S 2886 ISCommentsClose CommentsPermalink

To amend the Internal Revenue Code of 1986 to amend certain expiring provisions.CommentsClose CommentsPermalink

April 17, 2008

Mr. BAUCUS (for himself, Mr. GRASSLEY, Mr. SALAZAR, Mr. SCHUMER, Ms. STABENOW, Mr. SMITH, Mr. CRAPO, Mr. ROCKEFELLER, Mr. KYL, and Ms. SNOWE) introduced the following bill; which was read twice and referred to the Committee on FinanceCommentsClose CommentsPermalink

To amend the Internal Revenue Code of 1986 to amend certain expiring provisions.CommentsClose CommentsPermalink

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,CommentsClose CommentsPermalink

SECTION 1. SHORT TITLE; AMENDMENT OF 1986 CODE; TABLE OF CONTENTS.

(a) Short Title- This Act may be cited as the `Alternative Minimum Tax and Extenders Tax Relief Act of 2008'.CommentsClose CommentsPermalink





(b) Amendment of 1986 Code- Except as otherwise expressly provided, whenever in this Act an amendment or repeal is expressed in terms of an amendment to, or repeal of, a section or other provision, the reference shall be considered to be made to a section or other provision of the Internal Revenue Code of 1986.CommentsClose CommentsPermalink





(c) Table of Contents- The table of contents of this Act is as follows:CommentsClose CommentsPermalink





Sec. 1. Short title; amendment of 1986 Code; table of contents.CommentsClose CommentsPermalink

TITLE I--ALTERNATIVE MINIMUM TAX RELIEF

Sec. 101. Extension of alternative minimum tax relief for nonrefundable personal credits.CommentsClose CommentsPermalink





Sec. 102. Extension of increased alternative minimum tax exemption amount.CommentsClose CommentsPermalink

TITLE II--INDIVIDUAL TAX PROVISIONS

Sec. 201. Election to include combat pay as earned income for purposes of the earned income credit.CommentsClose CommentsPermalink





Sec. 202. Distributions from retirement plans to individuals called to active duty.CommentsClose CommentsPermalink





Sec. 203. Deduction for State and local sales taxes.CommentsClose CommentsPermalink





Sec. 204. Deduction of qualified tuition and related expenses.CommentsClose CommentsPermalink





Sec. 205. Deduction for certain expenses of elementary and secondary school teachers.CommentsClose CommentsPermalink





Sec. 206. Modification of mortgage revenue bonds for veterans.CommentsClose CommentsPermalink





Sec. 207. Tax-free distributions from individual retirement plans for charitable purposes.CommentsClose CommentsPermalink





Sec. 208. Treatment of certain dividends of regulated investment companies.CommentsClose CommentsPermalink





Sec. 209. Stock in RIC for purposes of determining estates of nonresidents not citizens.CommentsClose CommentsPermalink





Sec. 210. Qualified investment entities.CommentsClose CommentsPermalink





Sec. 211. Qualified conservation contributions.CommentsClose CommentsPermalink

TITLE III--BUSINESS TAX PROVISIONS

Sec. 301. Extension and modification of research credit.CommentsClose CommentsPermalink





Sec. 302. New markets tax credit.CommentsClose CommentsPermalink





Sec. 303. Subpart F exception for active financing income.CommentsClose CommentsPermalink





Sec. 304. Extension of look-thru rule for related controlled foreign corporations.CommentsClose CommentsPermalink





Sec. 305. Extension of 15-year straight-line cost recovery for qualified leasehold improvements and qualified restaurant improvements.CommentsClose CommentsPermalink





Sec. 306. Enhanced charitable deduction for contributions of food inventory.CommentsClose CommentsPermalink





Sec. 307. Extension of enhanced charitable deduction for contributions of book inventory.CommentsClose CommentsPermalink





Sec. 308. Modification of tax treatment of certain payments to controlling exempt organizations.CommentsClose CommentsPermalink





Sec. 309. Basis adjustment to stock of S corporations making charitable contributions of property.CommentsClose CommentsPermalink





Sec. 310. Increase in limit on cover over of rum excise tax to Puerto Rico and the Virgin Islands.CommentsClose CommentsPermalink





Sec. 311. Parity in the application of certain limits to mental health benefits.CommentsClose CommentsPermalink





Sec. 312. Extension of economic development credit for American Samoa.CommentsClose CommentsPermalink





Sec. 313. Extension of mine rescue team training credit.CommentsClose CommentsPermalink





