S.Amdt. 3468

SA 3468. Mr. REID submitted an amendment intended to be proposed to
amendment SA 3452 proposed by Mr. Rockefeller to the bill H.R. 1586, to
impose an additional tax on bonuses received from certain TARP
recipients; which was ordered to lie on the table; as follows:

On page 262, strike line 18 and all that follows through
``or transfer'' on page 263, line 4, and insert the
following:
(2) in subsection (c)--
(A) in paragraph (2)(A)(i), by striking ``purpose'' and
inserting the following: ``purpose, which includes serving as
noise buffer land that may be--
``(I) undeveloped; or
``(II) developed in a way that is compatible with using the
land for noise buffering purposes;'';
(B) in paragraph (2)(B)(iii), by striking ``paid to the
Secretary for deposit in the

[[Page S1471]]

Fund if another eligible project does not exist.'' and
inserting ``reinvested in another project at the airport or
transferred to another airport as the Secretary
prescribes.'';
(C) by redesignating paragraph (3) as paragraph (5); and
(D) by inserting after paragraph (2) the following:
``(3)(A) A lease by an airport owner or operator of land
acquired for a noise compatibility purpose using a grant
provided under this subchapter shall not be considered a
disposal for purposes of paragraph (2).
``(B) The airport owner or operator may use revenues from a
lease described in subparagraph (A) for ongoing airport
operational and capital purposes.
``(C) The Administrator of the Federal Aviation
Administration shall coordinate with each airport owner or
operator to ensure that leases described in subparagraph (A)
are consistent with noise buffering purposes.
``(D) The provisions of this paragraph apply to all land
acquired before, on, or after the date of the enactment of
this paragraph.
``(4) In approving the reinvestment or transfer
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