S.Amdt. 4510

SA 4510. Mr. McCAIN 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:

At the appropriate place, insert the following:

SEC. ___. PERMANENT EXTENSION OF RESEARCH CREDIT.

(a) In General.--Section 41 of the Internal Revenue Code of 1986 is amended by striking subsection (h).

(b) Conforming Amendment.--Paragraph (1) of section 45C(b) of the Internal Revenue Code of 1986 is amended by striking subparagraph (D).

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

(d) Use of Stimulus Funds to Offset Loss in Revenues.--The unobligated balance of each amount appropriated or made available under the American Recovery and Reinvestment Act of 2009 (Public Law 111-5) (other than under title X of division A of such Act) is rescinded pro rata such that the aggregate amount of such rescissions equals the reduction in revenues to the Treasury by reason of the amendments made by this section. The Director of the Office of Management and Budget shall report to each congressional committee the amounts so rescinded within the jurisdiction of such committee.