S.Amdt. 1694

SA 1694. Mr. BAUCUS (for himself and Mr. Bingaman) submitted an amendment intended to be proposed by him to the bill S. 1813, to reauthorize Federal-aid highway and highway safety construction programs, and for other purposes; which was ordered to lie on the table; as follows:

Strike section 40201 and insert the following:

SEC. 40201. TEMPORARY INCREASE IN SMALL ISSUER EXCEPTION TO TAX-EXEMPT INTEREST EXPENSE ALLOCATION RULES FOR FINANCIAL INSTITUTIONS.

(a) In General.--Subparagraph (G) of section 265(b)(3) of the Internal Revenue Code of 1986 is amended--

(1) by striking “2009 or 2010” in clause (i) and inserting “2009, 2010, 2012, or the period beginning after December 31, 2012, and before July 1, 2013”,

(2) by striking “2009 or 2010” each place it appears in clauses (ii) and (iii) and inserting “2009, 2010, or the period beginning after June 30, 2012, and before July 1, 2013”, and

(3) by striking “2009 and 2010” in the heading and inserting “2009, 2010, 2012, and 2013”.

(b) Effective Date.--The amendments made by this section shall apply to obligations issued after June 30, 2012.