[Congressional Record (Bound Edition), Volume 154 (2008), Part 4]
[Senate]
[Pages 5192-5195]
[From the U.S. Government Publishing Office, www.gpo.gov]




                           TEXT OF AMENDMENTS

  SA 4427. Mr. ISAKSON submitted an amendment intended to be proposed 
to amendment SA 4387 submitted by Mr. Dodd (for himself and Mr. Shelby) 
to the bill H.R. 3221, moving the United States toward greater energy 
independence and security, developing innovative new techniques, 
reducing carbon emissions, creating green jobs, protecting consumers, 
increasing clean renewable energy production, and modernizing our 
energy infrastructure, and to amend the Internal Revenue Code of 1986 
to provide tax incentives for the production of renewable energy and 
energy conservation; which was ordered to lie on the table; as follows:

       On page 82, between lines 7 and 8, insert the following:

     SEC. ___. SUSPENSION OF CERTAIN LIMITATIONS ON PERSONAL 
                   CASUALTY LOSSES.

       (a) In General.--Paragraphs (1) and (2)(A) of section 
     165(h) of the Internal Revenue Code of 1986 shall not apply 
     to losses described in section 165(c)(3) of such Code which 
     arise in the tornado disaster area on or after January 1, 
     2007, and before April 1, 2008, and which are attributable to 
     tornados.
       (b) Tornado Disaster Area.--For purposes of this Act, the 
     term ``tornado disaster area'' means any area with respect to 
     which a major disaster has been declared by the President 
     under section 401 of the Robert T. Stafford Disaster Relief 
     and Emergency Assistance Act on or after January 1, 2007, and 
     before April 1, 2008, by reason of damage attributable to 
     tornados.
                                 ______
                                 
  SA 4428. Mrs. MURRAY (for herself, Mr. SCHUMER, Mr. BROWN, and Mr. 
CASEY) submitted an amendment intended to be proposed by her to the 
bill H.R. 3221, moving the United States toward greater energy 
independence and security, developing innovative new technologies, 
reducing carbon emissions, creating green jobs, protecting consumers, 
increasing clean renewable energy production, and modernizing our 
energy infrastructure, and to amend the Internal Revenue Code of 1986 
to provide tax incentives for the production of renewable energy and 
energy conservation; which was ordered to lie on the table; as follows:

       On page 50, line 23, strike ``$4,000,000,000'' and insert 
     ``$3,900,000,000''.
       On page 58, line 10, strike ``$100,000,000'' and all that 
     follows through ``2008'' on line 11, and insert the 
     following: $200,000,000, to remain available until December 
     31, 2008''.
                                 ______
                                 
  SA 4429. Mr. ALEXANDER (for himself and Mr. Kyl) submitted an 
amendment intended to be proposed to amendment SA 4419 proposed by Mr. 
Ensign to the amendment SA 4387 submitted by Mr. Dodd (for himself and 
Mr. Shelby) to the bill H.R. 3221, moving the United States toward 
greater energy independence and security, developing innovative new 
technologies, reducing carbon emissions, creating green jobs, 
protecting consumers, increasing clean renewable energy production, and 
modernizing our energy infrastructure, and to amend the Internal 
Revenue Code of 1986 to provide tax incentives for the production of 
renewable energy and energy conservation, as follows:

       Beginning on page 2, line 14, strike all through page 6, 
     line 13, and insert the following:

     SEC. 811. EXTENSION AND MODIFICATION OF RENEWABLE ENERGY 
                   PRODUCTION TAX CREDIT.

