[Congressional Record Volume 150, Number 28 (Monday, March 8, 2004)]
[Senate]
[Pages S2310-S2313]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                           TEXT OF AMENDMENTS

  SA 2692. Mrs. HUTCHISON (for herself, Mr. Brownback, Mr. Bunning, Mr. 
Chambliss,  and Mr. Fitzgerald) submitted an amendment intended to be 
proposed by her to the bill S. 1637, to amend the Internal Revenue Code 
of 1986 to comply with the World Trade Organization rulings on the FSC/
ETI benefit in a manner that preserves jobs and production activities 
in the United States, to reform and simplify the international taxation 
rules of the United States, and for other purposes; which was ordered 
to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. __. FULL ELIMINATION OF THE MARRIAGE PENALTY FOR 2005.

       (a) Standard Deduction.--Paragraph (7) of section 63(c) of 
     the Internal Revenue Code of 1986 (relating to applicable 
     percentage) is amended by striking ``174'' and inserting 
     ``200''.
       (b) 15-Percent Bracket.--Subparagraph (B) of section 
     1(f)(8) of the Internal Revenue Code of 1986 (relating to 
     applicable percentage) is amended by striking ``180'' and 
     inserting ``200''.
       (c) Effective Date.--The amendments made by this section 
     shall apply to taxable years beginning after December 31, 
     2003.
       (d) Application of EGTRRA Sunset to This Section.--Each 
     amendment made by this section shall be subject to title IX 
     of the Economic Growth and Tax Relief Reconciliation Act of 
     2001 to the same extent and in the same manner as the 
     provision of such Act to which such amendment relates.
                                 ______
                                 
  SA 2693. Mr. KENNEDY submitted an amendment intended to be proposed 
by him to the concurrent resolution S. Con. Res. 95, setting forth the 
congressional budget for the United States Government for fiscal year 
2005 and including the appropriate budgetary levels for fiscal years 
2006 through 2009; which was ordered to lie on the table; as follows:

       On page 3, line 9, increase the amount by $2,352,000,000.
       On page 3, line 10, increase the amount by $7,253,000,000.
       On page 3, line 11, increase the amount by $196,000,000.
       On page 3, line 17, increase the amount by $2,352,000,000.
       On page 3, line 18, increase the amount by $7,253,000,000.
       On page 3, line 19, increase the amount by $196,000,000.
       On page 4, line 4, increase the amount by $4,901,000,000.
       On page 4, line 12, increase the amount by $1,176,000,000.
       On page 4, line 13, increase the amount by $3,627,000,000.
       On page 4, line 14, increase the amount by $98,000,000.
       On page 4, line 20, increase the amount by $1,176,000,000.
       On page 4, line 21, increase the amount by $3,627,000,000.
       On page 4, line 22, increase the amount by $98,000,000.
       On page 5, line 3, decrease the amount by $1,176,000,000.
       On page 5, line 4, decrease the amount by $4,803,000,000.
       On page 5, line 5, decrease the amount by $4,901,000,000.
       On page 5, line 6, decrease the amount by $4,901,000,000.
       On page 5, line 7, decrease the amount by $4,901,000,000.
       On page 5, line 11, decrease the amount by $1,176,000,000.
       On page 5, line 12, decrease the amount by $4,803,000,000.
       On page 5, line 13, decrease the amount by $4,901,000,000.
       On page 5, line 14, decrease the amount by $4,901,000,000.
       On page 5, line 15, decrease the amount by $4,901,000,000.
       On page 15, line 16, increase the amount by $4,901,000,000.
       On page 15, line 17, increase the amount by $1,176,000,000.
       On page 15, line 21, increase the amount by $3,627,000,000.
       On page 15, line 25, increase the amount by $98,000,000.
       On page 39, line 18, increase the amount by $4,901,000,000.
       On page 39, line 19, increase the amount by $1,176,000,000.
       On page 40, line 2, increase the amount by $3,627,000,000.
                                 ______
                                 
  SA 2694. Mr. KENNEDY submitted an amendment intended to be proposed 
by him to the concurrent resolution S. Con. Res. 95, setting forth the 
congressional budget for the United States Government for fiscal year 
2005 and including the appropriate budgetary levels for fiscal years 
2006 through 2009; which was ordered to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. __. SENATE OF THE SENATE CONCERNING AN INCREASE IN THE 
                   MINIMUM WAGE.

