S.Amdt. 4543

SA 4543. Mr. WEBB (for himself, Ms. Landrieu, Mr. Nelson of Florida,
and Mr. Warner) submitted an amendment intended to be proposed to
amendment SA 4519 proposed by Mr. Reid (for himself, Mr. Baucus, and
Ms. Landrieu) 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 title II, insert the following:

Subtitle C--Other Relief

SEC. __. GUIDANCE ON TAX TREATMENT OF LOSSES RELATED TO
TAINTED DRYWALL AS CASUALTY LOSS DEDUCTIONS.

Not later than the due date, including extension, for
filing a return of tax for taxable year 2009, the Secretary
of the Treasury shall issue guidance with respect to the
availability of a casualty loss deduction under section
165(c)(3) of the Internal Revenue Code of 1986 for a taxpayer
who has sustained a loss due to defective or tainted drywall,
including drywall imported from China.
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