       (a) Extension of Credit.--Each of the following provisions 
     of section 45(d) (relating to qualified facilities) is 
     amended by striking ``January 1, 2009'' and inserting 
     ``January 1, 2011'':
       (1) Paragraph (1).
       (2) Clauses (i) and (ii) of paragraph (2)(A).
       (3) Clauses (i)(I) and (ii) of paragraph (3)(A).
       (4) Paragraph (4).
       (5) Paragraph (5).
       (6) Paragraph (6).
       (7) Paragraph (7).
       (8) Paragraph (8).
       (9) Subparagraphs (A) and (B) of paragraph (9).
       (b) Production Credit for Electricity Produced From Marine 
     Renewables.--
       (1) In general.--Paragraph (1) of section 45(c) (relating 
     to resources) is amended by striking ``and'' at the end of 
     subparagraph (G), by striking the period at the end of 
     subparagraph (H) and inserting ``, and'', and by adding at 
     the end the following new subparagraph:
       ``(I) marine and hydrokinetic renewable energy.''.
       (2) Marine renewables.--Subsection (c) of section 45 is 
     amended by adding at the end the following new paragraph:
       ``(10) Marine and hydrokinetic renewable energy.--
       ``(A) In general.--The term `marine and hydrokinetic 
     renewable energy' means energy derived from--
       ``(i) waves, tides, and currents in oceans, estuaries, and 
     tidal areas,
       ``(ii) free flowing water in rivers, lakes, and streams,
       ``(iii) free flowing water in an irrigation system, canal, 
     or other man-made channel, including projects that utilize 
     nonmechanical structures to accelerate the flow of water for 
     electric power production purposes, or
       ``(iv) differentials in ocean temperature (ocean thermal 
     energy conversion).
       ``(B) Exceptions.--Such term shall not include any energy 
     which is derived from any source which utilizes a dam, 
     diversionary structure (except as provided in subparagraph 
     (A)(iii)), or impoundment for electric power production 
     purposes.''.
       (3) Definition of facility.--Subsection (d) of section 45 
     is amended by adding at the end the following new paragraph:
       ``(11) Marine and hydrokinetic renewable energy 
     facilities.--In the case of a facility producing electricity 
     from marine and hydrokinetic renewable energy, the term 
     `qualified facility' means any facility owned by the 
     taxpayer--
       ``(A) which has a nameplate capacity rating of at least 150 
     kilowatts, and
       ``(B) which is originally placed in service on or after the 
     date of the enactment of this paragraph and before January 1, 
     2011.''.
       (4) Credit rate.--Subparagraph (A) of section 45(b)(4) is 
     amended by striking ``or (9)'' and inserting ``(9), or 
     (11)''.
       (5) Coordination with small irrigation power.--Paragraph 
     (5) of section 45(d), as amended by subsection (a), is 
     amended by striking ``January 1, 2011'' and inserting ``the 
     date of the enactment of paragraph (11)''.
       (c) Sales of Electricity to Regulated Public Utilities 
     Treated as Sales to Unrelated Persons.--Section 45(e)(4) 
     (relating to related persons) is amended by adding at the end 
     the following new sentence: ``A taxpayer shall be treated as 
     selling electricity to an unrelated person if such 
     electricity is sold to a regulated public utility (as defined 
     in section 7701(a)(33).''.
       (e) Reduction of Credit for Wind Energy.--Section 
     45(b)(4)(A) is amended by inserting ``(1),'' before ``(3)''.
       (f) Trash Facility Clarification.--Paragraph (7) of section 
     45(d) is amended--
       (1) by striking ``facility which burns'' and inserting 
     ``facility (other than a facility described in paragraph (6)) 
     which uses'', and
       (2) by striking ``combustion''.
       (g) Effective Dates.--
       (1) Extension.--The amendments made by subsection (a) shall 
     apply to property originally placed in service after December 
     31, 2008.
       (2) Modifications.--The amendments made by subsections (b), 
     (c), (d), and (e) shall apply to electricity produced and 
     sold after the date of the enactment of this Act, in taxable 
     years ending after such date.
       (3) Trash facility clarification.--The amendments made by 
     subsection (f) shall apply to electricity produced and sold 
     before, on, or after December 31, 2007.
                                 ______
                                 
  SA 4430. Mr. KERRY submitted an amendment intended to be proposed by 
him to the bill H.R. 3221, moving the United States toward greater 
energy independence and security, developing innovative new 
technologies, reducing carbon emissions, creating green jobs, 
protecting consumers, increasing clean renewable energy production, and 
modernizing our energy infrastructure, and to amend the Internal 
Revenue Code of 1986 to provide tax incentives for the production of 
renewable energy and energy conservation, as follows:


[[Page 5193]]

       At the end of title II, add the following:

     SEC. 204. ENHANCEMENT OF PROTECTIONS FOR SERVICEMEMBERS 
                   RELATING TO MORTGAGES AND MORTGAGE 
                   FORECLOSURES.

