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Full Text of this Amendment

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.--


(As printed in the Congressional Record for the Senate on Apr 8, 2008.)