[Congressional Record (Bound Edition), Volume 154 (2008), Part 4]
[Senate]
[Pages 5358-5364]
[From the U.S. Government Publishing Office, www.gpo.gov]




                           TEXT OF AMENDMENTS

  SA 4494. Ms. MIKULSKI (for herself, Mr. Kennedy, and Mr. Harkin) 
submitted an amendment intended to be proposed to amendment SA 4478 
submitted by Mrs. Murray (for herself, Mr. Schumer, Mr. Casey, and Mr. 
Brown) 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:

       In lieu of the matter proposed to be inserted, insert the 
     following:

     SEC. _____.

       Notwithstanding any other provision of this Act, the amount 
     appropriated under section 301(a) of this Act shall be 
     $3,862,500,000 and the amount appropriated under section 401 
     of this Act shall be $237,500,00: Provided, That, of amounts 
     appropriated under such section 401 $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

[[Page 5359]]

     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.
                                 ______
                                 
  SA 4495. Mrs. HUTCHISON (for herself and Mr. Nelson of Florida) 
submitted an amendment intended to be proposed to amendment SA 4425 
submitted by Mrs. Hutchison (for herself and Mr. Nelson of Florida) and 
intended to be proposed 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:

       In lieu of the matter proposed to be inserted, insert the 
     following:

     SEC. ___. NEW RESTAURANT PROPERTY ELIGIBLE FOR BONUS 
                   DEPRECIATION.

       (a) In General.--Clause (i) of section 168(k)(2)(A) of the 
     Internal Revenue Code of 1986 (relating to qualified 
     property) is amended by striking ``or'' at the end of 
     subclause (III), by inserting ``or'' at the end of subclause 
     (IV), and by adding at the end the following new subclause:

       ``(V) which is new restaurant property,''.

       (b) Qualified New Restaurant Property.--Subsection (k) of 
     section 168 of such Code, as amended by this Act, is amended 
     by adding at the end the following new paragraph:
       ``(6) Qualified new restaurant property.--For purposes of 
     this subsection, the term `qualified new restaurant property' 
     means any section 1250 property which is a building if more 
     than 50 percent of the building's square footage is devoted 
     to preparation of, and seating for on-premises consumption 
     of, prepared meals.''.
       (c) Effective Date.--The amendments made by this section 
     shall apply to property placed in service after the date of 
     the enactment of this Act.
                                 ______
                                 
  SA 4496. Mr. SPECTER 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. __. EXTENSION OF MOVING TO WORK DEMONSTRATION AGREEMENT.

       (a) In General.--Notwithstanding any other provision of 
     law, the Secretary of Housing and Urban Development (in this 
     section referred to as the ``Secretary'') shall extend the 
     effective period of the Moving to Work Demonstration 
     Agreement entered into between the Philadelphia Housing 
     Authority and the Department of Housing and Urban Development 
     on or about February 28, 2002, pursuant to section 204 of the 
     Omnibus Consolidated Rescissions and Appropriations Act of 
     1996, under the heading ``Public Housing/Moving to Work 
     Demonstration'' (Public Law 104-134, 110 Stat. 1321-281) for 
     the 45-day period beginning on April 1, 2008.
       (b) Compliance Review.--If the Philadelphia Housing 
     Authority submits certifications by an independent expert 
     verifying that at least 5 percent of its public housing units 
     are in compliance with section 504 of the Rehabilitation Act 
     of 1973, and such certifications are satisfactory to the 
     Secretary, the Secretary shall further extend the Moving to 
     Work Demonstration Agreement for an additional 1 year period.
       (c) Terms and Conditions.--Any extension of the Moving to 
     Work Demonstration Agreement under this section shall be 
     under the same terms and conditions as were applicable to the 
     original agreement.
       (d) Limitation on Actions of the Secretary.--The Secretary 
     may not terminate or take any adverse action with respect to 
     an agreement described in subsection (a) or any extension 
     thereto--
       (1) unless there has been an express finding, on the 
     record, after opportunity for a hearing, of a failure by the 
     Housing Authority to comply with the terms of the agreement 
     or otherwise applicable provisions of law; and
       (2) before the expiration of the 30-day period beginning on 
     the date on which the Secretary has filed with the 
     appropriate committees of Congress a full written report of 
     the circumstances and the grounds for such action.
                                 ______
                                 
  SA 4497. Mr. BUNNING 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:

       Strike titles III and IV and insert the following:

            TITLE III--TIMING OF THE HOME MORTGAGE DEDUCTION

     SEC. 301. DEDUCTION FOR POINTS ON HOME MORTGAGE REFINANCING 
                   ALLOWED IN YEAR PAID.

       (a) In General.--Paragraph (2) of section 461(g) of the 
     Internal Revenue Code of 1986 (relating to prepaid interest) 
     is amended--
       (1) by striking ``This subsection'' and inserting the 
     following:
       ``(A) In general.--This subsection'', and
       (2) by adding at the end the following new subparagraph:
       ``(B) Exception for certain refinancings.--
       ``(i) In general.--This subsection shall not apply to 
     points paid--

       ``(I) in respect of indebtedness secured by such residence 
     resulting from the refinancing of indebtedness meeting the 
     requirements of the subparagraph (A), and
       ``(II) before January 1, 2011.

