S.Amdt. 4778

SA 4778. Ms. CANTWELL (for herself and Mrs. Murray) 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 28, between lines 3 and 4, insert:

SEC. ___. RENEWAL COMMUNITY TAX INCENTIVES.

(a) In General.--Subsection (b) of section 1400E is
amended--
(1) by striking ``December 31, 2009'' in paragraphs (1)(A)
and (3) and inserting ``December 31, 2011''; and
(2) by striking ``January 1, 2010'' in paragraph (3) and
inserting ``January 1, 2012''.
(b) Zero-percent Capital Gains Rate.--
(1) Acquisition date.--Paragraphs (2)(A)(i), (3)(A),
(4)(A)(i), and (4)(B)(i) of section 1400F(b) are each amended
by striking ``January 1, 2010'' and inserting ``January 1,
2012''.
(2) Limitation on period of gains.--Paragraph (2) of
section 1400F(c) is amended--
(A) by striking ``December 31, 2014'' and inserting
``December 31, 2016''; and
(B) by striking ``2014'' in the heading and inserting
``2016''.
(3) Clerical amendment.--Subsection (d) of section 1400F is
amended by striking ``and `December 31, 2014' for `December
31, 2014' ''.
(c) Commercial Revitalization Deduction.--
(1) In general.--Subsection (g) of section 1400I is amended
by striking ``December 31, 2009'' and inserting ``December
31, 2010''.
(2) Conforming amendment.--Subparagraph (A) of section
1400I(d)(2) is amended by striking ``after 2001 and before
2010'' and inserting ``which begins after 2001 and before the
date referred to in subsection (g)''.
(d) Increased Expensing Under Section 179.--Subparagraph
(A) of section 1400J(b)(1) is amended by striking ``January
1, 2010'' and inserting ``January 1, 2012''.
(e) Treatment of Certain Termination Dates Specified in
Nominations.--In the case of a designation of a renewal
community the nomination for which included a termination
date which is contemporaneous with the date specified in
subparagraph (A) of section 1400E(b)(1) of the Internal
Revenue Code of 1986 (as in effect before the enactment of
this Act), subparagraph (B) of such section shall not apply
with respect to such designation unless, after the date of
the enactment of this section, the entity which made such
nomination reconfirms such termination date, or amends the
nomination to provide for a new termination date, in such
manner as the Secretary of the Treasury (or the Secretary's
designee) may provide.
(f) Effective Dates.--
(1) In general.--Except as otherwise provided in this
subsection, the amendments made by this section shall apply
to periods after December 31, 2009.
(2) Acquisitions.--The amendments made by subsections
(b)(1) and (d) shall apply to acquisitions after December 31,
2009.
(3) Commercial revitalization deduction.--
(A) In general.--The amendment made by subsection (c)(1)
shall apply to buildings placed in service after December 31,
2009.
(B) Conforming amendment.--The amendment made by subsection
(c)(2) shall apply to calendar years beginning after December
31, 2009.
______