GRI

Tax Increase Prevention Act of 2014

Law Tax & Compliance Law
Date: 15th Nov, 2024 Source: Congress.gov Country: USA Original Source

Brief

The key takeaways from this document include the extension of certain expiring provisions and technical corrections in the Internal Revenue Code of 1986, the creation of a new tax law, and various amendments to the tax code. The document also highlights significant information, such as the modification of tax rules and regulations affecting multinational corporations and individual taxpayers, as well as changes related to multi-employer defined benefit pension plans. Furthermore, it discusses technical corrections to various tax laws, including those from 2006 to 2014. The amendments made to section 168(k)(4)(J) change the taxable year for which a credit is allowed, while other sections amend and modify rules governing corporate taxation, employee stock ownership plans (ESOPs), and pension-related transition rules.

128 STAT. 4010 PUBLIC LAW 113–295—DEC. 19, 2014
Public Law 113–295
113th Congress
An Act
To amend the Internal Revenue Code of 1986 to extend certain expiring provisions
and make technical corrections, to amend the Internal Revenue Code of 1986 to provide for the tax treatment of ABLE accounts established under State pro-grams for the care of family members with disabilities, and for other purposes.
Be it enacted by the Senate and House of Representatives of
the United States of America in Congress assembled,
DIVISION A—TAX INCREASE
PREVENTION ACT OF 2014
SECTION 1. SHORT TITLE, ETC.
(a) S HORT TITLE.—This division may be cited as the ‘‘Tax
Increase Prevention Act of 2014’’.
(b) A MENDMENT OF 1986 C ODE.—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.
(c) T
ABLE OF CONTENTS .—The table of contents for this Act
is as follows:
DIVISION A—TAX INCREASE PREVENTION ACT OF 2014
Sec. 1. Short title, etc.
TITLE I—CERTAIN EXPIRING PROVISIONS
Subtitle A—Individual Tax Extenders
Sec. 101. Extension of deduction for certain expenses of elementary and secondary
school teachers.
Sec. 102. Extension of exclusion from gross income of discharge of qualified prin-
cipal residence indebtedness.
Sec. 103. Extension of parity for employer-provided mass transit and parking bene-
fits.
Sec. 104. Extension of mortgage insurance premiums treated as qualified residence
interest.
Sec. 105. Extension of deduction of State and local general sales taxes. Sec. 106. Extension of special rule for contributions of capital gain real property
made for conservation purposes.
Sec. 107. Extension of above-the-line deduction for qualified tuition and related ex-
penses.
Sec. 108. Extension of tax-free distributions from individual retirement plans for
charitable purposes.
Subtitle B—Business Tax Extenders
Sec. 111. Extension of research credit.
Sec. 112. Extension of temporary minimum low-income housing tax credit rate for
non-federally subsidized buildings.
Sec. 113. Extension of military housing allowance exclusion for determining wheth-
er a tenant in certain counties is low-income. 26 USC 1 note. Tax Increase
Prevention Act of 2014. Dec. 19, 2014
[H.R. 5771]
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Sec. 114. Extension of Indian employment tax credit.
Sec. 115. Extension of new markets tax credit. Sec. 116. Extension of railroad track maintenance credit. Sec. 117. Extension of mine rescue team training credit. Sec. 118. Extension of employer wage credit for employees who are active duty
members of the uniformed services.
Sec. 119. Extension of work opportunity tax credit. Sec. 120. Extension of qualified zone academy bonds. Sec. 121. Extension of classification of certain race horses as 3-year property. Sec. 122. Extension of 15-year straight-line cost recovery for qualified leasehold im-
provements, qualified restaurant buildings and improvements, and qualified retail improvements.
Sec. 123. Extension of 7-year recovery period for motorsports entertainment com-
plexes.
Sec. 124. Extension of accelerated depreciation for business property on an Indian
reservation.
Sec. 125. Extension of bonus depreciation. Sec. 126. Extension of enhanced charitable deduction for contributions of food in-
ventory.
Sec. 127. Extension of increased expensing limitations and treatment of certain
real property as section 179 property.
Sec. 128. Extension of election to expense mine safety equipment. Sec. 129. Extension of special expensing rules for certain film and television pro-
ductions.
Sec. 130. Extension of deduction allowable with respect to income attributable to
domestic production activities in Puerto Rico.
Sec. 131. Extension of modification of tax treatment of certain payments to control-
ling exempt organizations.
Sec. 132. Extension of treatment of certain dividends of regulated investment com-
panies.
Sec. 133. Extension of RIC qualified investment entity treatment under FIRPTA. Sec. 134. Extension of subpart F exception for active financing income. Sec. 135. Extension of look-thru treatment of payments between related controlled
foreign corporations under foreign personal holding company rules.
Sec. 136. Extension of temporary exclusion of 100 percent of gain on certain small
business stock.
Sec. 137. Extension of basis adjustment to stock of S corporations making chari-
table contributions of property.
Sec. 138. Extension of reduction in S-corporation recognition period for built-in
gains tax.
Sec. 139. Extension of empowerment zone tax incentives. Sec. 140. Extension of temporary increase in limit on cover over of rum excise taxes
to Puerto Rico and the Virgin Islands.
Sec. 141. Extension of American Samoa economic development credit.
Subtitle C—Energy Tax Extenders
Sec. 151. Extension of credit for nonbusiness energy property.
Sec. 152. Extension of second generation biofuel producer credit. Sec. 153. Extension of incentives for biodiesel and renewable diesel. Sec. 154. Extension of production credit for Indian coal facilities placed in service
before 2009.
Sec. 155. Extension of credits with respect to facilities producing energy from cer-
tain renewable resources.
Sec. 156. Extension of credit for energy-efficient new homes. Sec. 157. Extension of special allowance for second generation biofuel plant prop-
erty.
Sec. 158. Extension of energy efficient commercial buildings deduction. Sec. 159. Extension of special rule for sales or dispositions to implement FERC or
State electric restructuring policy for qualified electric utilities.
Sec. 160. Extension of excise tax credits relating to certain fuels. Sec. 161. Extension of credit for alternative fuel vehicle refueling property.
Subtitle D—Extenders Relating to Multiemployer Defined Benefit Pension Plans
Sec. 171. Extension of automatic extension of amortization periods.
Sec. 172. Extension of shortfall funding method and endangered and critical rules.
TITLE II—TECHNICAL CORRECTIONS
Sec. 201. Short title.
Sec. 202. Amendments relating to American Taxpayer Relief Act of 2012. Sec. 203. Amendment relating to Middle Class Tax Relief and Job Creation Act of
2012.
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Sec. 204. Amendment relating to FAA Modernization and Reform Act of 2012.
Sec. 205. Amendments relating to Regulated Investment Company Modernization
Act of 2010.
Sec. 206. Amendments relating to Tax Relief, Unemployment Insurance Reauthor-
ization, and Job Creation Act of 2010.
Sec. 207. Amendments relating to Creating Small Business Jobs Act of 2010. Sec. 208. Clerical amendment relating to Hiring Incentives to Restore Employment
Act.
Sec. 209. Amendments relating to American Recovery and Reinvestment Tax Act of
2009.
Sec. 210. Amendments relating to Energy Improvement and Extension Act of 2008. Sec. 211. Amendments relating to Tax Extenders and Alternative Minimum Tax
Relief Act of 2008.
Sec. 212. Clerical amendments relating to Housing Assistance Tax Act of 2008. Sec. 213. Amendments and provision relating to Heroes Earnings Assistance and
Relief Tax Act of 2008.
Sec. 214. Amendments relating to Economic Stimulus Act of 2008. Sec. 215. Amendments relating to Tax Technical Corrections Act of 2007. Sec. 216. Amendment relating to Tax Relief and Health Care Act of 2006. Sec. 217. Amendment relating to Safe, Accountable, Flexible, Efficient Transpor-
tation Equity Act of 2005: A Legacy for Users.
Sec. 218. Amendments relating to Energy Tax Incentives Act of 2005. Sec. 219. Amendments relating to American Jobs Creation Act of 2004. Sec. 220. Other clerical corrections. Sec. 221. Deadwood provisions.
TITLE III—JOINT COMMITTEE ON TAXATION
Sec. 301. Increased refund and credit threshold for Joint Committee on Taxation
review of C corporation return.
TITLE IV—BUDGETARY EFFECTS
Sec. 401. Budgetary effects.
DIVISION B—ACHIEVING A BETTER LIFE EXPERIENCE ACT OF 2014
Sec. 1. Short title; etc.
TITLE I—QUALIFIED ABLE PROGRAMS
Sec. 101. Purposes.
Sec. 102. Qualified ABLE programs.
Sec. 103. Treatment of ABLE accounts under certain Federal programs. Sec. 104. Treatment of ABLE accounts in bankruptcy. Sec. 105. Investment direction rule for 529 plans.
TITLE II—OFFSETS
Sec. 201. Correction to workers compensation offset age.
Sec. 202. Accelerated application of relative value targets for misvalued services in
the Medicare physician fee schedule.
Sec. 203. Consistent treatment of vacuum erection systems in Medicare Parts B
and D.
Sec. 204. One-year delay of implementation of oral-only policy under Medicare
ESRD prospective payment system.
Sec. 205. Modification relating to Inland Waterways Trust Fund financing rate. Sec. 206. Certified professional employer organizations. Sec. 207. Exclusion of dividends from controlled foreign corporations from the defi-
nition of personal holding company income for purposes of the personal holding company rules.
Sec. 208. Inflation adjustment for certain civil penalties under the Internal Rev-
enue Code of 1986.
Sec. 209. Increase in continuous levy.
TITLE I—CERTAIN EXPIRING
PROVISIONS
Subtitle A—Individual Tax Extenders
SEC. 101. EXTENSION OF DEDUCTION FOR CERTAIN EXPENSES OF
ELEMENTARY AND SECONDARY SCHOOL TEACHERS.
(a) I NGENERAL .—Subparagraph (D) of section 62(a)(2) is
amended by striking ‘‘or 2013’’ and inserting ‘‘2013, or 2014’’. 26 USC 62.
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(b) E FFECTIVE DATE.—The amendment made by this section
shall apply to taxable years beginning after December 31, 2013.
SEC. 102. EXTENSION OF EXCLUSION FROM GROSS INCOME OF DIS-
CHARGE OF QUALIFIED PRINCIPAL RESIDENCE INDEBT-EDNESS.
(a) I NGENERAL .—Subparagraph (E) of section 108(a)(1) is
amended by striking ‘‘January 1, 2014’’ and inserting ‘‘January 1, 2015’’.
(b) E
FFECTIVE DATE.—The amendment made by this section
shall apply to indebtedness discharged after December 31, 2013.
SEC. 103. EXTENSION OF PARITY FOR EMPLOYER-PROVIDED MASS
TRANSIT AND PARKING BENEFITS.
(a) I NGENERAL .—Paragraph (2) of section 132(f) is amended
by striking ‘‘January 1, 2014’’ and inserting ‘‘January 1, 2015’’.
(b) E FFECTIVE DATE.—The amendment made by this section
shall apply to months after December 31, 2013.
SEC. 104. EXTENSION OF MORTGAGE INSURANCE PREMIUMS TREATED
AS QUALIFIED RESIDENCE INTEREST.
(a) I NGENERAL .—Subclause (I) of section 163(h)(3)(E)(iv) is
amended by striking ‘‘December 31, 2013’’ and inserting ‘‘December 31, 2014’’.
(b) E
FFECTIVE DATE.—The amendment made by this section
shall apply to amounts paid or accrued after December 31, 2013.
SEC. 105. EXTENSION OF DEDUCTION OF STATE AND LOCAL GENERAL
SALES TAXES.
(a) I NGENERAL .—Subparagraph (I) of section 164(b)(5) is
amended by striking ‘‘January 1, 2014’’ and inserting ‘‘January 1, 2015’’.
(b) E
FFECTIVE DATE.—The amendment made by this section
shall apply to taxable years beginning after December 31, 2013.
SEC. 106. EXTENSION OF SPECIAL RULE FOR CONTRIBUTIONS OF CAP-
ITAL GAIN REAL PROPERTY MADE FOR CONSERVATION PURPOSES.
(a) I NGENERAL .—Clause (vi) of section 170(b)(1)(E) is amended
by striking ‘‘December 31, 2013’’ and inserting ‘‘December 31, 2014’’.
(b) C ONTRIBUTIONS BY CERTAIN CORPORATE FARMERS AND
RANCHERS .—Clause (iii) of section 170(b)(2)(B) is amended by
striking ‘‘December 31, 2013’’ and inserting ‘‘December 31, 2014’’.
(c) E FFECTIVE DATE.—The amendments made by this section
shall apply to contributions made in taxable years beginning after December 31, 2013.
SEC. 107. EXTENSION OF ABOVE-THE-LINE DEDUCTION FOR QUALI-
FIED TUITION AND RELATED EXPENSES.
(a) I NGENERAL .—Subsection (e) of section 222 is amended
by striking ‘‘December 31, 2013’’ and inserting ‘‘December 31, 2014’’.
(b) E FFECTIVE DATE.—The amendment made by this section
shall apply to taxable years beginning after December 31, 2013.
SEC. 108. EXTENSION OF TAX-FREE DISTRIBUTIONS FROM INDIVIDUAL
RETIREMENT PLANS FOR CHARITABLE PURPOSES.
(a) I NGENERAL .—Subparagraph (F) of section 408(d)(8) is
amended by striking ‘‘December 31, 2013’’ and inserting ‘‘December 31, 2014’’. 26 USC 222 note. 26 USC 170 note. 26 USC 164 note. 26 USC 163 note. 26 USC 132 note. 26 USC 108 note. 26 USC 108. 26 USC 62 note.
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(b) E FFECTIVE DATE.—The amendment made by this section
shall apply to distributions made in taxable years beginning after December 31, 2013.
Subtitle B—Business Tax Extenders
SEC. 111. EXTENSION OF RESEARCH CREDIT.
(a) I NGENERAL .—Paragraph (1) of section 41(h) is amended
by striking ‘‘paid or incurred’’ and all that follows and inserting ‘‘paid or incurred after December 31, 2014.’’.
(b) C
ONFORMING AMENDMENT .—Subparagraph (D) of section
45C(b)(1) is amended to read as follows:
‘‘(D) S PECIAL RULE .—If section 41 is not in effect for
any period, such section shall be deemed to remain in effect for such period for purposes of this paragraph.’’.
(c) E
FFECTIVE DATE.—The amendments made by this section
shall apply to amounts paid or incurred after December 31, 2013.
SEC. 112. EXTENSION OF TEMPORARY MINIMUM LOW-INCOME
HOUSING TAX CREDIT RATE FOR NON-FEDERALLY SUB-SIDIZED BUILDINGS.
(a) I NGENERAL .—Subparagraph (A) of section 42(b)(2) is
amended by striking ‘‘January 1, 2014’’ and inserting ‘‘January 1, 2015’’.