       (a) In General.--It is the sense of the Senate that this 
     resolution assumes that legislation increasing the Federal 
     minimum wage will be enacted that will contain the provisions 
     described in subsection (b).
       (b) Minimum Wage.--The provisions described in this 
     subsection are the following:
       (1) In general.--Section 6(a)(1) of the Fair Labor 
     Standards Act of 1938 (29 U.S.C. 206(a)(1)) is amended to 
     read as follows:
       ``(1) except as otherwise provided in this section, not 
     less than--
       ``(A) $5.85 an hour, beginning on the 60th day after the 
     date of enactment of the Fair Minimum Wage Act of 2003;
       ``(B) $6.45 an hour, beginning 12 months after that 60th 
     day; and
       ``(C) $7.00 an hour, beginning 24 months after that 60th 
     day;''.
       (2) Applicability of minimum wage to the commonwealth of 
     the northern mariana islands.--
       (A) In general.--Section 6 of the Fair Labor Standards Act 
     of 1938 (29 U.S.C. 206) shall apply to the Commonwealth of 
     the Northern Mariana Islands.
       (B) Transition.--Notwithstanding subparagraph (A), the 
     minimum wage applicable to the Commonwealth of the Northern 
     Mariana Islands under section 6(a)(1) of the Fair Labor 
     Standards Act of 1938 (29 U.S.C. 206(a)(1)) shall be--
       (i) $3.55 an hour, beginning on the 60th day after the date 
     of enactment of the legislation involved; and
       (ii) increased by $0.50 an hour (or such lesser amount as 
     may be necessary to equal the minimum wage under section 
     6(a)(1) of such Act), beginning 6 months after the date of 
     enactment of this Act and every 6 months thereafter until the 
     minimum wage applicable to the Commonwealth of the Northern 
     Mariana Islands under this subsection is equal to the minimum 
     wage set forth in such section.
       (3) Effective Date.--The amendment made by paragraph (1) 
     shall take effect 60 days after the date of enactment of the 
     legislation involved.
                                 ______
                                 
  SA 2695. Mr. KENNEDY submitted an amendment intended to be proposed 
by him to the concurrent resolution S. Con. Res. 95, setting forth the 
congressional budget for the United States Government for fiscal year 
2005 and including the appropriate budgetary levels for fiscal years 
2006 through 2009; which was ordered to lie on the table; as follows:

       On page 28, after line 7, insert the following:

     SEC. __. RESERVE FUND TO ELIMINATE OVERPAYMENTS TO REGIONAL 
                   PPOS AND OTHER MEDICARE ADVANTAGE PLANS IN 
                   ORDER TO ASSURE A LEVEL PLAYING FIELD BETWEEN 
                   CONVENTIONAL MEDICARE AND PRIVATE SECTOR 
                   ALTERNATIVE, PRESERVE MEDICARE BENEFICIARIES' 
                   RIGHT TO CHOOSE THEIR DOCTOR, IMPROVE THE 
                   FINANCIAL STATUS OF MEDICARE TRUST FUNDS, AND 
                   REDUCE THE DEFICIT.

       If the Committee on Finance of the Senate reports a bill or 
     a joint resolution, or an amendment thereto is offered, or a 
     conference report thereon is submitted, that eliminates the 
     stabilization fund for Medicare regional PPOs or other 
     provisions of law that raise Medicare expenditures by 
     providing excess payments to Medicare Advantage Plans, and 
     applies the savings from such payment changes to reducing the 
     Medicare prescription drug coverage gap, improving the 
     financial status of the Medicare trust funds, or reducing the 
     deficit, the chairman of the Committee on the Budget may 
     revise committee allocations and other appropriate aggregates 
     in this resolution for this purpose.
                                 ______
                                 
  SA 2696. Mr. KENNEDY submitted an amendment intended to be proposed 
by him to the concurrent resolution S. Con. Res. 95, setting forth the 
congressional budget for the United States Government for fiscal year 
2005 and including the appropriate budgetary levels for fiscal years 
2006 through 2009; which was ordered to lie on the table; as follows:


[[Page S2311]]