       (a) Treatment of Mortgages as Obligations Subject to 
     Interest Rate Limitation.--Section 207 of the Servicemembers 
     Civil Relief Act (50 U.S.C. App. 527) is amended--
       (1) in subsection (a)(1), by striking ``in excess of 6 
     percent'' the second place it appears and all that follows 
     and inserting ``in excess of 6 percent--
       ``(A) during the period of military service and one year 
     thereafter, in the case of an obligation or liability 
     consisting of a mortgage, trust deed, or other security in 
     the nature of a mortgage; or
       ``(B) during the period of military service, in the case of 
     any other obligation or liability.''; and
       (2) by striking subsection (d) and inserting the following 
     new subsection:
       ``(d) Definitions.--In this section:
       ``(1) Interest.--The term `interest' includes service 
     charges, renewal charges, fees, or any other charges (except 
     bona fide insurance) with respect to an obligation or 
     liability.
       ``(2) Obligation or liability.--The term `obligation or 
     liability' includes an obligation or liability consisting of 
     a mortgage, trust deed, or other security in the nature of a 
     mortgage.''.
       (b) Extension of Period of Protections Against Mortgage 
     Foreclosures.--
       (1) Extension of protection period.--Subsection (c) of 
     section 303 of the Servicemembers Civil Relief Act (50 U.S.C. 
     App. 533) is amended by striking ``90 days'' and inserting 
     ``one year''.
       (2) Extension of stay of proceedings period.--Subsection 
     (b) of such section is amended by striking ``90 days'' and 
     inserting ``one year''.
       (c) Effective Date.--The amendments made by this section 
     shall take effect on the date of the enactment of this Act.
                                 ______
                                 
  SA 4431. Mr. PRYOR submitted an amendment intended to be proposed by 
him to the bill H.R. 3221, moving the United States toward greater 
energy independence and security, developing innovative new 
technologies, reducing carbon emissions, creating green jobs, 
protecting consumers, increasing clean renewable energy production, and 
modernizing our energy infrastructure, and to amend the Internal 
Revenue Code of 1986 to provide tax incentives for the production of 
renewable energy and energy conservation; which was ordered to lie on 
the table; as follows:

       At the end of title II, add the following:

     SEC. 204. PAYMENT OF TRANSPORTATION OF BAGGAGE AND HOUSEHOLD 
                   EFFECTS FOR MEMBERS OF THE ARMED FORCES WHO 
                   RELOCATE DUE TO FORECLOSURE OF LEASED HOUSING.

       Section 406 of title 37, United States Code, is amended--
       (1) by redesignating subsections (k) and (l) as subsections 
     (l) and (m), respectively; and
       (2) by inserting after subsection (j) the following new 
     subsection (k):
       ``(k) A member of the armed forces who relocates from 
     leased or rental housing by reason of the foreclosure of such 
     housing is entitled to transportation of baggage and 
     household effects under subsection (b)(1) in the same manner, 
     and subject to the same conditions and limitations, as 
     similarly circumstanced members entitled to transportation of 
     baggage and household effects under that subsection.''.
                                 ______
                                 
  SA 4432. Mr. HARKIN submitted an amendment intended to be proposed by 
him to the bill H.R. 3221, moving the United States toward greater 
energy independence and security, developing innovative new 
technologies, reducing carbon emissions, creating green jobs, 
protecting consumers, increasing clean renewable energy production, and 
modernizing our energy infrastructure, and to amend the Internal 
Revenue Code of 1986 to provide tax incentives for the production of 
renewable energy and energy conservation; which was ordered to lie on 
the table; as follows:

       At the appropriate place, insert the following:

     SEC. ___. DEFINITION OF ANNUAL INCOME FOR PURPOSES OF SECTION 
                   8 AND OTHER PUBLIC HOUSING PROGRAMS.