(b) E
FFECTIVE DATE.—The amendment made by this section
shall take effect on January 1, 2014.
SEC. 113. EXTENSION OF MILITARY HOUSING ALLOWANCE EXCLUSION
FOR DETERMINING WHETHER A TENANT IN CERTAIN COUNTIES IS LOW-INCOME.
(a) I NGENERAL .—Subsection (b) of section 3005 of the Housing
Assistance Tax Act of 2008 is amended by striking ‘‘January 1, 2014’’ each place it appears and inserting ‘‘January 1, 2015’’.
(b) E
FFECTIVE DATE.—The amendment made by this section
shall take effect as if included in the enactment of section 3005 of the Housing Assistance Tax Act of 2008.
SEC. 114. EXTENSION OF INDIAN EMPLOYMENT TAX CREDIT.
(a) I NGENERAL .—Subsection (f) of section 45A is amended
by striking ‘‘December 31, 2013’’ and inserting ‘‘December 31, 2014’’.
(b) E FFECTIVE DATE.—The amendment made by this section
shall apply to taxable years beginning after December 31, 2013.
SEC. 115. EXTENSION OF NEW MARKETS TAX CREDIT.
(a) I NGENERAL .—Subparagraph (G) of section 45D(f)(1) is
amended by striking ‘‘and 2013’’ and inserting ‘‘2013, and 2014’’.
(b) C ARRYOVER OF UNUSED LIMITATION .—Paragraph (3) of sec-
tion 45D(f) is amended by striking ‘‘2018’’ and inserting ‘‘2019’’.
(c) E FFECTIVE DATE.—The amendments made by this section
shall apply to calendar years beginning after December 31, 2013.
SEC. 116. EXTENSION OF RAILROAD TRACK MAINTENANCE CREDIT.
(a) I NGENERAL .—Subsection (f) of section 45G is amended
by striking ‘‘January 1, 2014’’ and inserting ‘‘January 1, 2015’’.
(b) E FFECTIVE DATE.—The amendment made by this section
shall apply to expenditures paid or incurred in taxable years begin-ning after December 31, 2013. 26 USC 45G note. 26 USC 45D
note. 26 USC 142 note. 26 USC 142 note. 26 USC 42 note. 26 USC 41 note. 26 USC 41. 26 USC 408 note.
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SEC. 117. EXTENSION OF MINE RESCUE TEAM TRAINING CREDIT.
(a) I NGENERAL .—Subsection (e) of section 45N is amended
by striking ‘‘December 31, 2013’’ and inserting ‘‘December 31, 2014’’.
(b) E FFECTIVE DATE.—The amendment made by this section
shall apply to taxable years beginning after December 31, 2013.
SEC. 118. EXTENSION OF EMPLOYER WAGE CREDIT FOR EMPLOYEES
WHO ARE ACTIVE DUTY MEMBERS OF THE UNIFORMED SERVICES.
(a) I NGENERAL .—Subsection (f) of section 45P is amended
by striking ‘‘December 31, 2013’’ and inserting ‘‘December 31, 2014’’.
(b) E FFECTIVE DATE.—The amendment made by this section
shall apply to payments made after December 31, 2013.
SEC. 119. EXTENSION OF WORK OPPORTUNITY TAX CREDIT.
(a) I NGENERAL .—Paragraph (4) of section 51(c) is amended
by striking ‘‘for the employer’’ and all that follows and inserting ‘‘for the employer after December 31, 2014’’.
(b) E
FFECTIVE DATE.—The amendment made by this section
shall apply to individuals who begin work for the employer after December 31, 2013.
SEC. 120. EXTENSION OF QUALIFIED ZONE ACADEMY BONDS.
(a) E XTENSION .—Paragraph (1) of section 54E(c) is amended
by striking ‘‘and 2013’’ and inserting ‘‘2013, and 2014’’.
(b) E FFECTIVE DATE.—The amendment made by this section
shall apply to obligations issued after December 31, 2013.
SEC. 121. EXTENSION OF CLASSIFICATION OF CERTAIN RACE HORSES
AS 3-YEAR PROPERTY.
(a) I NGENERAL .—Clause (i) of section 168(e)(3)(A) is amended—
(1) by striking ‘‘January 1, 2014’’ in subclause (I) and
inserting ‘‘January 1, 2015’’, and
(2) by striking ‘‘December 31, 2013’’ in subclause (II) and
inserting ‘‘December 31, 2014’’. (b) E
FFECTIVE DATE.—The amendments made by this section
shall apply to property placed in service after December 31, 2013.
SEC. 122. EXTENSION OF 15-YEAR STRAIGHT-LINE COST RECOVERY
FOR QUALIFIED LEASEHOLD IMPROVEMENTS, QUALIFIED RESTAURANT BUILDINGS AND IMPROVEMENTS, AND QUALIFIED RETAIL IMPROVEMENTS.
(a) I NGENERAL .—Clauses (iv), (v), and (ix) of section
168(e)(3)(E) are each amended by striking ‘‘January 1, 2014’’ and inserting ‘‘January 1, 2015’’.
(b) E
FFECTIVE DATE.—The amendments made by this section
shall apply to property placed in service after December 31, 2013.
SEC. 123. EXTENSION OF 7-YEAR RECOVERY PERIOD FOR MOTOR-
SPORTS ENTERTAINMENT COMPLEXES.
(a) I NGENERAL .—Subparagraph (D) of section 168(i)(15) is
amended by striking ‘‘December 31, 2013’’ and inserting ‘‘December 31, 2014’’.
(b) E
FFECTIVE DATE.—The amendment made by this section
shall apply to property placed in service after December 31, 2013. 26 USC 168 note. 26 USC 168 note. 26 USC 168 note. 26 USC 54E note. 26 USC 51 note. 26 USC 45P. 26 USC 45N
note. 26 USC 45N.
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SEC. 124. EXTENSION OF ACCELERATED DEPRECIATION FOR BUSINESS
PROPERTY ON AN INDIAN RESERVATION.
(a) I NGENERAL .—Paragraph (8) of section 168(j) is amended
by striking ‘‘December 31, 2013’’ and inserting ‘‘December 31, 2014’’.
(b) E FFECTIVE DATE.—The amendment made by this section
shall apply to property placed in service after December 31, 2013.
SEC. 125. EXTENSION OF BONUS DEPRECIATION.
(a) I NGENERAL .—Paragraph (2) of section 168(k) is amended—
(1) by striking ‘‘January 1, 2015’’ in subparagraph (A)(iv)
and inserting ‘‘January 1, 2016’’, and
(2) by striking ‘‘January 1, 2014’’ each place it appears
and inserting ‘‘January 1, 2015’’. (b) S
PECIAL RULE FOR FEDERAL LONG-TERM CONTRACTS .—
Clause (ii) of section 460(c)(6)(B) is amended by striking ‘‘January 1, 2014 (January 1, 2015’’ and inserting ‘‘January 1, 2015 (January 1, 2016’’.
(c) E
XTENSION OF ELECTION TOACCELERATE THE AMT C REDIT
INLIEU OF BONUS DEPRECIATION .—
(1) I N GENERAL .—Subclause (II) of section 168(k)(4)(D)(iii)
is amended by striking ‘‘January 1, 2014’’ and inserting ‘‘January 1, 2015’’.
(2) R
OUND 4 EXTENSION PROPERTY .—Paragraph (4) of sec-
tion 168(k) is amended by adding at the end the following new subparagraph:
‘‘(K) S
PECIAL RULES FOR ROUND 4 EXTENSION PROP –
ERTY .—
‘‘(i) I N GENERAL .—In the case of round 4 extension
property, in applying this paragraph to any taxpayer—
‘‘(I) the limitation described in subparagraph
(B)(i) and the business credit increase amount under subparagraph (E)(iii) thereof shall not apply, and
‘‘(II) the bonus depreciation amount, maximum
amount, and maximum increase amount shall be computed separately from amounts computed with respect to eligible qualified property which is not round 4 extension property. ‘‘(ii) E
LECTION .—
‘‘(I) A taxpayer who has an election in effect
under this paragraph for round 3 extension prop-erty shall be treated as having an election in effect for round 4 extension property unless the taxpayer elects to not have this paragraph apply to round 4 extension property.
‘‘(II) A taxpayer who does not have an election
in effect under this paragraph for round 3 exten-sion property may elect to have this paragraph apply to round 4 extension property. ‘‘(iii) R
OUND 4 EXTENSION PROPERTY .—For purposes
of this subparagraph, the term ‘round 4 extension prop-erty’ means property which is eligible qualified prop-erty solely by reason of the extension of the application of the special allowance under paragraph (1) pursuant to the amendments made by section 125(a) of the Tax Increase Prevention Act of 2014 (and the application 26 USC 168 note. 26 USC 168.
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of such extension to this paragraph pursuant to the
amendment made by section 125(c) of such Act).’’.
(d) C ONFORMING AMENDMENTS .—
(1) The heading for subsection (k) of section 168 is amended
by striking ‘‘J ANUARY 1, 2014’’ and inserting ‘‘J ANUARY 1, 2015’’.
(2) The heading for clause (ii) of section 168(k)(2)(B) is
amended by striking ‘‘ PRE-JANUARY 1 , 2014’’ and inserting ‘‘ PRE-
JANUARY 1 , 2015’’.
(3) Subparagraph (C) of section 168(n)(2) is amended by
striking ‘‘January 1, 2014’’ and inserting ‘‘January 1, 2015’’.
(4) Subparagraph (D) of section 1400L(b)(2) is amended
by striking ‘‘January 1, 2014’’ and inserting ‘‘January 1, 2015’’.
(5) Subparagraph (B) of section 1400N(d)(3) is amended
by striking ‘‘January 1, 2014’’ and inserting ‘‘January 1, 2015’’. (e) E
FFECTIVE DATE.—The amendments made by this section
shall apply to property placed in service after December 31, 2013, in taxable years ending after such date.
SEC. 126. EXTENSION OF ENHANCED CHARITABLE DEDUCTION FOR
CONTRIBUTIONS OF FOOD INVENTORY.
(a) I NGENERAL .—Clause (iv) of section 170(e)(3)(C) is amended
by striking ‘‘December 31, 2013’’ and inserting ‘‘December 31, 2014’’.
(b) E FFECTIVE DATE.—The amendment made by this section
shall apply to contributions made after December 31, 2013.
SEC. 127. EXTENSION OF INCREASED EXPENSING LIMITATIONS AND
TREATMENT OF CERTAIN REAL PROPERTY AS SECTION 179 PROPERTY.
(a) I NGENERAL .—
(1) D OLLAR LIMITATION .—Section 179(b)(1) is amended—
(A) by striking ‘‘beginning in 2010, 2011, 2012, or
2013’’ in subparagraph (B) and inserting ‘‘beginning after 2009 and before 2015’’, and
(B) by striking ‘‘2013’’ in subparagraph (C) and
inserting ‘‘2014’’. (2) R
EDUCTION IN LIMITATION .—Section 179(b)(2) is
amended—
(A) by striking ‘‘beginning in 2010, 2011, 2012, or
2013’’ in subparagraph (B) and inserting ‘‘beginning after 2009 and before 2015’’, and
(B) by striking ‘‘2013’’ in subparagraph (C) and
inserting ‘‘2014’’.
(b) C
OMPUTER SOFTWARE .—Section 179(d)(1)(A)(ii) is amended
by striking ‘‘2014’’ and inserting ‘‘2015’’.
(c) E LECTION .—Section 179(c)(2) is amended by striking ‘‘2014’’
and inserting ‘‘2015’’.
(d) S PECIAL RULES FOR TREATMENT OF QUALIFIED REAL PROP-
ERTY .—
(1) I N GENERAL .—Section 179(f)(1) is amended by striking
‘‘beginning in 2010, 2011, 2012, or 2013’’ and inserting ‘‘begin-ning after 2009 and before 2015’’.
(2) C
ARRYOVER LIMITATION .—
(A) I N GENERAL .—Section 179(f)(4) is amended by
striking ‘‘2013’’ each place it appears and inserting ‘‘2014’’.
(B) C ONFORMING AMENDMENT .—The heading of
subparagraph (C) of section 179(f)(4) is amended by striking ‘‘
2011 AND 2012 ’’ and inserting ‘‘ 2011, 2012, AND 2013 ’’. 26 USC 170 note. 26 USC 168 note. 26 USC 168.
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(e) E FFECTIVE DATE.—The amendments made by this section
shall apply to taxable years beginning after December 31, 2013.
SEC. 128. EXTENSION OF ELECTION TO EXPENSE MINE SAFETY EQUIP-
MENT.
(a) I NGENERAL .—Subsection (g) of section 179E is amended
by striking ‘‘December 31, 2013’’ and inserting ‘‘December 31, 2014’’.
(b) E FFECTIVE DATE.—The amendment made by this section
shall apply to property placed in service after December 31, 2013.
SEC. 129. EXTENSION OF SPECIAL EXPENSING RULES FOR CERTAIN
FILM AND TELEVISION PRODUCTIONS.
(a) I NGENERAL .—Subsection (f) of section 181 is amended
by striking ‘‘December 31, 2013’’ and inserting ‘‘December 31, 2014’’.
(b) E FFECTIVE DATES .—The amendment made by this section
shall apply to productions commencing after December 31, 2013.
SEC. 130. EXTENSION OF DEDUCTION ALLOWABLE WITH RESPECT TO
INCOME ATTRIBUTABLE TO DOMESTIC PRODUCTION ACTIVITIES IN PUERTO RICO.
(a) I NGENERAL .—Subparagraph (C) of section 199(d)(8) is
amended—
(1) by striking ‘‘first 8 taxable years’’ and inserting ‘‘first
9 taxable years’’, and
(2) by striking ‘‘January 1, 2014’’ and inserting ‘‘January
1, 2015’’. (b) E
FFECTIVE DATE.—The amendments made by this section
shall apply to taxable years beginning after December 31, 2013.
SEC. 131. EXTENSION OF MODIFICATION OF TAX TREATMENT OF CER-
TAIN PAYMENTS TO CONTROLLING EXEMPT ORGANIZA-TIONS.
(a) I NGENERAL .—Clause (iv) of section 512(b)(13)(E) is
amended by striking ‘‘December 31, 2013’’ and inserting ‘‘December 31, 2014’’.
(b) E
FFECTIVE DATE.—The amendment made by this section
shall apply to payments received or accrued after December 31, 2013.
SEC. 132. EXTENSION OF TREATMENT OF CERTAIN DIVIDENDS OF
REGULATED INVESTMENT COMPANIES.
(a) I NGENERAL .—Paragraphs (1)(C)(v) and (2)(C)(v) of section
871(k) are each amended by striking ‘‘December 31, 2013’’ and inserting ‘‘December 31, 2014’’.
(b) E
FFECTIVE DATE.—The amendments made by this section
shall apply to taxable years beginning after December 31, 2013.