Sec. 314. Extension of election to expense advanced mine safety equipment.CommentsClose CommentsPermalink





Sec. 315. Extension of expensing rules for qualified film and television productions.CommentsClose CommentsPermalink





Sec. 316. Deduction allowable with respect to income attributable to domestic production activities in Puerto Rico.CommentsClose CommentsPermalink





Sec. 317. Extension of qualified zone academy bonds.CommentsClose CommentsPermalink





Sec. 318. Indian employment credit.CommentsClose CommentsPermalink





Sec. 319. Accelerated depreciation for business property on Indian reservation.CommentsClose CommentsPermalink





Sec. 320. Railroad track maintenance.CommentsClose CommentsPermalink





Sec. 321. Seven-year cost recovery period for motorsports racing track facility.CommentsClose CommentsPermalink





Sec. 322. Expensing of environmental remediation costs.CommentsClose CommentsPermalink





Sec. 323. Extension of work opportunity tax credit for Hurricane Katrina employees.CommentsClose CommentsPermalink

TITLE IV--EXTENSIONS OF ENERGY PROVISIONS

Sec. 401. Extension of credit for energy efficient appliances.CommentsClose CommentsPermalink





Sec. 402. Extension of credit for nonbusiness energy property.CommentsClose CommentsPermalink





Sec. 403. Extension of credit for residential energy efficient property.CommentsClose CommentsPermalink





Sec. 404. Extension of renewable electricity, refined coal, and Indian coal production credit.CommentsClose CommentsPermalink





Sec. 405. Extension of new energy efficient home credit.CommentsClose CommentsPermalink





Sec. 406. Extension of energy credit.CommentsClose CommentsPermalink





Sec. 407. Extension and modification of credit for clean renewable energy bonds.CommentsClose CommentsPermalink





Sec. 408. Extension of energy efficient commercial buildings deduction.CommentsClose CommentsPermalink

TITLE V--TAX ADMINISTRATION

Sec. 501. Permanent authority for undercover operations.CommentsClose CommentsPermalink





Sec. 502. Permanent disclosures of certain tax return information.CommentsClose CommentsPermalink





Sec. 503. Disclosure of information relating to terrorist activities.CommentsClose CommentsPermalink

TITLE I--ALTERNATIVE MINIMUM TAX RELIEF

SEC. 101. EXTENSION OF ALTERNATIVE MINIMUM TAX RELIEF FOR NONREFUNDABLE PERSONAL CREDITS.

(a) In General- Paragraph (2) of section 26(a) (relating to special rule for taxable years 2000 through 2007) is amended--CommentsClose CommentsPermalink





(1) by striking `or 2007' and inserting `2007, or 2008', andCommentsClose CommentsPermalink





(2) by striking `2007' in the heading thereof and inserting `2008'.CommentsClose CommentsPermalink





(b) Effective Date- The amendments made by this section shall apply to taxable years beginning after December 31, 2007.CommentsClose CommentsPermalink

SEC. 102. EXTENSION OF INCREASED ALTERNATIVE MINIMUM TAX EXEMPTION AMOUNT.

(a) In General- Paragraph (1) of section 55(d) (relating to exemption amount) is amended--CommentsClose CommentsPermalink





(1) by striking `($66,250 in the case of taxable years beginning in 2007)' in subparagraph (A) and inserting `($69,950 in the case of taxable years beginning in 2008)', andCommentsClose CommentsPermalink





(2) by striking `($44,350 in the case of taxable years beginning in 2007)' in subparagraph (B) and inserting `($46,200 in the case of taxable years beginning in 2008)'.CommentsClose CommentsPermalink





(b) Effective Date- The amendments made by this section shall apply to taxable years beginning after December 31, 2007.CommentsClose CommentsPermalink

TITLE II--INDIVIDUAL TAX PROVISIONS

SEC. 201. ELECTION TO INCLUDE COMBAT PAY AS EARNED INCOME FOR PURPOSES OF THE EARNED INCOME CREDIT.

(a) In General- Subclause (II) of section 32(c)(2)(B)(vi) (defining earned income) is amended by striking `January 1, 2008' and inserting `January 1, 2010'.CommentsClose CommentsPermalink





(b) Conforming Amendment- Paragraph (4) of section 6428, as amended by the Economic Stimulus Act of 2008, is amended to read as follows:CommentsClose CommentsPermalink





`(4) EARNED INCOME- The term `earned income' has the meaning set forth in section 32(c)(2) except that such term shall not include net earnings from self-employment which are not taken into account in computing taxable income.'.CommentsClose CommentsPermalink





(c) Effective Date- The amendments made by this section shall apply to taxable years ending after December 31, 2007.CommentsClose CommentsPermalink

SEC. 202. DISTRIBUTIONS FROM RETIREMENT PLANS TO INDIVIDUALS CALLED TO ACTIVE DUTY.

