[Congressional Record Volume 155, Number 194 (Friday, December 18, 2009)]
[Senate]
[Page S13462]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

      By Mr. BUNNING:
  S. 2916. A bill to provide that Internal Revenue Service Notice 2010-
2 shall have no force and effect and to amend the Internal Revenue Code 
of 1986 to restrict the authority of the Secretary of the Treasury to 
prescribe regulations under section 382 of such Code; to the Committee 
on Finance.
  Mr. BUNNING. Mr. President, I ask unanimous consent that the text of 
the bill be printed in the Record.
  There being no objection, the text of the bill was ordered to be 
printed in the Record, as follows:

                                S. 2916

       Be it enacted by the Senate and House of Representatives of 
     the United States of America in Congress assembled,

     SECTION 1. LIMITATION ON REGULATORY AUTHORITY RELATING TO 
                   LIMITATION ON LOSSES FOLLOWING OWNERSHIP 
                   CHANGE.

       (a) Repeal of Notice 2010-2.--Internal Revenue Service 
     Notice 2010-2 shall have no force and effect.
       (b) Modification of Regulatory Authority Under Section 
     382.--Section 382(m) of the Internal Revenue Code of 1986 is 
     amended by adding at the end the following flush sentence:
     ``Notwithstanding the preceding sentence or any other 
     provision of law, the Secretary may not prescribe any 
     regulation after December 18, 2009, which provides an 
     exemption or special rule under this section which is 
     restricted to dispositions of instruments acquired by the 
     Secretary unless such exemption or special rule is 
     specifically authorized by Congress.''.
       (c) No Inference.--Nothing in subsection (a) or in the 
     amendment made by subsection (b) shall be construed to create 
     any inference with respect to the authority of the Secretary 
     of the Treasury on or before December 18, 2009, to provide 
     exceptions to the application of the rules of section 382 of 
     the Internal Revenue Code of 1986 with respect to certain 
     classes of taxpayers.
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