       ``(ii) Limitation.--Clause (i) shall apply only to the 
     extent the amount of the indebtedness resulting from such 
     refinancing does not exceed the sum of--

       ``(I) the amount of the refinanced indebtedness, plus
       ``(II) the lesser of $10,000 or the points paid in respect 
     of the indebtedness resulting from the refinancing to the 
     extent that the indebtedness resulting from the refinancing 
     does not exceed the refinanced indebtedness.

       ``(iii) Adjustment for inflation.--In the case of any 
     calendar year beginning after 2008, the $10,000 amount under 
     clause (ii)(II) shall be increased by an amount equal to--

       ``(I) such dollar amount, multiplied by
       ``(II) the cost-of-living adjustment determined under 
     section 1(f)(3) for the calendar year in which the taxable 
     year begins, determined by substituting `calendar year 2007' 
     for `calendar year 1992' in subparagraph (B) thereof.

     If any amount as adjusted under the preceding sentence is not 
     a multiple of $100, such amount shall be rounded to the next 
     nearest multiple of $100.''.
       (b) Conforming Amendment.--The heading of paragraph (2) of 
     section 461(g) of such Code is amended by striking 
     ``Exception'' and inserting ``Exceptions''.
       (c) Effective Date.--The amendments made by this section 
     shall apply to amounts paid in taxable years beginning after 
     December 31, 2007.
                                 ______
                                 
  SA 4498. Mr. BUNNING submitted an amendment intended to be proposed 
to amendment SA 4395 submitted by Mr. Bunning and intended to be 
proposed to the amendment SA 4387 proposed 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:

       In lieu of the matter proposed to be inserted, insert the 
     following:

     SEC. ___. DEDUCTION FOR POINTS ON HOME MORTGAGE REFINANCING 
                   ALLOWED IN YEAR PAID.

       (a) Deduction.--
       (1) In general.--Paragraph (2) of section 461(g) of the 
     Internal Revenue Code of 1986 (relating to prepaid interest) 
     is amended--
       (A) by striking ``This subsection'' and inserting the 
     following:
       ``(A) In general.--This subsection'', and
       (B) by adding at the end the following new subparagraph:
       ``(B) Exception for certain refinancings.--
       ``(i) In general.--This subsection shall not apply to 
     points paid--

       ``(I) in respect of indebtedness secured by such residence 
     resulting from the refinancing of indebtedness meeting the 
     requirements of the subparagraph (A), and
       ``(II) before January 1, 2011.

       ``(ii) Limitation.--Clause (i) shall apply only to the 
     extent the amount of the indebtedness resulting from such 
     refinancing does not exceed the sum of--

[[Page 5360]]

       ``(I) the amount of the refinanced indebtedness, plus
       ``(II) the lesser of $10,000 or the points paid in respect 
     of the indebtedness resulting from the refinancing to the 
     extent that the indebtedness resulting from the refinancing 
     does not exceed the refinanced indebtedness.

       ``(iii) Adjustment for inflation.--In the case of any 
     calendar year beginning after 2008, the $10,000 amount under 
     clause (ii)(II) shall be increased by an amount equal to--

       ``(I) such dollar amount, multiplied by
       ``(II) the cost-of-living adjustment determined under 
     section 1(f)(3) for the calendar year in which the taxable 
     year begins, determined by substituting `calendar year 2007' 
     for `calendar year 1992' in subparagraph (B) thereof.

     If any amount as adjusted under the preceding sentence is not 
     a multiple of $100, such amount shall be rounded to the next 
     nearest multiple of $100.''.
       (2) Conforming amendment.--The heading of paragraph (2) of 
     section 461(g) of such Code is amended by striking 
     ``Exception'' and inserting ``Exceptions''.
       (3) Effective date.--The amendments made by this subsection 
     shall apply to amounts paid in taxable years beginning after 
     December 31, 2007.
       (b) Offset.--There is hereby rescinded 100 percent of 
     budget authority provided for the appropriations in titles 
     III and IV.
                                 ______
                                 
  SA 4499. Ms. LANDRIEU submitted an amendment intended to be proposed 
to amendment SA 4404 proposed by Ms. Landrieu 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; which was ordered to lie on the table; as follows:

       In lieu of the matter proposed to be inserted, insert the 
     following:
       (a) Use of Qualified Mortgage Bonds Proceeds for 
     Refinancing Subprime Loans and Certain Residences Affected by 
     the 2005 Hurricanes.--Section 143(k) of the Internal Revenue 
     Code of 1986 (relating to other definitions and special 
     rules) is amended by adding at the end the following new 
     paragraph:
       ``(12) Special rules for certain refinancings.--
       ``(A) In general.--Notwithstanding the requirements of 
     subsection (i)(1), the proceeds of a qualified mortgage issue 
     may be used to refinance a mortgage which--
       ``(i) is a mortgage on a residence and which was originally 
     financed by the mortgagor through a qualified subprime loan, 
     or
       ``(ii) is a mortgage on a residence--

       ``(I) located in the Gulf Opportunity Zone (as defined in 
     section 1400M(1)) and damaged or rendered uninhabitable by 
     reason of Hurricane Katrina,
       ``(II) located in the Rita GO Zone (as defined in section 
     1400M(3)) and damaged or rendered uninhabitable by reason of 
     Hurricane Rita, or
       ``(III) located in the Wilma GO Zone (as defined in section 
     1400M(5)) and damaged or rendered uninhabitable by reason of 
     Hurricane Wilma.