(a) In General- Clause (iv) of section 72(t)(2)(G) is amended by striking `December 31, 2007' and inserting `January 1, 2010'.CommentsClose CommentsPermalink





(b) Effective Date- The amendment made by this section shall apply to individuals ordered or called to active duty on or after December 31, 2007.CommentsClose CommentsPermalink

SEC. 203. DEDUCTION FOR STATE AND LOCAL SALES TAXES.

(a) In General- Subparagraph (I) of section 164(b)(5) is amended by striking `January 1, 2008' and inserting `January 1, 2010'.CommentsClose CommentsPermalink





(b) Effective Date- The amendment made by this section shall apply to taxable years beginning after December 31, 2007.CommentsClose CommentsPermalink

SEC. 204. DEDUCTION OF QUALIFIED TUITION AND RELATED EXPENSES.

(a) In General- Subsection (e) of section 222 (relating to termination) is amended by striking `December 31, 2007' and inserting `December 31, 2009'.CommentsClose CommentsPermalink





(b) Effective Date- The amendment made by this section shall apply to taxable years beginning after December 31, 2007.CommentsClose CommentsPermalink

SEC. 205. DEDUCTION FOR CERTAIN EXPENSES OF ELEMENTARY AND SECONDARY SCHOOL TEACHERS.

(a) In General- Subparagraph (D) of section 62(a)(2) (relating to certain expenses of elementary and secondary school teachers) is amended by striking `or 2007' and inserting `2007, 2008, or 2009'.CommentsClose CommentsPermalink





(b) Effective Date- The amendment made by subsection (a) shall apply to taxable years beginning after December 31, 2007.CommentsClose CommentsPermalink

SEC. 206. MODIFICATION OF MORTGAGE REVENUE BONDS FOR VETERANS.

(a) Qualified Mortgage Bonds Used To Finance Residences for Veterans Without Regard to First-Time Homebuyer Requirement- Subparagraph (D) of section 143(d)(2) (relating to exceptions) is amended by inserting `and after the date of the enactment of the Alternative Minimum Tax and Extenders Tax Relief Act of 2008 and before January 1, 2010' after `January 1, 2008'.CommentsClose CommentsPermalink





(b) Effective Date- The amendment made by this section shall apply to bonds issued after the date of the enactment of this Act.CommentsClose CommentsPermalink

SEC. 207. TAX-FREE DISTRIBUTIONS FROM INDIVIDUAL RETIREMENT PLANS FOR CHARITABLE PURPOSES.

(a) In General- Subparagraph (F) of section 408(d)(8) (relating to termination) is amended by striking `December 31, 2007' and inserting `December 31, 2009'.CommentsClose CommentsPermalink





(b) Effective Date- The amendment made by this section shall apply to distributions made in taxable years beginning after December 31, 2007.CommentsClose CommentsPermalink

SEC. 208. TREATMENT OF CERTAIN DIVIDENDS OF REGULATED INVESTMENT COMPANIES.

(a) Interest-Related Dividends- Subparagraph (C) of section 871(k)(1) (defining interest-related dividend) is amended by striking `December 31, 2007' and inserting `December 31, 2009'.CommentsClose CommentsPermalink





(b) Short-Term Capital Gain Dividends- Subparagraph (C) of section 871(k)(2) (defining short-term capital gain dividend) is amended by striking `December 31, 2007' and inserting `December 31, 2009'.CommentsClose CommentsPermalink





(c) Effective Date- The amendments made by this section shall apply to dividends with respect to taxable years of regulated investment companies beginning after December 31, 2007.CommentsClose CommentsPermalink

SEC. 209. STOCK IN RIC FOR PURPOSES OF DETERMINING ESTATES OF NONRESIDENTS NOT CITIZENS.

(a) In General- Paragraph (3) of section 2105(d) (relating to stock in a RIC) is amended by striking `December 31, 2007' and inserting `December 31, 2009'.CommentsClose CommentsPermalink





(b) Effective Date- The amendment made by this section shall apply to decedents dying after December 31, 2007.CommentsClose CommentsPermalink

SEC. 210. QUALIFIED INVESTMENT ENTITIES.