       On page 3, line 9, increase the amount by $1,332,000,000.
       On page 3, line 10, increase the amount by $4,560,000,000.
       On page 3, line 11, increase the amount by $220,000,000.
       On page 3, line 12, increase the amount by $52,000,000.
       On page 3, line 17, increase the amount by $1,332,000,000.
       On page 3, line 18, increase the amount by $4,560,000,000.
       On page 3, line 19, increase the amount by $220,000,000.
       On page 3, line 20, increase the amount by $52,000,000.
       On page 4, line 4, increase the amount by $3,082,000,000.
       On page 4, line 12, increase the amount by $666,000,000.
       On page 4, line 13, increase the amount by $2,280,000,000.
       On page 4, line 14, increase the amount by $110,000,000.
       On page 4, line 15, increase the amount by $26,000,000.
       On page 4, line 20, increase the amount by $666,000,000.
       On page 4, line 21, increase the amount by $2,280,000,000.
       On page 4, line 22, increase the amount by $110,000,000.
       On page 4, line 23, increase the amount by $26,000,000.
       On page 5, line 3, decrease the amount by $666,000,000.
       On page 5, line 4, decrease the amount by $2,946,000,000.
       On page 5, line 5, decrease the amount by $3,056,000,000.
       On page 5, line 6, decrease the amount by $3,082,000,000.
       On page 5, line 7, decrease the amount by $3,082,000,000.
       On page 5, line 11, decrease the amount by $666,000,000.
       On page 5, line 12, decrease the amount by $2,946,000,000.
       On page 5, line 13, decrease the amount by $3,056,000,000.
       On page 5, line 14, decrease the amount by $3,082,000,000.
       On page 5, line 15, decrease the amount by $3,082,000,000.
       On page 15, line 16, increase the amount by $3,082,000,000.
       On page 15, line 17, increase the amount by $666,000,000.
       On page 15, line 21, increase the amount by $2,280,000,000.
       On page 15, line 25, increase the amount by $110,000,000.
       On page 16, line 4, increase the amount by $26,000,000.
       On page 39, line 18, increase the amount by $3,082,000,000.
       On page 39, line 19, increase the amount by $666,000,000.
       On page 40, line 2, increase the amount by $2,280,000,000.
                                 ______
                                 
  SA 2697. Mr. DeWINE (for himself and Mr. Leahy) submitted an 
amendment intended to be proposed by him to the concurrent resolution 
S. Con. Res. 95, setting forth the congressional budget for the United 
States Government for fiscal year 2005 and including the appropriate 
budgetary levels for fiscal years 2006 through 2009; which was ordered 
to lie on the table; as follows:

       On page 8, line 21, strike ``$30,140,000,000'' and insert 
     ``$30,470,000,000''.
       On page 23, line 5, strike ``-$100,000,000'' and insert 
     ``-$430,000,000''.
                                 ______
                                 
  SA 2698. Mrs. FEINSTEIN (for herself and Mr. Graham of Florida) 
submitted an amendment intended to be proposed by her to the bill S. 
1637, to amend the Internal Revenue Code of 1986 to comply with the 
World Trade Organization rulings on the FSC/ETI benefit in a manner 
that preserves jobs and production activities in the United States, to 
reform and simplify the international taxation rules of the United 
States, and for other purposes; which was ordered to lie on the table; 
as follows:

       At the end add the following:

     SEC. __. CREDIT FOR ELECTRICITY PRODUCED FROM CERTAIN 
                   RENEWABLE RESOURCES TO INCLUDE OPEN-LOOP 
                   BIOMASS FACILITIES.

       (a) In General.--Section 45(c)(1) (defining qualified 
     energy resources) is amended by striking ``and'' at the end 
     of subparagraph (B), by striking the period at the end of 
     subparagraph (C) and inserting ``, and'', and by adding at 
     the end the following new subparagraph:
       ``(D) open-loop biomass.''.
       (b) Facilities Described.--Section 45(c)(3) (defining 
     qualified facility) is amended by adding at the end the 
     following new subparagraph:
       ``(D) Open-loop biomass facility.--
       ``(i) In general.--In the case of a facility using open-
     loop biomass to produce electricity, the term `qualified 
     facility' means any facility owned by the taxpayer which is 
     originally placed in service before January 1, 2006.
       ``(ii) Special rules for preeffective date facilities.--In 
     the case of any facility described in clause (i) which is 
     placed in service before the date of the enactment of this 
     subparagraph--

       ``(I) subsection (a)(1) shall be applied by substituting `1 
     cent' for `1.5 cents', and
       ``(II) the 5-year period beginning on such date of 
     enactment shall be substituted for the 10-year period in 
     subsection (a)(2)(A)(ii).

