S.Amdt. 563

SA 563. Mr. BURR 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 451, between lines 13 and 14, insert the following:

SEC. ____. LOSS FROM SALE OR EXCHANGE OF STOCK OR DEBT
SECURITIES OF, OR HELD BY, CORPORATIONS.

(a) In General.--Part IV of subchapter P of chapter 1 is
amended by adding at the end the following new section:

``SEC. 1261. LOSS FROM SALE OR EXCHANGE OF STOCK OR DEBT
SECURITIES OF, OR HELD BY, CORPORATIONS.

``In the case of a taxable year beginning after December
31, 2008, and before January 1, 2011, loss from the sale or
exchange of stock or debt securities of, or held by, any
corporation which would (but for this section) be a loss from
the sale or exchange of a capital asset shall be treated as
an ordinary loss.''.
(b) Clerical Amendment.--The table of sections for such
part IV is amended by adding at the end the following new
item:

``Sec. 1261. Loss from sale or exchange of stock or debt securities of,
or held by, corporations.''.

(c) Effective Date.--The amendments made by this section
shall apply to sales or exchanges occurring after the date of
the enactment of this Act, in taxable years ending after such
date.

SEC. ____. 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 and
2010.--In the case of a taxable year beginning after December
31, 2008, and before January 1, 2011, subsection (b)(1) shall
be applied by substituting `$10,000 ($20,000 in the case of a
joint return)' for `$3,000 ($1,500 in the case of a married
individual filing a separate return)'.''.
(b) Effective Date.--The amendment made by this section
shall apply to taxable years beginning after December 31,
2008.
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