No actions available.
Full Text of this Amendment
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.
``(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:
(As printed in the Congressional Record for the Senate on Apr 8, 2008.)