S.Amdt. 3413

SA 3413. Mr. DORGAN submitted an amendment intended to be proposed to
amendment SA 3336 proposed by Mr. Baucus to the bill H.R. 4213, to
amend the Internal Revenue Code of 1986 to extend certain expiring
provisions, and for other purposes; which was ordered to lie on the
table; as follows:

On page 161, between lines 10 and 11, insert the following:

SEC. ___. MODIFICATION OF EFFECTIVE DATE OF LEASING
PROVISIONS OF THE AMERICAN JOBS CREATION ACT OF
2004.

(a) Leases to Foreign Entities.--Section 849(b) of the
American Jobs Creation Act of 2004 is amended by adding at
the end the following new paragraph:
``(5) Leases to foreign entities.--In the case of tax-
exempt use property leased to a tax-exempt entity which is a
foreign person or entity, the amendments made by this part
shall apply to taxable years beginning after December 31,
2009, with respect to leases entered into on or before March
12, 2004.''.
(b) Effective Date.--The amendment made by this section
shall take effect as if included in the enactment of the
American Jobs Creation Act of 2004, but shall not apply to
any transaction that is the subject of a closing agreement
under the provisions of section 7121 of the Internal Revenue
Code of 1986 that is final as of the date of the enactment of
this Act.
(c) No Inference.--Nothing in the amendment made by this
section shall be construed to create an inference regarding
the authority of the Internal Revenue Service to challenge
transactions described in such amendment for taxable years
beginning before January 1, 2010.
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