HR 3548 EAS

To amend the Supplemental Appropriations Act, 2008 to provide for the temporary availability of certain additional emergency unemployment compensation, and for other purposes.CommentsClose CommentsPermalink

’, do pass with the followingAMENDMENT:Strike all after the enacting clause and insert the following: 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.CommentsClose CommentsPermalink

This Act may be cited as the ‘Worker, Homeownership, and Business Assistance Act of 2009’.CommentsClose CommentsPermalink

(a) In General- Section 4002(c) of the Supplemental Appropriations Act, 2008 (Public Law 110-252; 26 U.S.C. 3304 note) is amended--CommentsClose CommentsPermalink





(1) in paragraph (1)--CommentsClose CommentsPermalink





(A) in the matter preceding subparagraph (A), by striking ‘If’ and all that follows through ‘paragraph (2))’ and inserting ‘At the time that the amount established in an individual’s account under subsection (b)(1) is exhausted’;CommentsClose CommentsPermalink





(B) in subparagraph (A), by striking ‘50 percent’ and inserting ‘54 percent’; andCommentsClose CommentsPermalink





(C) in subparagraph (B), by striking ‘13’ and inserting ‘14’;CommentsClose CommentsPermalink





(2) by striking paragraph (2); andCommentsClose CommentsPermalink





(3) by redesignating paragraph (3) as paragraph (2).CommentsClose CommentsPermalink





(b) Effective Date- The amendments made by this section shall apply as if included in the enactment of the Supplemental Appropriations Act, 2008, except that no amount shall be payable by virtue of such amendments with respect to any week of unemployment commencing before the date of the enactment of this Act.CommentsClose CommentsPermalink

(a) In General- Section 4002 of the Supplemental Appropriations Act, 2008 (Public Law 110-252; 26 U.S.C. 3304 note) is amended by adding at the end the following new subsection:CommentsClose CommentsPermalink





‘(d) Third-tier Emergency Unemployment Compensation-CommentsClose CommentsPermalink





‘(1) IN GENERAL- If, at the time that the amount added to an individual’s account under subsection (c)(1) (hereinafter ‘second-tier emergency unemployment compensation’) is exhausted or at any time thereafter, such individual’s State is in an extended benefit period (as determined under paragraph (2)), such account shall be further augmented by an amount (hereinafter ‘third-tier emergency unemployment compensation’) equal to the lesser of--CommentsClose CommentsPermalink





‘(A) 50 percent of the total amount of regular compensation (including dependents’ allowances) payable to the individual during the individual’s benefit year under the State law; orCommentsClose CommentsPermalink





‘(B) 13 times the individual’s average weekly benefit amount (as determined under subsection (b)(2)) for the benefit year.CommentsClose CommentsPermalink





‘(2) EXTENDED BENEFIT PERIOD- For purposes of paragraph (1), a State shall be considered to be in an extended benefit period, as of any given time, if--CommentsClose CommentsPermalink





‘(A) such a period would then be in effect for such State under such Act if section 203(d) of such Act--CommentsClose CommentsPermalink





‘(i) were applied by substituting ‘4’ for ‘5’ each place it appears; andCommentsClose CommentsPermalink





‘(ii) did not include the requirement under paragraph (1)(A) thereof; orCommentsClose CommentsPermalink





‘(B) such a period would then be in effect for such State under such Act if--CommentsClose CommentsPermalink





‘(i) section 203(f) of such Act were applied to such State (regardless of whether the State by law had provided for such application); andCommentsClose CommentsPermalink





‘(ii) such section 203(f)--CommentsClose CommentsPermalink





‘(I) were applied by substituting ‘6.0’ for ‘6.5’ in paragraph (1)(A)(i) thereof; andCommentsClose CommentsPermalink





‘(II) did not include the requirement under paragraph (1)(A)(ii) thereof.CommentsClose CommentsPermalink





‘(3) LIMITATION- The account of an individual may be augmented not more than once under this subsection.’.CommentsClose CommentsPermalink





(b) Conforming Amendment to Non-augmentation Rule- Section 4007(b)(2) of the Supplemental Appropriations Act, 2008 (Public Law 110-252; 26 U.S.C. 3304 note) is amended--CommentsClose CommentsPermalink





(1) by striking ‘then section 4002(c)’ and inserting ‘then subsections (c) and (d) of section 4002’; andCommentsClose CommentsPermalink





(2) by striking ‘paragraph (2) of such section)’ and inserting ‘paragraph (2) of such subsection (c) or (d) (as the case may be))’.CommentsClose CommentsPermalink





(c) Effective Date- The amendments made by this section shall apply as if included in the enactment of the Supplemental Appropriations Act, 2008, except that no amount shall be payable by virtue of such amendments with respect to any week of unemployment commencing before the date of the enactment of this Act.CommentsClose CommentsPermalink

(a) In General- Section 4002 of the Supplemental Appropriations Act, 2008 (Public Law 110-252; 26 U.S.C. 3304 note), as amended by section 3(a), is amended by adding at the end the following new subsection:CommentsClose CommentsPermalink





