S.Amdt. 4430

SA 4430. Mrs. BOXER (for herself and Ms. Landrieu) submitted an amendment intended to be proposed to amendment SA 4402 proposed by Mr. Reid (for Mr. Baucus (for himself, Ms. Landrieu, and Mr. Reid)) to the bill H.R. 5297, to create the Small Business Lending Fund Program to direct the Secretary of the Treasury to make capital investments in eligible institutions in order to increase the availability of credit for small businesses, to amend the Internal Revenue Code of 1986 to provide tax incentives for small business job creation, and for other purposes; which was ordered to lie on the table; as follows:

At the end of part III of subtitle A of title II, insert the following:

SEC. ___. STANDARD HOME OFFICE DEDUCTION.

(a) In General.--Subsection (c) of section 280A of the Internal Revenue Code of 1986 (relating to disallowance of certain expenses in connection with business use of home, rental of vacation homes, etc.) is amended by adding at the end the following new paragraph:

“(7) Standard home office deduction.--

“(A) In general.--In the case of an individual who is allowed a deduction for the use of a home office because of a use described in paragraphs (1), (2), or (4) of this subsection, notwithstanding the limitations of paragraph (5), if such individual elects the application of this paragraph for the taxable year, such individual shall be allowed a deduction equal to the standard home office deduction for the taxable year in lieu of the deductions otherwise allowable under this chapter for such taxable year by reason of being attributed to such use.

“(B) Standard home office deduction.--For purposes of this paragraph, the standard home office deduction is the lesser of--

“(i) $1,200, or

“(ii) the gross income derived from the individual's trade or business for which such use occurs.

“(C) Termination.--This paragraph shall not apply to taxable years beginning after December 31, 2010.”.

(b) Effective Date.--The amendment made by subsection (a) shall apply to taxable years beginning after December 31, 2009.

(c) Offset.--Not later than 60 days after the date of the enactment of this Act, the Director of the Office of Management and Budget, in consultation with the heads of the Federal departments and agencies, shall direct the Federal departments and agencies to reduce nonessential government travel by $158,000,000 in fiscal year 2011.