SEC. 133. EXTENSION OF RIC QUALIFIED INVESTMENT ENTITY TREAT-
MENT UNDER FIRPTA.
(a) I NGENERAL .—Clause (ii) of section 897(h)(4)(A) is amended
by striking ‘‘December 31, 2013’’ and inserting ‘‘December 31, 2014’’.
(b) E FFECTIVE DATE.—
(1) I N GENERAL .—The amendment made by this section
shall take effect on January 1, 2014. Notwithstanding the pre-ceding 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. 26 USC 897 note. 26 USC 871 note. 26 USC 512 note. 26 USC 199 note. 26 USC 181 note. 26 USC 179E
note. 26 USC 179E. 26 USC 179 note.
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(2) A MOUNTS WITHHELD ON OR BEFORE DATE OF ENACT –
MENT .—In the case of a regulated investment company—
(A) which makes a distribution after December 31,
2013, and before the date of the enactment of this Act, and
(B) which would (but for the second sentence of para-
graph (1)) have been required to withhold with respect to such distribution under section 1445 of such Code,
such investment company shall not be liable to any person to whom such distribution was made for any amount so with-held and paid over to the Secretary of the Treasury.
SEC. 134. EXTENSION OF SUBPART F EXCEPTION FOR ACTIVE
FINANCING INCOME.
(a) E XEMPT INSURANCE INCOME .—Paragraph (10) of section
953(e) is amended—
(1) by striking ‘‘January 1, 2014’’ and inserting ‘‘January
1, 2015’’, and
(2) by striking ‘‘December 31, 2013’’ and inserting
‘‘December 31, 2014’’. (b) S
PECIAL RULE FOR INCOME DERIVED IN THE ACTIVE CONDUCT
OFBANKING , FINANCING , ORSIMILAR BUSINESSES .—Paragraph (9)
of section 954(h) is amended by striking ‘‘January 1, 2014’’ and inserting ‘‘January 1, 2015’’.
(c) E
FFECTIVE DATE.—The amendments made by this section
shall apply to taxable years of foreign corporations beginning after December 31, 2013, and to taxable years of United States share-holders with or within which any such taxable year of such foreign corporation ends.
SEC. 135. EXTENSION OF LOOK-THRU TREATMENT OF PAYMENTS
BETWEEN RELATED CONTROLLED FOREIGN CORPORA-TIONS UNDER FOREIGN PERSONAL HOLDING COMPANY RULES.
(a) I NGENERAL .—Subparagraph (C) of section 954(c)(6) is
amended by striking ‘‘January 1, 2014’’ and inserting ‘‘January 1, 2015’’.
(b) E
FFECTIVE DATE.—The amendment made by this section
shall apply to taxable years of foreign corporations beginning after December 31, 2013, and to taxable years of United States share-holders with or within which such taxable years of foreign corpora-tions end.
SEC. 136. EXTENSION OF TEMPORARY EXCLUSION OF 100 PERCENT
OF GAIN ON CERTAIN SMALL BUSINESS STOCK.
(a) I NGENERAL .—Paragraph (4) of section 1202(a) is amended—
(1) by striking ‘‘January 1, 2014’’ and inserting ‘‘January
1, 2015’’, and
(2) by striking ‘‘ AND 2013 ’’ in the heading and inserting
‘‘2013, AND 2014 ’’.
(b) E FFECTIVE DATE.—The amendments made by this section
shall apply to stock acquired after December 31, 2013.
SEC. 137. EXTENSION OF BASIS ADJUSTMENT TO STOCK OF S COR-
PORATIONS MAKING CHARITABLE CONTRIBUTIONS OF PROPERTY.
(a) I NGENERAL .—Paragraph (2) of section 1367(a) is amended
by striking ‘‘December 31, 2013’’ and inserting ‘‘December 31, 2014’’. 26 USC 1202 note. 26 USC 954 note. 26 USC 953 note. 26 USC 953.
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(b) E FFECTIVE DATE.—The amendment made by this section
shall apply to contributions made in taxable years beginning after December 31, 2013.
SEC. 138. EXTENSION OF REDUCTION IN S-CORPORATION RECOGNI-
TION PERIOD FOR BUILT-IN GAINS TAX.
(a) I NGENERAL .—Subparagraph (C) of section 1374(d)(7) is
amended—
(1) by striking ‘‘2012 or 2013’’ and inserting ‘‘2012, 2013,
or 2014’’, and
(2) by striking ‘‘ 2012 AND 2013 ’’ in the heading and inserting
‘‘2012, 2013, AND 2014 ’’.
(b) E FFECTIVE DATE.—The amendments made by this section
shall apply to taxable years beginning after December 31, 2013.
SEC. 139. EXTENSION OF EMPOWERMENT ZONE TAX INCENTIVES.
(a) I NGENERAL .—Clause (i) of section 1391(d)(1)(A) is amended
by striking ‘‘December 31, 2013’’ and inserting ‘‘December 31, 2014’’.
(b) T REATMENT 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.
(c) E
FFECTIVE DATES .—The amendment made by this section
shall apply to periods after December 31, 2013.
SEC. 140. EXTENSION OF TEMPORARY INCREASE IN LIMIT ON COVER
OVER OF RUM EXCISE TAXES TO PUERTO RICO AND THE VIRGIN ISLANDS.
(a) I NGENERAL .—Paragraph (1) of section 7652(f) is amended
by striking ‘‘January 1, 2014’’ and inserting ‘‘January 1, 2015’’.
(b) E FFECTIVE DATE.—The amendment made by this section
shall apply to distilled spirits brought into the United States after December 31, 2013.
SEC. 141. EXTENSION OF AMERICAN SAMOA ECONOMIC DEVELOPMENT
CREDIT.
(a) I NGENERAL .—Subsection (d) of section 119 of division A
of the Tax Relief and Health Care Act of 2006 is amended—
(1) by striking ‘‘January 1, 2014’’ each place it appears
and inserting ‘‘January 1, 2015’’,
(2) by striking ‘‘first 8 taxable years’’ in paragraph (1)
and inserting ‘‘first 9 taxable years’’, and
(3) by striking ‘‘first 2 taxable years’’ in paragraph (2)
and inserting ‘‘first 3 taxable years’’. (b) E
FFECTIVE DATE.—The amendments made by this section
shall apply to taxable years beginning after December 31, 2013. 26 USC 30A note. 26 USC 30A note. 26 USC 7652
note. 26 USC 1391
note. 26 USC 1391
note. 26 USC 1367
note. 26 USC 1374. 26 USC 1367
note.
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Subtitle C—Energy Tax Extenders
SEC. 151. EXTENSION OF CREDIT FOR NONBUSINESS ENERGY PROP-
ERTY.
(a) I NGENERAL .—Paragraph (2) of section 25C(g) is amended
by striking ‘‘December 31, 2013’’ and inserting ‘‘December 31, 2014’’.
(b) E FFECTIVE DATE.—The amendment made by this section
shall apply to property placed in service after December 31, 2013.
SEC. 152. EXTENSION OF SECOND GENERATION BIOFUEL PRODUCER
CREDIT.
(a) I NGENERAL .—Clause (i) of section 40(b)(6)(J) is amended
by striking ‘‘January 1, 2014’’ and inserting ‘‘January 1, 2015’’.
(b) E FFECTIVE DATE.—The amendment made by this section
shall apply to qualified second generation biofuel production after December 31, 2013.
SEC. 153. EXTENSION OF INCENTIVES FOR BIODIESEL AND RENEW-
ABLE DIESEL.
(a) C REDITS FOR BIODIESEL AND RENEWABLE DIESEL USED AS
FUEL.—Subsection (g) of section 40A is amended by striking
‘‘December 31, 2013’’ and inserting ‘‘December 31, 2014’’.
(b) E FFECTIVE DATE.—The amendment made by this section
shall apply to fuel sold or used after December 31, 2013.
SEC. 154. EXTENSION OF PRODUCTION CREDIT FOR INDIAN COAL
FACILITIES PLACED IN SERVICE BEFORE 2009.
(a) I NGENERAL .—Subparagraph (A) of section 45(e)(10) is
amended by striking ‘‘8-year period’’ each place it appears and inserting ‘‘9-year period’’.
(b) E
FFECTIVE DATE.—The amendment made by this section
shall apply to coal produced after December 31, 2013.
SEC. 155. EXTENSION OF CREDITS WITH RESPECT TO FACILITIES PRO-
DUCING ENERGY FROM CERTAIN RENEWABLE RESOURCES.
(a) I NGENERAL .—The following provisions of section 45(d) are
each amended by striking ‘‘January 1, 2014’’ each place it appears and inserting ‘‘January 1, 2015’’:
(1) Paragraph (1). (2) Paragraph (2)(A). (3) Paragraph (3)(A). (4) Paragraph (4)(B). (5) Paragraph (6). (6) Paragraph (7). (7) Paragraph (9). (8) Paragraph (11)(B).
(b) E
XTENSION OF ELECTION TO TREAT QUALIFIED FACILITIES
ASENERGY PROPERTY .—Clause (ii) of section 48(a)(5)(C) is amended
by striking ‘‘January 1, 2014’’ and inserting ‘‘January 1, 2015’’.
(c) E FFECTIVE DATES .—The amendments made by this section
shall take effect on January 1, 2014.
SEC. 156. EXTENSION OF CREDIT FOR ENERGY-EFFICIENT NEW HOMES.
(a) I NGENERAL .—Subsection (g) of section 45L is amended
by striking ‘‘December 31, 2013’’ and inserting ‘‘December 31, 2014’’. 26 USC 48 note. 26 USC 45 note. 26 USC 40A note. 26 USC 40 note. 26 USC 25C note. 26 USC 25C.
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(b) E FFECTIVE DATE.—The amendment made by this section
shall apply to homes acquired after December 31, 2013.
SEC. 157. EXTENSION OF SPECIAL ALLOWANCE FOR SECOND GENERA-
TION BIOFUEL PLANT PROPERTY.
(a) I NGENERAL .—Subparagraph (D) of section 168(l)(2) is
amended by striking ‘‘January 1, 2014’’ and inserting ‘‘January 1, 2015’’.
(b) E
FFECTIVE DATE.—The amendment made by this section
shall apply to property placed in service after December 31, 2013.
SEC. 158. EXTENSION OF ENERGY EFFICIENT COMMERCIAL BUILDINGS
DEDUCTION.
(a) I NGENERAL .—Subsection (h) of section 179D is amended
by striking ‘‘December 31, 2013’’ and inserting ‘‘December 31, 2014’’.
(b) E FFECTIVE DATE.—The amendment made by this section
shall apply to property placed in service after December 31, 2013.
SEC. 159. EXTENSION OF SPECIAL RULE FOR SALES OR DISPOSITIONS
TO IMPLEMENT FERC OR STATE ELECTRIC RESTRUC-TURING POLICY FOR QUALIFIED ELECTRIC UTILITIES.
(a) I NGENERAL .—Paragraph (3) of section 451(i) is amended
by striking ‘‘January 1, 2014’’ and inserting ‘‘January 1, 2015’’.
(b) E FFECTIVE DATE.—The amendment made by this section
shall apply to dispositions after December 31, 2013.
SEC. 160. EXTENSION OF EXCISE TAX CREDITS RELATING TO CERTAIN
FUELS.
(a) E XCISE TAXCREDITS AND OUTLAY PAYMENTS FOR BIODIESEL
AND RENEWABLE DIESEL FUELMIXTURES .—
(1) Paragraph (6) of section 6426(c) is amended by striking
‘‘December 31, 2013’’ and inserting ‘‘December 31, 2014’’.
(2) Subparagraph (B) of section 6427(e)(6) is amended by
striking ‘‘December 31, 2013’’ and inserting ‘‘December 31, 2014’’. (b) E
XTENSION OF ALTERNATIVE FUELS EXCISE TAXCREDITS .—
(1) I N GENERAL .—Sections 6426(d)(5) and 6426(e)(3) are
each amended by striking ‘‘December 31, 2013’’ and inserting ‘‘December 31, 2014’’.
(2) O
UTLAY PAYMENTS FOR ALTERNATIVE FUELS .—Subpara-
graph (C) of section 6427(e)(6) is amended by striking ‘‘December 31, 2013’’ and inserting ‘‘December 31, 2014’’. (c) E
XTENSION OF ALTERNATIVE FUELS EXCISE TAXCREDITS
RELATING TO LIQUEFIED HYDROGEN .—
(1) I N GENERAL .—Sections 6426(d)(5) and 6426(e)(3), as
amended by subsection (b), are each amended by striking ‘‘(Sep-tember 30, 2014 in the case of any sale or use involving liquefied hydrogen)’’.
(2) O
UTLAY PAYMENTS FOR ALTERNATIVE FUELS .—Paragraph
(6) of section 6427(e) is amended—
(A) by striking ‘‘except as provided in subparagraph
(D), any’’ in subparagraph (C), as amended by this Act, and inserting ‘‘any’’,
(B) by striking the comma at the end of subparagraph
(C) and inserting ‘‘, and’’, and
(C) by striking subparagraph (D) and redesignating
subparagraph (E) as subparagraph (D).
(d) E
FFECTIVE DATES .— 26 USC 6426 note. 26 USC 451 note. 26 USC 179D
note. 26 USC 168 note. 26 USC 168. 26 USC 45L note.
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(1) I N GENERAL .—Except as provided in paragraph (2), the
amendments made by this section shall apply to fuel sold or used after December 31, 2013.
(2) L
IQUEFIED HYDROGEN .—The amendments made by sub-
section (c) shall apply to fuel sold or used after September 30, 2014. (e) S
PECIAL RULE FOR CERTAIN PERIODS DURING 2014.—Not-
withstanding any other provision of law, in the case of—
(1) any biodiesel mixture credit properly determined under
section 6426(c) of the Internal Revenue Code of 1986 for periods after December 31, 2013, and before the date of the enactment of this Act, and
(2) any alternative fuel credit properly determined under
section 6426(d) of such Code for such periods,
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 described in the preceding sentence. 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.
SEC. 161. EXTENSION OF CREDIT FOR ALTERNATIVE FUEL VEHICLE
REFUELING PROPERTY.
(a) I NGENERAL .—Subsection (g) of section 30C is amended
by striking ‘‘placed in service’’ and all that follows and inserting ‘‘placed in service after December 31, 2014.’’.
(b) E
FFECTIVE DATE.—The amendment made by this section
shall apply to property placed in service after December 31, 2013.
Subtitle D—Extenders Relating to Multi-
employer Defined Benefit Pension Plans
SEC. 171. EXTENSION OF AUTOMATIC EXTENSION OF AMORTIZATION
PERIODS.
(a) I NGENERAL .—Subparagraph (C) of section 431(d)(1) is
amended by striking ‘‘December 31, 2014’’ and inserting ‘‘December 31, 2015’’.