‘(e) Fourth-tier Emergency Unemployment Compensation-CommentsClose CommentsPermalink





‘(1) IN GENERAL- If, at the time that the amount added to an individual’s account under subsection (d)(1) (third-tier emergency unemployment compensation) is exhausted or at any time thereafter, such individual’s State is in an extended benefit period (as determined under paragraph (2)), such account shall be further augmented by an amount (hereinafter ‘fourth-tier emergency unemployment compensation’) equal to the lesser of--CommentsClose CommentsPermalink





‘(A) 24 percent of the total amount of regular compensation (including dependents’ allowances) payable to the individual during the individual’s benefit year under the State law; orCommentsClose CommentsPermalink





‘(B) 6 times the individual’s average weekly benefit amount (as determined under subsection (b)(2)) for the benefit year.CommentsClose CommentsPermalink





‘(2) EXTENDED BENEFIT PERIOD- For purposes of paragraph (1), a State shall be considered to be in an extended benefit period, as of any given time, if--CommentsClose CommentsPermalink





‘(A) such a period would then be in effect for such State under such Act if section 203(d) of such Act--CommentsClose CommentsPermalink





‘(i) were applied by substituting ‘6’ for ‘5’ each place it appears; andCommentsClose CommentsPermalink





‘(ii) did not include the requirement under paragraph (1)(A) thereof; orCommentsClose CommentsPermalink





‘(B) such a period would then be in effect for such State under such Act if--CommentsClose CommentsPermalink





‘(i) section 203(f) of such Act were applied to such State (regardless of whether the State by law had provided for such application); andCommentsClose CommentsPermalink





‘(ii) such section 203(f)--CommentsClose CommentsPermalink





‘(I) were applied by substituting ‘8.5’ for ‘6.5’ in paragraph (1)(A)(i) thereof; andCommentsClose CommentsPermalink





‘(II) did not include the requirement under paragraph (1)(A)(ii) thereof.CommentsClose CommentsPermalink





‘(3) LIMITATION- The account of an individual may be augmented not more than once under this subsection.’.CommentsClose CommentsPermalink





(b) Conforming Amendment to Non-augmentation Rule- Section 4007(b)(2) of the Supplemental Appropriations Act, 2008 (Public Law 110-252; 26 U.S.C. 3304 note), as amended by section 3(b), is amended--CommentsClose CommentsPermalink





(1) by striking ‘and (d)’ and inserting ‘, (d), and (e) of section 4002’; andCommentsClose CommentsPermalink





(2) by striking ‘or (d)’ and inserting ‘, (d), or (e) (as the case may be))’.CommentsClose CommentsPermalink





(c) Effective Date- The amendments made by this section shall apply as if included in the enactment of the Supplemental Appropriations Act, 2008, except that no amount shall be payable by virtue of such amendments with respect to any week of unemployment commencing before the date of the enactment of this Act.CommentsClose CommentsPermalink

Section 4002 of the Supplemental Appropriations Act, 2008 (Public Law 110-252; 26 U.S.C. 3304 note), as amended by section 4, is amended by adding at the end the following new subsection:CommentsClose CommentsPermalink





‘(f) Coordination Rules-CommentsClose CommentsPermalink





‘(1) COORDINATION WITH EXTENDED COMPENSATION- Notwithstanding an election under section 4001(e) by a State to provide for the payment of emergency unemployment compensation prior to extended compensation, such State may pay extended compensation to an otherwise eligible individual prior to any emergency unemployment compensation under subsection (c), (d), or (e) (by reason of the amendments made by sections 2, 3, and 4 of the Worker, Homeownership, and Business Assistance Act of 2009), if such individual claimed extended compensation for at least 1 week of unemployment after the exhaustion of emergency unemployment compensation under subsection (b) (as such subsection was in effect on the day before the date of the enactment of this subsection).CommentsClose CommentsPermalink





‘(2) COORDINATION WITH TIERS II, III, AND IV- If a State determines that implementation of the increased entitlement to second-tier emergency unemployment compensation by reason of the amendments made by section 2 of the Worker, Homeownership, and Business Assistance Act of 2009 would unduly delay the prompt payment of emergency unemployment compensation under this title by reason of the amendments made by such Act, such State may elect to pay third-tier emergency unemployment compensation prior to the payment of such increased second-tier emergency unemployment compensation until such time as such State determines that such increased second-tier emergency unemployment compensation may be paid without such undue delay. If a State makes the election under the preceding sentence, then, for purposes of determining whether an account may be augmented for fourth-tier emergency unemployment compensation under subsection (e), such State shall treat the date of exhaustion of such increased second-tier emergency unemployment compensation as the date of exhaustion of third-tier emergency unemployment compensation, if such date is later than the date of exhaustion of the third-tier emergency unemployment compensation.’.CommentsClose CommentsPermalink

