S.Amdt. 3083

SA 3083. Mr. BURR 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:

At the appropriate place in title V, insert the following:

SEC. __. DEFINITION OF ECONOMIC HARDSHIP.

(a) In General.--Section 435(o) of the Higher Education Act
of 1965 (20 U.S.C. 1085(o)) is amended--
(1) in paragraph (1)--
(A) in subparagraph (A)(ii), by striking ``or'' after the
semicolon;
(B) by redesignating subparagraph (B) as subparagraph (C);
and
(C) by inserting after subparagraph (A) the following:
``(B) such borrower is working full-time and has a Federal
educational debt burden that equals or exceeds 20 percent of
such borrower's adjusted gross income, and the difference
between such borrower's adjusted gross income minus such
burden is less than 220 percent of the greater of--
``(i) the annual earnings of an individual earning the
minimum wage under section 6 of the Fair Labor Standards Act
of 1938; or
``(ii) 150 percent of the poverty line, as defined under
section 673(2) of the Community Services Block Grant Act,
applicable to such borrower's family size; or''; and
(2) in paragraph (2), by striking ``(1)(B)'' and inserting
``(1)(C)''.
(b) Funding.--The Secretary of Health and Human Services
shall transfer to the Secretary of Education, from amounts
appropriated to the Prevention and Public Health Fund under
section 4002, amounts necessary to carry out the amendments
made by this section.
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