S.Amdt. 3126

SA 3126. Mr. CRAPO 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 2074, after line 25, insert the following:

SEC. 9024. EXEMPTION FROM TAXES, FEES, AND PENALTIES.

(a) In General.--No tax, fee, or penalty imposed by this
Act shall apply to any taxpayer for any taxable year if, as
determined by the Secretary of the Treasury, such tax, fee,
or penalty would increase the rate of tax imposed on such
taxpayer under any provision of the Internal Revenue Code of
1986 or any other applicable Federal law in effect on the day
before the date of the enactment of this Act, as compared to
the rate of tax imposed on such taxpayer under such provision
of law on December 31, 1999.
(b) New Taxpayers.--In the case of a taxpayer that was not
in existence on December 31, 1999, or that had no Federal tax
liability on such date, subsection (a) shall be applied by
substituting ``December 31 of the first calendar year after
1999 in which such taxpayer had Federal tax liability greater
than zero'' for ``December 31, 1999''.
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