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Sen. Trent Lott
Republican
Mississippi
http://lott.senate.gov/

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Designates the United States courthouse to be constructed at the site bounded on the north by Court Street, on the west by West Street, on the south by South Street, and on the east by President Street in Jackson, Mississippi, as the "Thad Cochran United States Courthouse."
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Amends title XXI (State Children's Health Insurance) (SCHIP) of the Social Security Act (SSA) to: (1) extend SCHIP through FY2008 and the first six months of FY2009; (2) provide additional allotments to states to address SCHIP funding shortfalls for the same period of time; and (3) authorize qualifying states to elect to receive the enhanced portion of the SCHIP matching rate for coverage of certain children under SSA title XIX (Medicaid).
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Amends the Internal Revenue Code to allow: (1) a tax credit for 25% of the cost of new qualified freight rail infrastructure property and new qualified locomotive property; and (2) a taxpayer election to expense the cost of qualified freight rail infrastructure property (i.e., deduct all costs in the current taxable year). Terminates such credit and expensing election after 2012.
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Establishes the bipartisan Commission on Catastrophic Disaster Risk and Insurance to assess: (1) the condition of the property and casualty insurance and reinsurance markets in the aftermath of Hurricanes Katrina, Rita, and Wilma in 2005, and the four major hurricanes that struck the United States in 2004; (2) the ongoing exposure of the United States to earthquakes, volcanic eruptions, tsunamis, and floods; and (3) recommend and report legislative and regulatory changes that will improve the domestic and international financial health and competitiveness of such markets.
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Directs the Speaker of the House of Representatives and the President Pro Tempore of the Senate to arrange for the presentation of a congressional gold medal to Michael Ellis DeBakey, M.D. (who performed the first successful coronary bypass, pioneered the field of telemedicine, was elected the first President of Baylor College of Medicine, and received the Presidential Medal of Freedom with Distinction and the National Medal of Science) in recognition of his many outstanding contributions to the nation.
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Amends the federal criminal code to authorize a nonresident of a state to carry concealed firearms (other than a machinegun or destructive device) in that state if such nonresident has a valid permit to carry firearms in any state and is not prohibited from carrying a firearm under federal law, subject to restrictions imposed by the state issuing the permit or under this Act.
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