(I) located in the Gulf Opportunity Zone (as defined in
section 1400M(1)) and damaged or rendered uninhabitable by
reason of Hurricane Katrina,
``(II) located in the Rita GO Zone (as defined in section
1400M(3)) and damaged or rendered uninhabitable by reason of
Hurricane Rita, or
``(III) located in the Wilma GO Zone (as defined in section
1400M(5)) and damaged or rendered uninhabitable by reason of
Hurricane Wilma.

``(B) Special rules.--In applying this paragraph to any
case in which the proceeds of a qualified mortgage issue are
used for any refinancing described in subparagraph (A)--
``(i) subsection (a)(2)(D)(i) (relating to proceeds must be
used within 42 months of date of issuance) shall be applied
by substituting `12-month period' for `42-month period' each
place it appears,
``(ii) subsection (d) (relating to 3-year requirement)
shall not apply, and
``(iii) subsection (e) (relating to purchase price
requirement) shall be applied by using the market value of
the residence at the time of refinancing in lieu of the
acquisition cost.
``(C) Qualified subprime loan.--The term `qualified
subprime loan' means an adjustable rate single-family
residential mortgage loan originated after December 31, 2001,
and before January 1, 2008, that the bond issuer determines
would be reasonably likely to cause financial hardship to the
borrower if not refinanced.
``(D) Termination.--This paragraph shall not apply to any
bonds issued after December 31, 2010.''.
(b) Use of Additional Volume Cap for Purchases of Certain
Homes Damaged by Hurricanes Katrina, Rita, and Wilma.--
Subparagraph (B) of section 146(d)(5) of the Internal Revenue
Code of 1986, as added by subsection (d), is amended by
striking clause (ii) and inserting the following:
``(ii) Qualified purpose.--For purposes of this paragraph,
the term `qualified purpose' means--

``(I) the issuance of exempt facility bonds used solely to
provide qualified residential rental projects, or
``(II) an issuance described in clause (iii).

``(iii) Certain qualified mortgage issues.--A issuance is
describe in this clause if such issuance is a qualified
mortgage issue, determined--

``(I) by substituting `12-month period' for `42-month
period' each place it appears in section 143(a)(2)(D)(i), and
``(II) in the case of a qualified residence, without regard
to section 143(d).

``(iv) Qualified residence.--For purposes of clause (iii),
the term `qualified residence' means any residence--

``(I) located in the Gulf Opportunity Zone (as defined in
section 1400M(1)) and damaged or rendered uninhabitable by
reason of Hurricane Katrina,
``(II) located in the Rita GO Zone (as defined in section
1400M(3)) and damaged or rendered uninhabitable by reason of
Hurricane Rita, or
``(III) located in the Wilma GO Zone (as defined in section
1400M(5)) and damaged or rendered uninhabitable by reason of
Hurricane Wilma.''.

(c) Emergency Designation Related to Subsections (a) and
(b).--For purposes of Senate enforcement, all provisions of
subsections (a) and (b) are designated as emergency
requirements and necessary to meet emergency needs pursuant
to section 204 of S. Con. Res. 21 (110th Congress), the
concurrent resolution on the budget for fiscal year 2008.
(d) Increased Volume Cap for Certain Bonds.--
______

SA 4509. Mr. SANDERS submitted an amendment intended to be proposed
to amendment SA 4429 submitted by Mr. Alexander (for himself and Mr.
Kyl) to the amendment SA 4419 proposed by Mr. Ensign 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:

In lieu of the matter proposed to be inserted, insert the
following:
(c) Maximum Insured Mortgage Loan Rate.--Notwithstanding
any other provision of law, the annual percentage rate
applicable to any loan that is insured
______

SA 4510. Mr. SANDERS submitted an amendment intended to be proposed
to amendment SA 4419 proposed by Mr. Ensign to the 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:

In lieu of the matter proposed to be inserted, insert the
following:
(c) Maximum Insured Mortgage Loan Rate.--Notwithstanding
any other provision of law, the annual percentage rate
applicable to any loan that is insured
______

SA 4511. Mr. SANDERS submitted an amendment intended to be proposed
to

[[Page S2763]]

amendment SA 4423 proposed by Mr. Nelson of Florida (for himself and
Mr. Coleman) to the 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:

In lieu of the matter proposed to be inserted, insert the
following:
(c) Maximum Insured Mortgage Loan Rate.--Notwithstanding
any other provision of law, the annual percentage rate
applicable to any loan that is insured
______

SA 4512. Mr. SANDERS submitted an amendment intended to be proposed
to amendment SA 4433 submitted by Mrs. Lincoln (for Ms. Snowe) to the
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:

In lieu of the matter proposed to be inserted, insert the
following:
(c) Maximum Insured Mortgage Loan Rate.--Notwithstanding
any other provision of law, the annual percentage rate
applicable to any loan that is insured
______

SA 4513. Mr. SANDERS submitted an amendment intended to be proposed
to amendment SA 4404 proposed by Ms. Landrieu to the 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:

In lieu of the matter proposed to be inserted, insert the
following:
(c) Maximum Insured Mortgage Loan Rate.--Notwithstanding
any other provision of law, the annual percentage rate
applicable to any loan that is insured
______

SA 4514. Mr. SANDERS submitted an amendment intended to be proposed
to amendment SA 4384 proposed by Mr. Sanders to the 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:

In lieu of the matter proposed to be inserted, insert the
following:
(c) Maximum Insured Mortgage Loan Rate.--Notwithstanding
any other provision of law, the annual percentage rate
applicable to any loan that is insured
______

SA 4515. Mr. SANDERS submitted an amendment intended to be proposed
to amendment SA 4478 submitted by Mrs. Murray (for herself, Mr.
Schumer, Mr. Casey, and Mr. Brown) to the 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:

In lieu of the matter proposed to be inserted, insert the
following:
(c) Maximum Insured Mortgage Loan Rate.--Notwithstanding
any other provision of law, the annual percentage rate
applicable to any loan that is insured
______

SA 4516. Mr. SANDERS submitted an amendment intended to be proposed
to amendment SA 4421 proposed by Mr. Cardin (for himself and Mr.
Ensign) to the 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:

In lieu of the matter proposed to be inserted, insert the
following:
(c) Maximum Insured Mortgage Loan Rate.--Notwithstanding
any other provision of law, the annual percentage rate
applicable to any loan that is insured
______

SA 4517. Mr. SANDERS submitted an amendment intended to be proposed
to amendment SA 4401 submitted by Mr. Sanders (for himself and Mr.
Durbin) to the 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:

In lieu of the matter proposed to be inserted, insert the
following:
(c) Maximum Insured Mortgage Loan Rate.--Notwithstanding
any other provision of law, the annual percentage rate
applicable to any loan that is insured

____________________