S.Amdt. 5051

SA 5051. Mr. ENSIGN 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:

On page 575, strike lines 3 through 13 and insert the
following:
``(A) Increase for 2008.--
``(i) In general.--In the case of calendar year 2008, the
State ceiling for each State shall be increased by an amount
equal to $11,000,000,000 multiplied by the State share for
such State.
``(ii) State share.--For purposes of this paragraph, the
State share for any state

[[Page S6076]]

shall be the amount, expressed as a percentage, determined
with respect to such State under the formula established
under clause (iii).
``(iii) Formula.--The formula established under this clause
shall be established by the Secretary, in consultation with
the Secretary of Housing and Urban Development, and shall be
based on need, as such need is determined in the discretion
of the Secretary, taking into account--

``(I) the number and percentage of home foreclosures in
each State;
``(II) the number and percentage of homes financed by a
subprime mortgage related loan in each State; and
``(III) the number and percentage of homes in default or
delinquency in each State.

``(iv) Formula to be devised swiftly.--The formula under
clause (iii) shall be established not later than 30 days
after the date of enactment of this paragraph.
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