       ``(iii) Credit eligibility.--In the case of any facility 
     described in clause (i), if the owner of such facility is not 
     the producer of the electricity, the person eligible for the 
     credit allowable under subsection (a) shall be the lessee or 
     the operator of such facility.
       ``(iv) Limit on reductions for tax-exempt bond financing, 
     etc.--If the amount of the credit determined under subsection 
     (a) with respect to any facility described in clause (i) is 
     required to be reduced under paragraph (3) of subsection (b), 
     the fraction under such paragraph shall in no event be 
     greater than \1/2\.''.
       (c) Open-Loop Biomass Defined.--Section 45(c) (relating to 
     definitions) is amended by adding at the end the following 
     new paragraph:
       ``(5) Open-loop biomass.--
       ``(A) In general.--The term `open-loop biomass' means any 
     solid, nonhazardous, cellulosic waste material which is 
     segregated from other waste materials and which is derived 
     from--
       ``(i) any of the following forest-related resources: mill 
     and harvesting residues, precommercial thinnings, slash, and 
     brush,
       ``(ii) solid wood waste materials, including waste pallets, 
     crates, dunnage, manufacturing and construction wood wastes 
     (other than pressure-treated, chemically-treated, or painted 
     wood wastes), and landscape or right-of-way tree trimmings, 
     but not including municipal solid waste, gas derived from the 
     biodegradation of solid waste, or paper which is commonly 
     recycled, or
       ``(iii) agriculture sources, including orchard tree crops, 
     vineyard, grain, legumes, sugar, and other crop by-products 
     or residues.
       ``(B) Exceptions.--Such term does not include--
       ``(i) closed-loop biomass, or
       ``(ii) any agricultural livestock waste nutrients.''.
       (d) Effective Date.--The amendments made by this section 
     shall apply to electricity produced and sold after the date 
     of the enactment of this Act, in taxable years ending after 
     such date.
                                 ______
                                 
  SA 2699. Mr. KENNEDY (for himself and Mr. Rockefeller) submitted an 
amendment intended to be proposed by him to the concurrent resolution 
S. Con. Res. 95, setting forth the congressional budget for the United 
States Government for fiscal year 2005 and including the appropriate 
budgetary levels for fiscal years 2006 through 2009; which was ordered 
to lie on the table; as follows:

       On page 26, line 4, after ``measures'' insert ``and 
     including legislation to reallocate and maintain expiring 
     SCHIP funds rather than allowing such funds to revert to the 
     Treasury''.
                                 ______
                                 
  SA 2700. Mr. LAUTENBERG (for himself, Mr. Chafee, Mrs. Dole, and Mr. 
Lieberman) submitted an amendment intended to be proposed by him to the 
bill S. 1637, to amend the Internal Revenue Code of 1986 to comply with 
the World Trade Organization rulings on the FSC/ETI benefit in a manner 
that preserves jobs and production activities in the United States, to 
reform and simplify the international taxation rules of the United 
States, and for other purposes; which was ordered to lie on the table; 
as follows:

       On page 179, after line 25, add the following:

     SEC. __. EXCLUSION OF GAIN OR LOSS ON SALE OR EXCHANGE OF 
                   CERTAIN BROWNFIELD SITES FROM UNRELATED 
                   BUSINESS TAXABLE INCOME.

       (a) In General.--Subsection (b) of section 512 (relating to 
     unrelated business taxable income) is amended by adding at 
     the end the following new paragraph:
       ``(18) Treatment of gain or loss on sale or exchange of 
     certain brownfield sites.--
       ``(A) In general.--Notwithstanding paragraph (5)(B), there 
     shall be excluded any gain or loss from the qualified sale, 
     exchange, or other disposition of any qualifying brownfield 
     property by an eligible taxpayer.
       ``(B) Eligible taxpayer.--For purposes of this paragraph--
       ``(i) In general.--The term `eligible taxpayer' means, with 
     respect to a property, any organization exempt from tax under 
     section 501(a) which--

       ``(I) acquires from an unrelated person a qualifying 
     brownfield property, and
       ``(II) pays or incurs eligible remediation expenditures 
     with respect to such property in an amount which exceeds the 
     greater of $550,000 or 12 percent of the fair market value of 
     the property at the time such property was acquired by the 
     eligible taxpayer, determined as if there was not a presence 
     of a hazardous substance, pollutant, or contaminant on the 
     property which is complicating the expansion, redevelopment, 
     or reuse of the property.

       ``(ii) Exception.--Such term shall not include any 
     organization which is--

       ``(I) potentially liable under section 107 of the 
     Comprehensive Environmental Response, Compensation, and 
     Liability Act of 1980 with respect to the qualifying 
     brownfield property,

[[Page S2312]]

       ``(II) affiliated with any other person which is so 
     potentially liable through any direct or indirect familial 
     relationship or any contractual, corporate, or financial 
     relationship (other than a contractual, corporate, or 
     financial relationship which is created by the instruments by 
     which title to any qualifying brownfield property is conveyed 
     or financed or by a contract of sale of goods or services), 
     or
       ``(III) the result of a reorganization of a business entity 
     which was so potentially liable.

