S.Amdt. 515

SA 515. Mr. GRAHAM 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 year ending September 30, 2009, and for other
purposes; which was ordered to lie on the table; as follows:

On page 625, after line 23, insert the following:
(c) Elimination of Premium Subsidy for High-Income
Individuals.--
(1) In general.--Notwithstanding subsection (b)(3), an
individual who is a covered employee (and any qualified
beneficiary of such employee) shall not be treated as an
assistance eligible individual for purposes of this section
and section 6432 of the Internal Revenue Code of 1986 if the
individual's assets exceed $1,000,000, as determined under
guidelines issued by the Secretary of the Treasury.

[[Page S1765]]

(2) Recapture of subsidy.--If a covered employee's assets
for a year in which the employee receives a subsidy under
subsection (b) exceeds the applicable limit under paragraph
(1) then the covered employee's tax imposed by chapter 1 of
the Internal Revenue Code of 1986 for such taxable year shall
be increased by the amount of such assistance.
(3) Notice of income tests.--Each person required to
provide a notice under subsection (b)(7)(A) shall include
with such notice a statement that--
(A) an individual shall not be eligible for the subsidy
under subsection (b)(1)(A) if the individual's assets exceed
the limit under paragraph (1); and
(B) if the individual receives any subsidy the individual
is not entitled to by reason of such excess assets, the
individual's tax liability for such taxable year shall be
increased by the amount of that subsidy.
(4) Covered employee; qualified beneficiary.--For purposes
of this subsection, the terms ``covered employee'' and
``qualified beneficiary'' have the meanings given such terms
by section 4980B of the Internal Revenue Code of 1986.
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