S.Amdt. 122

SA 122. Mr. BUNNING submitted an amendment intended to be proposed to
amendment SA 98 proposed by Mr. Inouye (for himself and Mr. Baucus) to
the bill H.R. 1, making supplemental appropriations for job
preservation and creation, infrastructure investment, energy efficiency
and science, assistance to the unemployed, and State and local fiscal
stabilization, for fiscal year ending September 30, 2009, and for other
purposes; which was ordered to lie on the table; as follows:

On page 451, between lines 13 and 14, insert the following:

SEC. ___. INCREASE IN LIMITATIONS ON OFFSETTING ORDINARY
INCOME WITH CAPITAL LOSSES.

(a) In General.--Section 1211(b)(1) is amended by striking
``$3,000 ($1,500'' and inserting ``$15,000 (one-half of such
amount''.
(b) Inflation Adjustment.--Section 1211 is amended by
adding at the end the following new subsection:
``(c) Inflation Adjustment.--In the case of any taxable
year beginning in a calendar year after 2009, the dollar
amount contained in subsection (b) shall be increased by an
amount equal to--
``(1) such dollar amount, multiplied by
``(2) 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 2008'
for `calendar year 1992' in subparagraph (B) thereof.

Any increase determined under the preceding sentence shall be
rounded to the nearest multiple of $100.''.
(c) Effective Date.--The amendments made by this section
shall apply to taxable years beginning after December 31,
2008.
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