U.S. Congress - Text of H.R.4853 as Enrolled Bill Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act
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Donate NowH.R.4853 - Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act
To amend the Internal Revenue Code of 1986 to extend the funding and expenditure authority of the Airport and Airway Trust Fund, to amend title 49, United States Code, to extend authorizations for the airport improvement program, and for other purposes.
| Version | Word Count | Changes From Previous Version | Percent Change |
|---|---|---|---|
| Introduced in House | 1,673 | n/a | n/a |
| Engrossed in House | 1,622 | 3 | 15% |
| Placed on Calendar Senate | 1,691 | 8 | 7% |
| Engrossed Amendment Senate | 1,259 | 126 | 77% |
| Engrossed Amendment House | 2,623 | 150 | 96% |
| Enrolled Bill | 12,682 | 286 Show Changes Hide Changes | 96% |
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HR 4853 EAH In the House of Representatives, U. S., December 2, 2010.
) entitled ‘An Act t
One Hundred Eleventh Congress
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of theCommentsClose CommentsPermalink
United States of AmericaCommentsClose CommentsPermalink
AT THE SECOND SESSIONCommentsClose CommentsPermalink
Begun and held at the City of Washington on Tuesday,CommentsClose CommentsPermalink
the fifth day of January, two thousand and tenCommentsClose CommentsPermalink
An ActCommentsClose CommentsPermalink
To amend the Internal Revenue Code of 1986 to extend the funding and expenditure authority of the Airport and Airway Trust Fund, to amend title 49, United States Code, to extend authorizations for the airport improvement program, and for other purposes.CommentsClose CommentsPermalink
’, with the following HOUSE AMENDMENT TO SENATE AMENDMENT: In lieu of the matter proposed to be inserted by the amendment of the Senate, insert the following:
SECTION 1. SHORT TITLE; ETC.CommentsClose CommentsPermalink
SECTION 1. SHORT TITLE; ETC.CommentsClose CommentsPermalink
(a) Short Title- This Act may be cited as the ‘Middle Class Tax ReliefTax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010’.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 for this Act is as follows:CommentsClose CommentsPermalink
Sec. 1. Short title; etc.CommentsClose CommentsPermalink
TITLE I--MIDDLE CLASS TAX RELIEF MADE PERMANENTTEMPORARY EXTENSION OF TAX RELIEF
Sec. 101. Middle class tax relief made permanentTemporary extension of 2001 tax relief.CommentsClose CommentsPermalink
Sec. 102. Certain provisions not applicable to high income individualsTemporary extension of 2003 tax relief.CommentsClose CommentsPermalink
Sec. 103. Related amendmentsTemporary extension of 2009 tax relief.CommentsClose CommentsPermalink
TITLE II--EXPENSING BY SMALL BUSINESSES OF CERTAIN DEPRECIABLE ASSETSSec. 201. Increased limitations on expensing by small businesses of certain depreciable assets.
TITLE III--EXTENSION OF ALTERNATIVE MINIMUM TAXTEMPORARY EXTENSION OF INDIVIDUAL AMT RELIEF
Sec. 301. Extension of201. Temporary extension of increased alternative minimum tax exemption amount.CommentsClose CommentsPermalink
Sec. 202. Temporary extension of alternative minimum tax relief for nonrefundable personal credits.CommentsClose CommentsPermalink
TITLE III--TEMPORARY ESTATE TAX RELIEF
Sec. 301. Reinstatement of estate tax; repeal of carryover basis.CommentsClose CommentsPermalink
Sec. 302. Modifications to estate, gift, and generation-skipping transfer taxes.CommentsClose CommentsPermalink
Sec. 303. Applicable exclusion amount increased by unused exclusion amount of deceased spouse.CommentsClose CommentsPermalink
Sec. 304. Application of EGTRRA sunset to this title.CommentsClose CommentsPermalink
TITLE IV--TEMPORARY EXTENSION OF INVESTMENT INCENTIVES
Sec. 401. Extension of bonus depreciation; temporary 100 percent expensing for certain business assets.CommentsClose CommentsPermalink
Sec. 402. Temporary extension of increased small business expensing.CommentsClose CommentsPermalink
TITLE V--TEMPORARY EXTENSION OF UNEMPLOYMENT INSURANCE AND RELATED MATTERS
Sec. 501. Temporary extension of unemployment insurance provisions.CommentsClose CommentsPermalink
Sec. 502. Temporary modification of indicators under the extended benefit program.CommentsClose CommentsPermalink
Sec. 503. Technical amendment relating to collection of unemployment compensation debts.CommentsClose CommentsPermalink
Sec. 504. Technical correction relating to repeal of continued dumping and subsidy offset.CommentsClose CommentsPermalink
Sec. 505. Additional extended unemployment benefits under the Railroad Unemployment Insurance Act.CommentsClose CommentsPermalink
TITLE VI--TEMPORARY EMPLOYEE PAYROLL TAX CUT
Sec. 601. Temporary employee payroll tax cut.CommentsClose CommentsPermalink
TITLE VII--TEMPORARY EXTENSION OF CERTAIN EXPIRING PROVISIONS
Subtitle A--Energy
Sec. 701. Incentives for biodiesel and renewable diesel.CommentsClose CommentsPermalink
Sec. 702. Credit for refined coal facilities.CommentsClose CommentsPermalink
Sec. 703. New energy efficient home credit.CommentsClose CommentsPermalink
Sec. 704. Excise tax credits and outlay payments for alternative minimum tax exemption amountfuel and alternative fuel mixtures.CommentsClose CommentsPermalink
Sec. 705. Special rule for sales or dispositions to implement FERC or State electric restructuring policy for qualified electric utilities.CommentsClose CommentsPermalink
Sec. 706. Suspension of limitation on percentage depletion for oil and gas from marginal wells.CommentsClose CommentsPermalink
Sec. 707. Extension of grants for specified energy property in lieu of tax credits.CommentsClose CommentsPermalink
Sec. 708. Extension of provisions related to alcohol used as fuel.CommentsClose CommentsPermalink
Sec. 709. Energy efficient appliance credit.CommentsClose CommentsPermalink
Sec. 710. Credit for nonbusiness energy property.CommentsClose CommentsPermalink
Sec. 711. Alternative fuel vehicle refueling property.CommentsClose CommentsPermalink
Subtitle B--Individual Tax Relief
Sec. 721. Deduction for certain expenses of elementary and secondary school teachers.CommentsClose CommentsPermalink
Sec. 722. Deduction of State and local sales taxes.CommentsClose CommentsPermalink
Sec. 723. Contributions of capital gain real property made for conservation purposes.CommentsClose CommentsPermalink
Sec. 724. Above-the-line deduction for qualified tuition and related expenses.CommentsClose CommentsPermalink
Sec. 725. Tax-free distributions from individual retirement plans for charitable purposes.CommentsClose CommentsPermalink
Sec. 726. Look-thru of certain regulated investment company stock in determining gross estate of nonresidents.CommentsClose CommentsPermalink
Sec. 727. Parity for exclusion from income for employer-provided mass transit and parking benefits.CommentsClose CommentsPermalink
Sec. 728. Refunds disregarded in the administration of Federal programs and federally assisted programs.CommentsClose CommentsPermalink
Subtitle C--Business Tax Relief
Sec. 731. Research credit.CommentsClose CommentsPermalink
Sec. 732. Indian employment tax credit.CommentsClose CommentsPermalink
Sec. 733. New markets tax credit.CommentsClose CommentsPermalink
Sec. 734. Railroad track maintenance credit.CommentsClose CommentsPermalink
Sec. 735. Mine rescue team training credit.CommentsClose CommentsPermalink
Sec. 736. Employer wage credit for employees who are active duty members of the uniformed services.CommentsClose CommentsPermalink
Sec. 737. 15-year straight-line cost recovery for qualified leasehold improvements, qualified restaurant buildings and improvements, and qualified retail improvements.CommentsClose CommentsPermalink
Sec. 738. 7-year recovery period for motorsports entertainment complexes.CommentsClose CommentsPermalink
Sec. 739. Accelerated depreciation for business property on an Indian reservation.CommentsClose CommentsPermalink
Sec. 740. Enhanced charitable deduction for contributions of food inventory.CommentsClose CommentsPermalink
Sec. 741. Enhanced charitable deduction for contributions of book inventories to public schools.CommentsClose CommentsPermalink
Sec. 742. Enhanced charitable deduction for corporate contributions of computer inventory for educational purposes.CommentsClose CommentsPermalink
Sec. 743. Election to expense mine safety equipment.CommentsClose CommentsPermalink
Sec. 744. Special expensing rules for certain film and television productions.CommentsClose CommentsPermalink
Sec. 745. Expensing of environmental remediation costs.CommentsClose CommentsPermalink
Sec. 746. Deduction allowable with respect to income attributable to domestic production activities in Puerto Rico.CommentsClose CommentsPermalink
Sec. 747. Modification of tax treatment of certain payments to controlling exempt organizations.CommentsClose CommentsPermalink
Sec. 748. Treatment of certain dividends of regulated investment companies.CommentsClose CommentsPermalink
Sec. 749. RIC qualified investment entity treatment under FIRPTA.CommentsClose CommentsPermalink
Sec. 750. Exceptions for active financing income.CommentsClose CommentsPermalink
Sec. 751. Look-thru treatment of payments between related controlled foreign corporations under foreign personal holding company rules.CommentsClose CommentsPermalink
Sec. 752. Basis adjustment to stock of S corps making charitable contributions of property.CommentsClose CommentsPermalink
Sec. 753. Empowerment zone tax incentives.CommentsClose CommentsPermalink
Sec. 754. Tax incentives for investment in the District of Columbia.CommentsClose CommentsPermalink
Sec. 755. Temporary increase in limit on cover over of rum excise taxes to Puerto Rico and the Virgin Islands.CommentsClose CommentsPermalink
Sec. 756. American Samoa economic development credit.CommentsClose CommentsPermalink
Sec. 757. Work opportunity credit.CommentsClose CommentsPermalink
Sec. 758. Qualified zone academy bonds.CommentsClose CommentsPermalink
Sec. 759. Mortgage insurance premiums.CommentsClose CommentsPermalink
Sec. 760. Temporary exclusion of 100 percent of gain on certain small business stock.CommentsClose CommentsPermalink
Subtitle D--Temporary Disaster Relief Provisions
subpart a--new york liberty zone
Sec. 761. Tax-exempt bond financing.CommentsClose CommentsPermalink
subpart b--go zone
Sec. 762. Increase in rehabilitation credit.CommentsClose CommentsPermalink
Sec. 763. Low-income housing credit rules for buildings in GO zones.CommentsClose CommentsPermalink
Sec. 764. Tax-exempt bond financing.CommentsClose CommentsPermalink
Sec. 765. Bonus depreciation deduction applicable to the GO Zone.CommentsClose CommentsPermalink
TITLE IVVIII--BUDGETARY PROVISIONS
ec. 401. Paygo compliance Sec. 801. Determination of budgetary effects. CommentsClose CommentsPermalink
Sec. 802. Emergency designations.CommentsClose CommentsPermalink
TITLE I--MIDDLE CLASS TAX RELIEF MADE PERMANENTSEC. 101. MIDDLE CLASS TAX RELIEF MADE PERMANENTTEMPORARY EXTENSION OF TAX RELIEFCommentsClose CommentsPermalink
TITLE I--MIDDLE CLASS TAX RELIEF MADE PERMANENTSEC. 101. MIDDLE CLASS TAX RELIEF MADE PERMANENTTEMPORARY EXTENSION OF TAX RELIEFCommentsClose CommentsPermalink
SEC. 101. TEMPORARY EXTENSION OF 2001 TAX RELIEF.CommentsClose CommentsPermalink
(a) In GeneralTemporary Extension-CommentsClose CommentsPermalink
(1) IN GENERAL- Section 901 of the Economic Growth and Tax Relief Reconciliation Act of 2001 shall not apply to the following provisions of such Act (and to the amendments made by such provisions):(1) Title I (relating to individual income tax rate reductions)is amended by striking ‘December 31, 2010’ both places it appears and inserting ‘December 31, 2012’.CommentsClose CommentsPermalink
(2) Title II (relating to tax benefits related to children). (3) Title III (relating to marriage penalty relief).
