[Congressional Record Volume 153, Number 185 (Wednesday, December 5, 2007)]
[Senate]
[Page S14802]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                           TEXT OF AMENDMENTS

  SA 3803. Mr. McCONNELL submitted an amendment intended to be proposed 
to amendment SA 3500 proposed by Mr. Harkin (for himself, Mr. 
Chambliss, Mr. Baucus, and Mr. Grassley) to the bill H.R. 2419, to 
provide for the continuation of agricultural programs through fiscal 
year 2012, and for other purposes; which was ordered to lie on the 
table; as follows:

       At the appropriate place, insert the following:

     SEC. _. ASSET TREATMENT OF HORSES.

       (a) 3-Year Depreciation for All Race Horses.--
       (1) In general.--Clause (i) of section 168(e)(3)(A) of the 
     Internal Revenue Code of 1986 (relating to 3-year property) 
     is amended to read as follows:
       ``(i) any race horse,''.
       (2) Effective date.--The amendment made by this section 
     shall apply to property placed in service on or after the 
     date of the enactment of this Act.
       (b) Reduction of Holding Period to 12 Months for Purposes 
     of Determining Whether Horses Are Section 1231 Assets.--
       (1) In general.--Subparagraph (A) of section 1231(b)(3) of 
     the Internal Revenue Code of 1986 (relating to definition of 
     livestock) is amended by striking ``and horses''.
       (2) Effective date.--The amendment made by this section 
     shall apply to taxable years beginning after December 31, 
     2007.

     SEC. _. ELIMINATION OF PRIVATE PAYMENT TEST FOR PROFESSIONAL 
                   SPORTS FACILITY BONDS.

       (a) In General.--Section 141(a) (defining private activity 
     bond) is amended by adding at the end the following new flush 
     sentence:

     ``In the case of any professional sports facility bond, 
     paragraph (1) shall be applied without regard to subparagraph 
     (B) thereof.''.
       (b) Professional Sports Facility Bond Defined.--Section 141 
     is amended by adding at the end the following new subsection:
       ``(f) Professional Sports Facility Bond.--For purposes of 
     subsection (a)--
       ``(1) In general.--The term `professional sports facility 
     bond' means any bond issued as part of an issue any portion 
     of the proceeds of which are to be used to provide a 
     professional sports facility.
       ``(2) Professional sports facility.--The term `professional 
     sports facility' means real property and related improvements 
     used, in whole or in part, for professional sports, 
     professional sports exhibitions, professional games, or 
     professional training.''.
       (c) Effective Date.--The amendments made by this section 
     shall apply to bonds issued after the date of the enactment 
     of this Act, other than bonds with respect to which a 
     resolution was issued by an issuer or conduit borrower before 
     January 24, 2007.

                          ____________________