       ``(B) Special rules.--In applying this paragraph to any 
     case in which the proceeds of a qualified mortgage issue are 
     used for any refinancing described in subparagraph (A)--
       ``(i) subsection (a)(2)(D)(i) (relating to proceeds must be 
     used within 42 months of date of issuance) shall be applied 
     by substituting `12-month period' for `42-month period' each 
     place it appears,
       ``(ii) subsection (d) (relating to 3-year requirement) 
     shall not apply, and
       ``(iii) subsection (e) (relating to purchase price 
     requirement) shall be applied by using the market value of 
     the residence at the time of refinancing in lieu of the 
     acquisition cost.
       ``(C) Qualified subprime loan.--The term `qualified 
     subprime loan' means an adjustable rate single-family 
     residential mortgage loan originated after December 31, 2001, 
     and before January 1, 2008, that the bond issuer determines 
     would be reasonably likely to cause financial hardship to the 
     borrower if not refinanced.
       ``(D) Termination.--This paragraph shall not apply to any 
     bonds issued after December 31, 2010.''.
       (b) Use of Additional Volume Cap for Purchases of Certain 
     Homes Damaged by Hurricanes Katrina, Rita, and Wilma.--
     Subparagraph (B) of section 146(d)(5) of the Internal Revenue 
     Code of 1986, as added by subsection (d), is amended by 
     striking clause (ii) and inserting the following:
       ``(ii) Qualified purpose.--For purposes of this paragraph, 
     the term `qualified purpose' means--

       ``(I) the issuance of exempt facility bonds used solely to 
     provide qualified residential rental projects, or
       ``(II) an issuance described in clause (iii).

       ``(iii) Certain qualified mortgage issues.--A issuance is 
     describe in this clause if such issuance is a qualified 
     mortgage issue, determined--

       ``(I) by substituting `12-month period' for `42-month 
     period' each place it appears in section 143(a)(2)(D)(i), and
       ``(II) in the case of a qualified residence, without regard 
     to section 143(d).

       ``(iv) Qualified residence.--For purposes of clause (iii), 
     the term `qualified residence' means any residence--

       ``(I) located in the Gulf Opportunity Zone (as defined in 
     section 1400M(1)) and damaged or rendered uninhabitable by 
     reason of Hurricane Katrina,
       ``(II) located in the Rita GO Zone (as defined in section 
     1400M(3)) and damaged or rendered uninhabitable by reason of 
     Hurricane Rita, or
       ``(III) located in the Wilma GO Zone (as defined in section 
     1400M(5)) and damaged or rendered uninhabitable by reason of 
     Hurricane Wilma.''.

       (c) Emergency Designation Related to Subsections (a) and 
     (b).--For purposes of Senate enforcement, all provisions of 
     subsections (a) and (b) 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.
       (d) Increased Volume Cap for Certain Bonds.--
                                 ______
                                 
  SA 4500. Ms. LANDRIEU submitted an amendment intended to be proposed 
to amendment SA 4448 submitted by Ms. Landrieu and intended to be 
proposed to the amendment SA 4387 proposed 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 2, beginning on line 16, strike through page 3, 
     line 21, and insert the following:
       ``(ii) a residence that is damaged as a result of Hurricane 
     Katrina, or Hurricane Rita, and that has been sold or 
     transferred to the State of Louisiana or an agency or 
     political subdivision thereof as a result of such damage.
       ``(B) Single-family.--For purposes of subparagraph (A)(ii), 
     the term `single-family' includes 2, 3, or 4 family 
     residences one unit of which was occupied by the owner of the 
     units at the time of the occurrence of the damage described 
     in such subparagraph.
       ``(C) Certification.--
       ``(i) New previously unoccupied residence.--In the case of 
     an eligible single-family residence described in subparagraph 
     (A)(i)(II)(aa), no credit shall be allowed under this section 
     unless the purchaser submits a certification by the seller of 
     such residence that such residence meets the requirements of 
     such subparagraph.
       ``(ii) Residence transferred as a result of hurricane.--In 
     the case of an eligible single-family residence described in 
     subparagraph (A)(ii), no credit shall be allowed under this 
     section unless the purchaser submits a certification by the 
     State of Louisiana or by the appropriate agency or 
     subdivision thereof that such residence meets the 
     requirements of such subparagraph.''.
       (b) Emergency Designation.--For purposes of Senate 
     enforcement, all provisions of this section 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.
       (c) Special Rule for Residences Transferred as a Result of 
     Hurricane Damage.--Section 25E, as added by subsection (a) 
     and amended by subsection (d), is amended by adding at the 
     end of subsection (f) of such section the following:
       ``(4) Homes transferred as a result of hurricane.--In the 
     case of a qualified principal residence described in 
     subsection (c)(2)(A)(ii)--
       ``(A) Limitation based on income.--No credit shall be 
     allowed under this section if the taxpayer's adjusted gross 
     income for the taxable year exceeds $50,000 ($100,000 in the 
     case of a joint return).
       ``(B) Recapture period.--Subsection (e) shall be applied by 
     substituting `36 months' for `24 months'.''.
       (d) Definition of Principal Residence; Special Rules.--
     Section 25E, as added by subsection (a), is amended by adding 
     at the end the following:
                                 ______
                                 