Section 4004(e)(1) of the Supplemental Appropriations Act, 2008 (Public Law 110-252; 26 U.S.C. 3304 note) is amended by striking ‘Act;’ and inserting ‘Act and sections 2, 3, and 4 of the Worker, Homeownership, and Business Assistance Act of 2009;’.CommentsClose CommentsPermalink

(a) In General- Clause (i) of section 903(f)(3)(B) of the Social Security Act (42 U.S.C. 1103(f)(3)(B)) is amended to read as follows:CommentsClose CommentsPermalink





‘(i) One or both of the following offenses as selected by the State, but in making such selection, the resulting change in the State law shall not supercede any other provision of law relating to unemployment insurance to the extent that such other provision provides broader access to unemployment benefits for victims of such selected offense or offenses:CommentsClose CommentsPermalink





‘(I) Domestic violence, verified by such reasonable and confidential documentation as the State law may require, which causes the individual reasonably to believe that such individual’s continued employment would jeopardize the safety of the individual or of any member of the individual’s immediate family (as defined by the Secretary of Labor); andCommentsClose CommentsPermalink





‘(II) Sexual assault, verified by such reasonable and confidential documentation as the State law may require, which causes the individual reasonably to believe that such individual’s continued employment would jeopardize the safety of the individual or of any member of the individual’s immediate family (as defined by the Secretary of Labor).’.CommentsClose CommentsPermalink





(b) Effective Date- The amendment made by this section shall apply with respect to State applications submitted on and after January 1, 2010.CommentsClose CommentsPermalink

The monthly equivalent of any additional compensation paid by reason of section 2002 of the Assistance for Unemployed Workers and Struggling Families Act, as contained in Public Law 111-5 (26 U.S.C. 3304 note; 123 Stat. 438) shall be disregarded after the date of the enactment of this Act in considering the amount of income and assets of an individual for purposes of determining such individual’s eligibility for, or amount of, benefits under the Supplemental Nutrition Assistance Program (SNAP).CommentsClose CommentsPermalink

(a) Benefits- Section 2(c)(2)(D) of the Railroad Unemployment Insurance Act, as added by section 2006 of the American Recovery and Reinvestment Act of 2009 (Public Law 111-5), is amended--CommentsClose CommentsPermalink





(1) in clause (iii)--CommentsClose CommentsPermalink





(A) by striking ‘June 30, 2009’ and inserting ‘June 30, 2010’; andCommentsClose CommentsPermalink





(B) by striking ‘December 31, 2009’ and inserting ‘December 31, 2010’; andCommentsClose CommentsPermalink





(2) by adding at the end of clause (iv) the following: ‘In addition to the amount appropriated by the preceding sentence, out of any funds in the Treasury not otherwise appropriated, there are appropriated $175,000,000 to cover the cost of additional extended unemployment benefits provided under this subparagraph, to remain available until expended.’.CommentsClose CommentsPermalink





(b) Administrative Expenses- Section 2006 of division B of the American Recovery and Reinvestment Act of 2009 (Public Law 111-5; 123 Stat. 445) is amended by adding at the end of subsection (b) the following: ‘In addition to funds appropriated by the preceding sentence, out of any funds in the Treasury not otherwise appropriated, there are appropriated to the Railroad Retirement Board $807,000 to cover the administrative expenses associated with the payment of additional extended unemployment benefits under section 2(c)(2)(D) of the Railroad Unemployment Insurance Act, to remain available until expended.’.CommentsClose CommentsPermalink





SEC. 10. 0.2 PERCENT FUTA SURTAX.CommentsClose CommentsPermalink





(a) In General- Section 3301 of the Internal Revenue Code of 1986 (relating to rate of tax) is amended--CommentsClose CommentsPermalink





(1) by striking ‘through 2009’ in paragraph (1) and inserting ‘through 2010 and the first 6 months of calendar year 2011’,CommentsClose CommentsPermalink





(2) by striking ‘calendar year 2010’ in paragraph (2) and inserting ‘the remainder of calendar year 2011’, andCommentsClose CommentsPermalink





(3) by inserting ‘(or portion of the calendar year)’ after ‘during the calendar year’.CommentsClose CommentsPermalink





(b) Effective Date- The amendments made by this section shall apply to wages paid after December 31, 2009.CommentsClose CommentsPermalink





SEC. 11. EXTENSION AND MODIFICATION OF FIRST-TIME HOMEBUYER TAX CREDIT.CommentsClose CommentsPermalink





(a) Extension of Application Period-CommentsClose CommentsPermalink





(1) IN GENERAL- Subsection (h) of section 36 of the Internal Revenue Code of 1986 is amended--CommentsClose CommentsPermalink





(A) by striking ‘December 1, 2009’ and inserting ‘May 1, 2010’,CommentsClose CommentsPermalink





(B) by striking ‘Section- This section’ and inserting ‘Section-CommentsClose CommentsPermalink





