S.Amdt. 5037

SA 5037. Mr. BAYH (for himself, Mr. Nelson of Nebraska, and Ms.
Klobuchar) submitted an amendment intended to be proposed to amendment
SA 4983 proposed by Mr. Reid (for 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 573, line 12, strike through page 574,
line 14, and insert the following:
``(8) Real property tax deduction.--For purposes of
paragraph (1), the real property tax deduction is the lesser
of--
``(A) the amount allowable as a deduction under this
chapter for State and local taxes described in section
164(a)(1), or
``(B) $500 ($1,000 in the case of a joint return).

Any taxes taken into account under section 62(a) shall not be
taken into account under this paragraph.''.
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