(b) Reduced Rates on Capital Gains and Dividends- TSeparate Sunset for Expansion of Adoption Benefits Under the Patient Protection and Affordable Care Act-CommentsClose CommentsPermalink
(1) IN GENERAL- Subsection (c) of section 10909 of the Patient Protection and Affordable Care Act is amended to read as follows:CommentsClose CommentsPermalink
‘(c) Sunset Provision- Each provision of law amended by this section is amended to read as such provision would read if this section had never been enacted. The amendments made by the preceding sentence shall apply to taxable years beginning after December 31, 2011.’.CommentsClose CommentsPermalink
(2) CONFORMING AMENDMENT- Subsection (d) of section 10909 of such Act is amended by striking ‘The amendments’ and inserting ‘Except as provided in subsection (c), the amendments’.CommentsClose CommentsPermalink
SEC. 102. TEMPORARY EXTENSION OF 2003 TAX RELIEF.CommentsClose CommentsPermalink
(a) In General- Section 303 of the Jobs and Growth Tax Relief Reconciliation Act of 2003 is amended by striking section 3‘December 31, 2010’ and inserting ‘December 31, 2012’.CommentsClose CommentsPermalink
(b) Effective Date- The amendment made by this section shall take effect as if included in the enactment of the Jobs and Growth Tax Relief Reconciliation Act of 2003.CommentsClose CommentsPermalink
SEC. 102. CERTAIN PROVISIONS NOT APPLICABLE TO HIGH INCOME INDIVIDUALS3. TEMPORARY EXTENSION OF 2009 TAX RELIEF.CommentsClose CommentsPermalink
(a) Individual Income Tax Rates- Subsection (i) of section 1 is amended by striking paragraph (2), by redesignating paragraph (3) as paragraph (4), and by inserting after paragraph (1) the following new paragraphs: ‘(2) 25- AND 28-PERCENT RATE BRACKETS- The tables under subsections (a), (b), (c), (d), and (e) shall be applied-- ‘(A) by substituting ‘25%’ for ‘28%’ each place it appears (before the application of subparagraph (B)), and
(1) IN GENERAL- Section 25A(i) is amended by striking ‘or 2010’ and inserting ‘, 2010, 2011, or 2012’.CommentsClose CommentsPermalink
(2) TREATMENT OF POSSESSIONS- Section 1004(c)(1) of the American Recovery and Reinvestment Tax Act of 2009 is amended by striking ‘and 2010’ each place it appears. ‘(3) 33-percent RATE BRACKET- ‘(A) IN GENERAL- In the case of taxable years beginning after December 31, 2010-- ‘(i) the rate of tax under subsections (a), (b), (c), and (d) on a taxpayer’s taxable income in the fourth rate bracket shall be 33 percent to the extent such income does not exceed an amount equal to the excess of-- ‘(I) the applicable amount, over ‘(II) the dollar amount at which such bracket begins, and ‘(ii) the 36 percent rate of tax under such subsections shall apply only to the taxpayer’s taxable income in such bracket in excess of the amount to which clause (i) applies. ‘(B) APPLICABLE AMOUNT- For purposes of this paragraph, the term ‘applicable amount’ means the excess of-- ‘(i) the applicable threshold, over ‘(ii) the sum of the following amounts in effect for the taxable year:
(b) Child Tax Credit- Section 24(d)(4) is amended--CommentsClose CommentsPermalink
(1) by striking ‘2009 AND 2010’ in the heading and inserting ‘2009, 2010, 2011, AND 2012’, andCommentsClose CommentsPermalink
(2) by striking ‘or 2010’ and inserting ‘, 2010, 2011, or 2012’.CommentsClose CommentsPermalink
(c) Earned Income Tax Credit- Section 32(b)(3) is amended--CommentsClose CommentsPermalink
(1) by striking ‘2009 AND 2010’ in the heading and inserting ‘2009, 2010, 2011, AND 2012’, andCommentsClose CommentsPermalink
(2) by striking ‘or 2010’ and inserting ‘, 2010, 2011, or 2012’.CommentsClose CommentsPermalink
(d) Effective Date- The amendments made by this section shall apply to taxable years beginning after December 31, 2010.CommentsClose CommentsPermalink
TITLE II--TEMPORARY EXTENSION OF INDIVIDUAL AMT RELIEFCommentsClose CommentsPermalink
TITLE II--TEMPORARY EXTENSION OF INDIVIDUAL AMT RELIEFCommentsClose CommentsPermalink
SEC. 201. TEMPORARY EXTENSION OF INCREASED ALTERNATIVE MINIMUM TAX EXEMPTION AMOUNT.CommentsClose CommentsPermalink
(a) In General- Paragraph (1) of section 55(d) is amended--CommentsClose CommentsPermalink
(1) by striking ‘$70,950’ and all that follows through ‘2009’ in subparagraph (A) and inserting ‘$72,450 in the case of taxable years beginning in 2010 and $74,450 in the case of taxable years beginning in 2011’, andCommentsClose CommentsPermalink
(2) by striking ‘$46,700’ and all that follows through ‘2009’ in subparagraph (B) and inserting ‘$47,450 in the case of taxable years beginning in 2010 and $48,450 in the case of taxable years beginning in 2011’.CommentsClose CommentsPermalink
(b) Effective Date- The amendments made by this section shall apply to taxable years beginning after December 31, 2009.CommentsClose CommentsPermalink
(c) Repeal of EGTRRA Sunset- Title IX of the Economic Growth and Tax Relief Reconciliation Act of 2001 (relating to sunset of provisions of such Act) shall not apply to title VII of such Act (relating to alternative minimum tax).CommentsClose CommentsPermalink
SEC. 202. TEMPORARY EXTENSION OF ALTERNATIVE MINIMUM TAX RELIEF FOR NONREFUNDABLE PERSONAL CREDITS.CommentsClose CommentsPermalink
(a) In General- Paragraph (2) of section 26(a) is amended--CommentsClose CommentsPermalink
(1) by striking ‘or 2009’ and inserting ‘2009, 2010, or 2011’, andCommentsClose CommentsPermalink
(2) by striking ‘2009’ in the heading thereof and inserting ‘2011’.CommentsClose CommentsPermalink
(b) Effective Date- The amendments made by this section shall apply to taxable years beginning after December 31, 2009.CommentsClose CommentsPermalink
TITLE III--TEMPORARY ESTATE TAX RELIEFCommentsClose CommentsPermalink
TITLE III--TEMPORARY ESTATE TAX RELIEFCommentsClose CommentsPermalink
SEC. 301. REINSTATEMENT OF ESTATE TAX; REPEAL OF CARRYOVER BASIS.CommentsClose CommentsPermalink
(a) In General- Each provision of law amended by subtitle A or E of title V of the Economic Growth and Tax Relief Reconciliation Act of 2001 is amended to read as such provision would read if such subtitle had never been enacted.CommentsClose CommentsPermalink
(b) Conforming Amendment- On and after January 1, 2011, paragraph (1) of section 2505(a) of the Internal Revenue Code of 1986 is amended to read as such paragraph would read if section 521(b)(2) of the Economic Growth and Tax Relief Reconciliation Act of 2001 had never been enacted.CommentsClose CommentsPermalink
(c) Special Election With Respect to Estates of Decedents Dying in 2010- Notwithstanding subsection (a), in the case of an estate of a decedent dying after December 31, 2009, and before January 1, 2011, the executor (within the meaning of section 63(c)(2)), and‘(II) the exemption amou2203 of the Internal Revenue Code of 1986) may elect to apply such Code as though the amendments made by subsection (a) do not apply with respect to chapter 11 of such Code and with respect to property acquired or passing from such decedent (within the meaning of section 151(d)(1)) (or, in the case of subsection (a), 2 such exemption amounts). ‘(C) APPLICABLE THRESHOLD- For purposes of this paragraph, the term ‘applicable threshold’ means-- ‘(i) $250,000 in the case of subsection (a), ‘(ii) $200,000 in the case of subsections (b) and (c), and
(d) .‘(D) FOURTH RATE BRACKET- For purposes of this paragraph, the term ‘fourth rate bracket’ means the bracket which would (determinedExtension of Time for Performing Certain Acts-CommentsClose CommentsPermalink
(1) ESTATE TAX- In the case of the estate of a decedent dying after December 31, 2009, and before the date of the enactment of this Act, the due date for--CommentsClose CommentsPermalink
(A) filing any return under section 6018 of the Internal Revenue Code of 1986 (including any election required to be made on such a return) as such section is in effect after the date of the enactment of this Act without regard to this paragraph) be the 36-percent rate bracket.‘(E) INFLATION ADJUSTMENT- For purposes of this paragraph, any election under subsection (c),CommentsClose CommentsPermalink
(B) making any payment of tax under chapter 11 of such Code, andCommentsClose CommentsPermalink
(C) making any disclaimer described in section 2518(b) of such Code of an interest in property passing by reason of the death of such decedent,CommentsClose CommentsPermalink
shall not be earlier than the date which is 9 months after the date of the enactment of this Act.CommentsClose CommentsPermalink
(2) GENERATION-SKIPPING TAX- In the case of any generation-skipping transfer made after December 31, 2009, and before the date of the enactment of this Act, the due date for filing any return under section 2662 of the Internal Revenue Code of 1986 (including any election required to be made on such a rule similar to the rule of paragraph (1)(C) shall apply with respect to taxable years beginning in calendar years after 2010, appliedeturn) shall not be earlier than the date which is 9 months after the date of the enactment of this Act.CommentsClose CommentsPermalink
(e) Effective Date- Except as otherwise provided in this section, the amendments made by this section shall apply to estates of decedents dying, and transfers made, after December 31, 2009.CommentsClose CommentsPermalink
SEC. 302. MODIFICATIONS TO ESTATE, GIFT, AND GENERATION-SKIPPING TRANSFER TAXES.CommentsClose CommentsPermalink
(a) Modifications to Estate Tax-CommentsClose CommentsPermalink
(1) $5,000,000 APPLICABLE EXCLUSION AMOUNT- Subsection (c) of section 2010 is amended to read as follows:CommentsClose CommentsPermalink
‘(c) Applicable Credit Amount-CommentsClose CommentsPermalink
‘(1) IN GENERAL- For purposes of this section, the applicable credit amount is the amount of the tentative tax which would be determined under section 2001(c) if the amount with respect to which such tentative tax is to be computed were equal to the applicable exclusion amount.CommentsClose CommentsPermalink
‘(2) APPLICABLE EXCLUSION AMOUNT-CommentsClose CommentsPermalink
‘(A) IN GENERAL- For purposes of this subsection, the applicable exclusion amount is $5,000,000.CommentsClose CommentsPermalink
‘(B) INFLATION ADJUSTMENT- In the case of any decedent dying in a calendar year after 2011, the dollar amount in subparagraph (A) shall be increased by an amount equal to--CommentsClose CommentsPermalink
‘(i) such dollar amount, multiplied byCommentsClose CommentsPermalink
‘(ii) the cost-of-living adjustment determined under section 1(f)(3) for such calendar year by substituting ‘2008’ for ‘1992’ in subsection (f)(3)(B)calendar year 2010’ for ‘calendar year 1992’ in subparagraph (B) thereof.CommentsClose CommentsPermalink
If any amount as adjusted under the preceding sentence is not a multiple of $10,000, such amount shall be rounded to the nearest multiple of $10,000.’.CommentsClose CommentsPermalink
(b) Phaseout of Personal Exemptions and Itemized Deductions-
(1) OVERALL LIMITATION ON ITEMIZED DEDUCTIONS- Section 68 is amended--
(A) by striking ‘the applicable amount’ the first place it appears in subsection (a) and inserting ‘the applicable threshold in effect under section 1(i)(3)’,
(B) by striking ‘the applicable amount’ in subsection (a)(1) and inserting ‘such applicable threshold’,
(C) by striking subsection (b) and redesignating subsections (c), (d), and (e) as subsections (b), (c), and (d), respectively, and
(D) by striking subsections (f) and (g).
(2) PHASEOUT OF DEDUCTIONS FOR PERSONAL EXEMPTIONS-(A) IN GENERAL- Paragraph (3) of section 151(d) is amended--
(i) by striking ‘the threshold amount’ in subparagraphs (A) and (B) and inserting ‘the applicable threshold in effect under section 1(i)(3)’,
(ii) by striking subparagraph (C) and redesignating subparagraph (D) as subparagraph (C), and
(iii) by striking subparagraphs (E) and (F).
(B) CONFORMING AMENDMENT- Paragraph (4) of section 151(d) is amended--
(i) by striking subparagraph (B),
(ii) by redesignating clauses (i) and (ii) of subparagraph (A) as subparagraphs (A) and (B), respectively, and by indenting such subparagraphs (as so redesignated) accordingly, and
(iii) by strikingMAXIMUM ESTATE TAX RATE EQUAL TO 35 PERCENT- Subsection (c) of section 2001 is amended--CommentsClose CommentsPermalink
(A) by striking ‘Over $500,000’ and all that precedes ‘in a calendar year after 1989,’ and inserting the following:
‘(4) INFLATION ADJUSTMENT- In the case of any taxable year beginning’.