       ``(C) Qualifying brownfield property.--For purposes of this 
     paragraph--
       ``(i) In general.--The term `qualifying brownfield 
     property' means any real property which is certified, before 
     the taxpayer incurs any eligible remediation expenditures 
     (other than to obtain a Phase I environmental site 
     assessment), by an appropriate State agency (within the 
     meaning of section 198(c)(4)) in the State in which such 
     property is located as a brownfield site within the meaning 
     of section 101(39) of the Comprehensive Environmental 
     Response, Compensation, and Liability Act of 1980 (as in 
     effect on the date of the enactment of this paragraph).
       ``(ii) Request for certification.--Any request by an 
     eligible taxpayer for a certification described in clause (i) 
     shall include a sworn statement by the eligible taxpayer and 
     supporting documentation of the presence of a hazardous 
     substance, pollutant, or contaminant on the property which is 
     complicating the expansion, redevelopment, or reuse of the 
     property given the property's reasonably anticipated future 
     land uses or capacity for uses of the property (including a 
     Phase I environmental site assessment and, if applicable, 
     evidence of the property's presence on a local, State, or 
     Federal list of brownfields or contaminated property) and 
     other environmental assessments prepared or obtained by the 
     taxpayer.
       ``(D) Qualified sale, exchange, or other disposition.--For 
     purposes of this paragraph--
       ``(i) In general.--A sale, exchange, or other disposition 
     of property shall be considered as qualified if--

       ``(I) such property is transferred by the eligible taxpayer 
     to an unrelated person, and
       ``(II) within 1 year of such transfer the eligible taxpayer 
     has received a certification from the Environmental 
     Protection Agency or an appropriate State agency (within the 
     meaning of section 198(c)(4)) in the State in which such 
     property is located that, as a result of the eligible 
     taxpayer's remediation actions, such property would not be 
     treated as a qualifying brownfield property in the hands 
     of the transferee.
       ``(ii) Request for certification.--Any request by an 
     eligible taxpayer for a certification described in clause (i) 
     shall be made not later than the date of the transfer and 
     shall include a sworn statement by the eligible taxpayer 
     certifying the following:

       ``(I) Remedial actions which comply with all applicable or 
     relevant and appropriate requirements (consistent with 
     section 121(d) of the Comprehensive Environmental Response, 
     Compensation, and Liability Act of 1980) have been 
     substantially completed, such that there are no hazardous 
     substances, pollutants, or contaminants which complicate the 
     expansion, redevelopment, or reuse of the property given the 
     property's reasonably anticipated future land uses or 
     capacity for uses of the property.
       ``(II) The reasonably anticipated future land uses or 
     capacity for uses of the property are more economically 
     productive or environmentally beneficial than the uses of the 
     property in existence on the date of the certification 
     described in subparagraph (C)(i). For purposes of the 
     preceding sentence, use of property as a landfill or other 
     hazardous waste facility shall not be considered more 
     economically productive or environmentally beneficial.
       ``(III) A remediation plan has been implemented to bring 
     the property into compliance with all applicable local, 
     State, and Federal environmental laws, regulations, and 
     standards and to ensure that the remediation protects human 
     health and the environment.
       ``(IV) The remediation plan described in subclause (III), 
     including any physical improvements required to remediate the 
     property, is either complete or substantially complete, and, 
     if substantially complete, sufficient monitoring, funding, 
     institutional controls, and financial assurances have been 
     put in place to ensure the complete remediation of the 
     property in accordance with the remediation plan as soon as 
     is reasonably practicable after the sale, exchange, or other 
     disposition of such property.
       ``(V) Public notice that such request for certification 
     would be made was completed before the date of such request. 
     Such notice shall be in the same form and manner as required 
     for public participation required under section 117(a) of the 
     Comprehensive Environmental Response, Compensation, and 
     Liability Act of 1980 (as in effect on the date of the 
     enactment of this paragraph).