(a) In General- Clause (ii) of section 897(h)(4)(A) (relating to termination) is amended by striking `December 31, 2007' and inserting `December 31, 2009'.CommentsClose CommentsPermalink





(b) Effective Date- The amendment made by subsection (a) shall take effect on January 1, 2008.CommentsClose CommentsPermalink

SEC. 211. QUALIFIED CONSERVATION CONTRIBUTIONS.

(a) In General- Clause (vi) of section 170(b)(1)(E) (relating to termination) is amended by striking `December 31, 2007' and inserting `December 31, 2009'.CommentsClose CommentsPermalink





(b) Contributions by Corporate Farmers and Ranchers- Clause (iii) of section 170(b)(2)(B) (relating to termination) is amended by striking `December 31, 2007' and inserting `December 31, 2009'.CommentsClose CommentsPermalink





(c) Effective Date- The amendments made by this section shall apply to contributions made in taxable years beginning after December 31, 2007.CommentsClose CommentsPermalink

TITLE III--BUSINESS TAX PROVISIONS

SEC. 301. EXTENSION AND MODIFICATION OF RESEARCH CREDIT.

(a) Extension- Section 41(h) (relating to termination) is amended--CommentsClose CommentsPermalink





(1) by striking `December 31, 2007' and inserting `December 31, 2009' in paragraph (1)(B),CommentsClose CommentsPermalink





(2) by redesignating paragraph (2) as paragraph (3), andCommentsClose CommentsPermalink





(3) by inserting after paragraph (1) the following new paragraph:CommentsClose CommentsPermalink





`(2) TERMINATION OF ALTERNATIVE INCREMENTAL CREDIT- No election under subsection (c)(4) shall apply to amounts paid or incurred after December 31, 2007.'.CommentsClose CommentsPermalink





(b) Modification of Alternative Simplified Credit- Paragraph (5)(A) of section 41(c) (relating to election of alternative simplified credit) is amended to read as follows:CommentsClose CommentsPermalink





`(A) IN GENERAL-CommentsClose CommentsPermalink





`(i) CALCULATION OF CREDIT- At the election of the taxpayer, the credit determined under subsection (a)(1) shall be equal to the applicable percentage (as defined in clause (ii)) of so much of the qualified research expenses for the taxable year as exceeds 50 percent of the average qualified research expenses for the 3 taxable years preceding the taxable year for which the credit is being determined.CommentsClose CommentsPermalink





`(ii) APPLICABLE PERCENTAGE- For purposes of the calculation under clause (i), the applicable percentage is--CommentsClose CommentsPermalink





`(I) 14 percent, in the case of taxable years ending before January 1, 2009, andCommentsClose CommentsPermalink





`(II) 16 percent, in the case of taxable years beginning after December 31, 2008.'.CommentsClose CommentsPermalink





(c) Conforming Amendment- Subparagraph (D) of section 45C(b)(1) (relating to special rule) is amended by striking `December 31, 2007' and inserting `December 31, 2009'.CommentsClose CommentsPermalink





(d) Effective Date- The amendments made by this section shall apply to amounts paid or incurred after December 31, 2007.CommentsClose CommentsPermalink

SEC. 302. NEW MARKETS TAX CREDIT.

Subparagraph (D) of section 45D(f)(1) (relating to national limitation on amount of investments designated) is amended by striking `and 2008' and inserting `2008, and 2009'.CommentsClose CommentsPermalink

SEC. 303. SUBPART F EXCEPTION FOR ACTIVE FINANCING INCOME.

(a) Exempt Insurance Income- Paragraph (10) of section 953(e) (relating to application) is amended--CommentsClose CommentsPermalink





(1) by striking `January 1, 2009' and inserting `January 1, 2010', andCommentsClose CommentsPermalink





(2) by striking `December 31, 2008' and inserting `December 31, 2009'.CommentsClose CommentsPermalink





(b) Exception to Treatment as Foreign Personal Holding Company Income- Paragraph (9) of section 954(h) (relating to application) is amended by striking `January 1, 2009' and inserting `January 1, 2010'.CommentsClose CommentsPermalink

SEC. 304. EXTENSION OF LOOK-THRU RULE FOR RELATED CONTROLLED FOREIGN CORPORATIONS.