(c) Reduced Rate on Capital Gains and Dividends-
(1) IN GENERAL- Paragraph (1) of section (1)(h) is amended by striking subparagraph (C), by redesignating subparagraphs (D) and (E) as subparagraphs (E) and (F) and by inserting after subparagraph (B) the following new subparagraphs:
‘(C) 15 percent of the lesser of--
‘(i) so much of the adjusted net capital gain (or, if less, taxable income) as exceeds the amount on which a tax is determined under subparagraph (B), or
‘(ii) the excess (if any) of--
‘(I) the amount of taxable income which would (without regard to this subsection) be taxed at a rate below 36 percent, over
‘(II) the sum of the amounts on which tax is determined under subparagraphs (A) and (B),
‘(D) 20follows in the table contained in paragraph (1) and inserting the following:CommentsClose CommentsPermalink
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‘Over $500,000 $155,800, plus 35 percent of the adjusted net capital gain (or, if less, taxable income) in excess of the sum of the amounts on which tax is determined under subparagraphs (B) and (C),’.excess of such amount over $500,000.’, CommentsClose CommentsPermalink
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(B) by striking ‘(1) IN GENERAL- ’, andCommentsClose CommentsPermalink
(C) by striking paragraph (2)DIVIDENDS- Subparagraph (A.CommentsClose CommentsPermalink
(b) Modifications to Gift Tax-CommentsClose CommentsPermalink
(1) RESTORATION OF UNIFIED CREDIT AGAINST GIFT TAX-CommentsClose CommentsPermalink
(A) IN GENERAL- Paragraph (1) of section 1(h)(11) is amended by striking ‘qualified dividend income’ and inserting ‘so much of the qualified dividend income as does not exceed the excess (if any) of--‘(i) the amount of taxable income which2505(a), after the application of section 301(b), is amended by striking ‘(determined as if the applicable exclusion amount were $1,000,000)’.CommentsClose CommentsPermalink
(B) EFFECTIVE DATE- The amendment made by this paragraph shall apply to gifts made after December 31, 2010.CommentsClose CommentsPermalink
(2) MODIFICATION OF GIFT TAX RATE- On and after January 1, 2011, subsection (a) of section 2502 is amended to read as such subsection would (without regard to this subsection) be taxed at a rate below 36 percent, over ‘(ii) taxable income reduced by qualified dividend income.’. (3) MINIMUM TAX- Section 55 is amended by adding at the end the following new subsection:
(c) Modification of Generation-skipping Transfer Tax- In the case of any generation-skipping transfer made after December 31, 2010, the amount determined under subparagraph (C) of subsection (b)(3) shall be the sum of-- ‘(1) 15 percent of the lesser of--
(d) Modifications of Estate and Gift Taxes to Reflect Differences in Credit Resulting From Different Tax Rates-CommentsClose CommentsPermalink
(1) ESTATE TAX-CommentsClose CommentsPermalink
(A) IN GENERAL- Section 2001(b)(2) is amended by striking ‘if the provisions of subsection (c) (as in effect at the decedent’s death)’ and inserting ‘if the modifications described in subsection (g)’.CommentsClose CommentsPermalink
(B) of subsection (b)(3), or ‘(B) the excess described in section 1(h)(1)(C)(ii), plus
‘(g) Modifications to Gift Tax Payable to Reflect Different Tax Rates- For purposes of applying subsection (b)(2) with respect to 1 or more gifts, the rates of tax under subsection (c) in effect at the decedent’s death shall, in lieu of the rates of tax in effect at the time of such gifts, be used both to compute--CommentsClose CommentsPermalink
‘(1) the tax imposed by chapter 12 with respect to such gifts, andCommentsClose CommentsPermalink
‘(2) the credit allowed against such tax under section 2505, including in computing--CommentsClose CommentsPermalink
‘(A) the applicable credit amount under section 2505(a)(1), andCommentsClose CommentsPermalink
‘(B) the sum of the amounts on which tax is determined under subsection (b)(3)(B) and paragraph (1allowed as a credit for all preceding periods under section 2505(a)(2).’.CommentsClose CommentsPermalink
(4) CONFORMING AMENDMENTS-
(A) The following provisions are amended by striking ‘15 percent’ and inserting ‘20 percent’:
(i) Section 1445(e)(1).
(ii) The second sentence of section 7518(g)(6)(A).
(iii)
. Section 53511(f)(2) of title 46, United States Code (B) Sections 531 and 541 are each amended by striking ‘15 percent of’ and inserting ‘the product of the highest rate of tax under section 1(c) and’.
(C) Section 1445(e)(6) is amended by striking ‘15 percent (20 percent in the case of taxable years beginning after December 31, 2010)’ and inserting ‘20 percent’.
(d) Effective Dates-
(1) IN GENERAL2) GIFT TAX- Section 2505(a) is amended by adding at the end the following new flush sentence:CommentsClose CommentsPermalink‘For purposes of applying paragraph (2) for any calendar year, the rates of tax in effect under section 2502(a)(2) for such calendar year shall, in lieu of the rates of tax in effect for preceding calendar periods, be used in determining the amounts allowable as a credit under this section for all preceding calendar periods.’.CommentsClose CommentsPermalink
(e) Conforming Amendment- Section 2511 is amended by striking subsection (c).CommentsClose CommentsPermalink
(f) Effective Date- Except as provided in paragraph (2), the amendments otherwise provided in this subsection, the amendments made by this section shall apply to taxable years beginning after December 31, 2010.(2) WITHHOLDING- The amendments made by subparagraphs (A)(i) and (C) of subsection (c)(4) shall apply to amounts paid on or after January 1, 2011estates of decedents dying, generation-skipping transfers, and gifts made, after December 31, 2009.CommentsClose CommentsPermalink
SEC. 103. RELATED AMENDMENTS. (a) Application of Increase in Refundable Portion of Child Tax Credit- (1) IN GENERAL- Subsection (d) of section 24 is amended-- (A) by striking ‘$10,000’ in paragraph (1)(B)(i) and inserting ‘$3,000’, and (B) by striking paragraphs (3) and (4). (2) EFFECTIVE DATE- The amendments made by this subsection shall apply to taxable years beginning after December 31, 2010. (b) Application of Increase in Earned Income Tax Credit- (1) IN GENERAL- Subparagraph (B) of section 32(b)(2) is amended to read as follows: ‘(B) JOINT RETURNS-
(a) In General- Section 2010(c), as amended by section 302(a), is amended by striking paragraph (2) and inserting the following new paragraphs:CommentsClose CommentsPermalink
‘(2) APPLICABLE EXCLUSION AMOUNT- For purposes of this subsection, the applicable exclusion amount is the sum of--CommentsClose CommentsPermalink
‘(A) the basic exclusion amount, andCommentsClose CommentsPermalink
‘(B) in the case of a surviving spouse, the phaseout amount determined under subparagraph (A) shall be increased by $5,000.‘(iideceased spousal unused exclusion amount.CommentsClose CommentsPermalink
‘(3) BASIC EXCLUSION AMOUNT-CommentsClose CommentsPermalink
‘(A) IN GENERAL- For purposes of this subsection, the basic exclusion amount is $5,000,000.CommentsClose CommentsPermalink
‘(B) INFLATION ADJUSTMENT- In the case of any taxable year beginningdecedent dying in a calendar year after 2010, the $5,000 amount in clause (i1, the dollar amount in subparagraph (A) shall be increased by an amount equal to--CommentsClose CommentsPermalink
‘(Ii) such dollar amount, multiplied byCommentsClose CommentsPermalink
‘(II) the cost of ii) the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which the taxable year begins determinedsuch calendar year by substituting ‘calendar year 2010’ for ‘calendar year 2008’ for ‘calendar year 1992’ in subparagraph (B) 1992’ in subparagraph (B) thereof.CommentsClose CommentsPermalink
Subparagraph (A) of subsection (j)(2) shall apply after taking into account any increaseIf any amount as adjusted under the preceding sentence is not a multiple of $10,000, such amount shall be rounded to the nearest multiple of $10,000.CommentsClose CommentsPermalink
‘(4) DECEASED SPOUSAL UNUSED EXCLUSION AMOUNT- For purposes of this subsection, with respect to a surviving spouse of a deceased spouse dying after December 31, 2010, the term ‘deceased spousal unused exclusion amount’ means the lesser of--CommentsClose CommentsPermalink
‘(A) the basic exclusion amount, orCommentsClose CommentsPermalink
‘(B) the excess of--CommentsClose CommentsPermalink
‘(i) the basic exclusion amount of the last such deceased spouse of such surviving spouse, overCommentsClose CommentsPermalink
‘(ii) the amount with respect to which the tentative tax is determined under section 2001(b)(1) on the estate of such deceased spouse.CommentsClose CommentsPermalink
‘(5) SPECIAL RULES-CommentsClose CommentsPermalink
‘(A) ELECTION REQUIRED- A deceased spousal unused exclusion amount may not be taken into account by a surviving spouse under paragraph (2) unless the executor of the estate of the deceased spouse files an estate tax return on which such amount is computed and makes an election on such return that such amount may be so taken into account. Such election, once made, shall be irrevocable. No election may be made under this subparagraph if such return is filed after the time prescribed by law (including extensions) for filing such return.CommentsClose CommentsPermalink
‘(B) EXAMINATION OF PRIOR RETURNS AFTER EXPIRATION OF PERIOD OF LIMITATIONS WITH RESPECT TO DECEASED SPOUSAL UNUSED EXCLUSION AMOUNT- Notwithstanding any period of limitation in section 6501, after the time has expired under section 6501 within which a tax may be assessed under chapter 11 or 12 with respect to a deceased spousal unused exclusion amount, the Secretary may examine a return of the deceased spouse to make determinations with respect to such amount for purposes of carrying out this subsection.CommentsClose CommentsPermalink
‘(6) REGULATIONS- The Secretary shall prescribe such regulations as may be necessary or appropriate to carry out this subsection.’.CommentsClose CommentsPermalink
(b) Conforming Amendments-CommentsClose CommentsPermalink
(1) Paragraph (1) of section 2505(a), as amended by section 302(b)(1), is amended to read as follows:CommentsClose CommentsPermalink
‘(1) the applicable credit amount in effect under section 2010(c) which would apply if the donor died as of the end of the calendar year, reduced by’.CommentsClose CommentsPermalink
(2) Section 2631(c) is amended by striking ‘the applicable exclusion amount’ and inserting ‘the basic exclusion amount’.CommentsClose CommentsPermalink
(3) Section 6018(a)(1) is amended by striking ‘applicable exclusion amount’ and inserting ‘basic exclusion amount’.CommentsClose CommentsPermalink
(c) Effective Dates-CommentsClose CommentsPermalink
(1) IN GENERAL- Except as provided in paragraph (2), the amendments made by this section shall apply to estates of decedents dying and gifts made after December 31, 2010.CommentsClose CommentsPermalink
(2) CONFORMING AMENDMENT- Subsection (b) of section 32 is amended by striking paragraph (3).(3) EFFECTIVE DATE- The amendments made by this subsection shall apply to taxable years beginning after December 31, 2010 RELATING TO GENERATION-SKIPPING TRANSFERS- The amendment made by subsection (b)(2) shall apply to generation-skipping transfers after December 31, 2010.CommentsClose CommentsPermalink
SEC. 304. APPLICATION OF EGTRRA SUNSET TO THIS TITLE.CommentsClose CommentsPermalink
Section 901 of the Economic Growth and Tax Relief Reconciliation Act of 2001 shall apply to the amendments made by this title.CommentsClose CommentsPermalink
TITLE IV--TEMPORARY EXTENSION OF INVESTMENT INCENTIVESCommentsClose CommentsPermalink
TITLE IV--TEMPORARY EXTENSION OF INVESTMENT INCENTIVESCommentsClose CommentsPermalink
SEC. 401. EXTENSION OF BONUS DEPRECIATION; TEMPORARY 100 PERCENT EXPENSING FOR CERTAIN BUSINESS ASSETS.CommentsClose CommentsPermalink
(a) In General- Paragraph (2) of section 168(k) is amended--CommentsClose CommentsPermalink
(1) by striking ‘January 1, 2012’ in subparagraph (A)(iv) and inserting ‘January 1, 2014’, andCommentsClose CommentsPermalink
(2) by striking ‘January 1, 2011’ each place it appears and inserting ‘January 1, 2013’.CommentsClose CommentsPermalink
(b) Temporary 100 Percent Expensing- Subsection (k) of section 168 is amended by adding at the end the following new paragraph:CommentsClose CommentsPermalink
‘(5) SPECIAL RULE FOR PROPERTY ACQUIRED DURING CERTAIN PRE-2012 PERIODS- In the case of qualified property acquired by the taxpayer (under rules similar to the rules of clauses (ii) and (iii) of paragraph (2)(A)) after September 8, 2010, and before January 1, 2012, and which is placed in service by the taxpayer before January 1, 2012 (January 1, 2013, in the case of property described in subparagraph (2)(B) or (2)(C)), paragraph (1)(A) shall be applied by substituting ‘100 percent’ for ‘50 percent’.’.CommentsClose CommentsPermalink
