S.Amdt. 2661

SA 2661. Mr. MORAN submitted an amendment intended to be proposed to
amendment SA 2360 proposed by Mr. Thune (for Mr. Graham) to the bill
H.R. 1, to provide for reconciliation pursuant to title II of H. Con.
Res. 14; which was ordered to lie on the table; as follows:

At the end of section 70435 insert the following:
(d) ACRE Technical Fix.--Section 139L, as added by
subsection (a), is amended by striking subsection (d) and
inserting the following:
``(d) Coordination With Section 265.--In the case of any
qualified real estate loan, section 265 shall be applied--
``(1) by substituting `25 percent of interest on
indebtedness' for `Interest on indebtedness' in subsection
(a)(2) of such section;
``(2) by treating any qualified real estate loan as an
obligation described in subsection (a)(2) of such section the
interest on which is wholly exempt from the taxes imposed by
this subtitle;
``(3) by treating 25 percent of the adjusted basis of any
qualified real estate loan as adjusted basis of a tax-exempt
obligation described in subsection (b)(4)(B) of such section;
and
``(4) by substituting ``25 percent of the amount of such
indebtedness for `the amount of such indebtedness' in
subsection (b)(6)(A)(a)(ii) of such section.''.
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