       Section 3(b)(4) of the United States Housing Act of 1937 
     (42 U.S.C. 1437a(3)(b)(4)) is amended by inserting ``or any 
     deferred Department of Veterans Affairs disability benefits 
     that are received in a lump sum amount or in prospective 
     monthly amounts'' before ``may not be considered''.
                                 ______
                                 
  SA 4433. Mrs. LINCOLN (for Ms. Snowe) submitted an amendment intended 
to be proposed to amendment SA 4387 submitted by Mr. Dodd (for himself 
and Mr. Shelby) to the bill H.R. 3221, moving the United States toward 
greater energy independence and security, developing innovative new 
technologies, reducing carbon emissions, creating green jobs, 
protecting consumers, increasing clean renewable energy production, and 
modernizing our energy infrastructure, and to amend the Internal 
Revenue Code of 1986 to provide tax incentives for the production of 
renewable energy and energy conservation; as follows:

       On page 70, strike lines 14 through 22 and insert the 
     following:
       ``(A) Increase for 2008.--In the case of calendar year 
     2008, the State ceiling for each State shall be increased by 
     an amount equal to the greater of--
       ``(i) $10,000,000,000 multiplied by a fraction--

       ``(I) the numerator of which is the population of such 
     State, and
       ``(II) the denominator of which is the total population of 
     all States, or

       ``(ii) the amount determined under subparagraph (B).
       ``(B) Minimum amount.--The amount determined under this 
     subparagraph is--
       ``(i) in the case of a State (other than a possession), 
     $90,300,606, and
       ``(ii) in the case of a possession of the United States 
     with a population less than the least populous State (other 
     than a possession), the product of--

       ``(I) a fraction the numerator of which is $90,300,606 and 
     the denominator of which is population of the least populous 
     State (other than a possession), and
       ``(II) the population of such possession.

     In the case of any possession of the United States not 
     described in clause (ii), the amount determined under this 
     subparagraph shall be zero.
       ``(C) Set aside.--
                                 ______
                                 
  SA 4434. Ms. MIKULSKI (for herself, Mr. Kennedy, Mr. Harkin, Mrs. 
Clinton, Mr. Lautenberg, Mr. Menendez, and Mr. Obama) submitted an 
amendment intended to be proposed to amendment SA 4387 submitted by Mr. 
Dodd (for himself and Mr. Shelby) to the bill H.R. 3221, moving the 
United States toward greater energy independence and security, 
developing innovative new technologies, reducing carbon emissions, 
creating green jobs, protecting consumers, increasing clean renewable 
energy production, and modernizing our energy infrastructure, and to 
amend the Internal Revenue Code of 1986 to provide tax incentives for 
the production of renewable energy and energy conservation; which was 
ordered to lie on the table; as follows:

       On page 58, line 10, strike ``$100,000,000'' and insert 
     ``$137,500,000''.
       On page 58, line 17, strike the period and insert the 
     following: ``: Provided, That, of such amounts $37,500,000 
     shall be used by the Neighborhood Reinvestment Corporation 
     (referred to in this section as the `NRC') to (1) make grants 
     to counseling intermediaries approved by the Department of 
     Housing and Urban Development or the NRC to hire attorneys 
     trained and capable of assisting homeowners of owner-occupied 
     homes with mortgages in default, in danger of default, or 
     subject to or at risk of foreclosure who have legal issues 
     that cannot be handled by counselors already employed by such 
     intermediaries, and (2) support NRC partnerships with State 
     and local legal organizations and organizations described in 
     section 501(c)(3) of the Internal Revenue Code of 1986 and 
     exempt from tax under section 501(a) of that Code with 
     demonstrated relevant legal experience in home foreclosure 
     law, as such experience is determined by the Chief Executive 
     Officer of NRC: Provided further, That for the purpose of the 
     prior proviso the term `relevant experience' means experience 
     representing homeowners in negotiations and or legal 
     proceedings aimed at preventing or mitigating foreclosure or 
     providing legal research and technical legal expertise to 
     community based organizations whose goal is to reduce, 
     prevent, or mitigate foreclosure: Provided further, That of 
     the amounts provided for in the prior provisos the NRC shall 
     give priority consideration to counseling intermediaries and 
     legal organizations that (1) provide legal assistance in the 
     100 metropolitan statistical areas (as defined by the 
     Director of the Office of Management and Budget) with the 
     highest home foreclosure rates, and (2) have the capacity to 
     begin using the financial assistance within 90 days after 
     receipt of the assistance.''.
       On page 58, between lines 17 and 18, insert the following:

     SEC. 302. LEGAL ASSISTANCE RELATED TO HOME OWNERSHIP 
                   PRESERVATION AND FORECLOSURE PREVENTION.