(c) Application to Adoption Credit and Adoption Assistance Programs- Subsection (c) of section 10909 of the Patient Protection and Affordable Care Act is amended to read as follows:‘(c) Extension of Election To Accelerate the AMT Credit in Lieu of Bonus Depreciation-CommentsClose CommentsPermalink
(1) EXTENSION- Clause (iii) of section 168(k)(4)(D) is amended by striking ‘or production’ and all that follows and inserting ‘or production--CommentsClose CommentsPermalink
‘(I) after March 31, 2008, and before January 1, 2010, andCommentsClose CommentsPermalink
‘(II) after December 31, 2010, and before January 1, 2013,CommentsClose CommentsPermalink
shall be taken into account under subparagraph (B)(ii) thereof,’.CommentsClose CommentsPermalink
(2) RULES FOR ROUND 2 EXTENSION PROPERTY- Paragraph (4) of section 168(k) is amended by adding at the end the following new subparagraph:CommentsClose CommentsPermalink
‘(I) SPECIAL RULES FOR ROUND 2 EXTENSION PROPERTY-CommentsClose CommentsPermalink
‘(i) IN GENERAL- In the case of round 2 extension property, this paragraph shall be applied without regard to--CommentsClose CommentsPermalink
‘(I) the limitation described in subparagraph (B)(i) thereof, andCommentsClose CommentsPermalink
‘(II) the business credit increase amount under subparagraph (E)(iii) thereof.CommentsClose CommentsPermalink
‘(ii) TAXPAYERS PREVIOUSLY ELECTING ACCELERATION- In the case of a taxpayer who made the election under subparagraph (A) for its first taxable year ending after March 31, 2008, or a taxpayer who made the election under subparagraph (H)(ii) for its first taxable year ending after December 31, 2008--CommentsClose CommentsPermalink
‘(I) the taxpayer may elect not to have this paragraph apply to round 2 extension property, butCommentsClose CommentsPermalink
‘(II) if the taxpayer does not make the election under subclause (I), in applying this paragraph to the taxpayer the bonus depreciation amount, maximum amount, and maximum increase amount shall be computed and applied to eligible qualified property which is round 2 extension property.CommentsClose CommentsPermalink
The amendments made by this section shall not apply to taxable years beginning after December 31, 2011ounts described in subclause (II) shall be computed separately from any amounts computed with respect to eligible qualified property which is not round 2 extension property.CommentsClose CommentsPermalink
‘(iii) TAXPAYERS NOT PREVIOUSLY ELECTING ACCELERATION- In the case of a taxpayer who neither made the election under subparagraph (A) for its first taxable year ending after March 31, 2008, nor made the election under subparagraph (H)(ii) for its first taxable year ending after December 31, 2008--CommentsClose CommentsPermalink
‘(I) the taxpayer may elect to have this paragraph apply to its first taxable year ending after December 31, 2010, and each subsequent taxable year, andCommentsClose CommentsPermalink
‘(II) if the taxpayer makes the election under subclause (I), this paragraph shall only apply to eligible qualified property which is round 2 extension property.CommentsClose CommentsPermalink
‘(iv) ROUND 2 EXTENSION PROPERTY- For purposes of this subparagraph, the term ‘round 2 extension property’ means property which is eligible qualified property solely by reason of the extension of the application of the special allowance under paragraph (1) pursuant to the amendments made by section 401(a) of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (and the application of such extension to this paragraph pursuant to the amendment made by section 401(c)(1) of such Act).’.CommentsClose CommentsPermalink
TITLE II--EXPENSING BY SMALL BUSINESSES (d) Conforming Amendments- CommentsClose CommentsPermalink
(1) The heading for subsection (k) of section 168 is amended by striking ‘January 1, 2011’ and inserting ‘January 1, 2013’.CommentsClose CommentsPermalink
(2) The heading for clause (ii) of section 168(k)(2)(B) is amended by striking ‘PRE-JANUARY 1, 2011’ and inserting ‘PRE-JANUARY 1, 2013’.CommentsClose CommentsPermalink
(3) Subparagraph (D) of section 168(k)(4) is amended--CommentsClose CommentsPermalink
(A) by striking clauses (iv) and (v),CommentsClose CommentsPermalink
(B) by inserting ‘and’ at the end of clause (ii), andCommentsClose CommentsPermalink
(C) by striking the comma at the end of clause (iii) and inserting a period.CommentsClose CommentsPermalink
(4) Paragraph (5) of section 168(l) is amended--CommentsClose CommentsPermalink
(A) by inserting ‘and’ at the end of subparagraph (A),CommentsClose CommentsPermalink
(B) by striking subparagraph (B), andCommentsClose CommentsPermalink
(C) by redesignating subparagraph (C) as subparagraph (B).CommentsClose CommentsPermalink
(5) Subparagraph (C) of section 168(n)(2) is amended by striking ‘January 1, 2011’ and inserting ‘January 1, 2013’.CommentsClose CommentsPermalink
(6) Subparagraph (D) of section 1400L(b)(2) is amended by striking ‘January 1, 2011’ and inserting ‘January 1, 2013’.CommentsClose CommentsPermalink
(7) Subparagraph (B) of section 1400N(d)(3) is amended by striking ‘January 1, 2011’ and inserting ‘January 1, 2013’.CommentsClose CommentsPermalink
(e) Effective Dates-CommentsClose CommentsPermalink
(1) IN GENERAL- Except as provided in paragraph (2), the amendments made by this section shall apply to property placed in service after December 31, 2010, in taxable years ending after such date.CommentsClose CommentsPermalink
(2) TEMPORARY 100 PERCENT EXPENSING- The amendment made by subsection (b) shall apply to property placed in service after September 8, 2010, in taxable years ending after such date.CommentsClose CommentsPermalink
SEC. 402. TEMPORARY EXTENSION OF CERTAIN DEPRECIABLE ASSETSSEC. 201. INCREASED LIMITATIONS ON EXPENSING BY SMALL BUSINESSES OF CERTAIN DEPRECIABLE ASSETS EXPENSING.CommentsClose CommentsPermalink
(a) Dollar Limitation- Subparagraph (C) of section 179(b)(1) is amended by striking ‘$25,000’ and inserting ‘$125,000and’ at the end of subparagraph (B) and by striking subparagraph (C) and inserting the following new subparagraphs:CommentsClose CommentsPermalink
‘(C) $125,000 in the case of taxable years beginning in 2012, andCommentsClose CommentsPermalink
‘(D) $25,000 in the case of taxable years beginning after 2012.’.CommentsClose CommentsPermalink
(b) Threshold at Which Phaseout Begins- Subparagraph (C) of sReduction in Limitation- Section 179(b)(2) is amended by striking ‘$200,000’ and inserting ‘$500,000and’ at the end of subparagraph (B) and by striking subparagraph (C) and inserting the following new subparagraphs:CommentsClose CommentsPermalink
‘(C) $500,000 in the case of taxable years beginning in 2012, andCommentsClose CommentsPermalink
‘(D) $200,000 in the case of taxable years beginning after 2012.’.CommentsClose CommentsPermalink
(c) Inflation Adjustment- Subsection (b) of section 179 is amended by adding at the end the following new paragraph:CommentsClose CommentsPermalink
‘(6) INFLATION ADJUSTMENTS-‘(A) IN GENERAL- In the case of any taxable beginning in a calendar year after 2011-CommentsClose CommentsPermalink
‘(A) IN GENERAL- In the case of any taxable year beginning in calendar year 2012, the $125,000 and $500,000 amounts in paragraphs (1)(C) and (2)(C) shall each be increased by an amount equal to--CommentsClose CommentsPermalink
‘(i) such dollar amount, multiplied byCommentsClose CommentsPermalink
‘(ii) the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which the taxable year begins determined, by substituting ‘calendar year 2006’ for ‘calendar year 1992’ in subparagraph (B) thereof.CommentsClose CommentsPermalink
‘(B) ROUNDING-CommentsClose CommentsPermalink
‘(i) DOLLAR LIMITATION- If the amount in paragraph (1) as increased under subparagraph (A) is not a multiple of $1,000, such amount shall be rounded to the nearest multiple of $1,000.CommentsClose CommentsPermalink
‘(ii) PHASEOUT AMOUNT- If the amount in paragraph (2) as increased under subparagraph (A) is not a multiple of $10,000, such amount shall be rounded to the nearest multiple of $10,000.’.CommentsClose CommentsPermalink
(d) Authority to Revoke Election Made Permanent- Paragraph (2) of section 179(c) is amended by striking ‘and before 2012’.(e) Treatment of Certain Computer Software as Section 179 Property Made Permanent- Clause (ii) of section 179(d)(1)(A) is amended by striking ‘and before 2012’.(f) Effective Date- The amendments - Section 179(d)(1)(A)(ii) is amended by striking ‘2012’ and inserting ‘2013’.CommentsClose CommentsPermalink
(e) Conforming Amendment- Section 179(c)(2) is amended by striking ‘2012’ and inserting ‘2013’.CommentsClose CommentsPermalink
(f) Effective Date- The amendments made by this section shall apply to taxable years beginning after December 31, 2011.CommentsClose CommentsPermalink
TITLE III--V--TEMPORARY EXTENSION OF UNEMPLOYMENT INSURANCE AND RELATED MATTERSCommentsClose CommentsPermalink
TITLE III--V--TEMPORARY EXTENSION OF UNEMPLOYMENT INSURANCE AND RELATED MATTERSCommentsClose CommentsPermalink
SEC. 501. TEMPORARY EXTENSION OF UNEMPLOYMENT INSURANCE PROVISIONS.CommentsClose CommentsPermalink
(a) In General- (1) Section 4007 of the Supplemental Appropriations Act, 2008 (
(A) by striking ‘November 30, 2010’ each place it appears and inserting ‘January 3, 2012’;CommentsClose CommentsPermalink
(B) in the heading for subsection (b)(2), by striking ‘NOVEMBER 30, 2010’ and inserting ‘JANUARY 3, 2012’; andCommentsClose CommentsPermalink
(C) in subsection (b)(3), by striking ‘April 30, 2011’ and inserting ‘June 9, 2012’.CommentsClose CommentsPermalink
(2) Section 2005 of the Assistance for Unemployed Workers and Struggling Families Act, as contained in
(A) by striking ‘December 1, 2010’ each place it appears and inserting ‘January 4, 2012’; andCommentsClose CommentsPermalink
(B) in subsection (c), by striking ‘May 1, 2011’ and inserting ‘June 11, 2012’.CommentsClose CommentsPermalink
(3) Section 5 of the Unemployment Compensation Extension Act of 2008 (
(b) Funding- Section 4004(e)(1) of the Supplemental Appropriations Act, 2008 (
(1) in subparagraph (E), by striking ‘and’ at the end; andCommentsClose CommentsPermalink
(2) by inserting after subparagraph (F) the following:CommentsClose CommentsPermalink
‘(G) the amendments made by section 501(a)(1) of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010; and’.CommentsClose CommentsPermalink
(c) Effective Date- The amendments made by this section shall take effect as if included in the enactment of the Unemployment Compensation Extension Act of 2010 (
SEC. 502. TEMPORARY MODIFICATION OF INDICATORS UNDER THE EXTENDED BENEFIT PROGRAM.CommentsClose CommentsPermalink
(a) Indicator- Section 203(d) of the Federal-State Extended Unemployment Compensation Act of 1970 (
(b) Alternative Trigger- Section 203(f) of the Federal-State Extended Unemployment Compensation Act of 1970 (
(1) by redesignating paragraph (2) as paragraph (3); andCommentsClose CommentsPermalink
(2) by inserting after paragraph (1) the following new paragraph:CommentsClose CommentsPermalink
‘(2) Effective with respect to compensation for weeks of unemployment beginning after the date of enactment of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (or, if later, the date established pursuant to State law), and ending on or before December 31, 2011, the State may by law provide that the determination of whether there has been a state ‘on’ or ‘off’ indicator beginning or ending any extended benefit period shall be made under this subsection as if the word ‘either’ were ‘any’, the word ‘both’ were ‘all’, and the figure ‘2’ were ‘3’ in clause (1)(A)(ii).’.CommentsClose CommentsPermalink
SEC. 503. TECHNICAL AMENDMENT RELATING TO COLLECTION OF UNEMPLOYMENT COMPENSATION DEBTS.CommentsClose CommentsPermalink
(a) In General- Section 6402(f)(3)(C), as amended by section 801 of the Claims Resolution Act of 2010, is amended by striking ‘is not a covered unemployment compensation debt’ and inserting ‘is a covered unemployment compensation debt’.CommentsClose CommentsPermalink
(b) Effective Date- The amendment made by subsection (a) shall take effect as if included in section 801 of the Claims Resolution Act of 2010.CommentsClose CommentsPermalink
SEC. 504. TECHNICAL CORRECTION RELATING TO REPEAL OF CONTINUED DUMPING AND SUBSIDY OFFSET.CommentsClose CommentsPermalink
(a) In General- Section 822(2)(A) of the Claims Resolution Act of 2010 is amended by striking ‘or’ and inserting ‘and’.CommentsClose CommentsPermalink
(b) Effective Date- The amendment made by subsection (a) shall take effect as if included in the provisions of the Claims Resolution Act of 2010.CommentsClose CommentsPermalink
SEC. 505. ADDITIONAL EXTENDED UNEMPLOYMENT BENEFITS UNDER THE RAILROAD UNEMPLOYMENT INSURANCE ACT.CommentsClose CommentsPermalink
(a) Extension- Section 2(c)(2)(D)(iii) of the Railroad Unemployment Insurance Act, as added by section 2006 of the American Recovery and Reinvestment Act of 2009 (