  SA 4501. Mr. GREGG submitted an amendment intended to be proposed to 
amendment SA 4419 proposed by Mr.

[[Page 5361]]

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; which was ordered to lie on 
the table; as follows:

       At the end, add the following:

                     Subtitle C--Revenue Provisions

     SEC. 831. LIMITATION OF DEDUCTION FOR INCOME ATTRIBUTABLE TO 
                   DOMESTIC PRODUCTION OF OIL, GAS, OR PRIMARY 
                   PRODUCTS THEREOF.

       (a) Denial of Deduction for Major Integrated Oil Companies 
     for Income Attributable to Domestic Production of Oil, Gas, 
     or Primary Products Thereof.--
       (1) In general.--Subparagraph (B) of section 199(c)(4) 
     (relating to exceptions) is amended by striking ``or'' at the 
     end of clause (ii), by striking the period at the end of 
     clause (iii) and inserting ``, or'', and by inserting after 
     clause (iii) the following new clause:
       ``(iv) in the case of any major integrated oil company (as 
     defined in section 167(h)(5)(B)), the production, refining, 
     processing, transportation, or distribution of oil, gas, or 
     any primary product thereof during any taxable year described 
     in section 167(h)(5)(B).''.
       (2) Primary product.--Section 199(c)(4)(B) is amended by 
     adding at the end the following flush sentence:

     ``For purposes of clause (iv), the term `primary product' has 
     the same meaning as when used in section 927(a)(2)(C), as in 
     effect before its repeal.''.
       (b) Limitation on Oil Related Qualified Production 
     Activities Income for Taxpayers Other Than Major Integrated 
     Oil Companies.--
       (1) In general.--Section 199(d) is amended by redesignating 
     paragraph (9) as paragraph (10) and by inserting after 
     paragraph (8) the following new paragraph:
       ``(9) Special rule for taxpayers with oil related qualified 
     production activities income.--
       ``(A) In general.--If a taxpayer (other than a major 
     integrated oil company (as defined in section 167(h)(5)(B))) 
     has oil related qualified production activities income for 
     any taxable year beginning after 2009, the amount of the 
     deduction under subsection (a) shall be reduced by 3 percent 
     of the least of--
       ``(i) the oil related qualified production activities 
     income of the taxpayer for the taxable year,
       ``(ii) the qualified production activities income of the 
     taxpayer for the taxable year, or
       ``(iii) taxable income (determined without regard to this 
     section).
       ``(B) Oil related qualified production activities income.--
     The term `oil related qualified production activities income' 
     means for any taxable year the qualified production 
     activities income which is attributable to the production, 
     refining, processing, transportation, or distribution of oil, 
     gas, or any primary product thereof during such taxable 
     year.''.
       (2) Conforming amendment.--Section 199(d)(2) (relating to 
     application to individuals) is amended by striking 
     ``subsection (a)(1)(B)'' and inserting ``subsections 
     (a)(1)(B) and (d)(9)(A)(iii)''.
       (c) Effective Date.--The amendments made by this section 
     shall apply to taxable years beginning after December 31, 
     2008.

     SEC. 832. CLARIFICATION OF DETERMINATION OF FOREIGN OIL AND 
                   GAS EXTRACTION INCOME.