       (a) Appropriation.--
       (1) In general.--There is authorized to be appropriated and 
     there is appropriated to the Legal Services Corporation 
     $37,500,000 to provide legal assistance related to home 
     ownership preservation, home foreclosure prevention, and 
     tenancy associated with home foreclosure.
       (2) Availability.--Such funds shall remain available until 
     expended.

[[Page 5194]]

       (b) Funding Requirements.--Each limitation on expenditures, 
     and each term or condition, that applies to funds 
     appropriated to the Legal Services Corporation under the 
     Commerce, Justice, Science, and Related Agencies 
     Appropriations Act, 2008, shall apply to funds appropriated 
     to the Corporation under subsection (a), except as provided 
     in subsections (a)(1) and (c).
       (c) Priority.--In providing financial assistance from the 
     funds appropriated under subsection (a), the Corporation 
     shall give priority to eligible entities and individuals 
     that--
       (1) provide legal assistance in the 100 metropolitan 
     statistical areas (as defined by the Director of the Office 
     of Management and Budget) with the highest home foreclosure 
     rates; and
       (2) have the capacity to begin using the financial 
     assistance within 90 days after receipt of the assistance.

     SEC. 303. EMERGENCY DESIGNATION.

       For purposes of Senate enforcement, sections 301 and 302 
     are designated as emergency requirements and necessary to 
     meet emergency needs pursuant to section 204 of S. Con. Res. 
     21 (110th Congress), the concurrent resolution on the budget 
     for fiscal year 2008.
                                 ______
                                 
  SA 4435. Ms. LANDRIEU submitted an amendment intended to be proposed 
by him to the bill H.R. 3221, moving the United States toward greater 
energy independence and security, developing innovative new 
technologies, reducing carbon emissions, creating green jobs, 
protecting consumers, increasing clean renewable energy production, and 
modernizing our energy infrastructure, and to amend the Internal 
Revenue Code of 1986 to provide tax incentives for the production of 
renewable energy and energy conservation; which was ordered to lie on 
the table; as follows:

       At the end, add the following:

               TITLE VIII--HOME OWNERSHIP MADE EASIER ACT

     SEC. 801. SHORT TITLE.

       This title may be cited as the ``Home Ownership Made Easier 
     Act'' or the ``HOME Act''.

     SEC. 802. SINGLE FAMILY HOUSING LOAN GUARANTEE PROGRAM.