(1) by striking ‘June 30, 2010’ and inserting ‘June 30, 2011’; andCommentsClose CommentsPermalink
(2) by striking ‘December 31, 2010’ and inserting ‘December 31, 2011’.CommentsClose CommentsPermalink
(b) Clarification on Authority To Use Funds- Funds appropriated under either the first or second sentence of clause (iv) of section 2(c)(2)(D) of the Railroad Unemployment Insurance Act shall be available to cover the cost of additional extended unemployment benefits provided under such section 2(c)(2)(D) by reason of the amendments made by subsection (a) as well as to cover the cost of such benefits provided under such section 2(c)(2)(D), as in effect on the day before the date of the enactment of this Act.CommentsClose CommentsPermalink
TITLE VI--TEMPORARY EMPLOYEE PAYROLL TAX CUTCommentsClose CommentsPermalink
TITLE VI--TEMPORARY EMPLOYEE PAYROLL TAX CUTCommentsClose CommentsPermalink
SEC. 601. TEMPORARY EMPLOYEE PAYROLL TAX CUT.CommentsClose CommentsPermalink
(a) In General- Notwithstanding any other provision of law--CommentsClose CommentsPermalink
(1) with respect to any taxable year which begins in the payroll tax holiday period, the rate of tax under section 1401(a) of the Internal Revenue Code of 1986 shall be 10.40 percent, andCommentsClose CommentsPermalink
(2) with respect to remuneration received during the payroll tax holiday period, the rate of tax under 3101(a) of such Code shall be 4.2 percent (including for purposes of determining the applicable percentage under sections 3201(a) and 3211(a)(1) of such Code).CommentsClose CommentsPermalink
(b) Coordination With Deductions for Employment Taxes-CommentsClose CommentsPermalink
(1) DEDUCTION IN COMPUTING NET EARNINGS FROM SELF-EMPLOYMENT- For purposes of applying section 1402(a)(12) of the Internal Revenue Code of 1986, the rate of tax imposed by subsection 1401(a) of such Code shall be determined without regard to the reduction in such rate under this section.CommentsClose CommentsPermalink
(2) INDIVIDUAL DEDUCTION- In the case of the taxes imposed by section 1401 of such Code for any taxable year which begins in the payroll tax holiday period, the deduction under section 164(f) with respect to such taxes shall be equal to the sum of--CommentsClose CommentsPermalink
(A) 59.6 percent of the portion of such taxes attributable to the tax imposed by section 1401(a) (determined after the application of this section), plusCommentsClose CommentsPermalink
(B) one-half of the portion of such taxes attributable to the tax imposed by section 1401(b).CommentsClose CommentsPermalink
(c) Payroll Tax Holiday Period- The term ‘payroll tax holiday period’ means calendar year 2011.CommentsClose CommentsPermalink
(d) Employer Notification- The Secretary of the Treasury shall notify employers of the payroll tax holiday period in any manner the Secretary deems appropriate.CommentsClose CommentsPermalink
(e) Transfers of Funds-CommentsClose CommentsPermalink
(1) TRANSFERS TO FEDERAL OLD-AGE AND SURVIVORS INSURANCE TRUST FUND- There are hereby appropriated to the Federal Old-Age and Survivors Trust Fund and the Federal Disability Insurance Trust Fund established under section 201 of the Social Security Act (
(2) TRANSFERS TO SOCIAL SECURITY EQUIVALENT BENEFIT ACCOUNT- There are hereby appropriated to the Social Security Equivalent Benefit Account established under section 15A(a) of the Railroad Retirement Act of 1974 (
(3) COORDINATION WITH OTHER FEDERAL LAWS- For purposes of applying any provision of Federal law other than the provisions of the Internal Revenue Code of 1986, the rate of tax in effect under section 3101(a) of such Code shall be determined without regard to the reduction in such rate under this section.CommentsClose CommentsPermalink
TITLE VII--TEMPORARY EXTENSION OF CERTAIN EXPIRING PROVISIONSCommentsClose CommentsPermalink
TITLE VII--TEMPORARY EXTENSION OF CERTAIN EXPIRING PROVISIONSCommentsClose CommentsPermalink
Subtitle A--EnergyCommentsClose CommentsPermalink
Subtitle A--EnergyCommentsClose CommentsPermalink
SEC. 701. INCENTIVES FOR BIODIESEL AND RENEWABLE DIESEL.CommentsClose CommentsPermalink
(a) Credits for Biodiesel and Renewable Diesel Used as Fuel- Subsection (g) of section 40A is amended by striking ‘December 31, 2009’ and inserting ‘December 31, 2011’.CommentsClose CommentsPermalink
(b) Excise Tax Credits and Outlay Payments for Biodiesel and Renewable Diesel Fuel Mixtures-CommentsClose CommentsPermalink
(1) Paragraph (6) of section 6426(c) is amended by striking ‘December 31, 2009’ and inserting ‘December 31, 2011’.CommentsClose CommentsPermalink
(2) Subparagraph (B) of section 6427(e)(6) is amended by striking ‘December 31, 2009’ and inserting ‘December 31, 2011’.CommentsClose CommentsPermalink
(c) Special Rule for 2010- Notwithstanding any other provision of law, in the case of any biodiesel mixture credit properly determined under section 6426(c) of the Internal Revenue Code of 1986 for periods during 2010, such credit shall be allowed, and any refund or payment attributable to such credit (including any payment under section 6427(e) of such Code) shall be made, only in such manner as the Secretary of the Treasury (or the Secretary’s delegate) shall provide. Such Secretary shall issue guidance within 30 days after the date of the enactment of this Act providing for a one-time submission of claims covering periods during 2010. Such guidance shall provide for a 180-day period for the submission of such claims (in such manner as prescribed by such Secretary) to begin not later than 30 days after such guidance is issued. Such claims shall be paid by such Secretary not later than 60 days after receipt. If such Secretary has not paid pursuant to a claim filed under this subsection within 60 days after the date of the filing of such claim, the claim shall be paid with interest from such date determined by using the overpayment rate and method under section 6621 of such Code.CommentsClose CommentsPermalink
(d) Effective Date- The amendments made by this section shall apply to fuel sold or used after December 31, 2009.CommentsClose CommentsPermalink
SEC. 702. CREDIT FOR REFINED COAL FACILITIES.CommentsClose CommentsPermalink
(a) In General- Subparagraph (B) of section 45(d)(8) is amended by striking ‘January 1, 2010’ and inserting ‘January 1, 2012’.CommentsClose CommentsPermalink
(b) Effective Date- The amendment made by this section shall apply to facilities placed in service after December 31, 2009.CommentsClose CommentsPermalink
SEC. 703. NEW ENERGY EFFICIENT HOME CREDIT.CommentsClose CommentsPermalink
(a) In General- Subsection (g) of section 45L is amended by striking ‘December 31, 2009’ and inserting ‘December 31, 2011’.CommentsClose CommentsPermalink
(b) Effective Date- The amendment made by this section shall apply to homes acquired after December 31, 2009.CommentsClose CommentsPermalink
SEC. 704. EXCISE TAX CREDITS AND OUTLAY PAYMENTS FOR ALTERNATIVE MINIMUM TAX RELIEFSEC. 301. EXTENSION OFFUEL AND ALTERNATIVE MINIMUM TAX RELIEF FOR NONREFUNDABLE PERSONALFUEL MIXTURES.CommentsClose CommentsPermalink
(a) In General- Sections 6426(d)(5), 6426(e)(3), and 6427(e)(6)(C) are each amended by striking ‘December 31, 2009’ and inserting ‘December 31, 2011’.CommentsClose CommentsPermalink
(b) Exclusion of Black Liquor From Credit Eligibility- The last sentence of section 6426(d)(2) is amended by striking ‘or biodiesel’ and inserting ‘biodiesel, or any fuel (including lignin, wood residues, or spent pulping liquors) derived from the production of paper or pulp’.CommentsClose CommentsPermalink
(c) Special Rule for 2010- Notwithstanding any other provision of law, in the case of any alternative fuel credit or any alternative fuel mixture credit properly determined under subsection (d) or (e) of section 6426 of the Internal Revenue Code of 1986 for periods during 2010, such credit shall be allowed, and any refund or payment attributable to such credit (including any payment under section 6427(e) of such Code) shall be made, only in such manner as the Secretary of the Treasury (or the Secretary’s delegate) shall provide. Such Secretary shall issue guidance within 30 days after the date of the enactment of this Act providing for a one-time submission of claims covering periods during 2010. Such guidance shall provide for a 180-day period for the submission of such claims (in such manner as prescribed by such Secretary) to begin not later than 30 days after such guidance is issued. Such claims shall be paid by such Secretary not later than 60 days after receipt. If such Secretary has not paid pursuant to a claim filed under this subsection within 60 days after the date of the filing of such claim, the claim shall be paid with interest from such date determined by using the overpayment rate and method under section 6621 of such Code.CommentsClose CommentsPermalink
(d) Effective Date- The amendments made by this section shall apply to fuel sold or used after December 31, 2009.CommentsClose CommentsPermalink
SEC. 705. SPECIAL RULE FOR SALES OR DISPOSITIONS TO IMPLEMENT FERC OR STATE ELECTRIC RESTRUCTURING POLICY FOR QUALIFIED ELECTRIC UTILITIES.CommentsClose CommentsPermalink
(a) In General- Paragraph (3) of section 451(i) is amended by striking ‘January 1, 2010’ and inserting ‘January 1, 2012’.CommentsClose CommentsPermalink
(b) Effective Date- The amendment made by this section shall apply to dispositions after December 31, 2009.CommentsClose CommentsPermalink
SEC. 706. SUSPENSION OF LIMITATION ON PERCENTAGE DEPLETION FOR OIL AND GAS FROM MARGINAL WELLS.CommentsClose CommentsPermalink
(a) In General- Clause (ii) of section 613A(c)(6)(H) is amended by striking ‘January 1, 2010’ and inserting ‘January 1, 2012’.CommentsClose CommentsPermalink
(b) Effective Date- The amendment made by this section shall apply to taxable years beginning after December 31, 2009.CommentsClose CommentsPermalink
SEC. 707. EXTENSION OF GRANTS FOR SPECIFIED ENERGY PROPERTY IN LIEU OF TAX CREDITS.CommentsClose CommentsPermalink
(a) In General- Subsection (a)In General- Paragraph (2) of section 26(a) is amended--(1) by striking ‘2000, 2001, 2002, 2003, 2004, 2005, 2006, 2007, 2008, or 2009’ and inserting ‘the period beginning with calendar year 2000 and ending with calendar yea of section 1603 of division B of the American Recovery and Reinvestment Act of 2009 is amended--CommentsClose CommentsPermalink
(1) in paragraph (1), by striking ‘2009 or 2010’ and inserting ‘2009, 2010, or 2011’, andCommentsClose CommentsPermalink
(2) in paragraph (2)--CommentsClose CommentsPermalink
(A) by striking ‘after 2010’ and inserting ‘after 2011’, andCommentsClose CommentsPermalink
(2) by striking ‘2009’ in the heading thereofB) by striking ‘2009 or 2010’ and inserting ‘2009, 2010, or 2011’.CommentsClose CommentsPermalink
(b) Conforming Amendment- Subsection (j) of section 1603 of division B of such Act is amended by striking ‘2011’ and inserting ‘2012’.CommentsClose CommentsPermalink
SEC. 708. EXTENSION OF PROVISIONS RELATED TO ALCOHOL USED AS FUEL.CommentsClose CommentsPermalink
(a) Extension of Income Tax Credit for Alcohol Used as Fuel-CommentsClose CommentsPermalink
(1) IN GENERAL- Paragraph (1) of section 40(e) is amended--CommentsClose CommentsPermalink
(A) by striking ‘December 31, 2010’ in subparagraph (A) and inserting ‘December 31, 2011’, andCommentsClose CommentsPermalink
(B) by striking ‘January 1, 2011’ in subparagraph (B) and inserting ‘January 1, 2012’.CommentsClose CommentsPermalink
(2) REDUCED AMOUNT FOR ETHANOL BLENDERS- Subsection (h) of section 40 is amended by striking ‘2010’ both places it appears and inserting ‘2011’.CommentsClose CommentsPermalink
(3) EFFECTIVE DATE- The amendments made by this subsection shall apply to periods after December 31, 2010.CommentsClose CommentsPermalink
(b) Effective Date- The amendments xtension of Excise Tax Credit for Alcohol Used as Fuel-CommentsClose CommentsPermalink
(1) IN GENERAL- Paragraph (6) of section 6426(b) is amended by striking ‘December 31, 2010’ and inserting ‘December 31, 2011’.CommentsClose CommentsPermalink
(2) EFFECTIVE DATE- The amendment made by this subsection shall apply to periods after December 31, 2010.CommentsClose CommentsPermalink
(c) Extension of Payment for Alcohol Fuel Mixture-CommentsClose CommentsPermalink
(1) IN GENERAL- Subparagraph (A) of section 6427(e)(6) is amended by striking ‘December 31, 2010’ and inserting ‘December 31, 2011’.CommentsClose CommentsPermalink
(2) EFFECTIVE DATE- The amendment made by this subsection shall apply to sales and uses after December 31, 2010.CommentsClose CommentsPermalink
(d) Extension of Additional Duties on Ethanol-CommentsClose CommentsPermalink
(1) IN GENERAL- Headings 9901.00.50 and 9901.00.52 of the Harmonized Tariff Schedule of the United States are each amended in the effective period column by striking ‘1/1/2011’ and inserting ‘1/1/2012’.CommentsClose CommentsPermalink