‘(1) IN GENERAL- This section’, andCommentsClose CommentsPermalink





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





‘(2) EXCEPTION IN CASE OF BINDING CONTRACT- In the case of any taxpayer who enters into a written binding contract before May 1, 2010, to close on the purchase of a principal residence before July 1, 2010, paragraph (1) shall be applied by substituting ‘July 1, 2010’ for ‘May 1, 2010’.’.CommentsClose CommentsPermalink





(2) WAIVER OF RECAPTURE-CommentsClose CommentsPermalink





(A) IN GENERAL- Subparagraph (D) of section 36(f)(4) of such Code is amended by striking ‘, and before December 1, 2009’.CommentsClose CommentsPermalink





(B) CONFORMING AMENDMENT- The heading of such subparagraph (D) is amended by inserting ‘AND 2010’ after ‘2009’.CommentsClose CommentsPermalink





(3) ELECTION TO TREAT PURCHASE IN PRIOR YEAR- Subsection (g) of section 36 of such Code is amended to read as follows:CommentsClose CommentsPermalink





‘(g) Election To Treat Purchase in Prior Year- In the case of a purchase of a principal residence after December 31, 2008, a taxpayer may elect to treat such purchase as made on December 31 of the calendar year preceding such purchase for purposes of this section (other than subsections (c), (f)(4)(D), and (h)).’.CommentsClose CommentsPermalink





(b) Special Rule for Long-time Residents of Same Principal Residence- Subsection (c) of section 36 of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph:CommentsClose CommentsPermalink





‘(6) EXCEPTION FOR LONG-TIME RESIDENTS OF SAME PRINCIPAL RESIDENCE- In the case of an individual (and, if married, such individual’s spouse) who has owned and used the same residence as such individual’s principal residence for any 5-consecutive-year period during the 8-year period ending on the date of the purchase of a subsequent principal residence, such individual shall be treated as a first-time homebuyer for purposes of this section with respect to the purchase of such subsequent residence.’.CommentsClose CommentsPermalink





(c) Modification of Dollar and Income Limitations-CommentsClose CommentsPermalink





(1) DOLLAR LIMITATION- Subsection (b)(1) of section 36 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subparagraph:CommentsClose CommentsPermalink





‘(D) SPECIAL RULE FOR LONG-TIME RESIDENTS OF SAME PRINCIPAL RESIDENCE- In the case of a taxpayer to whom a credit under subsection (a) is allowed by reason of subsection (c)(6), subparagraphs (A), (B), and (C) shall be applied by substituting ‘$6,500’ for ‘$8,000’ and ‘$3,250’ for ‘$4,000’.’.CommentsClose CommentsPermalink





(2) INCOME LIMITATION- Subsection (b)(2)(A)(i)(II) of section 36 of such Code is amended by striking ‘$75,000 ($150,000’ and inserting ‘$125,000 ($225,000’.CommentsClose CommentsPermalink





(d) Limitation on Purchase Price of Residence- Subsection (b) of section 36 of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph:CommentsClose CommentsPermalink





‘(3) LIMITATION BASED ON PURCHASE PRICE- No credit shall be allowed under subsection (a) for the purchase of any residence if the purchase price of such residence exceeds $800,000.’.CommentsClose CommentsPermalink





(e) Waiver of Recapture of First-time Homebuyer Credit for Individuals on Qualified Official Extended Duty- Paragraph (4) of section 36(f) of the Internal Revenue Code of 1986 is amended by adding at the end the following new subparagraph:CommentsClose CommentsPermalink





‘(E) SPECIAL RULE FOR MEMBERS OF THE ARMED FORCES, ETC-CommentsClose CommentsPermalink





‘(i) IN GENERAL- In the case of the disposition of a principal residence by an individual (or a cessation referred to in paragraph (2)) after December 31, 2008, in connection with Government orders received by such individual, or such individual’s spouse, for qualified official extended duty service--CommentsClose CommentsPermalink





‘(I) paragraph (2) and subsection (d)(2) shall not apply to such disposition (or cessation), andCommentsClose CommentsPermalink





‘(II) if such residence was acquired before January 1, 2009, paragraph (1) shall not apply to the taxable year in which such disposition (or cessation) occurs or any subsequent taxable year.CommentsClose CommentsPermalink





‘(ii) QUALIFIED OFFICIAL EXTENDED DUTY SERVICE- For purposes of this section, the term ‘qualified official extended duty service’ means service on qualified official extended duty as--CommentsClose CommentsPermalink





‘(I) a member of the uniformed services,CommentsClose CommentsPermalink





‘(II) a member of the Foreign Service of the United States, orCommentsClose CommentsPermalink





‘(III) an employee of the intelligence community.CommentsClose CommentsPermalink





‘(iii) DEFINITIONS- Any term used in this subparagraph which is also used in paragraph (9) of section 121(d) shall have the same meaning as when used in such paragraph.’.CommentsClose CommentsPermalink





(f) Extension of First-time Homebuyer Credit for Individuals on Qualified Official Extended Duty Outside the United States-CommentsClose CommentsPermalink





(1) IN GENERAL- Subsection (h) of section 36 of the Internal Revenue Code of 1986, as amended by subsection (a), is amended by adding at the end the following:CommentsClose CommentsPermalink