       (a) In General.--Paragraph (1) of section 907(c) of this 
     amended by redesignating subparagraph (B) as subparagraph 
     (C), by striking ``or'' at the end of subparagraph (A), and 
     by inserting after subparagraph (A) the following new 
     subparagraph:
       ``(B) so much of any transportation of such minerals as 
     occurs before the fair market value event, or''.
       (b) Fair Market Value Event.--Subsection (c) of section 907 
     is amended by adding at the end the following new paragraph:
       ``(6) Fair market value event.--For purposes of this 
     section, the term `fair market value event' means, with 
     respect to any mineral, the first point in time at which such 
     mineral--
       ``(A) has a fair market value which can be determined on 
     the basis of a transfer, which is an arm's length 
     transaction, of such mineral from the taxpayer to a person 
     who is not related (within the meaning of section 482) to 
     such taxpayer, or
       ``(B) is at a location at which the fair market value is 
     readily ascertainable by reason of transactions among 
     unrelated third parties with respect to the same mineral 
     (taking into account source, location, quality, and chemical 
     composition).''.
       (c) Special Rule for Certain Petroleum Taxes.--Subsection 
     (c) of section 907, as amended by subsection (b), is amended 
     to by adding at the end the following new paragraph:
       ``(7) Oil and gas taxes.--In the case of any tax imposed by 
     a foreign country which is limited in its application to 
     taxpayers engaged in oil or gas activities--
       ``(A) the term `oil and gas extraction taxes' shall include 
     such tax,
       ``(B) the term `foreign oil and gas extraction income' 
     shall include any taxable income which is taken into account 
     in determining such tax (or is directly attributable to the 
     activity to which such tax relates), and
       ``(C) the term `foreign oil related income' shall not 
     include any taxable income which is treated as foreign oil 
     and gas extraction income under subparagraph (B).''.
       (d) Conforming Amendments.--
       (1) Subparagraph (C) of section 907(c)(1), as redesignated 
     by this section, is amended by inserting ``or used by the 
     taxpayer in the activity described in subparagraph (B)'' 
     before the period at the end.
       (2) Subparagraph (B) of section 907(c)(2) is amended to 
     read as follows:
       ``(B) so much of the transportation of such minerals or 
     primary products as is not taken into account under paragraph 
     (1)(B),''.
       (e) Effective Date.--The amendments made by this section 
     shall apply to taxable years beginning after the date of the 
     enactment of this Act.
                                 ______
                                 
  SA 4502. Mr. FEINGOLD (for himself and Mr. Kohl) submitted an 
amendment intended to be proposed to amendment SA 4467 submitted by Mr. 
Ensign and intended to be proposed 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 15, strike lines 5 through 8, and insert the 
     following:
       (1) In general.--Section 451(i)(3) (defining qualifying 
     electric transmission transaction) is amended by striking 
     ``before January 1, 2008'' and inserting ``by a taxpayer 
     which is an electric utility (as defined in section 3(22) of 
     the Federal Power Act (16 U.S.C. 796(22)) before January 1, 
     2010''.
                                 ______
                                 
  SA 4503. Mr. FEINGOLD (for himself and Mr. Kohl) 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; which was ordered to lie on 
the table; as follows:

       On page 14, strike lines 18 through 21, and insert the 
     following:
       (1) In general.--Section 451(i)(3) (defining qualifying 
     electric transmission transaction) is amended by striking 
     ``before January 1, 2008'' and inserting ``by a taxpayer 
     which is an electric utility (as defined in section 3(22) of 
     the Federal Power Act (16 U.S.C. 796(22)) before January 1, 
     2010''.
                                 ______
                                 
  SA 4504. Mr. THUNE 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; which was ordered to lie on the table; as follows:

       At the end add the following:

                          Subtitle C--Biofuels

     SEC. 831. CREDIT FOR PRODUCTION OF CELLULOSIC BIOFUEL.

       (a) In General.--Subsection (a) of section 40 (relating to 
     alcohol used as fuel) is amended by striking ``plus'' at the 
     end of paragraph

[[Page 5362]]

     (2), by striking the period at the end of paragraph (3) and 
     inserting ``, plus'', and by adding at the end the following 
     new paragraph:
       ``(4) the cellulosic biofuel producer credit.''.
       (b) Cellulosic Biofuel Producer Credit.--
       (1) In general.--Subsection (b) of section 40 is amended by 
     adding at the end the following new paragraph:
       ``(6) Cellulosic biofuel producer credit.--
       ``(A) In general.--The cellulosic biofuel producer credit 
     of any taxpayer is an amount equal to the applicable amount 
     for each gallon of qualified cellulosic biofuel production.
       ``(B) Applicable amount.--For purposes of subparagraph (A), 
     the applicable amount means the excess of--
       ``(i) $1.25, over
       ``(ii) the sum of--

       ``(I) the amount of the credit in effect for alcohol which 
     is ethanol under subsection (b)(1) (without regard to 
     subsection (b)(3)) at the time of the qualified cellulosic 
     biofuel production, plus
       ``(II) the amount of the credit in effect under subsection 
     (b)(4) at the time of such production.

       ``(C) Qualified cellulosic biofuel production.--For 
     purposes of this section, the term `qualified cellulosic 
     biofuel production' means any cellulosic biofuel which during 
     the taxable year--
       ``(i) is sold by the taxpayer to another person--

       ``(I) for use by such other person in the production of a 
     qualified cellulosic biofuel mixture in such other person's 
     trade or business (other than casual off-farm production),
       ``(II) for use by such other person as a fuel in a trade or 
     business, or
       ``(III) who sells such cellulosic biofuel at retail to 
     another person and places such cellulosic biofuel in the fuel 
     tank of such other person, or

       ``(ii) is used or sold by the taxpayer for any purpose 
     described in clause (i).