(b) A
MENDMENT TO EMPLOYEE RETIREMENT INCOME SECURITY
ACT OF 1974.—Subparagraph (C) of section 304(d)(1) of the
Employee Retirement Income Security Act of 1974 (29 U.S.C. 1084(d)(1)(C)) is amended by striking ‘‘December 31, 2014’’ and inserting ‘‘December 31, 2015’’.
(c) E
FFECTIVE DATE.—The amendments made by this section
shall apply to applications submitted under section 431(d)(1)(A) of the Internal Revenue Code of 1986 and section 304(d)(1)(C) 26 USC 431 note. 26 USC 30C note. 26 USC 30C. Guidance. Deadlines.
Claims. 26 USC 6426
note.
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of the Employee Retirement Income Security Act of 1974 after
December 31, 2014.
SEC. 172. EXTENSION OF SHORTFALL FUNDING METHOD AND ENDAN-
GERED AND CRITICAL RULES.
(a) I NGENERAL .—Paragraphs (1) and (2) of section 221(c) of
the Pension Protection Act of 2006 are each amended by striking ‘‘December 31, 2014’’ and inserting ‘‘December 31, 2015’’.
(b) C
ONFORMING AMENDMENT .—Paragraph (2) of section 221(c)
of the Pension Protection Act of 2006 is amended by striking ‘‘January 1, 2015’’ and inserting ‘‘January 1, 2016’’.
(c) E
FFECTIVE DATE.—The amendments made by this section
shall apply to plan years beginning after December 31, 2014.
TITLE II—TECHNICAL CORRECTIONS
SEC. 201. SHORT TITLE.
This title may be cited as the ‘‘Tax Technical Corrections Act
of 2014’’.
SEC. 202. AMENDMENTS RELATING TO AMERICAN TAXPAYER RELIEF
ACT OF 2012.
(a) A MENDMENT RELATING TO SECTION 101(b).—Subclause (I)
of section 642(b)(2)(C)(i) is amended by striking ‘‘section 151(d)(3)(C)(iii)’’ and inserting ‘‘section 68(b)(1)(C)’’.
(b) A
MENDMENT RELATING TO SECTION 102.—Clause (ii) of sec-
tion 911(f)(2)(B) is amended by striking ‘‘described in section 1(h)(1)(B) shall be treated as a reference to such excess as deter-mined’’ and inserting ‘‘described in section 1(h)(1)(B), and the ref-erence in section 55(b)(3)(C)(ii) to the excess described in section 1(h)(1)(C)(ii), shall each be treated as a reference to each such excess as determined’’.
(c) A
MENDMENTS RELATING TO SECTION 104.—
(1) Clause (ii) of section 55(d)(4)(B) is amended by inserting
‘‘subparagraphs (A), (B), and (D) of’’ before ‘‘paragraph (1)’’.
(2) Subparagraph (C) of section 55(d)(4) is amended by
striking ‘‘increase’’ and inserting ‘‘increased amount’’. (d) A
MENDMENTS RELATING TO SECTION 310.—Clause (iii) of
section 6431(f)(3)(A) is amended—
(1) by striking ‘‘2011’’ and inserting ‘‘years after 2010’’,
and
(2) by striking ‘‘of such allocation’’ and inserting ‘‘of any
such allocation’’. (e) A
MENDMENT RELATING TO SECTION 331.—Clause (iii) of
section 168(k)(4)(J) is amended by striking ‘‘any taxable year’’ and inserting ‘‘its first taxable year’’.
(f) E
FFECTIVE DATE.—The amendments made by this section
shall take effect as if included in the provision of the American Taxpayer Relief Act of 2012 to which they relate.
SEC. 203. AMENDMENT RELATING TO MIDDLE CLASS TAX RELIEF AND
JOB CREATION ACT OF 2012.
(a) A MENDMENT RELATING TO SECTION 7001.—Paragraph (1)
of section 7001 of the Middle Class Tax Relief and Job Creation Act of 2012 is amended by striking ‘‘201(b)’’ and inserting ‘‘202(b)’’.
26 USC 6655 note. 26 USC 55 note. 26 USC 642. 26 USC 1 note. Tax Technical
Corrections Act of 2014. 26 USC 412 note. 26 USC 412 note.
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(b) E FFECTIVE DATE.—The amendment made by subsection (a)
shall take effect as if included in section 7001 of the Middle Class Tax Relief and Job Creation Act of 2012.
SEC. 204. AMENDMENT RELATING TO FAA MODERNIZATION AND
REFORM ACT OF 2012.
(a) A MENDMENT RELATING TO SECTION 1107.—Section 4281 is
amended to read as follows:
‘‘SEC. 4281. SMALL AIRCRAFT ON NONESTABLISHED LINES.
‘‘(a) I NGENERAL .—The taxes imposed by sections 4261 and
4271 shall not apply to transportation by an aircraft having a maximum certificated takeoff weight of 6,000 pounds or less, except when such aircraft is operated on an established line or when such aircraft is a jet aircraft.
‘‘(b) M
AXIMUM CERTIFICATED TAKEOFF WEIGHT .—For purposes
of this section, the term ‘maximum certificated takeoff weight’ means the maximum such weight contained in the type certificate or airworthiness certificate.
‘‘(c) S
IGHTSEEING .—For purposes of this section, an aircraft
shall not be considered as operated on an established line at any time during which such aircraft is being operated on a flight the sole purpose of which is sightseeing.
‘‘(d) J
ETAIRCRAFT .—For purposes of this section, the term
‘jet aircraft’ shall not include any aircraft which is a rotorcraft or propeller aircraft.’’.
(b) E
FFECTIVE DATE.—The amendment made by subsection (a)
shall take effect as if included in section 1107 of the FAA Moderniza-tion and Reform Act of 2012.
SEC. 205. AMENDMENTS RELATING TO REGULATED INVESTMENT COM-
PANY MODERNIZATION ACT OF 2010.
(a) A MENDMENTS RELATING TO SECTION 101.—
(1) Subsection (c) of section 101 of the Regulated Invest-
ment Company Modernization Act of 2010 is amended—
(A) by striking ‘‘paragraph (2)’’ in paragraph (1) and
inserting ‘‘paragraphs (2) and (3)’’, and
(B) by adding at the end the following new paragraph:
‘‘(3) E XCISE TAX .—
‘‘(A) I N GENERAL .—Except as provided in subparagraph
(B), for purposes of section 4982 of the Internal Revenue Code of 1986, paragraphs (1) and (2) shall apply by sub-stituting ‘the 1-year periods taken into account under sub-section (b)(1)(B) of such section with respect to calendar years beginning after December 31, 2010’ for ‘taxable years beginning after the date of the enactment of this Act’.
‘‘(B) E
LECTION .—A regulated investment company may
elect to apply subparagraph (A) by substituting ‘2011’ for ‘2010’. Such election shall be made at such time and in such form and manner as the Secretary of the Treasury (or the Secretary’s delegate) shall prescribe.’’. (2) The first sentence of paragraph (2) of section 852(c)
is amended—
(A) by striking ‘‘and without regard to’’ and inserting
‘‘, without regard to’’, and
(B) by inserting ‘‘, and without regard to any capital
loss arising on the first day of the taxable year by reason Applicability. Time periods. 26 USC 1212
note. 26 USC 4281
note. Definition. 26 USC 4281. 26 USC 6655
note.
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of clauses (ii) and (iii) of section 1212(a)(3)(A)’’ before the
period at the end.
(b) A MENDMENT RELATING TO SECTION 304.—Paragraph (1) of
section 855(a) is amended by inserting ‘‘on or’’ before ‘‘before’’.
(c) A MENDMENTS RELATING TO SECTION 308.—
(1) Paragraph (8) of section 852(b) is amended by redesig-
nating subparagraph (E) as subparagraph (G) and by striking subparagraphs (C) and (D) and inserting the following new subparagraphs:
‘‘(C) P
OST-OCTOBER CAPITAL LOSS .—For purposes of this
paragraph, the term ‘post-October capital loss’ means—
‘‘(i) any net capital loss attributable to the portion
of the taxable year after October 31, or
‘‘(ii) if there is no such loss—
‘‘(I) any net long-term capital loss attributable
to such portion of the taxable year, or
‘‘(II) any net short-term capital loss attrib-
utable to such portion of the taxable year.
‘‘(D) L ATE-YEAR ORDINARY LOSS .—For purposes of this
paragraph, the term ‘late-year ordinary loss’ means the sum of any post-October specified loss and any post- December ordinary loss.
‘‘(E) P
OST-OCTOBER SPECIFIED LOSS .—For purposes of
this paragraph, the term ‘post-October specified loss’ means the excess (if any) of—
‘‘(i) the specified losses (as defined in section
4982(e)(5)(B)(ii)) attributable to the portion of the tax-able year after October 31, over
‘‘(ii) the specified gains (as defined in section
4982(e)(5)(B)(i)) attributable to such portion of the tax-able year. ‘‘(F) P
OST-DECEMBER ORDINARY LOSS .—For purposes of
this paragraph, the term ‘post-December ordinary loss’ means the excess (if any) of—
‘‘(i) the ordinary losses not described in subpara-
graph (E)(i) and attributable to the portion of the tax-able year after December 31, over
‘‘(ii) the ordinary income not described in subpara-
graph (E)(ii) and attributable to such portion of the taxable year.’’.
(2) Subparagraph (G) of section 852(b)(8), as so redesig-
nated, is amended by striking ‘‘, (D)(i)(I), and (D)(ii)(I)’’ and inserting ‘‘and (E)’’.
(3) The first sentence of paragraph (2) of section 852(c),
as amended by subsection (a), is amended—
(A) by striking ‘‘, and without regard to’’ and inserting
‘‘, without regard to’’, and
(B) by inserting ‘‘, and with such other adjustments
as the Secretary may prescribe’’ before the period at the end.
(d) A
MENDMENTS RELATING TO SECTION 402.—
(1) Subparagraph (B) of section 4982(e)(6) is amended by
inserting before the period at the end the following: ‘‘or which determines income by reference to the value of an item on the last day of the taxable year’’.
(2) Subparagraph (A) of section 4982(e)(7) is amended by
striking ‘‘such company’’ and all that follows through ‘‘any Definitions. 26 USC 855.
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net ordinary loss’’ and inserting ‘‘such company may elect to
determine its ordinary income and net ordinary loss (as defined in paragraph (2)(C)(ii)) for the calendar year without regard to any portion of any net ordinary loss’’. (e) C
LERICAL AMENDMENT RELATING TO SECTION 201.—
Subparagraph (A) of section 851(d)(2) is amended by inserting ‘‘of this paragraph’’ after ‘‘subparagraph (B)(i)’’.
(f) E
FFECTIVE DATE.—
(1) I N GENERAL .—Except as provided in paragraph (2), the
amendments made by this section shall take effect as if included in the provision of the Regulated Investment Company Mod-ernization Act of 2010 to which they relate.
(2) S
AVINGS PROVISION .—In the case of an election by a
regulated investment company under section 852(b)(8) of the Internal Revenue Code of 1986 with respect to any taxable year beginning before the date of the enactment of this Act, such company may treat the amendments made by paragraphs (1) and (2) of subsection (c) as not applying with respect to any such election.
SEC. 206. AMENDMENTS RELATING TO TAX RELIEF, UNEMPLOYMENT
INSURANCE REAUTHORIZATION, AND JOB CREATION ACT OF 2010.
(a) A MENDMENT RELATING TO SECTION 103.—Clause (ii) of sec-
tion 32(b)(3)(B) is amended by striking ‘‘in 2010’’ and inserting ‘‘after 2009’’.
(b) C
LERICAL AMENDMENTS RELATING TO SECTION 302.—
(1) Paragraph (1) of section 2801(a) is amended by striking
‘‘(or, if greater, the highest rate of tax specified in the table applicable under section 2502(a) as in effect on the date)’’.
(2) Subsection (f) of section 302 of the Tax Relief,
Unemployment Insurance Reauthorization, and Job Creation Act of 2010 is amended by striking ‘‘subsection’’ and inserting ‘‘section’’. (c) A
MENDMENTS RELATING TO SECTION 753.—Subparagraph
(A) of section 1397B(b)(1) is amended by striking ‘‘and’’ at the end of clause (ii), by striking the period at the end of clause (iii) and inserting ‘‘, and’’, and by adding at the end the following new clause:
‘‘(iv) the day after the date set forth in section
1391(d)(1)(A)(i) were substituted for ‘January 1, 2010’ each place it appears.’’.
(d) E
FFECTIVE DATE.—The amendments made by this section
shall take effect as if included in the provisions of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 to which they relate.
SEC. 207. AMENDMENTS RELATING TO CREATING SMALL BUSINESS
JOBS ACT OF 2010.
(a) A MENDMENTS RELATING TO SECTION 2102.—
(1) Subsection (h) of section 2102 of the Creating Small
Business Jobs Act of 2010 is amended by inserting ‘‘, and payee statements required to be furnished,’’ after ‘‘information returns required to be filed’’.
(2) Paragraphs (1) and (2) of subsection (b), and subsection
(c)(1)(C), of section 6722 are each amended by striking ‘‘the required filing date’’ and inserting ‘‘the date prescribed for furnishing such statement’’. 26 USC 6721 note. 26 USC 32 note. 26 USC 2001
note. 26 USC 852 note. 26 USC 851.
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(3) Subparagraph (B) of section 6722(c)(2) is amended by
striking ‘‘filed’’ and inserting ‘‘furnished’’. (b) E
FFECTIVE DATE.—The amendments made by this section
shall take effect as if included in the provision of the Creating Small Business Jobs Act of 2010 to which they relate.
SEC. 208. CLERICAL AMENDMENT RELATING TO HIRING INCENTIVES
TO RESTORE EMPLOYMENT ACT.
(a) A MENDMENT RELATING TO SECTION 512.—Paragraph (1) of
section 512(a) of the Hiring Incentives to Restore Employment Act is amended by striking ‘‘after paragraph (6)’’ and inserting ‘‘after paragraph (5)’’.
(b) E
FFECTIVE DATE.—The amendment made by this section
shall take effect as if included in the provision of the Hiring Incen-tives to Restore Employment Act to which it relates.
SEC. 209. AMENDMENTS RELATING TO AMERICAN RECOVERY AND
REINVESTMENT TAX ACT OF 2009.
(a) A MENDMENT RELATING TO SECTION 1003.—Paragraph (4)
of section 24(d) is amended to read as follows:
‘‘(4) S PECIAL RULE FOR CERTAIN YEARS .—In the case of
any taxable year beginning after 2008 and before 2018, para-graph (1)(B)(i) shall be applied by substituting ‘$3,000’ for ‘$10,000’.’’. (b) A
MENDMENT RELATING TO SECTION 1004.—Paragraph (3)
of section 25A(i) is amended by striking ‘‘Subsection (f)(1)(A) shall be applied’’ and inserting ‘‘For purposes of determining the Hope Scholarship Credit, subsection (f)(1)(A) shall be applied’’.
