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Full Text of this Amendment

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:
(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.

(As printed in the Congressional Record for the Senate on Apr 4, 2008.)