       ``(iii) Attachment to tax returns.--A copy of each of the 
     requests for certification described in clause (ii) of 
     subparagraph (C) and this subparagraph shall be included in 
     the tax return of the eligible taxpayer (and, where 
     applicable, of the qualifying partnership) for the taxable 
     year during which the transfer occurs.
       ``(E) Eligible remediation expenditures.--For purposes of 
     this paragraph--
       ``(i) In general.--The term `eligible remediation 
     expenditures' means, with respect to any qualifying 
     brownfield property, any amount paid or incurred by the 
     eligible taxpayer to an unrelated third person to obtain a 
     Phase I environmental site assessment of the property, and 
     any amount so paid or incurred after the date of the 
     certification described in subparagraph (C)(i) for goods and 
     services necessary to obtain a certification described in 
     subparagraph (D)(i) with respect to such property, including 
     expenditures--

       ``(I) to manage, remove, control, contain, abate, or 
     otherwise remediate a hazardous substance, pollutant, or 
     contaminant on the property,
       ``(II) to obtain a Phase II environmental site assessment 
     of the property, including any expenditure to monitor, 
     sample, study, assess, or otherwise evaluate the release, 
     threat of release, or presence of a hazardous substance, 
     pollutant, or contaminant on the property,
       ``(III) to obtain environmental regulatory certifications 
     and approvals required to manage the remediation and 
     monitoring of the hazardous substance, pollutant, or 
     contaminant on the property, and
       ``(IV) regardless of whether it is necessary to obtain a 
     certification described in subparagraph (D)(i)(II), to obtain 
     remediation cost-cap or stop-loss coverage, re-opener or 
     regulatory action coverage, or similar coverage under 
     environmental insurance policies, or financial guarantees 
     required to manage such remediation and monitoring.
       ``(ii) Exceptions.--Such term shall not include--

       ``(I) any portion of the purchase price paid or incurred by 
     the eligible taxpayer to acquire the qualifying brownfield 
     property,
       ``(II) environmental insurance costs paid or incurred to 
     obtain legal defense coverage, owner/operator liability 
     coverage, lender liability coverage, professional liability 
     coverage, or similar types of coverage,
       ``(III) any amount paid or incurred to the extent such 
     amount is reimbursed, funded, or otherwise subsidized by 
     grants provided by the United States, a State, or a political 
     subdivision of a State for use in connection with the 
     property, proceeds of an issue of State or local government 
     obligations used to provide financing for the property the 
     interest of which is exempt from tax under section 103, or 
     subsidized financing provided (directly or indirectly) under 
     a Federal, State, or local program provided in connection 
     with the property, or
       ``(IV) any expenditure paid or incurred before the date of 
     the enactment of this paragraph.

     For purposes of subclause (III), the Secretary may issue 
     guidance regarding the treatment of government-provided funds 
     for purposes of determining eligible remediation 
     expenditures.
       ``(F) Determination of gain or loss.--For purposes of this 
     paragraph, the determination of gain or loss shall not 
     include an amount treated as gain which is ordinary income 
     with respect to section 1245 or section 1250 property, 
     including amounts deducted as section 198 expenses which are 
     subject to the recapture rules of section 198(e), if the 
     taxpayer had deducted such amounts in the computation of its 
     unrelated business taxable income.
       ``(G) Special rules for partnerships.--
       ``(i) In general.--In the case of an eligible taxpayer 
     which is a partner of a qualifying partnership which 
     acquires, remediates, and sells, exchanges, or otherwise 
     disposes of a qualifying brownfield property, this paragraph 
     shall apply to the eligible taxpayer's distributive share of 
     the qualifying partnership's gain or loss from the sale, 
     exchange, or other disposition of such property.
       ``(ii) Qualifying partnership.--The term `qualifying 
     partnership' means a partnership which--

       ``(I) has a partnership agreement which satisfies the 
     requirements of section 514(c)(9)(B)(vi) at all times 
     beginning on the date of the first certification received by 
     the partnership under subparagraph (C)(i),
       ``(II) satisfies the requirements of subparagraphs (B)(i), 
     (C), (D), and (E), if `qualified partnership' is substituted 
     for `eligible taxpayer' each place it appears therein (except 
     subparagraph (D)(iii)), and
       ``(III) is not an organization which would be prevented 
     from constituting an eligible taxpayer by reason of 
     subparagraph (B)(ii).

       ``(iii) Requirement that tax-exempt partner be a partner 
     since first certification.--This paragraph shall apply with 
     respect to any eligible taxpayer which is a partner of a 
     partnership which acquires, remediates, and sells, exchanges, 
     or otherwise disposes of a qualifying brownfield property 
     only if such eligible taxpayer was a partner of the 
     qualifying partnership at all times beginning on the date of 
     the first certification received by the partnership under 
     subparagraph (C)(i) and ending on the date of the sale, 
     exchange, or other disposition of the property by the 
     partnership.
       ``(iv) Regulations.--The Secretary shall prescribe such 
     regulations as are necessary to prevent abuse of the 
     requirements of this subparagraph, including abuse through--

       ``(I) the use of special allocations of gains or losses, or
       ``(II) changes in ownership of partnership interests held 
     by eligible taxpayers.