     The qualified cellulosic biofuel production of any taxpayer 
     for any taxable year shall not include any alcohol which is 
     purchased by the taxpayer and with respect to which such 
     producer increases the proof of the alcohol by additional 
     distillation.
       ``(D) Qualified cellulosic biofuel mixture.--For purposes 
     of this paragraph, the term `qualified cellulosic biofuel 
     mixture' means a mixture of cellulosic biofuel and any 
     petroleum fuel product which--
       ``(i) is sold by the person producing such mixture to any 
     person for use as a fuel, or
       ``(ii) is used as a fuel by the person producing such 
     mixture.
       ``(E) Cellulosic biofuel.--
       ``(i) In general.--The term `cellulosic biofuel' has the 
     meaning given such term under section 168(l)(3), but does not 
     include any alcohol with a proof of less than 150.
       ``(ii) Determination of proof.--The determination of the 
     proof of any alcohol shall be made without regard to any 
     added denaturants.
       ``(F) Allocation of cellulosic biofuel producer credit to 
     patrons of cooperative.--Rules similar to the rules under 
     subsection (g)(6) shall apply for purposes of this paragraph.
       ``(G) Application of paragraph.--This paragraph shall apply 
     with respect to qualified cellulosic biofuel production after 
     December 31, 2007, and before April 1, 2015.''.
       (2) Termination date not to apply.--Subsection (e) of 
     section 40 (relating to termination) is amended--
       (A) by inserting ``or subsection (b)(6)(G)'' after ``by 
     reason of paragraph (1)'' in paragraph (2), and
       (B) by adding at the end the following new paragraph:
       ``(3) Exception for cellulosic biofuel producer credit.--
     Paragraph (1) shall not apply to the portion of the credit 
     allowed under this section by reason of subsection (a)(4).''.
       (c) Biofuel Not Used as a Fuel, etc.--
       (1) In general.--Paragraph (3) of section 40(d) is amended 
     by redesignating subparagraph (D) as subparagraph (E) and by 
     inserting after subparagraph (C) the following new 
     subparagraph:
       ``(D) Cellulosic biofuel producer credit.--If--
       ``(i) any credit is allowed under subsection (a)(4), and
       ``(ii) any person does not use such fuel for a purpose 
     described in subsection (b)(6)(C),

     then there is hereby imposed on such person a tax equal to 
     the applicable amount for each gallon of such cellulosic 
     biomass biofuel.''.
       (2) Conforming amendments.--
       (A) Subparagraph (C) of section 40(d)(3) is amended by 
     striking ``Producer'' in the heading and inserting ``Small 
     Ethanol Producer''.
       (B) Subparagraph (E) of section 40(d)(3), as redesignated 
     by paragraph (1), is amended by striking ``or (C)'' and 
     inserting ``(C), or (D)''.
       (d) Biofuel Produced in the United States.--Section 40(d) 
     is amended by adding at the end the following new paragraph:
       ``(6) Special rule for cellulosic biofuel producer 
     credit.--No cellulosic biofuel producer credit shall be 
     determined under subsection (a) with respect to any 
     cellulosic biofuel unless such cellulosic biofuel is produced 
     in the United States.''.
       (e) Waiver of Credit Limit for Cellulosic Biofuel 
     Production by Small Ethanol Producers.--Section 40(b)(4)(C) 
     is amended by inserting ``(determined without regard to any 
     qualified cellulosic biofuel production'' after ``15,000,000 
     gallons''.
       (f) Effective Date.--The amendments made by this section 
     shall apply to fuel produced after December 31, 2007.

     SEC. 832. EXTENSION AND MODIFICATION OF CREDIT FOR BIODIESEL 
                   AND RENEWABLE DIESEL USED AS FUEL.

       (a) Extension.--
       (1) Income tax credits for biodiesel and renewable diesel 
     and small agri-biodiesel producer credit.--Section 40A(g) 
     (relating to termination) is amended by striking ``December 
     31, 2008'' and inserting ``December 31, 2010 (December 31, 
     2012, in the case of the credit allowed by reason of 
     subsection (a)(3))''.
       (2) Excise tax credit.--Section 6426(c)(6) (relating to 
     termination) is amended by striking ``2008'' and inserting 
     ``2010''.
       (3) Fuels not used for taxable purposes.--Section 
     6427(e)(5)(B) (relating to termination) is amended by 
     striking ``2008'' and inserting ``2010''.
       (b) Modification of Credit for Renewable Diesel.--Section 
     40A(f) (relating to renewable diesel) is amended by adding at 
     the end the following new paragraph:
       ``(4) Special rule for co-processed renewable diesel.--In 
     the case of a taxpayer which produces renewable diesel 
     through the co-processing of biomass and petroleum at any 
     facility, this subsection shall not apply to so much of the 
     renewable diesel produced at such facility and sold or used 
     during the taxable year in a mixture described in subsection 
     (b)(1)(B) as exceeds 60,000,000 gallons.''.
       (c) Modification Relating to Definition of Agri-
     Biodiesel.--Paragraph (2) of section 40A(d) (relating to 
     agri-biodiesel) is amended by striking ``and mustard seeds'' 
     and inserting ``mustard seeds, and camelina''.
       (d) Eligibility of Certain Aviation Fuel.--Section 
     40A(f)(3) (defining renewable diesel) is amended by adding at 
     the end the following new flush sentence:
       ``The term `renewable diesel' also means fuel derived from 
     biomass (as defined in section 45K(c)(3)) using a thermal 
     depolymerization process which meets the requirements of a 
     Department of Defense specification for military jet fuel or 
     an American Society of Testing and Materials specification 
     for aviation turbine fuel.''.
       (e) Effective Dates.--The amendments made by this section 
     shall apply to fuel sold or used after the date of the 
     enactment of this Act.
                                 ______
                                 