(a) In General- Subparagraph (B) of section 954(c)(6) (relating to application) is amended by striking `January 1, 2009' and inserting `January 1, 2010'.CommentsClose CommentsPermalink





(b) Effective Date- The amendment made by this section shall apply to taxable years of foreign corporations beginning after December 31, 2007, and to taxable years of United States shareholders with or within which such taxable years of foreign corporations end.CommentsClose CommentsPermalink

SEC. 305. EXTENSION OF 15-YEAR STRAIGHT-LINE COST RECOVERY FOR QUALIFIED LEASEHOLD IMPROVEMENTS AND QUALIFIED RESTAURANT IMPROVEMENTS.

(a) In General- Clauses (iv) and (v) of section 168(e)(3)(E) (relating to 15-year property) are each amended by striking `January 1, 2008' and inserting `January 1, 2010'.CommentsClose CommentsPermalink





(b) Effective Date- The amendments made by this section shall apply to property placed in service after December 31, 2007.CommentsClose CommentsPermalink

SEC. 306. ENHANCED CHARITABLE DEDUCTION FOR CONTRIBUTIONS OF FOOD INVENTORY.

(a) In General- Clause (iv) of section 170(e)(3)(C) (relating to termination) is amended by striking `December 31, 2007' and inserting `December 31, 2009'.CommentsClose CommentsPermalink





(b) Effective Date- The amendment made by this section shall apply to contributions made after December 31, 2007.CommentsClose CommentsPermalink

SEC. 307. EXTENSION OF ENHANCED CHARITABLE DEDUCTION FOR CONTRIBUTIONS OF BOOK INVENTORY.

(a) Extension- Clause (iv) of section 170(e)(3)(D) (relating to termination) is amended by striking `December 31, 2007' and inserting `December 31, 2009'.CommentsClose CommentsPermalink





(b) Clerical Amendment- Clause (iii) of section 170(e)(3)(D) (relating to certification by donee) is amended by inserting `of books' after `to any contribution'.CommentsClose CommentsPermalink





(c) Effective Date- The amendments made by this section shall apply to contributions made after December 31, 2007.CommentsClose CommentsPermalink

SEC. 308. MODIFICATION OF TAX TREATMENT OF CERTAIN PAYMENTS TO CONTROLLING EXEMPT ORGANIZATIONS.

(a) In General- Clause (iv) of section 512(b)(13)(E) (relating to termination) is amended by striking `December 31, 2007' and inserting `December 31, 2009'.CommentsClose CommentsPermalink





(b) Effective Date- The amendment made by this section shall apply to payments received or accrued after December 31, 2007.CommentsClose CommentsPermalink

SEC. 309. BASIS ADJUSTMENT TO STOCK OF S CORPORATIONS MAKING CHARITABLE CONTRIBUTIONS OF PROPERTY.

(a) In General- The last sentence of section 1367(a)(2) (relating to decreases in basis) is amended by striking `December 31, 2007' and inserting `December 31, 2009'.CommentsClose CommentsPermalink





(b) Effective Date- The amendment made by this section shall apply to contributions made in taxable years beginning after December 31, 2007.CommentsClose CommentsPermalink

SEC. 310. INCREASE IN LIMIT ON COVER OVER OF RUM EXCISE TAX TO PUERTO RICO AND THE VIRGIN ISLANDS.

(a) In General- Paragraph (1) of section 7652(f) is amended by striking `January 1, 2008' and inserting `January 1, 2010'.CommentsClose CommentsPermalink





(b) Effective Date- The amendment made by this section shall apply to distilled spirits brought into the United States after December 31, 2007.CommentsClose CommentsPermalink

SEC. 311. PARITY IN THE APPLICATION OF CERTAIN LIMITS TO MENTAL HEALTH BENEFITS.

(a) In General- Subsection (f) of section 9812 (relating to application of section) is amended--CommentsClose CommentsPermalink





(1) by striking `and' at the end of paragraph (2),CommentsClose CommentsPermalink





(2) by striking the period at the end of paragraph (3) and inserting `, and before the date of the enactment of the Alternative Minimum Tax and Extenders Tax Relief Act of 2008, and', andCommentsClose CommentsPermalink





(3) by adding at the end the following new paragraph:CommentsClose CommentsPermalink





`(4) after December 31, 2009.'.CommentsClose CommentsPermalink





(b) Amendment to the Employee Retirement Income Security Act of 1974- Section 712(f) of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1185a(f)) is amended by inserting `, and before the date of the enactment of the Alternative Minimum Tax and Extenders Tax Relief Act of 2008, and after December 31, 2009' after `December 31, 2007'.CommentsClose CommentsPermalink





(c) Amendment to the Public Health Service Act- Section 2705(f) of the Public Health Service Act (42 U.S.C. 300gg-5(f)) is amended by inserting `, and before the date of the enactment of the Alternative Minimum Tax and Extenders Tax Relief Act of 2008, and after December 31, 2009' after `December 31, 2007'.CommentsClose CommentsPermalink





(d) Effective Date- The amendments made by this section shall apply to benefits for services furnished on or after the date of the enactment of this Act.CommentsClose CommentsPermalink

SEC. 312. EXTENSION OF ECONOMIC DEVELOPMENT CREDIT FOR AMERICAN SAMOA.

