S.Amdt. 3062

SA 3062. 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 357, strike line 15 and insert the following:
(d) Report on Impact of Penalties.--Not later than 18
months after the date of the enactment of this Act, the
Comptroller General shall submit to Congress a report on the
assessable payments imposed under section 4980H of the
Internal Revenue Code of 1986 (as added by the amendments
made by this section). The report submitted under this
subsection shall include a detailed analysis of the impact of
such assessable penalty on--
(1) employer profits,
(2) Federal revenues, including any decrease in tax
revenues due to any decrease in employer profits as a result
of such assessable penalties,
(3) the level of wages and benefits of employees,
(4) the hours worked by employees, including whether
employees are classified as part-time or full-time employees,
and
(5) the termination of employees.
(e) Effective Date.--The amendments made by
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