  SA 4505. Mrs. MURRAY 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:

       At the end of the amendment, insert the following:
       Notwithstanding any other provision of this Act, the amount 
     appropriated under section 301(a) of this Act shall be 
     $3,900,000,000 and the amount appropriated under section 401 
     of this Act shall be $200,000,000 and the increase in volume 
     cap for certain bonds under section 602(b)(1) of this Act, 
     shall be as follows:
                                 ______
                                 
  SA 4506. Mrs. MURRAY 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:

       In lieu of the matter proposed to be inserted by said 
     amendment, insert the following:
       Notwithstanding any other provision of this Act, the amount 
     appropriated under section 301(a) of this Act shall be 
     $3,900,000,000 and the amount appropriated under section 401 
     of this Act shall be $200,000,000.
                                 ______
                                 
  SA 4507. Mrs. MURRAY submitted an amendment intended to be proposed 
to amendment SA 4478 submitted by Mrs. MURRAY (for herself, Mr. 
Schumer, Mr. Casey, and Mr. Brown) to the amendment SA 4387 submitted 
by Mr. Dodd (for hime1f and Mr. Shelby) to the bill H.R. 3221, moving 
the United

[[Page 5363]]

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:

       Strike all after the word ``amount'' the first time it 
     appears, and insert the following:

     ``appropriated under section 301(a) of this Act shall be 
     $3,899,000,000 and the amount appropriated under section 401 
     of this Act shall be $201,000,000.''
                                 ______
                                 
  SA 4508. Ms. LANDRIEU submitted an amendment intended to be proposed 
to amendment SA 4404 proposed by Ms. Landrieu 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; which was ordered to lie on the table; as follows:

       In lieu of the matter proposed to be inserted, insert the 
     following:
       (a) Use of Qualified Mortgage Bonds Proceeds for 
     Refinancing Subprime Loans and Certain Residences Affected by 
     the 2005 Hurricanes.--Section 143(k) of the Internal Revenue 
     Code of 1986 (relating to other definitions and special 
     rules) is amended by adding at the end the following new 
     paragraph:
       ``(12) Special rules for certain refinancings.--
       ``(A) In general.--Notwithstanding the requirements of 
     subsection (i)(1), the proceeds of a qualified mortgage issue 
     may be used to refinance a mortgage which--
       ``(i) is a mortgage on a residence and which was originally 
     financed by the mortgagor through a qualified subprime loan, 
     or
       ``(ii) is a mortgage on a residence--

       ``(I) located in the Gulf Opportunity Zone (as defined in 
     section 1400M(1)) and damaged or rendered uninhabitable by 
     reason of Hurricane Katrina,

       ``(II) located in the Rita GO Zone (as defined in section 
     1400M(3)) and damaged or rendered uninhabitable by reason of 
     Hurricane Rita, or
       ``(III) located in the Wilma GO Zone (as defined in section 
     1400M(5)) and damaged or rendered uninhabitable by reason of 
     Hurricane Wilma.

       ``(B) Special rules.--In applying this paragraph to any 
     case in which the proceeds of a qualified mortgage issue are 
     used for any refinancing described in subparagraph (A)--
       ``(i) subsection (a)(2)(D)(i) (relating to proceeds must be 
     used within 42 months of date of issuance) shall be applied 
     by substituting `12-month period' for `42-month period' each 
     place it appears,
       ``(ii) subsection (d) (relating to 3-year requirement) 
     shall not apply, and
       ``(iii) subsection (e) (relating to purchase price 
     requirement) shall be applied by using the market value of 
     the residence at the time of refinancing in lieu of the 
     acquisition cost.
       ``(C) Qualified subprime loan.--The term `qualified 
     subprime loan' means an adjustable rate single-family 
     residential mortgage loan originated after December 31, 2001, 
     and before January 1, 2008, that the bond issuer determines 
     would be reasonably likely to cause financial hardship to the 
     borrower if not refinanced.
       ``(D) Termination.--This paragraph shall not apply to any 
     bonds issued after December 31, 2010.''.
       (b) Use of Additional Volume Cap for Purchases of Certain 
     Homes Damaged by Hurricanes Katrina, Rita, and Wilma.--
     Subparagraph (B) of section 146(d)(5) of the Internal Revenue 
     Code of 1986, as added by subsection (d), is amended by 
     striking clause (ii) and inserting the following:
       ``(ii) Qualified purpose.--For purposes of this paragraph, 
     the term `qualified purpose' means--

       ``(I) the issuance of exempt facility bonds used solely to 
     provide qualified residential rental projects, or
       ``(II) an issuance described in clause (iii).

       ``(iii) Certain qualified mortgage issues.--A issuance is 
     describe in this clause if such issuance is a qualified 
     mortgage issue, determined--

       ``(I) by substituting `12-month period' for `42-month 
     period' each place it appears in section 143(a)(2)(D)(i), and
       ``(II) in the case of a qualified residence, without regard 
     to section 143(d).

