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Full Text of this Amendment

SA 3392. Mr. McCAIN submitted an amendment intended to be proposed to amendment SA 3336 proposed by Mr. Baucus to the bill H.R. 4213, to amend the Internal Revenue Code of 1986 to extend certain expiring provisions, and for other purposes; which was ordered to lie on the table; as follows:

On page 16, strike lines 7 through 16 and insert the following:
SEC. 131. PERMANENT EXTENSION OF RESEARCH CREDIT.
(a) In General.--Section 41 is amended by striking subsection (h).
(b) Conforming Amendment.--Paragraph (1) of section 45C(b) is amended by striking subparagraph (D).
(c) Effective Date.--The amendments made by this section shall apply to amounts paid or incurred after December 31, 2009.
(d) Transfer of Stimulus Funds.--Notwithstanding section 5 of the American Recovery and Reinvestment Act of 2009 (Pub. Law 111-5), from the amounts appropriated or made available and remaining unobligated under such Act, the Director of the Office of Management and Budget shall transfer from time to time to the general fund of the Treasury an amount equal to the sum of the amount of any net reduction in revenues resulting from the amendments made by this section.


(As printed in the Congressional Record for the Senate on Mar 3, 2010.)