S.Amdt. 4458

SA 4458. Mr. ENSIGN submitted an amendment intended to be proposed by him 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:

After section 2042, insert the following:

PART V--PROVIDING PERMANENT STATE AND LOCAL TAX DEDUCTIONS

SEC. 2051. STATE AND LOCAL TAX DEDUCTIONS.

(a) In General.--Section 164(b)(5) of the Internal Revenue Code of 1986 is amended by striking subparagraph (I).

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

(c) Offset.--Notwithstanding section 5 of the American Recovery and Reinvestment Act of 2009 (Pub. Law 111-5), from the amounts appropriated or made available and remaining unobligated under such Act, the Director of the Office of Management and Budget shall transfer from time to time to the general fund of the Treasury an amount equal to the sum of the amount of any net reduction in revenues resulting from the application of subsection (a).