(2) EFFECTIVE DATE- The amendments made by this subsection shall take effect on January 1, 2011.CommentsClose CommentsPermalink
SEC. 709. ENERGY EFFICIENT APPLIANCE CREDIT.CommentsClose CommentsPermalink
(a) Dishwashers- Paragraph (1) of section 45M(b) is amended by striking ‘and’ at the end of subparagraph (A), by striking the period at the end of subparagraph (B) and inserting a comma, and by adding at the end the following new subparagraphs:CommentsClose CommentsPermalink
‘(C) $25 in the case of a dishwasher which is manufactured in calendar year 2011 and which uses no more than 307 kilowatt hours per year and 5.0 gallons per cycle (5.5 gallons per cycle for dishwashers designed for greater than 12 place settings),CommentsClose CommentsPermalink
‘(D) $50 in the case of a dishwasher which is manufactured in calendar year 2011 and which uses no more than 295 kilowatt hours per year and 4.25 gallons per cycle (4.75 gallons per cycle for dishwashers designed for greater than 12 place settings), andCommentsClose CommentsPermalink
‘(E) $75 in the case of a dishwasher which is manufactured in calendar year 2011 and which uses no more than 280 kilowatt hours per year and 4 gallons per cycle (4.5 gallons per cycle for dishwashers designed for greater than 12 place settings).’.CommentsClose CommentsPermalink
(b) Clothes Washers- Paragraph (2) of section 45M(b) is amended by striking ‘and’ at the end of subparagraph (C), by striking the period at the end of subparagraph (D) and inserting a comma, and by adding at the end the following new subparagraphs:CommentsClose CommentsPermalink
‘(E) $175 in the case of a top-loading clothes washer manufactured in calendar year 2011 which meets or exceeds a 2.2 modified energy factor and does not exceed a 4.5 water consumption factor, andCommentsClose CommentsPermalink
‘(F) $225 in the case of a clothes washer manufactured in calendar year 2011--CommentsClose CommentsPermalink
‘(i) which is a top-loading clothes washer and which meets or exceeds a 2.4 modified energy factor and does not exceed a 4.2 water consumption factor, orCommentsClose CommentsPermalink
‘(ii) which is a front-loading clothes washer and which meets or exceeds a 2.8 modified energy factor and does not exceed a 3.5 water consumption factor.’.CommentsClose CommentsPermalink
(c) Refrigerators- Paragraph (3) of section 45M(b) is amended by striking ‘and’ at the end of subparagraph (C), by striking the period at the end of subparagraph (D) and inserting a comma, and by adding at the end the following new subparagraphs:CommentsClose CommentsPermalink
‘(E) $150 in the case of a refrigerator manufactured in calendar year 2011 which consumes at least 30 percent less energy than the 2001 energy conservation standards, andCommentsClose CommentsPermalink
‘(F) $200 in the case of a refrigerator manufactured in calendar year 2011 which consumes at least 35 percent less energy than the 2001 energy conservation standards.’.CommentsClose CommentsPermalink
(d) Rebasing of Limitations-CommentsClose CommentsPermalink
(1) IN GENERAL- Paragraph (1) of section 45M(e) is amended--CommentsClose CommentsPermalink
(A) by striking ‘$75,000,000’ and inserting ‘$25,000,000’, andCommentsClose CommentsPermalink
(B) by striking ‘December 31, 2007’ and inserting ‘December 31, 2010’.CommentsClose CommentsPermalink
(2) EXCEPTION FOR CERTAIN REFRIGERATORS AND CLOTHES WASHERS- Paragraph (2) of section 45M(e) is amended--CommentsClose CommentsPermalink
(A) by striking ‘subsection (b)(3)(D)’ and inserting ‘subsection (b)(3)(F)’, andCommentsClose CommentsPermalink
(B) by striking ‘subsection (b)(2)(D)’ and inserting ‘subsection (b)(2)(F)’.CommentsClose CommentsPermalink
(3) GROSS RECEIPTS LIMITATION- Paragraph (3) of section 45M(e) is amended by striking ‘2 percent’ and inserting ‘4 percent’.CommentsClose CommentsPermalink
(e) Effective Dates-CommentsClose CommentsPermalink
(1) IN GENERAL- The amendments made by subsections (a), (b), and (c) shall apply to appliances produced after December 31, 2010.CommentsClose CommentsPermalink
(2) LIMITATIONS- The amendments made by subsection (d) shall apply to taxable years beginning after December 31, 2010.CommentsClose CommentsPermalink
SEC. 710. CREDIT FOR NONBUSINESS ENERGY PROPERTY.CommentsClose CommentsPermalink
(a) Extension- Section 25C(g)(2) is amended by striking ‘2010’ and inserting ‘2011’.CommentsClose CommentsPermalink
(b) Return to Pre-ARRA Limitations and Standards-CommentsClose CommentsPermalink
(1) IN GENERAL- Subsections (a) and (b) of section 25C are amended to read as follows:CommentsClose CommentsPermalink
‘(a) Allowance of Credit- In the case of an individual, there shall be allowed as a credit against the tax imposed by this chapter for the taxable year an amount equal to the sum of--CommentsClose CommentsPermalink
‘(1) 10 percent of the amount paid or incurred by the taxpayer for qualified energy efficiency improvements installed during such taxable year, andCommentsClose CommentsPermalink
‘(2) the amount of the residential energy property expenditures paid or incurred by the taxpayer during such taxable year.CommentsClose CommentsPermalink
‘(b) Limitations-CommentsClose CommentsPermalink
‘(1) LIFETIME LIMITATION- The credit allowed under this section with respect to any taxpayer for any taxable year shall not exceed the excess (if any) of $500 over the aggregate credits allowed under this section with respect to such taxpayer for all prior taxable years ending after December 31, 2005.CommentsClose CommentsPermalink
‘(2) WINDOWS- In the case of amounts paid or incurred for components described in subsection (c)(2)(B) by any taxpayer for any taxable year, the credit allowed under this section with respect to such amounts for such year shall not exceed the excess (if any) of $200 over the aggregate credits allowed under this section with respect to such amounts for all prior taxable years ending after December 31, 2005.CommentsClose CommentsPermalink
‘(3) LIMITATION ON RESIDENTIAL ENERGY PROPERTY EXPENDITURES- The amount of the credit allowed under this section by reason of subsection (a)(2) shall not exceed--CommentsClose CommentsPermalink
‘(A) $50 for any advanced main air circulating fan,CommentsClose CommentsPermalink
‘(B) $150 for any qualified natural gas, propane, or oil furnace or hot water boiler, andCommentsClose CommentsPermalink
‘(C) $300 for any item of energy-efficient building property.’.CommentsClose CommentsPermalink
(2) MODIFICATION OF STANDARDS-CommentsClose CommentsPermalink
(A) IN GENERAL- Paragraph (1) of section 25C(c) is amended by striking ‘2000’ and all that follows through ‘this section’ and inserting ‘2009 International Energy Conservation Code, as such Code (including supplements) is in effect on the date of the enactment of the American Recovery and Reinvestment Tax Act of 2009’.CommentsClose CommentsPermalink
(B) WOOD STOVES- Subparagraph (E) of section 25C(d)(3) is amended by striking ‘, as measured using a lower heating value’.CommentsClose CommentsPermalink
(C) OIL FURNACES AND HOT WATER BOILERS-CommentsClose CommentsPermalink
(i) IN GENERAL- Paragraph (4) of section 25C(d) is amended to read as follows:CommentsClose CommentsPermalink
‘(4) QUALIFIED NATURAL GAS, PROPANE, OR OIL FURNACE OR HOT WATER BOILER- The term ‘qualified natural gas, propane, or oil furnace or hot water boiler’ means a natural gas, propane, or oil furnace or hot water boiler which achieves an annual fuel utilization efficiency rate of not less than 95.’.CommentsClose CommentsPermalink
(ii) CONFORMING AMENDMENT- Clause (ii) of section 25C(d)(2)(A) is amended to read as follows:CommentsClose CommentsPermalink
‘(ii) a qualified natural gas, propane, or oil furnace or hot water boiler, or’.CommentsClose CommentsPermalink
(D) EXTERIOR WINDOWS, DOORS, AND SKYLIGHTS-CommentsClose CommentsPermalink
(i) IN GENERAL- Subsection (c) of section 25C is amended by striking paragraph (4).CommentsClose CommentsPermalink
(ii) APPLICATION OF ENERGY STAR STANDARDS- Paragraph (1) of section 25C(c) is amended by inserting ‘an exterior window, a skylight, an exterior door,’ after ‘in the case of’ in the matter preceding subparagraph (A).CommentsClose CommentsPermalink
(E) INSULATION- Subparagraph (A) of section 25C(c)(2) is amended by striking ‘and meets the prescriptive criteria for such material or system established by the 2009 International Energy Conservation Code, as such Code (including supplements) is in effect on the date of the enactment of the American Recovery and Reinvestment Tax Act of 2009’.CommentsClose CommentsPermalink
(3) SUBSIDIZED ENERGY FINANCING- Subsection (e) of section 25C is amended by adding at the end the following new paragraph:CommentsClose CommentsPermalink
‘(3) PROPERTY FINANCED BY SUBSIDIZED ENERGY FINANCING- For purposes of determining the amount of expenditures made by any individual with respect to any property, there shall not be taken into account expenditures which are made from subsidized energy financing (as defined in section 48(a)(4)(C)).’.CommentsClose CommentsPermalink
(c) Effective Date- The amendments made by this section shall apply to property placed in service after December 31, 2010.CommentsClose CommentsPermalink
SEC. 711. ALTERNATIVE FUEL VEHICLE REFUELING PROPERTY.CommentsClose CommentsPermalink
(a) Extension of Credit- Paragraph (2) of section 30C(g) is amended by striking ‘December 31, 2010’ and inserting ‘December 31, 2011.’.CommentsClose CommentsPermalink
(b) Effective Date- The amendment made by this section shall apply to property placed in service after December 31, 2010.CommentsClose CommentsPermalink
Subtitle B--Individual Tax ReliefCommentsClose CommentsPermalink
Subtitle B--Individual Tax ReliefCommentsClose CommentsPermalink
SEC. 721. DEDUCTION FOR CERTAIN EXPENSES OF ELEMENTARY AND SECONDARY SCHOOL TEACHERS.CommentsClose CommentsPermalink
(a) In General- Subparagraph (D) of section 62(a)(2) is amended by striking ‘or 2009’ and inserting ‘2009, 2010, or 2011’.CommentsClose CommentsPermalink
(b) Effective Date- The amendment made by this section shall apply to taxable years beginning after December 31, 2009.CommentsClose CommentsPermalink
SEC. 722. DEDUCTION OF STATE AND LOCAL SALES TAXES.CommentsClose CommentsPermalink
(a) In General- Subparagraph (I) of section 164(b)(5) is amended by striking ‘January 1, 2010’ and inserting ‘January 1, 2012’.CommentsClose CommentsPermalink
(b) Effective Date- The amendment made by this section shall apply to taxable years beginning after December 31, 2009.CommentsClose CommentsPermalink
SEC. 723. CONTRIBUTIONS OF CAPITAL GAIN REAL PROPERTY MADE FOR CONSERVATION PURPOSES.CommentsClose CommentsPermalink
(a) In General- Clause (vi) of section 170(b)(1)(E) is amended by striking ‘December 31, 2009’ and inserting ‘December 31, 2011’.CommentsClose CommentsPermalink
(b) Contributions by Certain Corporate Farmers and Ranchers- Clause (iii) of section 170(b)(2)(B) is amended by striking ‘December 31, 2009’ and inserting ‘December 31, 2011’.CommentsClose CommentsPermalink
(c) Effective Date- The amendments made by this section shall apply to contributions made in taxable years beginning after December 31, 2009.CommentsClose CommentsPermalink
SEC. 724. ABOVE-THE-LINE DEDUCTION FOR QUALIFIED TUITION AND RELATED EXPENSES.CommentsClose CommentsPermalink
(a) In General- Subsection (e) of section 222 is amended by striking ‘December 31, 2009’ and inserting ‘December 31, 2011’.CommentsClose CommentsPermalink
(b) Effective Date- The amendment made by this section shall apply to taxable years beginning after December 31, 2009.CommentsClose CommentsPermalink
SEC. 725. TAX-FREE DISTRIBUTIONS FROM INDIVIDUAL RETIREMENT PLANS FOR CHARITABLE PURPOSES.CommentsClose CommentsPermalink
(a) In General- Subparagraph (F) of section 408(d)(8) is amended by striking ‘December 31, 2009’ and inserting ‘December 31, 2011’.CommentsClose CommentsPermalink
(b) Effective Date; Special Rule-CommentsClose CommentsPermalink
(1) EFFECTIVE DATE- The amendment made by this section shall apply to distributions made in taxable years beginning after December 31, 2009.CommentsClose CommentsPermalink
(2) SPECIAL RULE- For purposes of subsections (a)(6), (b)(3), and (d)(8) of section 408 of the Internal Revenue Code of 1986, at the election of the taxpayer (at such time and in such manner as prescribed by the Secretary of the Treasury) any qualified charitable distribution made after December 31, 2010, and before February 1, 2011, shall be deemed to have been made on December 31, 2010.CommentsClose CommentsPermalink
SEC. 726. LOOK-THRU OF CERTAIN REGULATED INVESTMENT COMPANY STOCK IN DETERMINING GROSS ESTATE OF NONRESIDENTS.CommentsClose CommentsPermalink
(a) In General- Paragraph (3) of section 2105(d) is amended by striking ‘December 31, 2009’ and inserting ‘December 31, 2011’.CommentsClose CommentsPermalink
