S.Amdt. 475

SA 475. Ms. SNOWE submitted an amendment intended to be proposed to
amendment SA 98 proposed by Mr. Inouye (for himself and Mr. Baucus) to
the bill H.R. 1, making supplemental appropriations for job
preservation and creation, infrastructure investment, energy efficiency
and science, assistance to the unemployed, and State and local fiscal
stabilization, for fiscal ending September 30, 2009, and for other
purposes; which was ordered to lie on the table; as follows:

On page 570, between lines 8 and 9, insert the following:

SEC. ___. DECREASED REQUIRED ESTIMATED TAX PAYMENTS IN 2009
FOR CERTAIN SMALL BUSINESSES.

Paragraph (1) of section 6654(d) is amended by adding at
the end the following new subparagraph:
``(D) Special rule for 2009.--
``(i) In general.--Notwithstanding subparagraph (C), in the
case of any taxable year beginning in 2009, clause (ii) of
subparagraph (B) shall be applied to any qualified individual
by substituting `75 percent' for `100 percent'.
``(ii) Qualified individual.--For purposes of this
subparagraph, the term `qualified individual' means any
individual if--

``(I) the adjusted gross income shown on the return of such
individual for the preceding taxable year is less than
$500,000, and
``(II) such individual certifies that more than 50 percent
of the income of such individual was income from a small
business.

A certification under subclause (II) shall be in such form
and manner and filed at such time as the Secretary may by
regulations prescribe.
``(iii) Income from a small business.--For purposes of
clause (ii), income from a small business means, with respect
to any individual, income from a trade or business the
average number of employees of which was less than 500
employees for the calendar year ending with or within the
preceding taxable year of the individual.
``(iv) Separate returns.--In the case of a married
individual (within the meaning of section 7703) who files a
separate return for the taxable year for which the amount of
the installment is being determined, clause (ii)(I) shall be
applied by substituting `$250,000' for `$500,000'.
``(v) Estates and trusts.--In the case of an estate or
trust, adjusted gross income shall be determined as provided
in section 67(e).''.
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