(a) In General- Subsection (d) of section 119 of division A of the Tax Relief and Health Care Act of 2006 is amended--CommentsClose CommentsPermalink





(1) by striking `first two taxable years' and inserting `first 4 taxable years', andCommentsClose CommentsPermalink





(2) by striking `January 1, 2008' and inserting `January 1, 2010'.CommentsClose CommentsPermalink





(b) Effective Date- The amendments made by this section shall apply to taxable years beginning after December 31, 2007.CommentsClose CommentsPermalink

SEC. 313. EXTENSION OF MINE RESCUE TEAM TRAINING CREDIT.

Section 45N(e) (relating to termination) is amended by striking `December 31, 2008' and inserting `December 31, 2009'.CommentsClose CommentsPermalink

SEC. 314. EXTENSION OF ELECTION TO EXPENSE ADVANCED MINE SAFETY EQUIPMENT.

Section 179E(g) (relating to termination) is amended by striking `December 31, 2008' and inserting `December 31, 2009'.CommentsClose CommentsPermalink

SEC. 315. EXTENSION OF EXPENSING RULES FOR QUALIFIED FILM AND TELEVISION PRODUCTIONS.

Section 181(f) (relating to termination) is amended by striking `December 31, 2008' and inserting `December 31, 2009'.CommentsClose CommentsPermalink

SEC. 316. DEDUCTION ALLOWABLE WITH RESPECT TO INCOME ATTRIBUTABLE TO DOMESTIC PRODUCTION ACTIVITIES IN PUERTO RICO.

(a) In General- Subparagraph (C) of section 199(d)(8) (relating to termination) is amended--CommentsClose CommentsPermalink





(1) by striking `first 2 taxable years' and inserting `first 4 taxable years', andCommentsClose CommentsPermalink





(2) by striking `January 1, 2008' and inserting `January 1, 2010'.CommentsClose CommentsPermalink





(b) Effective Date- The amendments made by this section shall apply to taxable years beginning after December 31, 2007.CommentsClose CommentsPermalink

SEC. 317. EXTENSION OF QUALIFIED ZONE ACADEMY BONDS.

(a) In General- Paragraph (1) of section 1397E(e) is amended by striking `and 2007' and inserting `2007, 2008, and 2009'.CommentsClose CommentsPermalink





(b) Effective Date- The amendment made by this section shall apply to obligations issued after the date of the enactment of this Act.CommentsClose CommentsPermalink

SEC. 318. INDIAN EMPLOYMENT CREDIT.

(a) In General- Subsection (f) of section 45A (relating to termination) is amended by striking `December 31, 2007' and inserting `December 31, 2009'.CommentsClose CommentsPermalink





(b) Effective Date- The amendment made by this section shall apply to taxable years beginning after December 31, 2007.CommentsClose CommentsPermalink

SEC. 319. ACCELERATED DEPRECIATION FOR BUSINESS PROPERTY ON INDIAN RESERVATION.

(a) In General- Paragraph (8) of section 168(j) (relating to termination) is amended by striking `December 31, 2007' and inserting `December 31, 2009'.CommentsClose CommentsPermalink





(b) Effective Date- The amendment made by this section shall apply to property placed in service after December 31, 2007.CommentsClose CommentsPermalink

SEC. 320. RAILROAD TRACK MAINTENANCE.

(a) In General- Subsection (f) of section 45G (relating to application of section) is amended by striking `January 1, 2008' and inserting `January 1, 2010'.CommentsClose CommentsPermalink





(b) Effective Date- The amendment made by this section shall apply to expenditures paid or incurred during taxable years beginning after December 31, 2007.CommentsClose CommentsPermalink

SEC. 321. SEVEN-YEAR COST RECOVERY PERIOD FOR MOTORSPORTS RACING TRACK FACILITY.