(b) Effective Date- The amendment made by this section shall apply to estates of decedents dying after December 31, 2009.CommentsClose CommentsPermalink
SEC. 727. PARITY FOR EXCLUSION FROM INCOME FOR EMPLOYER-PROVIDED MASS TRANSIT AND PARKING BENEFITS.CommentsClose CommentsPermalink
(a) In General- Paragraph (2) of section 132(f) is amended by striking ‘January 1, 2011’ and inserting ‘January 1, 2012’.CommentsClose CommentsPermalink
(b) Effective Date- The amendment made by this section shall apply to months after December 31, 2010.CommentsClose CommentsPermalink
SEC. 728. REFUNDS DISREGARDED IN THE ADMINISTRATION OF FEDERAL PROGRAMS AND FEDERALLY ASSISTED PROGRAMS.CommentsClose CommentsPermalink
(a) In General- Subchapter A of chapter 65 is amended by adding at the end the following new section:CommentsClose CommentsPermalink
‘SEC. 6409. REFUNDS DISREGARDED IN THE ADMINISTRATION OF FEDERAL PROGRAMS AND FEDERALLY ASSISTED PROGRAMS.CommentsClose CommentsPermalink
‘(a) In General- Notwithstanding any other provision of law, any refund (or advance payment with respect to a refundable credit) made to any individual under this title shall not be taken into account as income, and shall not be taken into account as resources for a period of 12 months from receipt, for purposes of determining the eligibility of such individual (or any other individual) for benefits or assistance (or the amount or extent of benefits or assistance) under any Federal program or under any State or local program financed in whole or in part with Federal funds.CommentsClose CommentsPermalink
‘(b) Termination- Subsection (a) shall not apply to any amount received after December 31, 2012.’.CommentsClose CommentsPermalink
(b) Clerical Amendment- The table of sections for such subchapter is amended by adding at the end the following new item:CommentsClose CommentsPermalink
‘Sec. 6409. Refunds disregarded in the administration of Federal programs and federally assisted programs.’.CommentsClose CommentsPermalink
(c) Effective Date- The amendments made by this section shall apply to amounts received after December 31, 2009.CommentsClose CommentsPermalink
Subtitle C--Business Tax ReliefCommentsClose CommentsPermalink
Subtitle C--Business Tax ReliefCommentsClose CommentsPermalink
SEC. 731. RESEARCH CREDIT.CommentsClose CommentsPermalink
(a) In General- Subparagraph (B) of section 41(h)(1) is amended by striking ‘December 31, 2009’ and inserting ‘December 31, 2011’.CommentsClose CommentsPermalink
(b) Conforming Amendment- Subparagraph (D) of section 45C(b)(1) is amended by striking ‘December 31, 2009’ and inserting ‘December 31, 2011’.CommentsClose CommentsPermalink
(c) Effective Date- The amendments made by this section shall apply to amounts paid or incurred after December 31, 2009.CommentsClose CommentsPermalink
SEC. 302. EXTENSION OF INCREASED ALTERNATIVE MINIMUM TAX EXEMPTION AMOUNT.(a) In General- Paragraph (1) of section 55(d732. INDIAN EMPLOYMENT TAX CREDIT.CommentsClose CommentsPermalink
(a) In General- Subsection (f) of section 45A is amended by striking ‘December 31, 2009’ and inserting ‘December 31, 2011’.CommentsClose CommentsPermalink
(b) Effective Date- The amendment made by this section shall apply to taxable years beginning after December 31, 2009.CommentsClose CommentsPermalink
SEC. 733. NEW MARKETS TAX CREDIT.CommentsClose CommentsPermalink
(a) In General- Paragraph (1) of section 45D(f) is amended--CommentsClose CommentsPermalink
(1) by striking ‘($70,950 in the case of taxable years beginning in 2009)’ in subparagraph (A) and inserting ‘($72,450 in the case of taxable years beginning in 2010 or 2011)’, and(2) by striking ‘($46,700 in the case of taxable years beginning in 2009)’ in subparagraph (B) and inserting ‘($47,450 in the case of taxable years beginning in 2010 or 2011)and’ at the end of subparagraph (E),CommentsClose CommentsPermalink
(2) by striking the period at the end of subparagraph (F), andCommentsClose CommentsPermalink
(3) by adding at the end the following new subparagraph:CommentsClose CommentsPermalink
‘(G) $3,500,000,000 for 2010 and 2011.’.CommentsClose CommentsPermalink
(b) Nonapplication of EGTRRA Sunset- Section 901 of the Economic Growth and Tax Relief Reconciliation Act of 2001 shall not apply to the amendments made by section 701 of such ActConforming Amendment- Paragraph (3) of section 45D(f) is amended by striking ‘2014’ and inserting ‘2016’.CommentsClose CommentsPermalink
(c) Effective Date- The amendments made by this section shall apply to calendar years beginning after 2009.CommentsClose CommentsPermalink
SEC. 734. RAILROAD TRACK MAINTENANCE CREDIT.CommentsClose CommentsPermalink
(a) In General- Subsection (f) of section 45G is amended by striking ‘January 1, 2010’ and inserting ‘January 1, 2012’.CommentsClose CommentsPermalink
(b) Effective Date- The amendment made by this section shall apply to expenditures paid or incurred in taxable years beginning after December 31, 2009.CommentsClose CommentsPermalink
SEC. 735. MINE RESCUE TEAM TRAINING CREDIT.CommentsClose CommentsPermalink
(a) In General- Subsection (e) of section 45N is amended by striking ‘December 31, 2009’ and inserting ‘December 31, 2011’.CommentsClose CommentsPermalink
(b) Effective Date- The amendment made by this section shall apply to taxable years beginning after December 31, 2009.CommentsClose CommentsPermalink
SEC. 736. EMPLOYER WAGE CREDIT FOR EMPLOYEES WHO ARE ACTIVE DUTY MEMBERS OF THE UNIFORMED SERVICES.CommentsClose CommentsPermalink
(a) In General- Subsection (f) of section 45P is amended by striking ‘December 31, 2009’ and inserting ‘December 31, 2011’.CommentsClose CommentsPermalink
(b) Effective Date- The amendment made by this section shall apply to payments made after December 31, 2009.CommentsClose CommentsPermalink
SEC. 737. 15-YEAR STRAIGHT-LINE COST RECOVERY FOR QUALIFIED LEASEHOLD IMPROVEMENTS, QUALIFIED RESTAURANT BUILDINGS AND IMPROVEMENTS, AND QUALIFIED RETAIL IMPROVEMENTS.CommentsClose CommentsPermalink
(a) In General- Clauses (iv), (v), and (ix) of section 168(e)(3)(E) are each amended by striking ‘January 1, 2010’ and inserting ‘January 1, 2012’.CommentsClose CommentsPermalink
(b) Conforming Amendments-CommentsClose CommentsPermalink
(1) Clause (i) of section 168(e)(7)(A) is amended by striking ‘if such building is placed in service after December 31, 2008, and before January 1, 2010,’.CommentsClose CommentsPermalink
(2) Paragraph (8) of section 168(e) is amended by striking subparagraph (E).CommentsClose CommentsPermalink
(3) Section 179(f)(2) is amended--CommentsClose CommentsPermalink
(A) by striking ‘(without regard to the dates specified in subparagraph (A)(i) thereof)’ in subparagraph (B), andCommentsClose CommentsPermalink
(B) by striking ‘(without regard to subparagraph (E) thereof)’ in subparagraph (C).CommentsClose CommentsPermalink
(c) Effective Date- The amendments made by this section shall apply to property placed in service after December 31, 2009.CommentsClose CommentsPermalink
SEC. 738. 7-YEAR RECOVERY PERIOD FOR MOTORSPORTS ENTERTAINMENT COMPLEXES.CommentsClose CommentsPermalink
(a) In General- Subparagraph (D) of section 168(i)(15) is amended by striking ‘December 31, 2009’ and inserting ‘December 31, 2011’.CommentsClose CommentsPermalink
(b) Effective Date- The amendment made by this section shall apply to property placed in service after December 31, 2009.CommentsClose CommentsPermalink
SEC. 739. ACCELERATED DEPRECIATION FOR BUSINESS PROPERTY ON AN INDIAN RESERVATION.CommentsClose CommentsPermalink
(a) In General- Paragraph (8) of section 168(j) is amended by striking ‘December 31, 2009’ and inserting ‘December 31, 2011’.CommentsClose CommentsPermalink
(b) Effective Date- The amendment made by this section shall apply to property placed in service after December 31, 2009.CommentsClose CommentsPermalink
SEC. 740. ENHANCED CHARITABLE DEDUCTION FOR CONTRIBUTIONS OF FOOD INVENTORY.CommentsClose CommentsPermalink
(a) In General- Clause (iv) of section 170(e)(3)(C) is amended by striking ‘December 31, 2009’ and inserting ‘December 31, 2011’.CommentsClose CommentsPermalink
(b) Effective Date- The amendment made by this section shall apply to contributions made after December 31, 2009.CommentsClose CommentsPermalink
SEC. 741. ENHANCED CHARITABLE DEDUCTION FOR CONTRIBUTIONS OF BOOK INVENTORIES TO PUBLIC SCHOOLS.CommentsClose CommentsPermalink
(a) In General- Clause (iv) of section 170(e)(3)(D) is amended by striking ‘December 31, 2009’ and inserting ‘December 31, 2011’.CommentsClose CommentsPermalink
(b) Effective Date- The amendment made by this section shall apply to contributions made after December 31, 2009.CommentsClose CommentsPermalink
SEC. 742. ENHANCED CHARITABLE DEDUCTION FOR CORPORATE CONTRIBUTIONS OF COMPUTER INVENTORY FOR EDUCATIONAL PURPOSES.CommentsClose CommentsPermalink
(a) In General- Subparagraph (G) of section 170(e)(6) is amended by striking ‘December 31, 2009’ and inserting ‘December 31, 2011’.CommentsClose CommentsPermalink
(b) Effective Date- The amendment made by this section shall apply to contributions made in taxable years beginning after December 31, 2009.CommentsClose CommentsPermalink
SEC. 743. ELECTION TO EXPENSE MINE SAFETY EQUIPMENT.CommentsClose CommentsPermalink
(a) In General- Subsection (g) of section 179E is amended by striking ‘December 31, 2009’ and inserting ‘December 31, 2011’.CommentsClose CommentsPermalink
(b) Effective Date- The amendment made by this section shall apply to property placed in service after December 31, 2009.CommentsClose CommentsPermalink
SEC. 744. SPECIAL EXPENSING RULES FOR CERTAIN FILM AND TELEVISION PRODUCTIONS.CommentsClose CommentsPermalink
(a) In General- Subsection (f) of section 181 is amended by striking ‘December 31, 2009’ and inserting ‘December 31, 2011’.CommentsClose CommentsPermalink
(b) Effective Date- The amendment made by this section shall apply to productions commencing after December 31, 2009.CommentsClose CommentsPermalink
SEC. 745. EXPENSING OF ENVIRONMENTAL REMEDIATION COSTS.CommentsClose CommentsPermalink
(a) In General- Subsection (h) of section 198 is amended by striking ‘December 31, 2009’ and inserting ‘December 31, 2011’.CommentsClose CommentsPermalink
(b) Effective Date- The amendment made by this section shall apply to expenditures paid or incurred after December 31, 2009.CommentsClose CommentsPermalink
SEC. 746. DEDUCTION ALLOWABLE WITH RESPECT TO INCOME ATTRIBUTABLE TO DOMESTIC PRODUCTION ACTIVITIES IN PUERTO RICO.CommentsClose CommentsPermalink
(a) In General- Subparagraph (C) of section 199(d)(8) is amended--CommentsClose CommentsPermalink
(1) by striking ‘first 4 taxable years’ and inserting ‘first 6 taxable years’; andCommentsClose CommentsPermalink
(2) by striking ‘January 1, 2010’ and inserting ‘January 1, 2012’.CommentsClose CommentsPermalink
(b) Effective Date- The amendments made by this section shall apply to taxable years beginning after December 31, 2009.CommentsClose CommentsPermalink
SEC. 747. MODIFICATION OF TAX TREATMENT OF CERTAIN PAYMENTS TO CONTROLLING EXEMPT ORGANIZATIONS.CommentsClose CommentsPermalink
(a) In General- Clause (iv) of section 512(b)(13)(E) is amended by striking ‘December 31, 2009’ and inserting ‘December 31, 2011’.CommentsClose CommentsPermalink
(b) Effective Date- The amendment made by this section shall apply to payments received or accrued after December 31, 2009.CommentsClose CommentsPermalink
SEC. 748. TREATMENT OF CERTAIN DIVIDENDS OF REGULATED INVESTMENT COMPANIES.CommentsClose CommentsPermalink
(a) In General- Paragraphs (1)(C) and (2)(C) of section 871(k) are each amended by striking ‘December 31, 2009’ and inserting ‘December 31, 2011’.CommentsClose CommentsPermalink
(b) Effective Date- The amendments made by this section shall apply to taxable years beginning after December 31, 2009.CommentsClose CommentsPermalink
SEC. 749. RIC QUALIFIED INVESTMENT ENTITY TREATMENT UNDER FIRPTA.CommentsClose CommentsPermalink
(a) In General- Clause (ii) of section 897(h)(4)(A) is amended by striking ‘December 31, 2009’ and inserting ‘December 31, 2011’.CommentsClose CommentsPermalink
(b) Effective Date-CommentsClose CommentsPermalink
(1) IN GENERAL- The amendment made by subsection (a) shall take effect on January 1, 2010. Notwithstanding the preceding sentence, such amendment shall not apply with respect to the withholding requirement under section 1445 of the Internal Revenue Code of 1986 for any payment made before the date of the enactment of this Act.CommentsClose CommentsPermalink
(2) AMOUNTS WITHHELD ON OR BEFORE DATE OF ENACTMENT- In the case of a regulated investment company--CommentsClose CommentsPermalink
(A) which makes a distribution after December 31, 2009, and before the date of the enactment of this Act; andCommentsClose CommentsPermalink
(B) which would (but for the second sentence of paragraph (1)) have been required to withhold with respect to such distribution under section 1445 of such Code,CommentsClose CommentsPermalink