       (a) In General.--Section 502(h) of the Housing Act of 1949 
     (42 U.S.C. 1472(h)) is amended--
       (1) by amending paragraph (3) to read as follows:
       ``(3) Income limits for eligible borrowers.--To be eligible 
     to receive a guaranteed loan pursuant to this subsection, the 
     income of a borrower--
       ``(A) shall not exceed the current 4-person household 
     limit, as defined by the Secretary, for a borrower living in 
     a 1 to 4 person household;
       ``(B) shall not exceed the current 8-person household 
     limit, as defined by the Secretary, for a borrower living in 
     a 5 to 8 person household; and
       ``(C) shall not exceed the current household limits for 
     households greater than 8 persons, as defined by the 
     Secretary, for a borrower living in a household of more than 
     8 persons.'';
       (2) in paragraph (4)--
       (A) in subparagraph (A) by inserting ``and'' after the 
     semicolon;
       (B) by striking subparagraph (B);
       (C) by redesignating subparagraph (C) as subparagraph (B); 
     and
       (D) in subparagraph (B), as so redesignated, by striking 
     the period and inserting the following ``having a population 
     of not more than 40,000.'';
       (3) in paragraph (8), by striking ``1 percent'' and 
     inserting ``2 percent'';
       (4) by amending paragraph (9) to read as follows:
       ``(9) Refinancing.--
       ``(A) In general.--Any loan guaranteed under this 
     subsection or any loan not guaranteed under this section, but 
     which is owed by an individual who would qualify as an 
     eligible borrower under paragraph (3) on a residence that 
     would qualify under paragraph (4), may be refinanced or 
     extended for any of the following purposes:
       ``(i) To pay off any other loan (including a first or 
     second purchase mortgage) not made or guaranteed under this 
     section.
       ``(ii) To repair mechanical or structural deficiencies to 
     the residence of the borrower, provided that such repairs are 
     made under the supervision of an eligible lender, as that 
     term is defined in paragraph (6).
       ``(iii) To pay for closing costs as may be authorized by 
     the Secretary, which shall include a discount not to exceed 
     200 basis points and an origination fee not to exceed 100 
     basis points. For each 100 basis points of discount, there 
     shall be a minimum corresponding reduction of a 50 basis 
     points in the maximum note rate, as defined by the Secretary, 
     charged to the borrower.
       ``(iv) To allow the borrower to consolidate the debts of 
     the borrower up to the greater of $10,000 or 10 percent of 
     the loan amount, provided that such amounts shall be 
     disbursed by the settlement agent at the time of the loan 
     closing.
       ``(v) For any other purpose, and under such terms and 
     conditions, as the Secretary shall prescribe.
       ``(B) Limitation.--Any loan described under subparagraph 
     (A) may not be refinanced or extended for an additional 
     amount or term which exceeds the limitations under this 
     subsection.''; and
       (5) by adding at the end the following:
       ``(15) Eligibility not dependent on qualifying under other 
     housing programs.--In no event or circumstance shall an 
     otherwise eligible borrower be denied a loan or loan 
     guarantee under this section solely because such borrower is 
     not eligible (or is eligible and has not applied for) 
     assistance under any other loan, housing, housing assistance, 
     or other housing related program administered, in whole or in 
     part, by the Federal Government.
       ``(16) Authority to hire additional staff.--The Secretary, 
     in his or her discretion, may hire such additional 
     administrative full-time personnel as is necessary to carry 
     out the administration of the guaranteed loan program 
     established under this subsection.''.
       (b) Additional Funding.--There are appropriated out of any 
     money in the Treasury not otherwise appropriated for the 
     fiscal year 2008--
       (1) $1,000,000,000, to remain available until expended, for 
     gross obligations for the principal amount of guaranteed 
     loans as authorized under section 502(h) of the Housing Act 
     of 1949, to be available from funds in the rural housing 
     insurance fund under section 517 of such Act; and
       (2) such sums as are necessary to the Secretary of 
     Agriculture to hire additional staff as authorized under 
     section 502(h)(16).

     SEC. 803. INCOME ADJUSTMENTS FOR MINORS, STUDENTS, AND 
                   PERSONS WITH DISABILITIES.

       Section 501(b)(5)(A) of the Housing Act of 1949 (42 U.S.C. 
     1471(b)(5)(A)) is amended by inserting before the period the 
     following: ``, except that for purposes of this title the 
     mandatory exclusion amount for minors, students, and persons 
     with disabilities under the definition of adjusted income 
     shall be $2,400''.
                                 ______
                                 
  SA 4436. Mr. BOND submitted an amendment intended to be proposed to 
amendment SA 4387 submitted by Mr. Dodd (for himself and Mr. Shelby) to 
the bill H.R. 3221, moving the United States toward greater energy 
independence and security, developing innovative new technologies, 
reducing carbon emissions, creating green jobs, protecting consumers, 
increasing clean renewable energy production, and modernizing our 
energy infrastructure, and to amend the Internal Revenue Code of 1986 
to provide tax incentives for the production of renewable energy and 
energy conservation; which was ordered to lie on the table; as follows:

       On page 61, between lines 5 and 6, insert the following:
       ``(iii) If the loan is an adjustable rate mortgage that 
     includes an initial fixed interest rate--