(a) In General- Subparagraph (D) of section 168(i)(15) (relating to termination) is amended to read as follows:CommentsClose CommentsPermalink





`(D) APPLICATION OF PARAGRAPH- Such term shall apply to property placed in service after the date of the enactment of the Alternative Minimum Tax and Extenders Tax Relief Act of 2008 and before January 1, 2010.'.CommentsClose CommentsPermalink





(b) Effective Date- The amendment made by this section shall apply to property placed in service after the date of the enactment of this Act.CommentsClose CommentsPermalink

SEC. 322. EXPENSING OF ENVIRONMENTAL REMEDIATION COSTS.

(a) In General- Subsection (h) of section 198 (relating to termination) is amended by striking `December 31, 2007' and inserting `December 31, 2009'.CommentsClose CommentsPermalink





(b) Effective Date- The amendment made by this section shall apply to expenditures paid or incurred after December 31, 2007.CommentsClose CommentsPermalink

SEC. 323. EXTENSION OF WORK OPPORTUNITY TAX CREDIT FOR HURRICANE KATRINA EMPLOYEES.

(a) In General- Paragraph (1) of section 201(b) of the Katrina Emergency Tax Relief Act of 2005 is amended by striking `2-year' and inserting `4-year'.CommentsClose CommentsPermalink





(b) Effective Date- The amendment made by subsection (a) shall apply to individuals hired after August 27, 2007.CommentsClose CommentsPermalink

TITLE IV--EXTENSIONS OF ENERGY PROVISIONS

SEC. 401. EXTENSION OF CREDIT FOR ENERGY EFFICIENT APPLIANCES.

(a) In General- Subsection (b) of section 45M (relating to applicable amount) is amended by striking `calendar year 2006 or 2007' each place it appears in paragraphs (1)(A)(i), (1)(B)(i), (1)(C)(ii)(I), and (1)(C)(iii)(I), and inserting `calendar year 2006, 2007, 2008, or 2009'.CommentsClose CommentsPermalink





(b) Restart of Credit Limitation- Paragraph (1) of section 45M(e) (relating to aggregate credit amount allowed) is amended by inserting `beginning after December 31, 2007' after `for all prior taxable years'.CommentsClose CommentsPermalink





(c) Effective Date- The amendments made by this section shall apply to appliances produced after December 31, 2007.CommentsClose CommentsPermalink

SEC. 402. EXTENSION OF CREDIT FOR NONBUSINESS ENERGY PROPERTY.

(a) In General- Section 25C(g) (relating to termination) is amended by striking `December 31, 2007' and inserting `December 31, 2009'.CommentsClose CommentsPermalink





(b) Effective Date- The amendment made by this section shall apply to property placed in service after December 31, 2007.CommentsClose CommentsPermalink

SEC. 403. EXTENSION OF CREDIT FOR RESIDENTIAL ENERGY EFFICIENT PROPERTY.

Section 25D(g) (relating to termination) is amended by striking `December 31, 2008' and inserting `December 31, 2009'.CommentsClose CommentsPermalink

SEC. 404. EXTENSION OF RENEWABLE ELECTRICITY, REFINED COAL, AND INDIAN COAL PRODUCTION CREDIT.

Section 45(d) (relating to qualified facilities) is amended by striking `January 1, 2009' each place it appears in paragraphs (1), (2), (3), (4), (5), (6), (7), (8), (9), and (10) and inserting `January 1, 2010'.CommentsClose CommentsPermalink

SEC. 405. EXTENSION OF NEW ENERGY EFFICIENT HOME CREDIT.

Subsection (g) of section 45L (relating to termination) is amended by striking `December 31, 2008' and inserting `December 31, 2009'.CommentsClose CommentsPermalink

SEC. 406. EXTENSION OF ENERGY CREDIT.

(a) Solar Energy Property- Paragraphs (2)(A)(i)(II) and (3)(A)(ii) of section 48(a) (relating to energy credit) are each amended by striking `January 1, 2009' and inserting `January 1, 2010'.CommentsClose CommentsPermalink





(b) Fuel Cell Property- Subparagraph (E) of section 48(c)(1) (relating to qualified fuel cell property) is amended by striking `December 31, 2008' and inserting `December 31, 2009'.CommentsClose CommentsPermalink





(c) Microturbine Property- Subparagraph (E) of section 48(c)(2) (relating to qualified microturbine property) is amended by striking `December 31, 2008' and inserting `December 31, 2009'.CommentsClose CommentsPermalink

SEC. 407. EXTENSION AND MODIFICATION OF CREDIT FOR CLEAN RENEWABLE ENERGY BONDS.