such investment company shall not be liable to any person to whom such distribution was made for any amount so withheld and paid over to the Secretary of the Treasury.CommentsClose CommentsPermalink
SEC. 750. EXCEPTIONS FOR ACTIVE FINANCING INCOME.CommentsClose CommentsPermalink
(a) In General- Sections 953(e)(10) and 954(h)(9) are each amended by striking ‘January 1, 2010’ and inserting ‘January 1, 2012’.CommentsClose CommentsPermalink
(b) Conforming Amendment- Section 953(e)(10) is amended by striking ‘December 31, 2009’ and inserting ‘December 31, 2011’.CommentsClose CommentsPermalink
(c) Effective Date- The amendments made by this section shall apply to taxable years of foreign corporations beginning after December 31, 2009, and to taxable years of United States shareholders with or within which any such taxable year of such foreign corporation ends.CommentsClose CommentsPermalink
SEC. 751. LOOK-THRU TREATMENT OF PAYMENTS BETWEEN RELATED CONTROLLED FOREIGN CORPORATIONS UNDER FOREIGN PERSONAL HOLDING COMPANY RULES.CommentsClose CommentsPermalink
(a) In General- Subparagraph (C) of section 954(c)(6) is amended by striking ‘January 1, 2010’ and inserting ‘January 1, 2012’.CommentsClose CommentsPermalink
(b) Effective Date- The amendment made by this section shall apply to taxable years of foreign corporations beginning after December 31, 2009, and to taxable years of United States shareholders with or within which any such taxable year of such foreign corporation ends.CommentsClose CommentsPermalink
SEC. 752. BASIS ADJUSTMENT TO STOCK OF S CORPS MAKING CHARITABLE CONTRIBUTIONS OF PROPERTY.CommentsClose CommentsPermalink
(a) In General- Paragraph (2) of section 1367(a) is amended by striking ‘December 31, 2009’ and inserting ‘December 31, 2011’.CommentsClose CommentsPermalink
(b) Effective Date- The amendment made by this section shall apply to contributions made in taxable years beginning after December 31, 2009.CommentsClose CommentsPermalink
SEC. 753. EMPOWERMENT ZONE TAX INCENTIVES.CommentsClose CommentsPermalink
(a) In General- Section 1391 is amended--CommentsClose CommentsPermalink
(1) by striking ‘December 31, 2009’ in subsection (d)(1)(A)(i) and inserting ‘December 31, 2011’; andCommentsClose CommentsPermalink
(2) by striking the last sentence of subsection (h)(2).CommentsClose CommentsPermalink
(b) Increased Exclusion of Gain on Stock of Empowerment Zone Businesses- Subparagraph (C) of section 1202(a)(2) is amended--CommentsClose CommentsPermalink
(1) by striking ‘December 31, 2014’ and inserting ‘December 31, 2016’; andCommentsClose CommentsPermalink
(2) by striking ‘2014’ in the heading and inserting ‘2016’.CommentsClose CommentsPermalink
(c) Effective Date- The amendments Treatment of Certain Termination Dates Specified in Nominations- In the case of a designation of an empowerment zone the nomination for which included a termination date which is contemporaneous with the date specified in subparagraph (A)(i) of section 1391(d)(1) of the Internal Revenue Code of 1986 (as in effect before the enactment of this Act), subparagraph (B) of such section shall not apply with respect to such designation if, after the date of the enactment of this section, the entity which made such nomination amends the nomination to provide for a new termination date in such manner as the Secretary of the Treasury (or the Secretary’s designee) may provide.CommentsClose CommentsPermalink
(d) Effective Date- The amendments made by this section shall apply to periods after December 31, 2009.CommentsClose CommentsPermalink
SEC. 754. TAX INCENTIVES FOR INVESTMENT IN THE DISTRICT OF COLUMBIA.CommentsClose CommentsPermalink
(a) In General- Subsection (f) of section 1400 is amended by striking ‘December 31, 2009’ each place it appears and inserting ‘December 31, 2011’.CommentsClose CommentsPermalink
(b) Tax-exempt DC Empowerment Zone Bonds- Subsection (b) of section 1400A is amended by striking ‘December 31, 2009’ and inserting ‘December 31, 2011’.CommentsClose CommentsPermalink
(c) Zero-percent Capital Gains Rate-CommentsClose CommentsPermalink
(1) ACQUISITION DATE- Paragraphs (2)(A)(i), (3)(A), (4)(A)(i), and (4)(B)(i)(I) of section 1400B(b) are each amended by striking ‘January 1, 2010’ and inserting ‘January 1, 2012’.CommentsClose CommentsPermalink
(2) LIMITATION ON PERIOD OF GAINS-CommentsClose CommentsPermalink
(A) IN GENERAL- Paragraph (2) of section 1400B(e) is amended--CommentsClose CommentsPermalink
(i) by striking ‘December 31, 2014’ and inserting ‘December 31, 2016’; andCommentsClose CommentsPermalink
(ii) by striking ‘2014’ in the heading and inserting ‘2016’.CommentsClose CommentsPermalink
(B) PARTNERSHIPS AND S-CORPS- Paragraph (2) of section 1400B(g) is amended by striking ‘December 31, 2014’ and inserting ‘December 31, 2016’.CommentsClose CommentsPermalink
(d) First-time Homebuyer Credit- Subsection (i) of section 1400C is amended by striking ‘January 1, 2010’ and inserting ‘January 1, 2012’.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 periods after December 31, 2009.CommentsClose CommentsPermalink
(2) TAX-EXEMPT DC EMPOWERMENT ZONE BONDS- The amendment made by subsection (b) shall apply to bonds issued after December 31, 2009.CommentsClose CommentsPermalink
(3) ACQUISITION DATES FOR ZERO-PERCENT CAPITAL GAINS RATE- The amendments made by subsection (c) shall apply to property acquired or substantially improved after December 31, 2009.CommentsClose CommentsPermalink
(4) HOMEBUYER CREDIT- The amendment made by subsection (d) shall apply to homes purchased after December 31, 2009.CommentsClose CommentsPermalink
SEC. 755. TEMPORARY INCREASE IN LIMIT ON COVER OVER OF RUM EXCISE TAXES TO PUERTO RICO AND THE VIRGIN ISLANDS.CommentsClose CommentsPermalink
(a) In General- Paragraph (1) of section 7652(f) is amended by striking ‘January 1, 2010’ and inserting ‘January 1, 2012’.CommentsClose CommentsPermalink
(b) Effective Date- The amendment made by this section shall apply to distilled spirits brought into the United States after December 31, 2009.CommentsClose CommentsPermalink
SEC. 756. AMERICAN SAMOA ECONOMIC DEVELOPMENT CREDIT.CommentsClose CommentsPermalink
(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 4 taxable years’ and inserting ‘first 6 taxable years’, andCommentsClose CommentsPermalink
(2) by striking ‘January 1, 2010’ and inserting ‘January 1, 2012’.CommentsClose CommentsPermalink
(b) Effective Date- The amendments made by this section shall apply to taxable years beginning after December 31, 2009.CommentsClose CommentsPermalink
SEC. 757. WORK OPPORTUNITY CREDIT.CommentsClose CommentsPermalink
(a) In General- Subparagraph (B) of section 51(c)(4) is amended by striking ‘August 31, 2011’ and inserting ‘December 31, 2011’.CommentsClose CommentsPermalink
(b) Effective Date- The amendment made by this section shall apply to individuals who begin work for the employer after the date of the enactment of this Act.CommentsClose CommentsPermalink
SEC. 758. QUALIFIED ZONE ACADEMY BONDS.CommentsClose CommentsPermalink
(a) In General- Section 54E(c)(1) is amended--CommentsClose CommentsPermalink
(1) by striking ‘2008 and’ and inserting ‘2008,’, andCommentsClose CommentsPermalink
(2) by inserting ‘and $400,000,000 for 2011’ after ‘2010,’.CommentsClose CommentsPermalink
(b) Repeal of Refundable Credit for QZABs- Paragraph (3) of section 6431(f) is amended by inserting ‘determined without regard to any allocation relating to the national zone academy bond limitation for 2011 or any carryforward of such allocation’ after ‘54E)’ in subparagraph (A)(iii).CommentsClose CommentsPermalink
(c) Effective Date- The amendments made by this section shall apply to obligations issued after December 31, 2010.CommentsClose CommentsPermalink
SEC. 759. MORTGAGE INSURANCE PREMIUMS.CommentsClose CommentsPermalink
(a) In General- Clause (iv) of section 163(h)(3)(E) is amended by striking ‘December 31, 2010’ and inserting ‘December 31, 2011’.CommentsClose CommentsPermalink
(b) Effective Date- The amendment made by this section shall apply to amounts paid or accrued after December 31, 2010.CommentsClose CommentsPermalink
SEC. 760. TEMPORARY EXCLUSION OF 100 PERCENT OF GAIN ON CERTAIN SMALL BUSINESS STOCK.CommentsClose CommentsPermalink
(a) In General- Paragraph (4) of section 1202(a) is amended--CommentsClose CommentsPermalink
(1) by striking ‘January 1, 2011’ and inserting ‘January 1, 2012’, andCommentsClose CommentsPermalink
(2) by inserting ‘AND 2011’ after ‘2010’ in the heading thereof.CommentsClose CommentsPermalink
(b) Effective Date- The amendments made by this section shall apply to stock acquired after December 31, 2010.CommentsClose CommentsPermalink
Subtitle D--Temporary Disaster Relief ProvisionsCommentsClose CommentsPermalink
Subtitle D--Temporary Disaster Relief ProvisionsCommentsClose CommentsPermalink
PART
Subpart A--New York Liberty Zone
SEC. 761. TAX-EXEMPT BOND FINANCING.CommentsClose CommentsPermalink
(a) In General- Subparagraph (D) of section 1400L(d)(2) is amended by striking ‘January 1, 2010’ and inserting ‘January 1, 2012’.CommentsClose CommentsPermalink
(b) Effective Date- The amendment made by this section shall apply to bonds issued after December 31, 2009.CommentsClose CommentsPermalink
Subpart B--GO Zone
SEC. 762. INCREASE IN REHABILITATION CREDIT.CommentsClose CommentsPermalink
(a) In General- Subsection (h) of section 1400N is amended by striking ‘December 31, 2009’ and inserting ‘December 31, 2011’.CommentsClose CommentsPermalink
(b) Effective Date- The amendment made by this section shall apply to amounts paid or incurred after December 31, 2009.CommentsClose CommentsPermalink
SEC. 763. LOW-INCOME HOUSING CREDIT RULES FOR BUILDINGS IN GO ZONES.CommentsClose CommentsPermalink
Section 1400N(c)(5) is amended by striking ‘January 1, 2011’ and inserting ‘January 1, 2012’.CommentsClose CommentsPermalink
SEC. 764. TAX-EXEMPT BOND FINANCING.CommentsClose CommentsPermalink
(a) In General- Paragraphs (2)(D) and (7)(C) of section 1400N(a) are each amended by striking ‘January 1, 2011’ and inserting ‘January 1, 2012’.CommentsClose CommentsPermalink
(b) Conforming Amendments- Sections 702(d)(1) and 704(a) of the Heartland Disaster Tax Relief Act of 2008 are each amended by striking ‘January 1, 2011’ each place it appears and inserting ‘January 1, 2012’.CommentsClose CommentsPermalink
SEC. 765. BONUS DEPRECIATION DEDUCTION APPLICABLE TO THE GO ZONE.CommentsClose CommentsPermalink
(a) In General- Paragraph (6) of section 1400N(d) is amended--CommentsClose CommentsPermalink
(1) by striking ‘December 31, 2010’ both places it appears in subparagraph (B) and inserting ‘December 31, 2011’, andCommentsClose CommentsPermalink
(2) by striking ‘January 1, 2010’ in the heading and the text of subparagraph (D) and inserting ‘January 1, 2012’.CommentsClose CommentsPermalink
(b) Effective Date- The amendment made by this section shall apply to property placed in service after December 31, 2009.CommentsClose CommentsPermalink
TITLE IVVIII--BUDGETARY PROVISIONSEC. 401. PAYGO COMPLIANCESCommentsClose CommentsPermalink
TITLE IVVIII--BUDGETARY PROVISIONSEC. 401. PAYGO COMPLIANCESCommentsClose CommentsPermalink
SEC. 801. DETERMINATION OF BUDGETARY EFFECTS.CommentsClose CommentsPermalink
The budgetary effects of this Act, for the purpose of complying with the Statutory Pay-As-You-Go Act of 2010, shall be determined by reference to the latest statement titled ‘Budgetary Effects of PAYGO Legislation’ for this Act, jointly submitted for printing in the Congressional Record by the Chairman of the Housen of the House and Senate Budget Committees, provided that such statement has been submitted prior to the vote on passage. Attest: Clerk. 111th CONGRESS 2d Session H.R. 4853 HOUSE AMENDMENT TO SENATE AMENDMENT
SEC. 802. EMERGENCY DESIGNATIONS.CommentsClose CommentsPermalink
(a) Statutory Paygo- This Act is designated as an emergency requirement pursuant to section 4(g) of the Statutory Pay-As-You-Go Act of 2010 (
(b) Senate- In the Senate, this Act is designated as an emergency requirement pursuant to section 403(a) of S. Con. Res. 13 (111th Congress), the concurrent resolution on the budget for fiscal year 2010.CommentsClose CommentsPermalink
(c) House of Representatives- In the House of Representatives, every provision of this Act is expressly designated as an emergency for purposes of pay-as-you-go principles except to the extent that any such provision is subject to the current policy adjustments under section 4(c) of the Statutory Pay-As-You-Go Act of 2010.CommentsClose CommentsPermalink
Speaker of the House of Representatives.CommentsClose CommentsPermalink
Vice President of the United States andCommentsClose CommentsPermalink
President of the Senate.CommentsClose CommentsPermalink
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