S.Amdt. 3048

SA 3048. Mr. BARRASSO 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 172, between lines 11 and 12, insert the following:
(E) Repayment of funds.--A person that receives Federal
funds under a loan or grant under this section shall be
required to reimburse the Federal Government for the full
amount received under such loan or grant on terms established
by the Secretary, but in no event shall such repayment be
made later than 10 years after the date on which such loan or
grant was made.
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