S.Amdt. 4382

SA 4382. Mrs. LINCOLN (for herself, Mr. Cornyn, and Mr. Ensign)
submitted an amendment intended to be proposed to amendment SA 4369
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:

At the end of subtitle C of title II, insert the following:

SEC. --. REDUCTION IN CORPORATE RATE FOR QUALIFIED TIMBER
GAIN.

(a) In General.--Paragraph (1) of section 1201(b) is
amended by striking ``ending'' and all that follows through
``such date''.
(b) Conforming Amendment.--Paragraph (3) of section 1201(b)
is amended to read as follows:
``(3) Application of subsection.--The qualified timber gain
for any taxable year shall not exceed the qualified timber
gain which would be determined by not taking into account any
portion of such taxable year after December 31, 2010.''.
(c) Effective Date.--The amendments made by this section
shall apply to taxable years ending after May 22, 2009.

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