[Congressional Record (Bound Edition), Volume 155 (2009), Part 19]
[Senate]
[Pages 25930-25931]
[From the U.S. Government Publishing Office, www.gpo.gov]




                           TEXT OF AMENDMENTS

  SA 2708. Mr. CASEY (for himself and Mrs. Gillibrand) submitted an 
amendment intended to be proposed to amendment SA 2699 submitted by Mr. 
Isakson (for himself and Mr. Dodd) and intended to be proposed to the 
bill H.R. 3548, to amend the Supplemental Appropriations Act, 2008 to 
provide for the temporary availability of certain additional emergency 
unemployment compensation, and for other purposes; which was ordered to 
lie on the table; as follows:

       Beginning on page 5, line 4, strike all through page 7, 
     line 9, and insert the following:
       (a) Age Limitation.--
       (1) In general.--Subsection (b) of section 36 of the 
     Internal Revenue Code of 1986 is amended by adding at the end 
     the following new paragraph:
       ``(3) Age limitation.--No credit shall be allowed under 
     subsection (a) with respect to the purchase of any residence 
     unless the taxpayer has attained age 18 as of the date of 
     such purchase and is otherwise not eligible to be claimed as 
     a dependent (as defined in section 152) on another tax 
     return. In the case of any taxpayer who is married (within 
     the meaning of section 7703), the taxpayer shall be treated 
     as meeting the age requirement of the preceding sentence if 
     the taxpayer or the taxpayer's spouse meets such age 
     requirement.''.
       (2) Conforming amendment.--Subsection (g) of section 36 of 
     such Code is amended by striking ``subsections (c) and 
     (f)(4)(D)'' and inserting ``subsection (b)(3), (c), and 
     (f)(4)(D)''.
       (b) Documentation Requirements.--
       (1) In general.--Subsection (d) of section 36 of the 
     Internal Revenue Code of 1986 is amended by striking ``or'' 
     at the end of paragraph (1), by striking the period at the 
     end of paragraph (2) and inserting a comma, and by adding at 
     the end the following new paragraphs:
       ``(3) the taxpayer fails to attach to the return of tax for 
     such taxable year a properly executed copy of the settlement 
     statement used to complete such purchase, or
       ``(4) the taxpayer fails to attach to the return of tax for 
     such taxable year a certified statement of the taxpayer's 
     eligibility for the tax credit issued by the real estate 
     reporting person (as defined in section 6045(e)(2)) with 
     respect to such purchase.

     Such certified statement shall be issued in such form and 
     manner as prescribed by the Secretary and prepared based on 
     the reasonable facts and circumstances made known to the 
     reporting person from the taxpayer. The reporting person 
     shall not be held liable due to false statements or facts 
     made by the taxpayer, unless such reporting person had 
     reasonable means to determine such statements or facts were 
     false.''.
       (2) Ensuring electronic filing.--The Commissioner of 
     Internal Revenue shall develop rules that enable the Internal 
     Revenue Service to enforce the documentation requirements 
     resulting from the amendments made by paragraph (1) without 
     hindering electronic means of filing tax returns.
       (c) Restriction on Married Individual Acquiring Residence 
     From Family of Spouse.--Clause (i) of section 36(c)(3)(A) of 
     the Internal Revenue Code of 1986 is amended by inserting 
     ``(or, if married, such individual's spouse)'' after ``person 
     acquiring such property''.
       (d) Certain Errors With Respect to the First-Time Homebuyer 
     Tax Credit Treated as Mathematical or Clerical Errors.--
     Paragraph (2) of section 6213(g) of the Internal Revenue Code 
     of 1986 is amended by striking ``and'' at the end of 
     subparagraph (M), by striking the period at the end of 
     subparagraph (N) and inserting ``, and'', and by inserting 
     after subparagraph (N) the following new subparagraph:
       ``(O) an entry on a return claiming the credit under 
     section 36 if--
       ``(i) the Secretary obtains information from the person 
     issuing the TIN of the taxpayer that indicates that the 
     taxpayer does not meet the age requirement of section 
     36(b)(3),
       ``(ii) information provided to the Secretary by the 
     taxpayer on an income tax return for at least one of the 2 
     preceding taxable years is inconsistent with eligibility for 
     such credit, or
       ``(iii) the taxpayer fails to attach to the return the form 
     described in paragraph (3) or (4) of section 36(d).''.
       (e) Investigation and Prosecution; Report.--The 
     Commissioner of Internal Revenue shall take such steps as are 
     necessary to investigate and prosecute instances of fraud 
     related to the first-time homebuyer tax credit under section 
     36 of the Internal Revenue Code of 1986. The Commissioner of 
     Internal Revenue shall provide reports to Congress on the 
     status of the investigatory and prosecutorial actions not 
     later than 90 days after the date of the enactment of this 
     Act, and quarterly thereafter.
       (f) Effective Date.--
                                 ______
                                 