       ``(H) Special rules for multiple properties.--
       ``(i) In general.--An eligible taxpayer or a qualifying 
     partnership of which the eligible taxpayer is a partner may 
     make a 1-time election to apply this paragraph to more than 1 
     qualifying brownfield property by

[[Page S2313]]

     averaging the eligible remediation expenditures for all such 
     properties acquired during the election period. If the 
     eligible taxpayer or qualifying partnership makes such an 
     election, the election shall apply to all qualified sales, 
     exchanges, or other dispositions of qualifying brownfield 
     properties the acquisition and transfer of which occur during 
     the period for which the election remains in effect.
       ``(ii) Election.--An election under clause (i) shall be 
     made with the eligible taxpayer's or qualifying partnership's 
     timely filed tax return (including extensions) for the first 
     taxable year for which the taxpayer or qualifying partnership 
     intends to have the election apply. An election under clause 
     (i) is effective for the period--

       ``(I) beginning on the date which is the first day of the 
     taxable year of the return in which the election is included 
     or a later day in such taxable year selected by the eligible 
     taxpayer or qualifying partnership, and
       ``(II) ending on the date which is the earliest of a date 
     of revocation selected by the eligible taxpayer or qualifying 
     partnership, the date which is 8 years after the date 
     described in subclause (I), or, in the case of an election by 
     a qualifying partnership of which the eligible taxpayer is a 
     partner, the date of the termination of the qualifying 
     partnership.

       ``(iii) Revocation.--An eligible taxpayer or qualifying 
     partnership may revoke an election under clause (i)(II) by 
     filing a statement of revocation with a timely filed tax 
     return (including extensions). A revocation is effective as 
     of the first day of the taxable year of the return in which 
     the revocation is included or a later day in such taxable 
     year selected by the eligible taxpayer or qualifying 
     partnership. Once an eligible taxpayer or qualifying 
     partnership revokes the election, the eligible taxpayer or 
     qualifying partnership is ineligible to make another election 
     under clause (i) with respect to any qualifying brownfield 
     property subject to the revoked election.
       ``(I) Recapture.--If an eligible taxpayer excludes gain or 
     loss from a sale, exchange, or other disposition of property 
     to which an election under subparagraph (H) applies, and such 
     property fails to satisfy the requirements of this paragraph, 
     the unrelated business taxable income of the eligible 
     taxpayer for the taxable year in which such failure occurs 
     shall be determined by including any previously excluded gain 
     or loss from such sale, exchange, or other disposition 
     allocable to such taxpayer, and interest shall be determined 
     at the overpayment rate established under section 6621 on any 
     resulting tax for the period beginning with the due date of 
     the return for the taxable year during which such sale, 
     exchange, or other disposition occurred, and ending on the 
     date of payment of the tax.
       ``(J) Related persons.--For purposes of this paragraph, a 
     person shall be treated as related to another person if--
       ``(i) such person bears a relationship to such other person 
     described in section 267(b) (determined without regard to 
     paragraph (9) thereof), or section 707(b)(1), determined by 
     substituting `25 percent' for `50 percent' each place it 
     appears therein, and
       ``(ii) in the case such other person is a nonprofit 
     organization, if such person controls directly or indirectly 
     more than 25 percent of the governing body of such 
     organization.''
       (b) Exclusion From Definition of Debt-Financed Property.--
     Section 514(b)(1) (defining debt-financed property) is 
     amended by striking ``or'' at the end of subparagraph (C), by 
     striking the period at the end of subparagraph (D) and 
     inserting ``; or'', and by inserting after subparagraph (D) 
     the following new subparagraph:
       ``(E) any property the gain or loss from the sale, 
     exchange, or other disposition of which would be excluded by 
     reason of the provisions of section 512(b)(18) in computing 
     the gross income of any unrelated trade or business.''.
       (c) Effective Date.--The amendments made by this section 
     shall apply to any gain or loss on the sale, exchange, or 
     other disposition of any property acquired by the taxpayer 
     after the date of the enactment of this Act.
                                 ______
                                 
  SA 2701. Mr. WARNER (for himself, Mr. Stevens, Mr. Inhofe, Mr. 
Roberts, Ms. Collins, Mr. Chambliss, Mr. Graham of South Carolina, and 
Mr. Talent) submitted an amendment intended to be proposed by him to 
the concurrent resolution S. Con. Res. 95, setting forth the 
congressional budget for the United States Government for fiscal year 
2005 and including the appropriate budgetary levels for fiscal years 
2006 through 2009; which was ordered to lie on the table; as follows:

       On page 4, line 4, increase the amount by $699,700,000.
       On page 4, line 5, increase the amount by $262,000,000.
       On page 4, line 6, increase the amount by $358,000,000.
       On page 4, line 7, increase the amount by $405,000,000.
       On page 4, line 8, increase the amount by $432,000,000.
       On page 4, line 12, increase the amount by $5,506,000,000.
       On page 4, line 13, increase the amount by $1,855,000,000.
       On page 4, line 14, increase the amount by $799,000,000.
       On page 4, line 15, increase the amount by $550,000,000.
       On page 4, line 16, increase the amount by $480,000,000.
       On page 4, line 20, decrease the amount by $5,506,000,000.
       On page 4, line 21, decrease the amount by $1,855,000,000.
       On page 4, line 22, decrease the amount by $799,000,000.
       On page 4, line 23, decrease the amount by $550,000,000.
       On page 4, line 24, decrease the amount by $480,000,000.
       On page 5, line 3, increase the amount by $5,506,000,000.
       On page 5, line 4, increase the amount by $7,362,000,000.
       On page 5, line 5, increase the amount by $8,161,000,000.
       On page 5, line 6, increase the amount by $8,711,000,000.
       On page 5, line 7, increase the amount by $9,191,000,000.
       On page 5, line 11, increase the amount by $5,506,000,000.
       On page 5, line 12, increase the amount by $7,362,000,000.
       On page 5, line 13, increase the amount by $8,161,000,000.
       On page 5, line 14, increase the amount by $8,711,000,000.
       On page 5, line 15, increase the amount by $9,191,000,000.
       On page 7, line 25, increase the amount by $6,900,000,000.
       On page 8, line 1, increase the amount by $5,409,000,000.
       On page 8, line 5, increase the amount by $1,594,000,000.
       On page 8, line 9, increase the amount by $442,000,000.
       On page 8, line 13, increase the amount by $145,000,000.
       On page 8, line 17, increase the amount by $48,000,000.
       On page 22, line 9, increase the amount by $97,000,000.
       On page 22, line 10, increase the amount by $97,000,000.
       On page 22, line 13, increase the amount by $262,000,000.
       On page 22, line 14, increase the amount by $262,000,000.
       On page 22, line 17, increase the amount by $358,000,000.
       On page 22, line 18, increase the amount by $358,000,000.
       On page 22, line 21, increase the amount by $405,000,000.
       On page 22, line 22, increase the amount by $405,000,000.
       On page 22, line 25, increase the amount by $432,000,000.
       On page 23, line 1, increase the amount by $432,000,000.
       On page 39, line 18, increase the amount by $6,900,000,000.
       On page 39, line 19, increase the amount by $5,409,000,000.
       On page 40, line 2, increase the amount by $1,594,000,000.
                                 ______
                                 
  SA 2702. Mrs. DOLE submitted an amendment intended to be proposed by 
her to the concurrent resolution S. Con. Res. 95, setting forth the 
congressional budget for the United States Government for fiscal year 
2005 and including the appropriate budgetary levels for fiscal years 
2006 through 2009; which was ordered to lie on the table; as follows:

       On page 18, line 4, increase the amount by $156,000,000.
       On page 18, line 5, increase the amount by $135,000,000.
       On page 18, line 8, increase the amount by $162,000,000.
       On page 18, line 9, increase the amount by $160,000,000.
       On page 18, line 12, increase the amount by $169,000,000.
       On page 18, line 13, increase the amount by $170,000,000.
       On page 18, line 16, increase the amount by $175,000,000.
       On page 18, line 17, increase the amount by $175,000,000.
       On page 18, line 20, increase the amount by $180,000,000.
       On page 18, line 21, increase the amount by $180,000,000.
       On page 23, line 5, decrease the amount by $156,000,000.
       On page 23, line 6, decrease the amount by $135,000,000.
       On page 23, line 9, decrease the amount by $162,000,000.
       On page 23, line 10, decrease the amount by $160,000,000.
       On page 23, line 13, decrease the amount by $169,000,000.
       On page 23, line 14, decrease the amount by $170,000,000.
       On page 23, line 17, decrease the amount by $175,000,000.
       On page 23, line 18, decrease the amount by $175,000,000.
       On page 23, line 21, decrease the amount by $180,000,000.
       On page 23, line 22, decrease the amount by $180,000,000.

                          ____________________