S.Amdt. 2801

SA 2801. Mr. CORNYN submitted an amendment intended to be proposed to
amendment SA 2786 proposed by Mr. Reid (for himself, Mr. Baucus, Mr.
Dodd, and Mr. Harkin) to the bill H.R. 3590, to amend the Internal
Revenue Code of 1986 to modify the first-time homebuyers credit in the
case of members of the Armed Forces and certain other Federal
employees, and for other purposes; which was ordered to lie on the
table; as follows:

On page 354, after line 2, insert the following:
``(D) State election.--
``(i) In general.--At the election of a State, with respect
to any calendar year, if such State determines that such an
election will promote job creation or increase wages in such
State, subparagraphs (A) and (B) may be applied to months in
such calendar year by substituting `499' for `50' each place
it appears.
``(ii) Timing and manner of election.--Such election with
respect to any calendar year shall apply to all months in
such calendar year and shall be made at such time and in such
manner as the Secretary may provide.
______