  SA 2709. Mr. UDALL of Colorado (for himself, Mr. Schumer, Mr. Tester, 
Mr. Merkley, Mr. Whitehouse, and Mr. Levin) submitted an amendment 
intended to be proposed by him to the bill H.R. 3548, to amend the 
Supplemental Appropriations Act, 2008 to provide for the temporary 
availability of certain additional emergency unemployment compensation, 
and for other purposes; which was ordered to lie on the table; as 
follows:

       At the appropriate place, insert the following:

     SEC. __. EXPEDITED CARD REFORM FOR CONSUMERS ACT.

       (a) Short Title.--This section may be cited as the 
     ``Expedited CARD Reform for Consumers Act of 2009''.
       (b) Earlier Effective Date for the Credit CARD Act of 2009, 
     Generally.--Section 3 of the Credit Card Accountability 
     Responsibility and Disclosure Act of 2009 (15 U.S.C. 1602 
     note) is amended by striking ``become effective 9 months 
     after the date of enactment of this Act,'' and inserting 
     ``take effect on December 1, 2009, except that for a 
     depository institution, as defined in section 19(b)(1)(A) of 
     the Federal Reserve Act (12 U.S.C. 461(b)(1)(A)), with fewer 
     than 2 million credit cards in circulation on the date of the 
     enactment of the Expedited CARD Reform for Consumers Act of 
     2009, the effective date shall be February 22, 2010,''
       (c) Earlier Effective Dates for Specific Provisions To 
     Prevent Further Abuses.--
       (1) Review of past consumer interest rate increases.--
     Section 148(d) of the Truth in Lending Act (15 U.S.C. 
     1665c(d)) (as added by section 101(c) of the Credit Card 
     Accountability Responsibility and Disclosure Act of 2009) is 
     amended--
       (A) by striking ``9 months after the date of enactment of 
     this section'' and inserting

[[Page 25931]]

     ``December 1, 2009, except that for a depository institution, 
     as defined in section 19(b)(1)(A) of the Federal Reserve Act 
     (12 U.S.C. 461(b)(1)(A)), with fewer than 2 million credit 
     cards in circulation on the date of the enactment of the 
     Expedited CARD Reform for Consumers Act of 2009, the 
     effective date shall be February 22, 2010,''; and
       (B) by striking ``become effective 15 months after that 
     date of enactment'' and inserting ``take effect on December 
     1, 2009, except that for a depository institution, as defined 
     in section 19(b)(1)(A) of the Federal Reserve Act (12 U.S.C. 
     461(b)(1)(A)), with fewer than 2 million credit cards in 
     circulation on the date of the enactment of the Expedited 
     CARD Reform for Consumers Act of 2009, the effective date 
     shall be August 22, 2010''.
       (2) Requirement that penalty fees be reasonable and 
     proportional to the violation.--Section 149(b) of the Truth 
     in Lending Act (15 U.S.C. 1665d(b)) (as added by section 
     102(b) of the Credit Card Accountability Responsibility and 
     Disclosure Act of 2009) is amended--
       (A) by striking ``9 months after the date of enactment of 
     this section,'' and inserting ``December 1, 2009, except that 
     for a depository institution, as defined in section 
     19(b)(1)(A) of the Federal Reserve Act (12 U.S.C. 
     461(b)(1)(A)), with fewer than 2 million credit cards in 
     circulation on the date of the enactment of the Expedited 
     CARD Reform for Consumers Act of 2009, the effective date 
     shall be February 22, 2010,''; and
       (B) by striking ``become effective 15 months after the date 
     of enactment of the section'' and inserting ``take effect on 
     December 1, 2009, except that for a depository institution, 
     as defined in section 19(b)(1)(A) of the Federal Reserve Act 
     (12 U.S.C. 461(b)(1)(A)), with fewer than 2 million credit 
     cards in circulation on the date of the enactment of the 
     Expedited CARD Reform for Consumers Act of 2009, the 
     effective date shall be August 22, 2010''.

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