To temporarily increase the limitations on offsetting ordinary income with capital losses and to strike the 5-year carry back of general business credits.

SA 531. Mr. BUNNING 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; as follows:

On page 464, strike lines 2 and 23, and insert the
following:

SEC. 1141. TEMPORARY INCREASE IN PERSONAL CAPITAL LOSS
DEDUCTION LIMITATION.

(a) In General.--Section 1211 is amended by adding at the
end the following new subsection:
``(c) Special Rule for Taxable Years Beginning in 2009.--In
the case of a taxable year beginning after December 31, 2008,
and before January 1, 2010, subsection (b)(1) shall be
applied--
``(1) by substituting `$15,000' for `$3,000', and
``(2) by substituting `$7,500' for `$1,500'.''.
(b) Effective Date.--The amendment made by this section
shall apply to taxable years beginning after December 31,
2008.
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