‘(3) SPECIAL RULE FOR INDIVIDUALS ON QUALIFIED OFFICIAL EXTENDED DUTY OUTSIDE THE UNITED STATES- In the case of any individual who serves on qualified official extended duty service (as defined in section 121(d)(9)(C)(i)) outside the United States for at least 90 days during the period beginning after December 31, 2008, and ending before May 1, 2010, and, if married, such individual’s spouse--CommentsClose CommentsPermalink





‘(A) paragraphs (1) and (2) shall each be applied by substituting ‘May 1, 2011’ for ‘May 1, 2010’, andCommentsClose CommentsPermalink





‘(B) paragraph (2) shall be applied by substituting ‘July 1, 2011’ for ‘July 1, 2010’.’.CommentsClose CommentsPermalink





(g) Dependents Ineligible for Credit- Subsection (d) of section 36 of the Internal Revenue Code of 1986 is amended by striking ‘or’ at the end of paragraph (1), by striking the period at the end of paragraph (2) and inserting ‘, or’, and by adding at the end the following new paragraph:CommentsClose CommentsPermalink





‘(3) a deduction under section 151 with respect to such taxpayer is allowable to another taxpayer for such taxable year.’.CommentsClose CommentsPermalink





(h) IRS Mathematical Error Authority- Paragraph (2) of section 6213(g) of the Internal Revenue Code of 1986 is amended--CommentsClose CommentsPermalink





(1) by striking ‘and’ at the end of subparagraph (M),CommentsClose CommentsPermalink





(2) by striking the period at the end of subparagraph (N) and inserting ‘, and’, andCommentsClose CommentsPermalink





(3) by inserting after subparagraph (N) the following new subparagraph:CommentsClose CommentsPermalink





‘(O) an omission of any increase required under section 36(f) with respect to the recapture of a credit allowed under section 36.’.CommentsClose CommentsPermalink





(i) Coordination With First-time Homebuyer Credit for District of Columbia- Paragraph (4) of section 1400C(e) of the Internal Revenue Code of 1986 is amended by striking ‘and before December 1, 2009,’.CommentsClose CommentsPermalink





(j) Effective Dates-CommentsClose CommentsPermalink





(1) IN GENERAL- The amendments made by subsections (b), (c), (d), and (g) shall apply to residences purchased after the date of the enactment of this Act.CommentsClose CommentsPermalink





(2) EXTENSIONS- The amendments made by subsections (a), (f), and (i) shall apply to residences purchased after November 30, 2009.CommentsClose CommentsPermalink





(3) WAIVER OF RECAPTURE- The amendment made by subsection (e) shall apply to dispositions and cessations after December 31, 2008.CommentsClose CommentsPermalink





(4) MATHEMATICAL ERROR AUTHORITY- The amendments made by subsection (h) shall apply to returns for taxable years ending on or after April 9, 2008.CommentsClose CommentsPermalink





SEC. 12. PROVISIONS TO ENHANCE THE ADMINISTRATION OF THE FIRST-TIME HOMEBUYER TAX CREDIT.CommentsClose CommentsPermalink





(a) Age Limitation-CommentsClose CommentsPermalink





(1) IN GENERAL- Subsection (b) of section 36 of the Internal Revenue Code of 1986, as amended by this Act, is amended by adding at the end the following new paragraph:CommentsClose CommentsPermalink





‘(4) AGE LIMITATION- No credit shall be allowed under subsection (a) with respect to the purchase of any residence unless the taxpayer has attained age 18 as of the date of such purchase. In the case of any taxpayer who is married (within the meaning of section 7703), the taxpayer shall be treated as meeting the age requirement of the preceding sentence if the taxpayer or the taxpayer’s spouse meets such age requirement.’.CommentsClose CommentsPermalink





(2) CONFORMING AMENDMENT- Subsection (g) of section 36 of such Code, as amended by this Act, is amended by inserting ‘(b)(4),’ before ‘(c)’.CommentsClose CommentsPermalink





(b) Documentation Requirement- Subsection (d) of section 36 of the Internal Revenue Code of 1986, as amended by this Act, is amended by striking ‘or’ at the end of paragraph (2), by striking the period at the end of paragraph (3) and inserting ‘, or’, and by adding at the end the following new paragraph:CommentsClose CommentsPermalink





‘(4) the taxpayer fails to attach to the return of tax for such taxable year a properly executed copy of the settlement statement used to complete such purchase.’.CommentsClose CommentsPermalink





(c) Restriction on Married Individual Acquiring Residence From Family of Spouse- Clause (i) of section 36(c)(3)(A) of the Internal Revenue Code of 1986 is amended by inserting ‘(or, if married, such individual’s spouse)’ after ‘person acquiring such property’.CommentsClose CommentsPermalink