(c) A
MENDMENTS RELATING TO SECTION 1008.—
(1) Paragraph (6) of section 164(b) is amended by striking
subparagraph (E) and by redesignating subparagraphs (F) and (G) as subparagraphs (E) and (F), respectively.
(2) Subparagraphs (E) and (F) of section 164(b)(6), as so
redesignated, are each amended by striking ‘‘This paragraph’’ and inserting ‘‘Subsection (a)(6)’’. (d) A
MENDMENT RELATING TO SECTION 1104.—Subparagraph
(A) of section 48(d)(3) is amended by inserting ‘‘or alternative min-imum taxable income’’ after ‘‘includible in the gross income’’.
(e) A
MENDMENTS RELATING TO SECTION 1141.—
(1) Subsection (f) of section 30D is amended—
(A) by inserting ‘‘(determined without regard to sub-
section (c))’’ before the period at the end of paragraph (1), and
(B) by inserting ‘‘(determined without regard to sub-
section (c))’’ before the period at the end of paragraph (2). (2) Paragraph (3) of section 30D(f) is amended by adding
at the end the following: ‘‘For purposes of subsection (c), prop-erty to which this paragraph applies shall be treated as of
a character subject to an allowance for depreciation.’’. (f) A
MENDMENTS RELATING TO SECTION 1142.—
(1) Subsection (b) of section 38 is amended by striking
‘‘plus’’ at the end of paragraph (35), by redesignating paragraph (36) as paragraph (37), and by inserting after paragraph (35) the following new paragraph:
‘‘(36) the portion of the qualified plug-in electric vehicle
credit to which section 30(c)(1) applies, plus’’.
(2)(A) Subsection (e) of section 30 is amended— Time period. Applicability. 26 USC 6662
note. 26 USC 6662. 26 USC 6722
note. 26 USC 6722.
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(i) by inserting ‘‘(determined without regard to sub-
section (c))’’ before the period at the end of paragraph (1), and
(ii) by inserting ‘‘(determined without regard to sub-
section (c))’’ before the period at the end of paragraph (2). (B) Paragraph (3) of section 30(e) is amended by adding
at the end the following: ‘‘For purposes of subsection (c), prop-erty to which this paragraph applies shall be treated as of a character subject to an allowance for depreciation.’’. (g) A
MENDMENT RELATING TO SECTION 1302.—Paragraph (3)
of section 48C(b) is amended by inserting ‘‘as the qualified invest-ment’’ after ‘‘The amount which is treated’’.
(h) A
MENDMENTS RELATED TO SECTION 1541.—
(1) Paragraph (2) of section 853A(a) is amended by inserting
‘‘(determined after the application of this section)’’ before the comma at the end.
(2) Subsection (a) of section 853A is amended—
(A) by striking ‘‘with respect to credits’’ and inserting
‘‘with respect to some or all of the credits’’, and
(B) by inserting ‘‘(determined without regard to this
section and sections 54(c), 54A(c)(1), 54AA(c)(1), and 1397E(c))’’ after ‘‘credits allowable’’. (3) Subsection (b) of section 853A is amended to read as
follows: ‘‘(b) E
FFECT OF ELECTION .—If the election provided in sub-
section (a) is in effect with respect to any credits for any taxable year—
‘‘(1) the regulated investment company—
‘‘(A) shall not be allowed such credits, ‘‘(B) shall include in gross income (as interest) for
such taxable year the amount which would have been so included with respect to such credits had the application of this section not been elected,
‘‘(C) shall include in earnings and profits the amount
so included in gross income, and
‘‘(D) shall be treated as making one or more distribu-
tions of money with respect to its stock equal to the amount of such credits on the date or dates (on or after the applicable date for any such credit) during such taxable year (or following the close of the taxable year pursuant to section 855) selected by the company, and ‘‘(2) each shareholder of such investment company shall—
‘‘(A) be treated as receiving such shareholder’s propor-
tionate share of any distribution of money which is treated as made by such investment company under paragraph (1)(D), and
‘‘(B) be allowed credits against the tax imposed by
this chapter equal to the amount of such distribution, sub-ject to the provisions of this title applicable to the credit involved.’’. (4) Subsection (c) of section 853A is amended to read as
follows: ‘‘(c) N
OTICE TO SHAREHOLDERS .—The amount treated as a dis-
tribution of money received by a shareholder under subsection (b)(2)(A) (and as credits allowed to such shareholder under sub-section (b)(2)(B)) shall not exceed the amount so reported by the Applicability. 26 USC 30.
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regulated investment company in a written statement furnished
to such shareholder.’’.
(5) Clause (ii) of section 853A(e)(1)(A) is amended by
inserting ‘‘other than a qualified bond described in section 54AA(g)’’ after ‘‘as defined in section 54AA(d))’’. (i) A
MENDMENTS RELATING TO SECTION 2202.—
(1) Subparagraph (A) of section 2202(b)(1) of division B
of the American Recovery and Reinvestment Act of 2009 is amended by inserting ‘‘political subdivision of a State,’’ after ‘‘any State,’’.
(2) Section 2202 of division B of the American Recovery
and Reinvestment Act of 2009 is amended by adding at the end the following new subsection: ‘‘(e) T
REATMENT OF POSSESSIONS .—
‘‘(1) P AYMENTS TO MIRROR CODE POSSESSIONS .—The Sec-
retary of the Treasury shall pay to each possession of the United States with a mirror code tax system amounts equal to the loss to that possession by reason of credits allowed under subsection (a) with respect to taxable years beginning in 2009. Such amounts shall be determined by the Secretary of the Treasury based on information provided by the govern-ment of the respective possession.
‘‘(2) C
OORDINATION WITH CREDIT ALLOWED AGAINST UNITED
STATES INCOME TAXES .—No credit shall be allowed against
United States income taxes for any taxable year under this section to any person to whom a credit is allowed against taxes imposed by the possession by reason of the credit allowed under subsection (a) for such taxable year.
‘‘(3) D
EFINITIONS AND SPECIAL RULES .—
‘‘(A) P OSSESSION OF THE UNITED STATES .—For purposes
of this subsection, the term ‘possession of the United States’ includes the Commonwealth of the Northern Mariana Islands.
‘‘(B) M
IRROR CODE TAX SYSTEM .—For purposes of this
subsection, the term ‘mirror code tax system’ means, with respect to any possession of the United States, the income tax system of such possession if the income tax liability of the residents of such possession under such system is determined by reference to the income tax laws of the United States as if such possession were the United States.
‘‘(C) T
REATMENT OF PAYMENTS .—For purposes of sec-
tion 1324(b)(2) of title 31, United States Code, the payments under this subsection shall be treated in the same manner as a refund due from the credit allowed under section 36A of the Internal Revenue Code of 1986 (as added by this Act).’’.
(j) C
LERICAL AMENDMENTS .—
(1) A MENDMENT RELATING TO SECTION 1131.—Paragraph
(2) of section 45Q(d) is amended by striking ‘‘Administrator of the Environmental Protection Agency’’ and all that follows through ‘‘shall establish’’ and inserting ‘‘Administrator of the Environmental Protection Agency, the Secretary of Energy, and the Secretary of the Interior, shall establish’’.
(2) A
MENDMENT RELATING TO SECTION 1141.—Paragraph
(37) of section 1016(a) is amended by striking ‘‘section 30D(e)(4)’’ and inserting ‘‘section 30D(f)(1)’’. Effective date. 26 USC 6428
note. 26 USC 853A.
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(3) A MENDMENT RELATING TO SECTION 3001.—Subpara-
graph (A) of section 3001(a)(14) of the American Recovery and Reinvestment Act of 2009 is amended by striking ‘‘is amended by redesignating paragraph (9) as paragraph (10)’’ and inserting ‘‘, as amended by this Act, is amended by redesignating para-graphs (9) and (10) as paragraphs (10) and (11), respectively,’’. (k) E
FFECTIVE DATE.—The amendments made by this section
shall take effect as if included in the provisions of the American Recovery and Reinvestment Tax Act of 2009 to which they relate.
SEC. 210. AMENDMENTS RELATING TO ENERGY IMPROVEMENT AND
EXTENSION ACT OF 2008.
(a) A MENDMENT RELATING TO SECTION 108.—Subparagraph (E)
of section 45K(g)(2) is amended to read as follows:
‘‘(E) C OORDINATION WITH SECTION 45.—No credit shall
be allowed with respect to any coke or coke gas which is produced using steel industry fuel (as defined in section 45(c)(7)) as feedstock if a credit is allowed to any taxpayer under section 45 with respect to the production of such steel industry fuel.’’.
(b) A
MENDMENT RELATING TO SECTION 113.—Paragraph (1) of
section 113(b) of the Energy Improvement and Extension Act of 2008 is amended by adding at the end the following new subpara-graph:
‘‘(F) T
RUST FUND .—The term ‘Trust Fund’ means the
Black Lung Disability Trust Fund established under section 9501 of the Internal Revenue Code of 1986.’’.
(c) A
MENDMENTS RELATING TO SECTION 306.—
(1) Clause (ii) of section 168(i)(18)(A) is amended by striking
‘‘10 years’’ and inserting ‘‘16 years’’.
(2) Clause (ii) of section 168(i)(19)(A) is amended by striking
‘‘10 years’’ and inserting ‘‘16 years’’. (d) A
MENDMENT RELATING TO SECTION 308.—Clause (i) of sec-
tion 168(m)(2)(B) is amended by striking ‘‘section 168(k)’’ and inserting ‘‘subsection (k) (determined without regard to paragraph (4) thereof)’’.
(e) A
MENDMENT RELATING TO SECTION 402.—Subparagraph (A)
of section 907(f)(4) is amended by striking ‘‘this subsection shall be applied’’ and all that follows through the period at the end and inserting the following: ‘‘this subsection, as in effect on the day before the date of the enactment of the Energy Improvement and Extension Act of 2008, shall apply to unused oil and gas extraction taxes carried from such unused credit year to a taxable year beginning after December 31, 2008.’’.
(f) A
MENDMENTS RELATING TO SECTION 403.—
(1) Subsection (c) of section 1012 is amended—
(A) by striking ‘‘ FUNDS ’’ in the heading for paragraph
(2) and inserting ‘‘ REGULATED INVESTMENT COMPANIES ’’,
(B) by striking ‘‘ FUND ’’ in the heading for paragraph
(2)(B), and
(C) by striking ‘‘fund’’ each place it appears in para-
graph (2) and inserting ‘‘regulated investment company’’. (2) Paragraph (1) of section 1012(d) is amended—
(A) by striking ‘‘December 31, 2010’’ and inserting
‘‘December 31, 2011’’, and
(B) by striking ‘‘an open-end fund’’ and inserting ‘‘a
regulated investment company’’. Definition. 26 USC 9501
note. 26 USC 45K. 26 USC 24 note. 26 USC 35.
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(3) Paragraph (3) of section 1012(d) is amended to read
as follows:
‘‘(3) S EPARATE ACCOUNTS ; ELECTION FOR TREATMENT AS
SINGLE ACCOUNT .—
‘‘(A) I N GENERAL .—Rules similar to the rules of sub-
section (c)(2) shall apply for purposes of this subsection.
‘‘(B) A VERAGE BASIS METHOD .—Notwithstanding para-
graph (1), in the case of an election under rules similar to the rules of subsection (c)(2)(B) with respect to stock held in connection with a dividend reinvestment plan, the average basis method is permissible with respect to all such stock without regard to the date of the acquisition of such stock.’’. (4) Subsection (g) of section 6045 is amended by adding
at the end the following new paragraph:
‘‘(6) S
PECIAL RULE FOR CERTAIN STOCK HELD IN CONNECTION
WITH DIVIDEND REINVESTMENT PLAN .—For purposes of this sub-
section, stock acquired before January 1, 2012, in connection with a dividend reinvestment plan shall be treated as stock described in clause (ii) of paragraph (3)(C) (unless the broker with respect to such stock elects not to have this paragraph apply with respect to such stock).’’. (g) C
LERICAL AMENDMENTS .—
(1) A MENDMENT RELATING TO SECTION 108.—Paragraph (2)
of section 45(b) is amended by striking ‘‘$3 amount’’ and inserting ‘‘$2 amount’’.
(2) A
MENDMENT RELATING TO SECTION 306.—
(A) Paragraph (5) of section 168(b) is amended by
striking ‘‘(2)(C)’’ and inserting ‘‘(2)(D)’’.
(B) The last sentence of section 168(k)(4)(C)(i) is
amended by striking ‘‘(b)(2)(C)’’ and inserting ‘‘(b)(2)(D)’’.
(h) E FFECTIVE DATE.—The amendments made by this section
shall take effect as if included in the provisions of the Energy Improvement and Extension Act of 2008 to which they relate.
SEC. 211. AMENDMENTS RELATING TO TAX EXTENDERS AND ALTER-
NATIVE MINIMUM TAX RELIEF ACT OF 2008.
(a) A MENDMENT RELATING TO SECTION 208.—Subsection (b)
of section 208 of the Tax Extenders and Alternative Minimum Tax Relief Act of 2008 is amended to read as follows:
‘‘(b) E
FFECTIVE DATE.—
‘‘(1) I N GENERAL .—The amendment made by subsection
(a) shall take effect on January 1, 2008. 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 October 4, 2008.
‘‘(2) A
MOUNTS WITHHELD ON OR BEFORE DATE OF ENACT –
MENT .—In the case of a regulated investment company—
‘‘(A) which makes a distribution after December 31,
2007, and before October 4, 2008, and
‘‘(B) which would (but for the second sentence of para-
graph (1)) have been required to withhold with respect to such distribution under section 1445 of such Code,
such investment company shall not be liable to any person to whom such distribution was made for any amount so with-held and paid over to the Secretary of the Treasury.’’. 26 USC 897 note. 26 USC 45 note. Applicability. 26 USC 1012.
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(b) A MENDMENTS RELATING TO SECTION 305.—Paragraphs
(7)(B) and (8)(D) of section 168(e) are each amended by inserting ‘‘which is not qualified leasehold improvement property’’ after ‘‘Prop-erty described in this paragraph’’.
(c) C
LERICAL AMENDMENTS .—
(1) A MENDMENTS RELATING TO SECTION 706.—
(A) Paragraph (2) of section 1033(h) is amended by
inserting ‘‘is’’ before ‘‘compulsorily’’.
(B) Subclause (II) of section 172(b)(1)(F)(ii) is amended
by striking ‘‘subsection (h)(3)(C)(i)’’ and inserting ‘‘section 165(h)(3)(C)(i)’’.
(C) The heading for paragraph (1) of section 165(h)
is amended by striking ‘‘
$100’’ and inserting ‘‘D OLLAR ’’.
(2) A MENDMENT RELATING TO SECTION 709.—Subsection (k)
of section 143 is amended by redesignating the second para-graph (12) (relating to special rules for residences destroyed in Federally declared disasters) as paragraph (13).
