S.Amdt. 3056

SA 3056. Mr. ENSIGN 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 340, strike lines 1 through 14 and insert the
following:
``(A) Waiver of criminal and civil penalties and
interest.--In the case of any failure by a taxpayer to timely
pay any penalty imposed by this section--
``(i) such taxpayer shall not be subject to any criminal
prosecution or penalty with respect to such failure, and
``(ii) no penalty, addition to tax, or interest shall be
imposed with respect to such failure or such penalty.
``(B) Limited collection actions permitted.--In the case of
the assessment of any penalty imposed by this section, the
Secretary shall not take any action with respect to the
collection of such penalty other than--
``(i) giving notice and demand for such penalty under
section 6303,
``(ii) crediting under section 6402(a) the amount of any
overpayment of the taxpayer against such penalty, and
``(iii) offsetting any payment owed by any Federal agency
to the taxpayer against such penalty under the Treasury
offset program.''.
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