(d) Certain Errors With Respect to the First-time Homebuyer Tax Credit Treated as Mathematical or Clerical Errors- Paragraph (2) of section 6213(g) the Internal Revenue Code of 1986, as amended by this Act, is amended by striking ‘and’ at the end of subparagraph (N), by striking the period at the end of subparagraph (O) and inserting ‘, and’, and by inserting after subparagraph (O) the following new subparagraph:CommentsClose CommentsPermalink





‘(P) an entry on a return claiming the credit under section 36 if--CommentsClose CommentsPermalink





‘(i) the Secretary obtains information from the person issuing the TIN of the taxpayer that indicates that the taxpayer does not meet the age requirement of section 36(b)(4),CommentsClose CommentsPermalink





‘(ii) information provided to the Secretary by the taxpayer on an income tax return for at least one of the 2 preceding taxable years is inconsistent with eligibility for such credit, orCommentsClose CommentsPermalink





‘(iii) the taxpayer fails to attach to the return the form described in section 36(d)(4).’.CommentsClose CommentsPermalink





(e) Effective Date-CommentsClose CommentsPermalink





(1) IN GENERAL- Except as otherwise provided in this subsection, the amendments made by this section shall apply to purchases after the date of the enactment of this Act.CommentsClose CommentsPermalink





(2) DOCUMENTATION REQUIREMENT- The amendments made by subsection (b) shall apply to returns for taxable years ending after the date of the enactment of this Act.CommentsClose CommentsPermalink





(3) TREATMENT AS MATHEMATICAL AND CLERICAL ERRORS- The amendments made by subsection (d) shall apply to returns for taxable years ending on or after April 9, 2008.CommentsClose CommentsPermalink





SEC. 13. 5-YEAR CARRYBACK OF OPERATING LOSSES.CommentsClose CommentsPermalink





(a) In General- Subparagraph (H) of section 172(b)(1) of the Internal Revenue Code of 1986 is amended to read as follows:CommentsClose CommentsPermalink





‘(H) CARRYBACK FOR 2008 OR 2009 NET OPERATING LOSSES-CommentsClose CommentsPermalink





‘(i) IN GENERAL- In the case of an applicable net operating loss with respect to which the taxpayer has elected the application of this subparagraph--CommentsClose CommentsPermalink





‘(I) subparagraph (A)(i) shall be applied by substituting any whole number elected by the taxpayer which is more than 2 and less than 6 for ‘2’,CommentsClose CommentsPermalink





‘(II) subparagraph (E)(ii) shall be applied by substituting the whole number which is one less than the whole number substituted under subclause (I) for ‘2’, andCommentsClose CommentsPermalink





‘(III) subparagraph (F) shall not apply.CommentsClose CommentsPermalink





‘(ii) APPLICABLE NET OPERATING LOSS- For purposes of this subparagraph, the term ‘applicable net operating loss’ means the taxpayer’s net operating loss for a taxable year ending after December 31, 2007, and beginning before January 1, 2010.CommentsClose CommentsPermalink





‘(iii) ELECTION-CommentsClose CommentsPermalink





‘(I) IN GENERAL- Any election under this subparagraph may be made only with respect to 1 taxable year.CommentsClose CommentsPermalink





‘(II) PROCEDURE- Any election under this subparagraph shall be made in such manner as may be prescribed by the Secretary, and shall be made by the due date (including extension of time) for filing the return for the taxpayer’s last taxable year beginning in 2009. Any such election, once made, shall be irrevocable.CommentsClose CommentsPermalink





‘(iv) LIMITATION ON AMOUNT OF LOSS CARRYBACK TO 5TH PRECEDING TAXABLE YEAR-CommentsClose CommentsPermalink





‘(I) IN GENERAL- The amount of any net operating loss which may be carried back to the 5th taxable year preceding the taxable year of such loss under clause (i) shall not exceed 50 percent of the taxpayer’s taxable income (computed without regard to the net operating loss for the loss year or any taxable year thereafter) for such preceding taxable year.CommentsClose CommentsPermalink





‘(II) CARRYBACKS AND CARRYOVERS TO OTHER TAXABLE YEARS- Appropriate adjustments in the application of the second sentence of paragraph (2) shall be made to take into account the limitation of subclause (I).CommentsClose CommentsPermalink





‘(III) EXCEPTION FOR 2008 ELECTIONS BY SMALL BUSINESSES- Subclause (I) shall not apply to any loss of an eligible small business with respect to any election made under this subparagraph as in effect on the day before the date of the enactment of the Worker, Homeownership, and Business Assistance Act of 2009.CommentsClose CommentsPermalink





‘(v) SPECIAL RULES FOR SMALL BUSINESS-CommentsClose CommentsPermalink





‘(I) IN GENERAL- In the case of an eligible small business which made or makes an election under this subparagraph as in effect on the day before the date of the enactment of the Worker, Homeownership, and Business Assistance Act of 2009, clause (iii)(I) shall be applied by substituting ‘2 taxable years’ for ‘1 taxable year’.CommentsClose CommentsPermalink