(3) A
MENDMENT RELATING TO SECTION 712.—Section 712
of the Tax Extenders and Alternative Minimum Tax Relief Act of 2008 is amended by striking ‘‘section 702(c)(1)(A)’’ and inserting ‘‘section 702(b)(1)(A)’’. (d) E
FFECTIVE DATE.—The amendments made by this section
shall take effect as if included in the provisions of the Tax Extenders and Alternative Minimum Tax Relief Act of 2008 to which they relate.
SEC. 212. CLERICAL AMENDMENTS RELATING TO HOUSING ASSIST-
ANCE TAX ACT OF 2008.
(a) A MENDMENT RELATING TO SECTION 3002.—Paragraph (1)
of section 42(b) is amended by striking ‘‘For purposes of this section, the term’’ and inserting the following: ‘‘For purposes of this section—
‘‘(A) I
N GENERAL .—The term’’.
(b) A MENDMENT RELATING TO SECTION 3081.—Clause (iv) of
section 168(k)(4)(E) is amended by striking ‘‘adjusted minimum tax’’ and inserting ‘‘adjusted net minimum tax’’.
(c) A
MENDMENT RELATING TO SECTION 3092.—Subsection (b)
of section 121 is amended by redesignating the second paragraph (4) (relating to exclusion of gain allocated to nonqualified use) as paragraph (5).
(d) E
FFECTIVE DATE.—The amendments made by this section
shall take effect as if included in the provisions of the Housing Assistance Tax Act of 2008 to which they relate.
SEC. 213. AMENDMENTS AND PROVISION RELATING TO HEROES
EARNINGS ASSISTANCE AND RELIEF TAX ACT OF 2008.
(a) A MENDMENT RELATING TO SECTION 106.—Paragraph (2) of
section 106(c) of the Heroes Earnings Assistance and Relief Tax Act of 2008 is amended by striking ‘‘substituting for’’ and inserting ‘‘substituting ‘June 17, 2008’ for’’.
(b) A
MENDMENT RELATING TO SECTION 114.—Paragraph (1) of
section 125(h) is amended by inserting ‘‘(and shall not fail to be treated as an accident or health plan)’’ before ‘‘merely’’.
(c) C
LERICAL AMENDMENTS .—
(1) A MENDMENT RELATING TO SECTION 110.—Subparagraph
(B) of section 121(d)(12) is amended by inserting ‘‘of paragraph (9)’’ after ‘‘and (D)’’. 26 USC 6511
note. 26 USC 42 note. 25 USC 56 note. 26 USC 168.
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(2) A MENDMENT RELATING TO SECTION 301.—Paragraph (2)
of section 877(e) is amended by striking ‘‘subparagraph (A) or (B) of’’. (d) E
FFECTIVE DATE.—The amendments made by this section
shall take effect as if included in the provisions of the Heroes Earnings Assistance and Relief Tax Act of 2008 to which they relate.
SEC. 214. AMENDMENTS RELATING TO ECONOMIC STIMULUS ACT OF
2008.
(a) A MENDMENTS RELATING TO SECTION 101.—Paragraph (2)
of section 6213(g) is amended—
(1) by striking ‘‘32, or 6428’’ in subparagraph (L) and
inserting ‘‘or 32’’, and
(2) by striking ‘‘and’’ at the end of subparagraph (O), by
striking the period at the end of subparagraph (P) and inserting ‘‘, and’’, and by inserting after subparagraph (P) the following new subparagraph:
‘‘(Q) an omission of a correct valid identification
number required under section 6428(h) (relating to 2008 recovery rebates for individuals) to be included on a return.’’.
(b) C
LERICAL AMENDMENT RELATING TO SECTION 103.—Sub-
clause (IV) of section 168(k)(2)(B)(i) is amended by striking ‘‘clauses also apply’’ and inserting ‘‘clause also applies’’.
(c) E
FFECTIVE DATE.—The amendments made by this section
shall take effect as if included in the provisions of the Economic Stimulus Act of 2008 to which they relate.
SEC. 215. AMENDMENTS RELATING TO TAX TECHNICAL CORRECTIONS
ACT OF 2007.
(a) A MENDMENT RELATING TO SECTION 4(c).—Paragraph (1) of
section 911(f) is amended by adding at the end the following flush sentence:
‘‘For purposes of this paragraph, the amount excluded under subsection (a) shall be reduced by the aggregate amount of any deductions or exclusions disallowed under subsection (d)(6) with respect to such excluded amount.’’. (b) C
LERICAL AMENDMENT RELATING TO SECTION 11(g).—Clause
(iv) of section 56(g)(4)(C) is amended by striking ‘‘a cooperative described in section 927(a)(4)’’ and inserting ‘‘an organization to which part I of subchapter T (relating to tax treatment of coopera-tives) applies which is engaged in the marketing of agricultural or horticultural products’’.
(c) E
FFECTIVE DATE.—The amendments made by this section
shall take effect as if included in the provisions of the Tax Technical Corrections Act of 2007 to which they relate.
SEC. 216. AMENDMENT RELATING TO TAX RELIEF AND HEALTH CARE
ACT OF 2006.
(a) A MENDMENT RELATING TO SECTION 105.—Subparagraph (B)
of section 45A(b)(1) is amended by adding at the end the following: ‘‘If any portion of wages are taken into account under subsection (e)(1)(A) of section 51, the preceding sentence shall be applied by substituting ‘2-year period’ for ‘1-year period’.’’.
(b) E
FFECTIVE DATE.—The amendment made by this section
shall take effect as if included in the provision of the Tax Relief and Health Care Act of 2006 to which it relates. 26 USC 45A note. 26 USC 56 note. 26 USC 168 note. 26 USC 121 note. 26 USC 877.
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SEC. 217. AMENDMENT RELATING TO SAFE, ACCOUNTABLE, FLEXIBLE,
EFFICIENT TRANSPORTATION EQUITY ACT OF 2005: A LEGACY FOR USERS.
(a) A MENDMENT RELATING TO SECTION 11161.—Paragraph (1)
of section 9503(b) is amended by inserting before the period at the end the following: ‘‘and taxes received under section 4081 shall be determined without regard to tax receipts attributable to the rate specified in section 4081(a)(2)(C)’’.
(b) E
FFECTIVE DATE.—The amendment made by this section
shall take effect as if included in the provision of the Safe, Account-able, Flexible, Efficient Transportation Equity Act of 2005: A Legacy for Users to which it relates.
SEC. 218. AMENDMENTS RELATING TO ENERGY TAX INCENTIVES ACT
OF 2005.
(a) A MENDMENT RELATING TO SECTION 1341.—Subparagraph
(B) of section 30B(h)(5) is amended by inserting ‘‘(determined with-out regard to subsection (g))’’ before the period at the end.
(b) A
MENDMENT RELATING TO SECTION 1342.—Paragraph (1)
of section 30C(e) is amended to read as follows:
‘‘(1) R EDUCTION IN BASIS .—For purposes of this subtitle,
the basis of any property for which a credit is allowable under subsection (a) shall be reduced by the amount of such credit so allowed (determined without regard to subsection (d)).’’. (c) E
FFECTIVE DATE.—The amendments made by this section
shall take effect as if included in the provision of the Energy Tax Incentives Act of 2005 to which it relates.
SEC. 219. AMENDMENTS RELATING TO AMERICAN JOBS CREATION ACT
OF 2004.
(a) A MENDMENT RELATING TO SECTION 101.—Subsection (d)
of section 101 of the American Jobs Creation Act of 2004 is amended by adding at the end the following new paragraph:
‘‘(3) C
OORDINATION WITH SECTION 199.—This subsection
shall be applied without regard to any deduction allowable under section 199.’’. (b) A
MENDMENTS RELATING TO SECTION 102.—Paragraph (3)
of section 199(b) is amended—
(1) by inserting ‘‘of a short taxable year or’’ after ‘‘in cases’’,
and
(2) by striking ‘‘ AND DISPOSITIONS ’’ and inserting ‘‘, DISPOSI –
TIONS , AND SHORT TAXABLE YEARS ’’.
(c) C LERICAL AMENDMENT RELATING TO SECTION 413.—Para-
graph (7) of section 904(h) is amended by striking ‘‘as ordinary income under section 1246 or’’.
(d) E
FFECTIVE DATE.—The amendments made by this section
shall take effect as if included in the provision of the American Jobs Creation Act of 2004 to which they relate.
SEC. 220. OTHER CLERICAL CORRECTIONS.
(a) Paragraph (8) of section 30B(h) is amended by striking
‘‘vehicle)., except that’’ and inserting ‘‘vehicle), except that’’.
(b) Subparagraph (A) of section 38(c)(2) is amended by striking
‘‘credit credit’’ and inserting ‘‘credit’’.
(c) Section 46 is amended by adding a comma at the end
of paragraph (4). 26 USC 199 note. 26 USC 114 note. 26 USC 30B note. 26 USC 9503
note. 26 USC 9503.
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(d) Subparagraph (E) of section 50(a)(2) is amended by inserting
‘‘, 48A(b)(3), 48B(b)(3), 48C(b)(2), or 48D(b)(4)’’ after ‘‘in section 48(b)’’.
(e) Clause (i) of section 54A(d)(2)(A) is amended by striking
‘‘100 percent or more’’ and inserting ‘‘100 percent’’.
(f) Paragraph (2) of section 125(b) is amended by striking ‘‘statu-
tory nontaxable benefits’’ each place it appears and inserting ‘‘quali-fied benefits’’.
(g) Paragraph (2) of section 125(h) is amended by striking
‘‘means, any’’ and inserting ‘‘means any’’.
(h) Subparagraph (F) of section 163(h)(4) is amended by striking
‘‘Veterans Administration or the Rural Housing Administration’’ and inserting ‘‘Department of Veterans Affairs or the Rural Housing Service’’.
(i) Subsection (a) of section 249 is amended by striking
‘‘1563(a)(1)’’ and inserting ‘‘1563(a)(1))’’.
(j) Paragraphs (8) and (10) of section 280F(d) are each amended
by striking ‘‘subsection (a)(2)’’ and inserting ‘‘subsection (a)(1)’’.
(k) Clause (iii) of section 402A(c)(4)(E) is amended by striking
‘‘403(b)(7)(A)(i)’’ and inserting ‘‘403(b)(7)(A)(ii)’’.
(l) Section 527 is amended—
(1) by striking ‘‘(2 U.S.C. 432(e))’’ in subsection (h)(2)(A)(i)
and inserting ‘‘(52 U.S.C. 30102(e))’’, and
(2) by striking ‘‘(2 U.S.C. 431 et seq.)’’ in subsections (i)(6)
and (j)(5)(A) and inserting ‘‘(52 U.S.C. 30101 et seq.)’’. (m) Subsection (b) of section 858 is amended by striking
‘‘857(b)(8)’’ and inserting ‘‘857(b)(9)’’.
(n) Subparagraph (A) of section 1012(c)(2) is amended by
striking ‘‘section 1012’’ and inserting ‘‘this section’’.
(o) The heading for section 1394(f) is amended by striking
‘‘D
ESIGNATED UNDER SECTION 1391(g)’’.
(p) Paragraphs (1) and (2)(A) of section 1394(f) are each
amended by striking ‘‘a new empowerment zone facility bond’’ and inserting ‘‘an empowerment zone facility bond’’.
(q) Clause (i) of section 1400N(c)(3)(A) is amended by striking
‘‘section 42(d)(5)(C)(iii)’’ and inserting ‘‘section 42(d)(5)(B)(iii)’’.
(r) Subsections (e)(3)(B) and (f)(7)(B) of section 4943 are each
amended by striking ‘‘January 1, 1970’’ and inserting ‘‘January 1, 1971’’.
(s) Paragraph (2) of section 4982(f) is amended by adding a
comma at the end.
(t) Paragraph (3) of section 6011(e) is amended by striking
‘‘shall require than’’ and inserting ‘‘shall require that’’.
(u) Subsection (b) of section 6072 is amended by striking
‘‘6011(e)(2)’’ and inserting ‘‘6011(c)(2)’’.
(v) Subsection (d) of section 6104 is amended by redesignating
the second paragraph (6) (relating to disclosure of reports by the Internal Revenue Service) and third paragraph (6) (relating to application to nonexempt charitable trusts and nonexempt private foundations) as paragraphs (7) and (8), respectively.
(w) Subsection (c) of section 6662A is amended by striking
‘‘section 6664(d)(2)(A)’’ and inserting ‘‘section 6664(d)(3)(A)’’.
(x) Subparagraph (FF) of section 6724(d)(2) is amended by
striking ‘‘section 6050W(c)’’ and inserting ‘‘section 6050W(f)’’.
(y) Section 7122 is amended by redesignating the second sub-
section (f) (relating to frivolous submissions, etc.) as subsection (g). 26 USC 50.
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(z) Subsection (a) of section 9035 is amended by striking ‘‘section
320(b)(1)(A)’’ and inserting ‘‘section 315(b)(1)(A)’’.
(aa) Section 9802 is amended by redesignating the second sub-
section (f) (relating to genetic information of a fetus or embryo) as subsection (g).
(bb) Paragraph (3) of section 13(e) of the Worker, Homeowner-
ship, and Business Assistance Act of 2009 is amended by striking ‘‘subsection (d)’’ and inserting ‘‘subsection (c)’’.
SEC. 221. DEADWOOD PROVISIONS.
(a) I NGENERAL .—
(1) A DJUSTMENTS IN TAX TABLES SO THAT INFLATION WILL
NOT RESULT IN TAX INCREASES .—Paragraph (7) of section 1(f)
is amended to read as follows:
‘‘(7) S PECIAL RULE FOR CERTAIN BRACKETS .—In prescribing
tables under paragraph (1) which apply to taxable years begin-ning in a calendar year after 1994, the cost-of-living adjustment used in making adjustments to the dollar amounts at which the 36 percent rate bracket begins or at which the 39.6 percent rate bracket begins shall be determined under paragraph (3) by substituting ‘1993’ for ‘1992’.’’.
(2) C
ERTAIN PLUG -IN ELECTRIC VEHICLES .—
(A) Subpart B of part IV of subchapter A of chapter
1 is amended by striking section 30 (and by striking the item relating to such section in the table of sections for such subpart).
(B) Subsection (b) of section 38, as amended by section
209(f)(1) of this Act, is amended by inserting ‘‘plus’’ at the end of paragraph (35), by striking paragraph (36), and by redesignating paragraph (37) as paragraph (36).
(C) Subclause (VI) of section 48C(c)(1)(A)(i) is amended
by striking ‘‘, qualified plug-in electric vehicles (as defined by section 30(d)),’’.
(D) Section 1016(a) is amended by striking paragraph
(25).