       ``(iv) Qualified residence.--For purposes of clause (iii), 
     the term `qualified residence' means any residence--

       ``(I) located in the Gulf Opportunity Zone (as defined in 
     section 1400M(1)) and damaged or rendered uninhabitable by 
     reason of Hurricane Katrina,
       ``(II) located in the Rita GO Zone (as defined in section 
     1400M(3)) and damaged or rendered uninhabitable by reason of 
     Hurricane Rita, or
       ``(III) located in the Wilma GO Zone (as defined in section 
     1400M(5)) and damaged or rendered uninhabitable by reason of 
     Hurricane Wilma.''.

       (c) Emergency Designation Related to Subsections (a) and 
     (b).--For purposes of Senate enforcement, all provisions of 
     subsections (a) and (b) 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.
       (d) Increased Volume Cap for Certain Bonds.--
                                 ______
                                 
  SA 4509. Mr. SANDERS submitted an amendment intended to be proposed 
to amendment SA 4429 submitted by Mr. Alexander (for himself and Mr. 
Kyl) to the amendment SA 4419 proposed by Mr. Ensign 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:

       In lieu of the matter proposed to be inserted, insert the 
     following:
       (c) Maximum Insured Mortgage Loan Rate.--Notwithstanding 
     any other provision of law, the annual percentage rate 
     applicable to any loan that is insured.
                                 ______
                                 
  SA 4510. Mr. SANDERS 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; which was ordered to lie on the table; as follows:

       In lieu of the matter proposed to be inserted, insert the 
     following:
       (c) Maximum Insured Mortgage Loan Rate.--Notwithstanding 
     any other provision of law, the annual percentage rate 
     applicable to any loan that is insured.
                                 ______
                                 
  SA 4511. Mr. SANDERS submitted an amendment intended to be proposed 
to amendment SA 4423 proposed by Mr. Nelson of Florida (for himself and 
Mr. Coleman) 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; which was ordered to lie on 
the table; as follows:

       In lieu of the matter proposed to be inserted, insert the 
     following:
       (c) Maximum Insured Mortgage Loan Rate.--Notwithstanding 
     any other provision of law, the annual percentage rate 
     applicable to any loan that is insured.
                                 ______
                                 
  SA 4512. Mr. SANDERS submitted an amendment intended to be proposed 
to amendment SA 4433 submitted by Mrs. Lincoln (for Ms. Snowe) 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

[[Page 5364]]

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:

       In lieu of the matter proposed to be inserted, insert the 
     following:
       (c) Maximum Insured Mortgage Loan Rate.--Notwithstanding 
     any other provision of law, the annual percentage rate 
     applicable to any loan that is insured.
                                 ______
                                 
  SA 4513. Mr. SANDERS submitted an amendment intended to be proposed 
to amendment SA 4404 proposed by Ms. Landrieu 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; which was ordered to lie on the table; as follows:

       In lieu of the matter proposed to be inserted, insert the 
     following:
       (c) Maximum Insured Mortgage Loan Rate.--Notwithstanding 
     any other provision of law, the annual percentage rate 
     applicable to any loan that is insured.
                                 ______
                                 
  SA 4514. Mr. SANDERS submitted an amendment intended to be proposed 
to amendment SA 4384 proposed by Mr. Sanders 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; which was ordered to lie on the table; as follows:

       In lieu of the matter proposed to be inserted, insert the 
     following:
       (c) Maximum Insured Mortgage Loan Rate.--Notwithstanding 
     any other provision of law, the annual percentage rate 
     applicable to any loan that is insured.
                                 ______
                                 
  SA 4515. Mr. SANDERS submitted an amendment intended to be proposed 
to amendment SA 4478 submitted by Mrs. Murray (for herself, Mr. 
Schumer, Mr. Casey, and Mr. Brown) 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; which was 
ordered to lie on the table; as follows:

       In lieu of the matter proposed to be inserted, insert the 
     following:
       (c) Maximum Insured Mortgage Loan Rate.--Notwithstanding 
     any other provision of law, the annual percentage rate 
     applicable to any loan that is insured.
                                 ______
                                 
  SA 4516. Mr. SANDERS submitted an amendment intended to be proposed 
to amendment SA 4421 proposed by Mr. Cardin (for himself and 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; which was ordered to lie on 
the table; as follows:

       In lieu of the matter proposed to be inserted, insert the 
     following:
       (c) Maximum Insured Mortgage Loan Rate.--Notwithstanding 
     any other provision of law, the annual percentage rate 
     applicable to any loan that is insured.
                                 ______
                                 
  SA 4517. Mr. SANDERS submitted an amendment intended to be proposed 
to amendment SA 4401 submitted by Mr. Sanders (for himself and Mr. 
Durbin) 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; which was ordered to lie on 
the table; as follows:

       In lieu of the matter proposed to be inserted, insert the 
     following:
       (c) Maximum Insured Mortgage Loan Rate.--Notwithstanding 
     any other provision of law, the annual percentage rate 
     applicable to any loan that is insured.

                          ____________________