‘(II) ELIGIBLE SMALL BUSINESS- For purposes of this subparagraph, the term ‘eligible small business’ has the meaning given such term by subparagraph (F)(iii), except that in applying such subparagraph, section 448(c) shall be applied by substituting ‘$15,000,000’ for ‘$5,000,000’ each place it appears.’.CommentsClose CommentsPermalink





(b) Alternative Tax Net Operating Loss Deduction- Subclause (I) of section 56(d)(1)(A)(ii) of the Internal Revenue Code of 1986 is amended to read as follows:CommentsClose CommentsPermalink





‘(I) the amount of such deduction attributable to an applicable net operating loss with respect to which an election is made under section 172(b)(1)(H), or’.CommentsClose CommentsPermalink





(c) Loss From Operations of Life Insurance Companies- Subsection (b) of section 810 of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph:CommentsClose CommentsPermalink





‘(4) CARRYBACK FOR 2008 OR 2009 LOSSES-CommentsClose CommentsPermalink





‘(A) IN GENERAL- In the case of an applicable loss from operations with respect to which the taxpayer has elected the application of this paragraph, paragraph (1)(A) shall be applied by substituting any whole number elected by the taxpayer which is more than 3 and less than 6 for ‘3’.CommentsClose CommentsPermalink





‘(B) APPLICABLE LOSS FROM OPERATIONS- For purposes of this paragraph, the term ‘applicable loss from operations’ means the taxpayer’s loss from operations for a taxable year ending after December 31, 2007, and beginning before January 1, 2010.CommentsClose CommentsPermalink





‘(C) ELECTION-CommentsClose CommentsPermalink





‘(i) IN GENERAL- Any election under this paragraph may be made only with respect to 1 taxable year.CommentsClose CommentsPermalink





‘(ii) PROCEDURE- Any election under this paragraph shall be made in such manner as may be prescribed by the Secretary, and shall be made by the due date (including extension of time) for filing the return for the taxpayer’s last taxable year beginning in 2009. Any such election, once made, shall be irrevocable.CommentsClose CommentsPermalink





‘(D) LIMITATION ON AMOUNT OF LOSS CARRYBACK TO 5TH PRECEDING TAXABLE YEAR-CommentsClose CommentsPermalink





‘(i) IN GENERAL- The amount of any loss from operations which may be carried back to the 5th taxable year preceding the taxable year of such loss under subparagraph (A) shall not exceed 50 percent of the taxpayer’s taxable income (computed without regard to the loss from operations for the loss year or any taxable year thereafter) for such preceding taxable year.CommentsClose CommentsPermalink





‘(ii) CARRYBACKS AND CARRYOVERS TO OTHER TAXABLE YEARS- Appropriate adjustments in the application of the second sentence of paragraph (2) shall be made to take into account the limitation of clause (i).’.CommentsClose CommentsPermalink





(d) Anti-abuse Rules- The Secretary of Treasury or the Secretary’s designee shall prescribe such rules as are necessary to prevent the abuse of the purposes of the amendments made by this section, including anti-stuffing rules, anti-churning rules (including rules relating to sale-leasebacks), and rules similar to the rules under section 1091 of the Internal Revenue Code of 1986 relating to losses from wash sales.CommentsClose CommentsPermalink





(e) Effective Dates-CommentsClose CommentsPermalink





(1) IN GENERAL- Except as otherwise provided in this subsection, the amendments made by this section shall apply to net operating losses arising in taxable years ending after December 31, 2007.CommentsClose CommentsPermalink





(2) ALTERNATIVE TAX NET OPERATING LOSS DEDUCTION- The amendment made by subsection (b) shall apply to taxable years ending after December 31, 2002.CommentsClose CommentsPermalink





(3) LOSS FROM OPERATIONS OF LIFE INSURANCE COMPANIES- The amendment made by subsection (d) shall apply to losses from operations arising in taxable years ending after December 31, 2007.CommentsClose CommentsPermalink





(4) TRANSITIONAL RULE- In the case of any net operating loss (or, in the case of a life insurance company, any loss from operations) for a taxable year ending before the date of the enactment of this Act--CommentsClose CommentsPermalink





(A) any election made under section 172(b)(3) or 810(b)(3) of the Internal Revenue Code of 1986 with respect to such loss may (notwithstanding such section) be revoked before the due date (including extension of time) for filing the return for the taxpayer’s last taxable year beginning in 2009, andCommentsClose CommentsPermalink





(B) any application under section 6411(a) of such Code with respect to such loss shall be treated as timely filed if filed before such due date.CommentsClose CommentsPermalink





(f) Exception for TARP Recipients- The amendments made by this section shall not apply to--CommentsClose CommentsPermalink





(1) any taxpayer if--CommentsClose CommentsPermalink





(A) the Federal Government acquired before the date of the enactment of this Act an equity interest in the taxpayer pursuant to the Emergency Economic Stabilization Act of 2008,CommentsClose CommentsPermalink





(B) the Federal Government acquired before such date of enactment any warrant (or other right) to acquire any equity interest with respect to the taxpayer pursuant to the Emergency Economic Stabilization Act of 2008, orCommentsClose CommentsPermalink





