S.Amdt. 4777

SA 4777. Ms. CANTWELL submitted an amendment intended to be proposed
to amendment SA 4753 proposed by Mr. Reid (for himself and Mr.
McConnell) to the bill H.R. 4853, to amend the Internal Revenue Code of
1986 to extend the funding and expenditure authority of the Airport and
Airway Trust Fund, to amend title 49, United States Code, to extend
authorizations for the airport improvement program, and for other
purposes; which was ordered to lie on the table; as follows:

On page 71, between lines 3 and 4, insert the following:

SEC. 7__. TIMBER REIT MODERNIZATION.

(a) In General.--Paragraph (8) of section 856(c) is amended
by striking ``means'' and all that follows and inserting
``means December 31, 2011.''.
(b) Conforming Amendments.--

[[Page S8874]]

(1) Subparagraph (I) of section 856(c)(2) is amended by
striking ``the first taxable year beginning after the date of
the enactment of this subparagraph'' and inserting ``a
taxable year beginning on or before the termination date''.
(2) Clause (iii) of section 856(c)(5)(H) is amended by
inserting ``in taxable years beginning'' after
``dispositions''.
(3) Clause (v) of section 857(b)(6)(D) is amended by
inserting ``in a taxable year beginning'' after ``sale''.
(4) Subparagraph (G) of section 857(b)(6) is amended by
inserting ``in a taxable year beginning'' after ``In the case
of a sale''.
(c) Effective Date.--The amendments made by this section
shall apply to taxable years ending after May 22, 2009.
______