S.Amdt. 4227

1. Adds Sec. __. (a) For an additional amount for the Office of Refugee Resettlement, $2,000,000, which shall be used for the Refugee School Impact Grant Program to help schools accommodate and provide services for Haitian refugee students following the earthquake in Port-au-Prince on January 12, 2010 wherever appropriate

   Adds a section

   Inserted: Sec. __. (a) For an additional amount for the Office of Refugee Resettlement, $2,000,000, which shall be used for the Refugee School Impact Grant Program to help schools accommodate and provide services for Haitian refugee students following the earthquake in Port-au-Prince on January 12, 2010.

   Inserted: (b) The amount appropriated under subsection (a) is designated as an emergency requirement and necessary to meet emergency needs pursuant to sections 403(a) and 423(b) of S. Con. Res 13 (111th Congress), the concurrent resolution on the budget for fiscal year 2010.

   Inserted: (c)(1) Section 4975(c) of the Internal Revenue Code of 1986 (defining prohibited transaction) is amended by adding at the end the following new paragraph:

   Inserted: "(7) Special rules for transactions involving owners of individual retirement plans.--

   Inserted: "(A) In general.--In the case of a plan described in subparagraph (B) or (C) of subsection (e)(1), any transaction between such plan (or any controlled entity of such plan) and the owner of such plan (or any controlled entity of such owner) shall be treated as a prohibited transaction for purposes of this section if not otherwise so treated.

   Inserted: "(B) Controlled entity.--For purposes of this paragraph, the term 'controlled entity' means, with respect to any person, a corporation, partnership, or trust or estate of which (or in which) 50 percent or more of--

   Inserted: "(i) the combined voting power of all classes of stock entitled to vote or the total value of shares of all classes of stock of such corporation,

   Inserted: "(ii) the capital interest or profits interest of such partnership, or

   Inserted: "(iii) the beneficial interest of such trust or estate, is owned or held directly or indirectly by such person or any related person. The Secretary may by regulation expand the application of this paragraph to other pass-thru entities.

   Inserted: "(C) Owner.--For purposes of this paragraph, the term 'owner' means, with respect to any plan, the individual for whose benefit the plan is maintained.".

   Inserted: (d)(1) Except as provided in paragraph (2), the amendment made by subsection (c) shall apply to transactions occurring after the date of the enactment of this Act.

   Inserted: (2) The amendment made by subsection (c) shall not apply to any transaction occurring after the date of the enactment of this Act pursuant to a written binding contract in effect on such date and at all times thereafter.

   The amendment doesn't say where this goes; the clerk decides.

   Original wording

   At the appropriate place, insert the following:

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As printed