(a) Extension- Section 54(m) (relating to termination) is amended by striking `December 31, 2008' and inserting `December 31, 2009'.CommentsClose CommentsPermalink





(b) Increase in National Limitation- Section 54(f) (relating to limitation on amount of bonds designated) is amended--CommentsClose CommentsPermalink





(1) by striking `$1,200,000,000' in paragraph (1) and inserting `$1,600,000,000', andCommentsClose CommentsPermalink





(2) by striking `$750,000,000' in paragraph (2) and inserting `$1,000,000,000'.CommentsClose CommentsPermalink





(c) Modification of Ratable Principal Amortization Requirement-CommentsClose CommentsPermalink





(1) IN GENERAL- Paragraph (5) of section 54(l) is amended to read as follows:CommentsClose CommentsPermalink





`(5) RATABLE PRINCIPAL AMORTIZATION REQUIRED- A bond shall not be treated as a clean renewable energy bond unless it is part of an issue which provides for an equal amount of principal to be paid by the qualified issuer during each 12-month period that the issue is outstanding (other than the first 12-month period).'.CommentsClose CommentsPermalink





(2) TECHNICAL AMENDMENT- The third sentence of section 54(e)(2) is amended by striking `subsection (l)(6)' and inserting `subsection (l)(5)'.CommentsClose CommentsPermalink





(d) Effective Date- The amendments made by this section shall apply to bonds issued after the date of the enactment of this Act.CommentsClose CommentsPermalink

SEC. 408. EXTENSION OF ENERGY EFFICIENT COMMERCIAL BUILDINGS DEDUCTION.

Section 179D(h) (relating to termination) is amended by striking `December 31, 2008' and inserting `December 31, 2009'.CommentsClose CommentsPermalink

TITLE V--TAX ADMINISTRATION

SEC. 501. PERMANENT AUTHORITY FOR UNDERCOVER OPERATIONS.

(a) In General- Section 7608(c) (relating to rules relating to undercover operations) is amended by striking paragraph (6).CommentsClose CommentsPermalink





(b) Effective Date- The amendment made by this section shall apply to operations conducted after the date of the enactment of this Act.CommentsClose CommentsPermalink

SEC. 502. PERMANENT DISCLOSURES OF CERTAIN TAX RETURN INFORMATION.

(a) Disclosures To Facilitate Combined Employment Tax Reporting-CommentsClose CommentsPermalink





(1) IN GENERAL- Section 6103(d)(5) (relating to disclosure for combined employment tax reporting) is amended--CommentsClose CommentsPermalink





(A) by striking `REPORTING' in the heading thereof and all that follows through `The Secretary' in subparagraph (A) and inserting `REPORTING- The Secretary', andCommentsClose CommentsPermalink





(B) by striking subparagraph (B).CommentsClose CommentsPermalink





(2) EFFECTIVE DATE- The amendments made by this subsection shall apply to disclosures after the date of the enactment of this Act.CommentsClose CommentsPermalink





(b) Disclosures Relating to Certain Programs Administered by the Department of Veterans Affairs-CommentsClose CommentsPermalink





(1) IN GENERAL- Section 6103(l)(7)(D) (relating to programs to which rule applies) is amended by striking the last sentence.CommentsClose CommentsPermalink





(2) TECHNICAL AMENDMENT- Section 6103(l)(7)(D)(viii)(III) is amended by striking `sections 1710(a)(1)(I), 1710(a)(2), 1710(b), and 1712(a)(2)(B)' and inserting `sections 1710(a)(2)(G), 1710(a)(3), and 1710(b)'.CommentsClose CommentsPermalink

SEC. 503. DISCLOSURE OF INFORMATION RELATING TO TERRORIST ACTIVITIES.

(a) Disclosure of Return Information to Apprise Appropriate Officials of Terrorist Activities- Clause (iv) of section 6103(i)(3)(C) (relating to termination) is amended by striking `December 31, 2007' and inserting `December 31, 2009'.CommentsClose CommentsPermalink





(b) Disclosure Upon Request of Information Relating to Terrorist Activities- Subparagraph (E) of section 6103(i)(7) (relating to termination) is amended by striking `December 31, 2007' and inserting `December 31, 2009'.CommentsClose CommentsPermalink





(c) Effective Date- The amendments made by this section shall apply to disclosures after the date of the enactment of this Act.CommentsClose CommentsPermalink