       ``(I) state in conspicuous type size and format the 
     following phrase: This loan is an adjustable rate mortgage 
     with an initial fixed interest rate. Your initial fixed 
     interest rate is AAA with a monthly payment of BBB until CCC. 
     After that date, the interest rate on your loan will `reset' 
     to an adjustable rate and both your interest rate and payment 
     could go higher on that date and in the future. For example, 
     if your initial fixed rate ended today, your new adjustable 
     interest rate would be DDD and your new payment EEE. If 
     interest rates are one percent higher than they are today or 
     at some point in the future, your new payment would be FFF. 
     There is no guarantee you will be able to refinance your loan 
     to a lower interest rate and payment before your initial 
     fixed interest rate ends.;
       ``(II) the blank AAA in subparagraph (I) to be filled in 
     with the initial fixed interest rate;
       ``(III) the blank BBB in subparagraph (I) to be filled in 
     with the payment amount under the initial fixed interest 
     rate;
       ``(IV) the blank CCC in subparagraph (I) to be filled in 
     with the loan reset date;
       ``(V) the blank DDD in subparagraph (I) to be filled in 
     with the adjustable rate as if the initial rate expired on 
     the date of disclosure under subparagraph (B);
       ``(VI) the blank EEE in subparagraph (I) to be filled in 
     with the payment under the adjustable rate as if the initial 
     rate expired on the date of disclosure under subparagraph 
     (B); and
       ``(VII) the blank FFF in subparagraph (I) to be filled in 
     with the payment under the adjustable rate as if index rate 
     on which the adjustable rate was one percent higher than of 
     the date of disclosure under subparagraph (B).

       ``(iv) If the loan contains a prepayment penalty--

       ``(I) state in conspicuous type and format the following 
     phrase: This loan contains a prepayment penalty. If you 
     desire to pay off this loan before GGG, you will pay a 
     penalty of HHH.;

[[Page 5195]]

       ``(II) the blank GGG in subparagraph (I) to be filled in 
     with the date the prepayment penalty expires; and
       ``(III) the blank HHH in subparagraph (I) to be filled in 
     with the prepayment penalty amount.

                                 ______
                                 
  SA 4437. Mr. SMITH (for himself, Mr. Kohl, Ms. Murkowski, Mr. 
Stevens, Mrs. Hutchison, and Mr. Cornyn) submitted an amendment 
intended to be proposed to amendment SA 4387 submitted by Mr. Dodd (for 
himself and Mr. Shelby) to the bill H.R. 3221, moving the United States 
toward greater energy independence and security, developing innovative 
new technologies, reducing carbon emissions, creating green jobs, 
protecting consumers, increasing clean renewable energy production, and 
modernizing our energy infrastructure, and to amend the Internal 
Revenue Code of 1986 to provide tax incentives for the production of 
renewable energy and energy conservation; which was ordered to lie on 
the table; as follows:

       At the end of title VI, add the following:

     SEC. 6__. MODIFICATIONS RELATING TO QUALIFIED VETERANS' 
                   MORTGAGE BONDS.

       (a) Increased Limitation for Certain States.--
       (1) In general.--Section 143(l)(3)(B)(ii) of the Internal 
     Revenue Code of 1986 is amended to read as follows:
       ``(ii) Alaska, oregon, and wisconsin.--In the case of the 
     following States, the State veterans limit for any calendar 
     year is the amount equal to--

       ``(I) $100,000,000 for the State of Alaska,
       ``(II) $100,000,000 for the State of Oregon, and
       ``(III) $100,000,000 for the State of Wisconsin.''.

       (2) Repeal of phasein.--Section 143(l)(3)(B) of such Code 
     is amended by striking clause (iii).
       (b) Definition of Qualified Veteran.--Paragraph (4) of 
     section 143(l) of the Internal Revenue Code of 1986 is 
     amended to read as follows:
       ``(4) Qualified veteran.--For purposes of this subsection, 
     the term `qualified veteran' means any veteran--
       ``(A) who served on active duty, and
       ``(B) who applied for the financing before the date 25 
     years after the last date on which such veteran left active 
     service.''.
       (c) Effective Date.--The amendments made by this section 
     shall apply to bonds issued after December 31, 2007.

                          ____________________