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Full Text of this Amendment

SA 3409. Mr. BROWN of Ohio 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 268, between lines 11 and 12, insert the following:
SEC. __X. EXPANSION OF QUALIFYING ADVANCED ENERGY PROJECT CREDIT.
(a) In General.--Section 48C(d)(1)(B) is amended by striking "$2,300,000,000" and inserting "$7,300,000,000".
(b) Effective Date.--The amendment made by this section shall apply to allocations for applications submitted after December 31, 2009.
SEC. __X. EXCISE TAX ON BONUSES RECEIVED BY EMPLOYEES OF BUSINESSES RECEIVING TARP FUNDS.
(a) In General.--Chapter 46 is amended by adding at the end the following new section:
"SEC. 4999A. BONUSES PAID BY TARP RECIPIENTS.
"(a) In General.--In the case of any payment of compensation during 2010 in the nature of a bonus by a TARP recipient to any employee or former employee of such recipient, there is hereby imposed a tax equal to 50 percent of so much of such compensation as exceeds $50,000.
"(b) Tax Paid by Bonus Recipient.--The tax imposed by this section shall be paid by such employee or former employee.
"(c) Definitions and Special Rules.--For purposes of this section--
"(1) TARP RECIPIENT.--The term `TARP recipient' means any person who receives funds under title I of the Emergency Economic Stabilization Act of 2008.
"(2) EMPLOYEE.--The term `employee' includes officers and executives.
"(3) ENTITIES ACQUIRED BY TARP RECIPIENTS.--If more than 50 percent of the equity interests in any person is acquired by a TARP recipient, such person shall be treated as a TARP recipient for purposes of this section and subsection (a) shall apply to applicable compensation paid by such person after the earlier of the date of such acquisition or the date that such acquisition is announced.
"(4) CERTAIN CONTROLLED GROUPS, ETC.--All employees who are treated as employed by a single employer under subsections (b), (c), or (m) of section 414 shall be treated as employed by a single employer for purposes of this section.".
(b) Clerical Amendment.--The table of sections for chapter 46 is amended by adding at the end the following new item:

"Sec..4999A. Bonuses paid by TARP recipients.".




(As printed in the Congressional Record for the Senate on Mar 4, 2010.)