(E) Section 6501(m) is amended by striking ‘‘section
30(e)(6),’’. (3) E
ARNED INCOME CREDIT .—
(A) Paragraph (1) of section 32(b) is amended—
(i) by striking subparagraphs (B) and (C), and (ii) by striking ‘‘(A) I
NGENERAL .—In the case of
taxable years beginning after 1995:’’ in subparagraph (A) and moving the table 2 ems to the left. (B) Subparagraph (B) of section 32(b)(2) is amended
by striking ‘‘increased by’’ and all that follows and inserting ‘‘increased by $3,000.’’. (4) F
IRST-TIME HOMEBUYER CREDIT .—Section 6213(g)(2), as
amended by section 214(a)(2) of this Act, is amended by striking subparagraph (P).
(5) M
AKING WORK PAY CREDIT .—
(A) Subpart C of part IV of subchapter A of chapter
1 is amended by striking section 36A (and by striking the item relating to such section in the table of sections for such subpart).
(B) Subparagraph (A) of section 6211(b)(4) is amended
by striking ‘‘, 36A’’. 26 USC prec. 31. 26 USC prec. 27. 26 USC 56 note. 26 USC 9035.
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(C) Section 6213(g)(2) is amended by striking subpara-
graph (N). (6) G
ENERAL BUSINESS CREDITS .—Subsection (d) of section
38 is amended by striking paragraph (3).
(7) L OW-INCOME HOUSING CREDIT .—Subclause (I) of section
42(h)(3)(C)(ii) is amended by striking ‘‘($1.50 for 2001)’’.
(8) M INIMUM TAX CREDIT .—
(A)(i) Section 53 is amended by striking subsections
(e) and (f).
(ii) The amendment made by clause (i) striking sub-
section (f) of section 53 of the Internal Revenue Code of 1986 shall not be construed to allow any tax abated by reason of section 53(f)(1) of such Code (as in effect before such amendment) to be included in the amount determined under section 53(b)(1) of such Code.
(B) Paragraph (4) of section 6211(b)(4) is amended
by striking ‘‘, 53(e)’’. (9) A
DJUSTMENTS BASED ON ADJUSTED CURRENT
EARNINGS .—Clause (ii) of section 56(g)(4)(F) is amended by
striking ‘‘In the case of any taxable year beginning after December 31, 1992, clause’’ and inserting ‘‘Clause’’.
(10) I
TEMS OF TAX PREFERENCE ; DEPLETION .—Paragraph
(1) of section 57(a) is amended by striking ‘‘Effective with respect to taxable years beginning after December 31, 1992, this’’ and inserting ‘‘This’’.
(11) I
NTANGIBLE DRILLING COSTS .—
(A) Clause (i) of section 57(a)(2)(E) is amended by
striking ‘‘In the case of any taxable year beginning after December 31, 1992, this’’ and inserting ‘‘This’’.
(B) Clause (ii) of section 57(a)(2)(E) is amended by
striking ‘‘(30 percent in case of taxable years beginning in 1993)’’. (12) E
NVIRONMENTAL TAX .—
(A) Subchapter A of chapter 1 is amended by striking
part VII (and by striking the item relating to such part in the table of parts for such subchapter).
(B) Paragraph (2) of section 26(b) is amended by
striking subparagraph (B).
(C) Section 30A(c) is amended by striking paragraph
(1) and by redesignating paragraphs (2), (3), and (4) as paragraphs (1), (2), and (3), respectively.
(D) Subsection (a) of section 164 is amended by striking
paragraph (5).
(E) Section 275(a) is amended by striking the last
sentence.
(F) Section 882(a)(1) is amended by striking ‘‘, 59A’’. (G) Section 936(a)(3) is amended by striking subpara-
graph (A) and by redesignating subparagraphs (B), (C), and (D) as subparagraphs (A), (B), and (C), respectively.
(H) Section 1561(a) is amended—
(i) by inserting ‘‘and’’ at the end of paragraph
(2), by striking ‘‘, and’’ at the end of paragraph (3) and inserting a period, and by striking paragraph (4), and
(ii) by striking ‘‘, the amount specified in paragraph
(3), and the amount specified in paragraph (4)’’ and inserting ‘‘and the amount specified in paragraph (3)’’. 26 USC prec. 59A. 26 USC 6213.
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(I) Section 4611(e) is amended—
(i) by striking ‘‘section 59A, this section,’’ in para-
graph (2)(B) and inserting ‘‘this section’’, and
(ii) in paragraph (3)(A)—
(I) by striking ‘‘section 59A,’’, and (II) by striking the comma after ‘‘rate)’’.
(J) Section 6425(c)(1)(A) is amended by inserting ‘‘plus’’
at end of clause (i), by striking ‘‘plus’’ and inserting ‘‘over’’ at the end of clause (ii), and by striking clause (iii).
(K) Section 6655 is amended—
(i) in subsections (e)(2)(A)(i) and (e)(2)(B)(i), by
striking ‘‘taxable income, alternative minimum taxable income, and modified alternative minimum taxable income’’ and inserting ‘‘taxable income and alternative minimum taxable income’’,
(ii) in subsection (e)(2)(B), by striking clause (iii),
and
(iii) in subsection (g)(1)(A), by inserting ‘‘plus’’ at
the end of clause (ii), by striking clause (iii), and by redesignating clause (iv) as clause (iii). (L) Section 9507(b)(1) is amended by striking ‘‘59A,’’.
(13) S
TANDARD DEDUCTION .—
(A) So much of paragraph (1) of section 63(c) as follows
‘‘the sum of—’’ is amended to read as follows:
‘‘(A) the basic standard deduction, and ‘‘(B) the additional standard deduction.’’. (B) Subsection (c) of section 63 is amended by striking
paragraphs (7), (8), and (9). (14) A
NNUITIES ; CERTAIN PROCEEDS OF ENDOWMENT AND
LIFE INSURANCE CONTRACTS .—Section 72 is amended—
(A) in subsection (c)(4), by striking ‘‘; except that if
such date was before January 1, 1954, then the annuity starting date is January 1, 1954’’, and
(B) in subsection (g)(3), by striking ‘‘January 1, 1954,
or’’ and ‘‘, whichever is later’’. (15) U
NEMPLOYMENT COMPENSATION .—Section 85 is
amended by striking subsection (c).
(16) A CCIDENT AND HEALTH PLANS .—Section 105(f) is
amended by striking ‘‘or (d)’’.
(17) F LEXIBLE SPENDING ARRANGEMENTS .—Section 106(c)(1)
is amended by striking ‘‘Effective on and after January 1, 1997, gross’’ and inserting ‘‘Gross’’.
(18) C
ERTAIN COMBAT ZONE COMPENSATION OF MEMBERS
OF THE ARMED FORCES .—Subsection (c) of section 112 is
amended—
(A) by striking ‘‘(after June 24, 1950)’’ in paragraph
(2), and
(B) by striking ‘‘such zone;’’ and all that follows in
paragraph (3) and inserting ‘‘such zone.’’. (19) L
EGAL SERVICE PLANS .—
(A) Part III of subchapter B of chapter 1 is amended
by striking section 120 (and by striking the item relating to such section in the table of sections for such subpart).
(B)(i) Section 414(n)(3)(C) is amended by striking
‘‘120,’’.
(ii) Section 414(t)(2) is amended by striking ‘‘120,’’. 26 USC
prec. 101. 26 USC 4611.
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(iii) Section 501(c) is amended by striking paragraph
(20).
(iv) Section 3121(a) is amended by striking paragraph
(17).
(v) Section 3231(e) is amended by striking paragraph
(7).
(vi) Section 3306(b) is amended by striking paragraph
(12).
(vii) Section 6039D(d)(1) is amended by striking ‘‘120,’’. (viii) Section 209(a)(14) of the Social Security Act is
amended—
(I) by striking subparagraph (B), and (II) by striking ‘‘(14)(A)’’ and inserting ‘‘(14)’’.
(20) P
RINCIPAL RESIDENCE .—Section 121(b)(3) is amended—
(A) by striking subparagraph (B), and (B) in subparagraph (A), by striking ‘‘(A) I
N GENERAL .—
’’ and moving the text 2 ems to the left. (21) C
ERTAIN REDUCED UNIFORMED SERVICES RETIREMENT
PAY.—Section 122(b)(1) is amended by striking ‘‘after December
31, 1965,’’.
(22) G REAT PLAINS CONSERVATION PROGRAM .—Section
126(a) is amended by striking paragraph (6) and by redesig-nating paragraphs (7), (8), (9), and (10) as paragraphs (6), (7), (8), and (9), respectively.
(23) T
REBLE DAMAGE PAYMENTS UNDER THE ANTITRUST
LAW.—Section 162(g) is amended by striking the last sentence.
(24) S TATE LEGISLATORS ’ TRAVEL EXPENSES AWAY FROM
HOME .—Paragraph (4) of section 162(h) is amended by striking
‘‘For taxable years beginning after December 31, 1980, this’’ and inserting ‘‘This’’.
(25) I
NTEREST .—
(A) Section 163 is amended—
(i) by striking paragraph (6) of subsection (d), and (ii) by striking paragraph (5) of subsection (h).
(B) Section 56(b)(1)(C) is amended by striking clause
(ii) and by redesignating clauses (iii), (iv), and (v) as clauses (ii), (iii), and (iv), respectively. (26) Q
UALIFIED MOTOR VEHICLE TAXES .—Section 164, as
amended by section 209(c) of this Act, is amended by striking subsections (a)(6) and (b)(6).
(27) D
ISASTER LOSSES .—
(A) Subsection (h) of section 165 is amended by striking
paragraph (3) and by redesignating paragraphs (4) and (5) as paragraphs (3) and (4), respectively.
(B) Paragraph (3) of section 165(h), as so redesignated,
is amended by striking ‘‘paragraphs (2) and (3)’’ and inserting ‘‘paragraph (2)’’.
(C) Subsection (i) of section 165 is amended—
(i) in paragraph (1)—
(I) by striking ‘‘(as defined by clause (ii) of
subsection (h)(3)(C))’’, and
(II) by striking ‘‘(as defined by clause (i) of
such subsection)’’, (ii) by striking ‘‘(as defined by subsection
(h)(3)(C)(i)’’ in paragraph (4), and
(iii) by adding at the end the following new para-
graph: 26 USC 409. 26 USC 501.
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‘‘(5) F EDERALLY DECLARED DISASTERS .—For purposes of this
subsection—
‘‘(A) I N GENERAL .—The term ‘Federally declared dis-
aster’ means any disaster subsequently determined by the President of the United States to warrant assistance by the Federal Government under the Robert T. Stafford Dis-aster Relief and Emergency Assistance Act.
‘‘(B) D
ISASTER AREA .—The term ‘disaster area’ means
the area so determined to warrant such assistance.’’.
(D) Section 1033(h)(3) is amended by striking ‘‘section
165(h)(3)(C)’’ and inserting ‘‘section 165(i)(5)’’. (28) C
HARITABLE , ETC., CONTRIBUTIONS AND GIFTS .—Section
170 is amended—
(A) by striking paragraph (3) of subsection (b), (B) by striking paragraph (6) of subsection (e), and (C) by striking subsection (k).
(29) A
MORTIZABLE BOND PREMIUM .—
(A) Subparagraph (B) of section 171(b)(1) is amended
to read as follows:
‘‘(B)(i) with reference to the amount payable on matu-
rity (or if it results in a smaller amortizable bond premium attributable to the period before the call date, with ref-erence to the amount payable on the earlier call date), in the case of a bond described in subsection (a)(1), and
‘‘(ii) with reference to the amount payable on maturity
or on an earlier call date, in the case of a bond described in subsection (a)(2).’’.
(B) Paragraphs (2) and (3)(B) of section 171(b) are
each amended by striking ‘‘paragraph (1)(B)(ii)’’ and inserting ‘‘paragraph (1)(B)(i)’’. (30) N
ET OPERATING LOSS CARRYBACKS , CARRYOVERS , AND
CARRYFORWARDS .—
(A) Section 172, as amended by section 211(c)(1)(B)
of this Act, is amended—
(i) by striking subparagraphs (D), (H), (I), and
(J) of subsection (b)(1) and by redesignating subpara-graphs (E), (F), and (G) as subparagraphs (D), (E), and (F), respectively, and
(ii) by striking subsections (g) and (j) and by
redesignating subsections (h), (i), and (k) as subsections (g), (h), and (i), respectively. (B) Each of the following provisions of section 172
(as amended by section 211(c)(1)(B) of this Act and as redesignated by subparagraph (A)) are amended as follows:
(i) By striking ‘‘ending after August 2, 1989’’ in
subsection (b)(1)(D)(i)(II).
(ii) By striking ‘‘subsection (h)’’ in subsection
(b)(1)(D)(ii) and inserting ‘‘subsection (g)’’.
(iii) By striking ‘‘section 165(h)(3)(C)(i)’’ in sub-
section (b)(1)(E)(ii)(II) and inserting ‘‘section 165(i)(5)’’.
(iv) By striking ‘‘subsection (i)’’ and all that follows
in the last sentence of subsection (b)(1)(E)(ii) and inserting ‘‘subsection (h)).’’.
(v) By striking ‘‘subsection (i)’’ in subsection
(b)(1)(F) and inserting ‘‘subsection (h)’’.
(vi) By striking subparagraph (F) of paragraph
(2) of subsection (g). 26 USC 1033. Definitions.
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(vii) By striking ‘‘subsection (b)(1)(E)’’ each place
it appears in subsection (g)(4) and inserting ‘‘subsection (b)(1)(D)’’.
(viii) By striking the last sentence of subsection
(h)(1).
(ix) By striking ‘‘subsection (b)(1)(G)’’ each place
it appears in subsection (h)(3) and inserting ‘‘subsection (b)(1)(F)’’. (C) Subsection (d) of section 56 is amended by striking
paragraph (3).
(D) Paragraph (5) of section 382(l) is amended by
striking subparagraph (F) and by redesignating subpara-graphs (G) and (H) as subparagraphs (F) and (G), respec-tively. (31) R
ESEARCH AND EXPERIMENTAL EXPENDITURES .—
Subparagraph (A) of section 174(a)(2) is amended to read as follows:
‘‘(A) W
ITHOUT CONSENT .—A taxpayer may, without the
consent of the Secretary, adopt the method provided in this subsection for his first taxable year for which expendi-tures described in paragraph (1) are paid or incurred.’’. (32) A
MORTIZATION OF CERTAIN RESEARCH AND EXPERI –
MENTAL EXPENDITURES .—Paragraph (2) of section 174(b) is
amended by striking ‘‘beginning after December 31, 1953’’.
(33) S OIL AND WATER CONSERVATION EXPENDITURES .—Para-
graph (1) of section 175(d) is amended to read as follows:
‘‘(1) W ITHOUT CONSENT .—A taxpayer may, without the con-
sent of the Secretary, adopt the method provided in this section for the taxpayer’s first taxable year for which expenditures described in subsection (a) are paid or incurred.’’.
(34) C
LEAN -FUEL VEHICLES .—
(A) Part VI of subchapter A of chapter 1 is amended
by striking section 179A (and by striking the item relating to such section in the table of sections for such part).
