[Congressional Record (Bound Edition), Volume 150 (2004), Part 5]
[Senate]
[Pages 6914-6915]
[From the U.S. Government Publishing Office, www.gpo.gov]




                           TEXT OF AMENDMENTS

  SA 3044. Mr. FRIST (for Mr. Nelson of Florida) proposed an amendment 
to the resolution S. Res. 328, expressing the sense of the Senate 
regarding the continued human rights violations committed by Fidel 
Castro and the Government of Cuba; as follows:

       On page 7, line 20, strike ``commission'' and insert 
     ``committee''.
                                 ______
                                 
  SA 3045. Mr. FRIST (for Mr. Voinovich) proposed an amendment to the 
bill S. 129, to provide for reform relating to Federal employment, and 
for other purposes; as follows:

       On page 48, line 19, insert ``in the first sentence,'' 
     after ``paragraph (2),''.
                                 ______
                                 
  SA 3046. Mr. ALEXANDER (for himself and Mr. Conrad) 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:

[[Page 6915]]



     SEC. __. CREDIT FOR QUALIFYING POLLUTION CONTROL EQUIPMENT.

       (a) Allowance of Qualifying Pollution Control Equipment 
     Credit.--Section 46 (relating to amount of credit) is amended 
     by striking ``and'' at the end of paragraph (2), by striking 
     the period at the end of paragraph (3) and inserting ``, 
     and'', and by adding at the end the following new paragraph:
       ``(4) the qualifying pollution control equipment credit.''.
       (b) Amount of Qualifying Pollution Control Equipment 
     Credit.--Subpart E of part IV of subchapter A of chapter 1 
     (relating to rules for computing investment credit) is 
     amended by inserting after section 48 the following new 
     section:

     ``SEC. 48A. QUALIFYING POLLUTION CONTROL EQUIPMENT CREDIT.

       ``(a) In General.--For purposes of section 46, the 
     qualifying pollution control equipment credit for any taxable 
     year is an amount equal to 15 percent of the basis of the 
     qualifying pollution control equipment placed in service at a 
     qualifying facility during such taxable year.
       ``(b) Qualifying Pollution Control Equipment.--For purposes 
     of this section, the term `qualifying pollution control 
     equipment' means any technology installed in or on a 
     qualifying facility to reduce air emissions of any pollutant 
     regulated by the Environmental Protection Agency under the 
     Clean Air Act, including thermal oxidizers, regenerative 
     thermal oxidizers, scrubber systems, evaporative control 
     systems, vapor recovery systems, flair systems, bag houses, 
     cyclones, continuous emissions monitoring systems, and low 
     nitric oxide burners.
       ``(c) Qualifying Facility.--For purposes of this section, 
     the term `qualifying facility' means any facility which 
     produces not less than 1,000,000 gallons of ethanol during 
     the taxable year.
       ``(d) Special Rule for Certain Subsidized Property.--Rules 
     similar to section 48(a)(4) shall apply for purposes of this 
     section.
       ``(e) Certain Qualified Progress Expenditures Rules Made 
     Applicable.--Rules similar to the rules of subsections (c)(4) 
     and (d) of section 46 (as in effect on the day before the 
     enactment of the Revenue Reconciliation Act of 1990) shall 
     apply for purposes of this subsection.''.
       (c) Recapture of Credit Where Emissions Reduction Offset is 
     Sold.--Paragraph (1) of section 50(a) is amended by 
     redesignating subparagraph (B) as subparagraph (C) and by 
     inserting after subparagraph (A) the following new 
     subparagraph:
       ``(B) Special rule for qualifying pollution control 
     equipment.--For purposes of subparagraph (A), any investment 
     property which is qualifying pollution control equipment (as 
     defined in section 48A(b)) shall cease to be investment 
     credit property with respect to a taxpayer if such taxpayer 
     receives a payment in exchange for a credit for emission 
     reductions attributable to such qualifying pollution control 
     equipment for purposes of an offset requirement under part D 
     of title I of the Clean Air Act.''.
       (d) Special Rule for Basis Reduction; Recapture of 
     Credit.--Paragraph (3) of section 50(c) (relating to basis 
     adjustment to investment credit property) is amended by 
     inserting ``or qualifying pollution control equipment 
     credit'' after ``reforestation credit''.
       (e) Effective Date.--The amendments made by this section 
     shall apply to property placed in service after December 31, 
     2003, in taxable years ending after such date, under rules 
     similar to the rules of section 48(m) of the Internal Revenue 
     Code of 1986 (as in effect on the day before the date of the 
     enactment of the Revenue Reconciliation Act of 1990).

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