(C) such taxpayer receives after such date of enactment funds from the Federal Government in exchange for an interest described in subparagraph (A) or (B) pursuant to a program established under title I of division A of the Emergency Economic Stabilization Act of 2008 (unless such taxpayer is a financial institution (as defined in section 3 of such Act) and the funds are received pursuant to a program established by the Secretary of the Treasury for the stated purpose of increasing the availability of credit to small businesses using funding made available under such Act), orCommentsClose CommentsPermalink





(2) the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation, andCommentsClose CommentsPermalink





(3) any taxpayer which at any time in 2008 or 2009 was or is a member of the same affiliated group (as defined in section 1504 of the Internal Revenue Code of 1986, determined without regard to subsection (b) thereof) as a taxpayer described in paragraph (1) or (2).CommentsClose CommentsPermalink





SEC. 14. EXCLUSION FROM GROSS INCOME OF QUALIFIED MILITARY BASE REALIGNMENT AND CLOSURE FRINGE.CommentsClose CommentsPermalink





(a) In General- Subsection (n) of section 132 of the Internal Revenue Code of 1986 is amended--CommentsClose CommentsPermalink





(1) in subparagraph (1) by striking ‘this subsection) to offset the adverse effects on housing values as a result of a military base realignment or closure’ and inserting ‘the American Recovery and Reinvestment Tax Act of 2009)’, andCommentsClose CommentsPermalink





(2) in subparagraph (2) by striking ‘clause (1) of’.CommentsClose CommentsPermalink





(b) Effective Date- The amendments made by this act shall apply to payments made after February 17, 2009.CommentsClose CommentsPermalink





SEC. 15. DELAY IN APPLICATION OF WORLDWIDE ALLOCATION OF INTEREST.CommentsClose CommentsPermalink





(a) In General- Paragraphs (5)(D) and (6) of section 864(f) of the Internal Revenue Code of 1986 are each amended by striking ‘December 31, 2010’ and inserting ‘December 31, 2017’.CommentsClose CommentsPermalink





(b) Conforming Amendment- Section 864(f) of the Internal Revenue Code of 1986 is amended by striking paragraph (7).CommentsClose CommentsPermalink





(c) Effective Dates- The amendments made by this section shall apply to taxable years beginning after December 31, 2010.CommentsClose CommentsPermalink





SEC. 16. INCREASE IN PENALTY FOR FAILURE TO FILE A PARTNERSHIP OR S CORPORATION RETURN.CommentsClose CommentsPermalink





(a) In General- Sections 6698(b)(1) and 6699(b)(1) of the Internal Revenue Code of 1986 are each amended by striking ‘$89’ and inserting ‘$195’.CommentsClose CommentsPermalink





(b) Effective Date- The amendments made by this section shall apply to returns for taxable years beginning after December 31, 2009.CommentsClose CommentsPermalink





SEC. 17. CERTAIN TAX RETURN PREPARERS REQUIRED TO FILE RETURNS ELECTRONICALLY.CommentsClose CommentsPermalink





(a) In General- Subsection (e) of section 6011 of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph:CommentsClose CommentsPermalink





‘(3) SPECIAL RULE FOR TAX RETURN PREPARERS-CommentsClose CommentsPermalink





‘(A) IN GENERAL- The Secretary shall require than any individual income tax return prepared by a tax return preparer be filed on magnetic media if--CommentsClose CommentsPermalink





‘(i) such return is filed by such tax return preparer, andCommentsClose CommentsPermalink





‘(ii) such tax return preparer is a specified tax return preparer for the calendar year during which such return is filed.CommentsClose CommentsPermalink





‘(B) SPECIFIED TAX RETURN PREPARER- For purposes of this paragraph, the term ‘specified tax return preparer’ means, with respect to any calendar year, any tax return preparer unless such preparer reasonably expects to file 10 or fewer individual income tax returns during such calendar year.CommentsClose CommentsPermalink





‘(C) INDIVIDUAL INCOME TAX RETURN- For purposes of this paragraph, the term ‘individual income tax return’ means any return of the tax imposed by subtitle A on individuals, estates, or trusts.’.CommentsClose CommentsPermalink





(b) Conforming Amendment- Paragraph (1) of section 6011(e) of the Internal Revenue Code of 1986 is amended by striking ‘The Secretary may not’ and inserting ‘Except as provided in paragraph (3), the Secretary may not’.CommentsClose CommentsPermalink





(c) Effective Date- The amendments made by this section shall apply to returns filed after December 31, 2010.CommentsClose CommentsPermalink





SEC. 18. TIME FOR PAYMENT OF CORPORATE ESTIMATED TAXES.CommentsClose CommentsPermalink





The percentage under paragraph (1) of section 202(b) of the Corporate Estimated Tax Shift Act of 2009 in effect on the date of the enactment of this Act is increased by 33.0 percentage points.CommentsClose CommentsPermalink

Attest: Secretary.