(B) Section 30C(e) is amended by adding at the end
the following: ‘‘(7) R
EFERENCE .—For purposes of this section, any ref-
erence to section 179A shall be treated as a reference to such section as in effect immediately before its repeal.’’.
(C) Section 62(a) is amended by striking paragraph
(14).
(D) Section 263(a)(1) is amended by striking subpara-
graph (H).
(E) Section 280F(a)(1) is amended by striking subpara-
graph (C).
(F) Section 312(k)(3) is amended by striking ‘‘179A,’’
each place it appears.
(G) Section 1016(a) is amended by striking paragraph
(24).
(H) Section 1245(a) is amended by striking ‘‘179A,’’
each place it appears in paragraphs (2)(C) and (3)(C). (35) Q
UALIFIED DISASTER EXPENSES .—Part VI of subchapter
A of chapter 1 is amended by striking section 198A (and by striking the item relating to such section in the table of sections for such part).
(36) A
CTIVITIES NOT ENGAGED IN FOR PROFIT .—Section
183(e)(1) is amended by striking the last sentence. 26 USC prec. 161. 26 USC
prec. 161. 26 USC 56.
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(37) D OMESTIC PRODUCTION ACTIVITIES .—
(A) Subsection (a) of section 199 is amended—
(i) by striking paragraph (2), (ii) by redesignating subparagraphs (A) and (B)
of paragraph (1) as paragraphs (1) and (2), respectively, and by moving paragraphs (1) and (2) (as so redesig-nated) 2 ems to the left, and
(iii) by striking ‘‘A
LLOWANCE OF DEDUCTION .—’’
and all that follows through ‘‘There shall be allowed’’ and inserting the following:
‘‘(a) A
LLOWANCE OF DEDUCTION .—There shall be allowed’’.
(B) Paragraphs (2) and (6)(B) of section 199(d) are
each amended by striking ‘‘(a)(1)(B)’’ and inserting ‘‘(a)(2)’’. (38) R
ETIREMENT SAVINGS .—
(A) Subparagraph (A) of section 219(b)(5) is amended
to read as follows:
‘‘(A) I N GENERAL .—The deductible amount is $5,000.’’.
(B) Clause (ii) of section 219(b)(5)(B) is amended to
read as follows:
‘‘(ii) A PPLICABLE AMOUNT .—For purposes of clause
(i), the applicable amount is $1,000.’’. (C) Paragraph (5) of section 219(b) is amended by
striking subparagraph (C) and by redesignating subpara-graph (D) as subparagraph (C).
(D) Clause (ii) of section 219(g)(2)(A) is amended by
striking ‘‘for a taxable year beginning after December 31, 2006’’.
(E) Section 219(g)(3)(B) is amended by striking clauses
(i) and (ii) and inserting the following:
‘‘(i) In the case of a taxpayer filing a joint return,
$80,000.
‘‘(ii) In the case of any other taxpayer (other than
a married individual filing a separate return), $50,000.’’. (F) Paragraph (8) of section 219(g) is amended by
striking ‘‘the dollar amount in the last row of the table contained in paragraph (3)(B)(i), the dollar amount in the last row of the table contained in paragraph (3)(B)(ii), and the dollar amount contained in paragraph (7)(A),’’ and inserting ‘‘each of the dollar amounts in paragraphs (3)(B)(i), (3)(B)(ii), and (7)(A)’’. (39) R
EPORTS REGARDING QUALIFIED VOLUNTARY RETIRE –
MENT CONTRIBUTIONS .—
(A) Section 219 is amended by striking paragraph (4)
of subsection (f) and subsection (h).
(B) Section 6652 is amended by striking subsection
(g). (40) I
NTEREST ON EDUCATION LOANS .—Paragraph (1) of sec-
tion 221(b) is amended by striking ‘‘shall not exceed’’ and all that follows and inserting ‘‘shall not exceed $2,500.’’.
(41) D
IVIDENDS RECEIVED ON CERTAIN PREFERRED STOCK ;
AND DIVIDENDS PAID ON CERTAIN PREFERRED STOCK OF PUBLIC
UTILITIES .—
(A) Sections 244 and 247 are hereby repealed, and
the table of sections for part VIII of subchapter B of chapter 1 is amended by striking the items relating to sections 244 and 247. 26 USC prec. 241. 26 USC 199.
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(B) Paragraph (5) of section 172(d) is amended to read
as follows: ‘‘(5) C
OMPUTATION OF DEDUCTION FOR DIVIDENDS
RECEIVED .—The deductions allowed by section 243 (relating
to dividends received by corporations) and 245 (relating to dividends received from certain foreign corporations) shall be computed without regard to section 246(b) (relating to limitation on aggregate amount of deductions).’’.
(C) Paragraph (1) of section 243(c) is amended to read
as follows: ‘‘(1) I
N GENERAL .—In the case of any dividend received
from a 20-percent owned corporation, subsection (a)(1) shall be applied by substituting ‘80 percent’ for ‘70 percent’.’’.
(D) Section 243(d) is amended by striking paragraph
(4).
(E) Section 246 is amended—
(i) by striking ‘‘, 244,’’ in subsection (a)(1), (ii) in subsection (b)(1)—
(I) by striking ‘‘sections 243(a)(1), 244(a),’’ and
inserting ‘‘section 243(a)(1)’’,
(II) by striking ‘‘244(a),’’ the second place it
appears, and
(III) by striking ‘‘subsection (a) or (b) of section
245, and 247,’’ and inserting ‘‘and subsection (a) or (b) of section 245,’’, and (iii) by striking ‘‘, 244,’’ in subsection (c)(1).
(F) Section 246A is amended by striking ‘‘, 244,’’ both
places it appears in subsections (a) and (e).
(G) Sections 263(g)(2)(B)(iii), 277(a), 301(e)(2),
469(e)(4), 512(a)(3)(A), subparagraphs (A), (C), and (D) of section 805(a)(4), 805(b)(5), 812(e)(2)(A), 815(c)(2)(A)(iii), 832(b)(5), 833(b)(3)(E), and 1059(b)(2)(B) are each amended by striking ‘‘, 244,’’ each place it appears.
(H) Section 1244(c)(2)(C) is amended by striking ‘‘244,’’. (I) Section 805(a)(4)(B) is amended by striking ‘‘,
244(a),’’ each place it appears.
(J) Section 810(c)(2)(B) is amended by striking ‘‘244
(relating to dividends on certain preferred stock of public utilities),’’.
(K) The amendments made by this paragraph shall
not apply to preferred stock issued before October 1, 1942 (determined in the same manner as under section 247 of the Internal Revenue Code of 1986 as in effect before its repeal by such amendments). (42) O
RGANIZATION EXPENSES .—Section 248(c) is amended
by striking ‘‘beginning after December 31, 1953,’’ and by striking the last sentence.
(43) B
OND REPURCHASE PREMIUM .—Section 249(b)(1) is
amended by striking ‘‘, in the case of bonds or other evidences of indebtedness issued after February 28, 1913,’’.
(44) A
MOUNT OF GAIN WHERE LOSS PREVIOUSLY DIS –
ALLOWED .—Section 267(d) is amended by striking ‘‘(or by reason
of section 24(b) of the Internal Revenue Code of 1939)’’ in paragraph (1), by striking ‘‘after December 31, 1953,’’ in para-graph (2), by striking the second sentence, and by striking ‘‘or by reason of section 118 of the Internal Revenue Code of 1939’’ in the last sentence. 26 USC 172 note. 26 USC 172.
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(45) A CQUISITIONS MADE TO EVADE OR AVOID INCOME TAX .—
Paragraphs (1) and (2) of section 269(a) are each amended by striking ‘‘or acquired on or after October 8, 1940,’’.
(46) M
EALS AND ENTERTAINMENT .—Paragraph (3) of section
274(n) is amended—
(A) by striking ‘‘(A) I N GENERAL .—’’,
(B) by striking ‘‘substituting ‘the applicable percentage’
for’’ and inserting ‘‘substituting ‘80 percent’ for’’, and
(C) by striking subparagraph (B).
(47) I NTEREST ON INDEBTEDNESS INCURRED BY CORPORA –
TIONS TO ACQUIRE STOCK OR ASSETS OF ANOTHER CORPORA –
TION .—
(A) Section 279 is amended—
(i) by striking ‘‘after December 31, 1967,’’ in sub-
section (a)(2),
(ii) by striking ‘‘after October 9, 1969,’’ in sub-
section (b),
(iii) by striking ‘‘after October 9, 1969, and’’ in
subsection (d)(5), and
(iv) by striking subsection (i) and redesignating
subsection (j) as subsection (i). (B) The amendments made by this paragraph shall
not—
(i) apply to obligations issued on or before October
9, 1969 (determined in the same manner as under section 279 of the Internal Revenue Code of 1986 as in effect before such amendments), and
(ii) be construed to require interest on obligations
issued on or before December 31, 1967, to be taken into account under section 279(a)(2) of such Code (as in effect after such amendments).
(48) B
ANK HOLDING COMPANIES .—
(A) Clause (iii) of section 304(b)(3)(D) is repealed. (B) The heading of subparagraph (D) of section
304(b)(3) is amended by striking ‘‘
AND SPECIAL RULE ’’.
(49) E FFECT ON EARNINGS AND PROFITS .—Subsection (d)
of section 312 is amended by striking paragraph (2) and redesig-nating paragraph (3) as paragraph (2).
(50) D
ISQUALIFIED STOCK .—Paragraph (3) of section 355(d)
is amended by striking ‘‘after October 9, 1990, and’’ each place it appears.
(51) B
ASIS TO CORPORATIONS .—Section 362 is amended by
striking ‘‘on or after June 22, 1954’’ in subsection (a) and by striking ‘‘, on or after June 22, 1954,’’ each place it appears in subsection (c).
(52) T
EMPORARY WAIVER OF MINIMUM REQUIRED DISTRIBU –
TION .—Section 401(a)(9) is amended by striking subparagraph
(H).
(53) I NDIVIDUAL RETIREMENT ACCOUNTS .—Clause (i) of sec-
tion 408(p)(2)(E) is amended to read as follows:
‘‘(i) I N GENERAL .—For purposes of subparagraph
(A)(ii), the applicable amount is $10,000.’’.
(54) T AX CREDIT EMPLOYEE STOCK OWNERSHIP PLANS .—Sec-
tion 409 is amended by striking subsection (q).
(55) C ATCH -UP CONTRIBUTIONS .—Clauses (i) and (ii) of sec-
tion 414(v)(2)(B) are amended to read as follows:
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‘‘(i) In the case of an applicable employer plan
other than a plan described in section 401(k)(11) or 408(p), the applicable dollar amount is $5,000.
‘‘(ii) In the case of an applicable employer plan
described in section 401(k)(11) or 408(p), the applicable dollar amount is $2,500.’’.
(56) E
MPLOYEE STOCK PURCHASE PLANS .—Section 423(a)
is amended by striking ‘‘after December 31, 1963,’’.
(57) P ENSION RELATED TRANSITION RULES .—
(A) Section 402(g)(1)(B) is amended by striking ‘‘shall
be’’ and all that follows and inserting ‘‘is $15,000.’’.
(B)(i) Subparagraph (D) of section 417(e)(3) is
amended—
(I) by striking clauses (ii) and (iii), (II) by striking ‘‘if—’’ and all that follows through
‘‘section 430(h)(2)(D)’’ and inserting ‘‘if section 430(h)(2)(D)’’, and
(III) by striking ‘‘described in such section,’’ and
inserting ‘‘described in such section.’’. (ii) Clause (iii) of section 205(g)(3)(B) of the Employee
Retirement Income Security Act of 1974 (29 U.S.C. 1055(g)(3)(B)) is amended—
(I) by striking subclauses (II) and (III), (II) by striking ‘‘if—’’ and all that follows through
‘‘section 303(h)(2)(D)’’ and inserting ‘‘if section 303(h)(2)(D)’’, and
(III) by striking ‘‘described in such section,’’ and
inserting ‘‘described in such section.’’. (C)(i) Paragraph (5) of section 430(c) is amended by
striking subparagraph (B) and by striking ‘‘(A) I
N GEN –
ERAL .—’’.
(ii) Paragraph (5) of section 303(c) of the Employee
Retirement Income Security Act of 1974 (29 U.S.C. 1083(c)) is amended by striking subparagraph (B) and by striking ‘‘(A) I
N GENERAL .—’’.
(D)(i) Paragraph (2) of section 430(h) is amended by
striking subparagraph (G).
(ii) Paragraph (2) of section 303(h) of the Employee
Retirement Income Security Act of 1974 (29 U.S.C. 1083(h)) is amended by striking subparagraph (G).
(E)(i) Paragraph (3) of section 436(j), as added by sec-
tion 113(a)(1)(B) of the Pension Protection Act of 2006, is amended by striking subparagraphs (B) and (C) and by striking ‘‘(A) I
N GENERAL .—’’.
(ii) Subparagraph (C) of section 206(g)(9) of the
Employee Retirement Income Security Act of 1974 (29 U.S.C. 1056(g)(9)) is amended by striking clauses (ii) and (iii) and by striking ‘‘(i) I
N GENERAL .—’’.
(F)(i) Section 436(j) is amended by striking the para-
graph (3) added by section 203(a)(2) of the Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act of 2010.
(ii) Section 206(g)(9) of the Employee Retirement
Income Security Act of 1974 (29 U.S.C. 1056(g)(9)) is amended by striking subparagraph (D).
(G)(i) Section 436 is amended by striking subsection
(m). 26 USC 423.
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(ii) Section 206(g) of the Employee Retirement Income
Security Act of 1974 (29 U.S.C. 1056(g)) is amended by striking paragraph (11).
(H) Section 457(e)(15)(A) is amended by striking ‘‘shall
be’’ and all that follows and inserting ‘‘is $15,000.’’. (58) L
IMITATION ON DEDUCTIONS FOR CERTAIN FARMING .—
(A) Section 464 is amended by striking ‘‘any farming
syndicate (as defined in subsection (c))’’ both places it appears in subsections (a) and (b) and inserting ‘‘any tax-payer to whom subsection (d) applies’’.
(B)(i) Subsection (c) of section 464 is hereby moved
to the end of section 461 and redesignated as subsection (j).
(ii) Such subsection (j) is amended—
(I) by striking ‘‘For purposes of this section’’ in
paragraph (1) and inserting ‘‘For purposes of subsection (i)(4)’’, and
(II) by adding at the end the following new para-
graphs:
‘‘(3) F
ARMING .—For purposes of this subsection, the term
‘farming’ has the meaning given to such term by section 464(e).
‘‘(4) L IMITED ENTREPRENEUR .—For purposes of this sub-
section, the term ‘limited entrepreneur’ means a person who—
‘‘(A) has an interest in an enterprise other than as
a limited partner, and
‘‘(B) does not actively participate in the management
of such enterprise.’’.
(iii) Paragraph (4) of section 461(i) is amended
by striking ‘‘section 464(c)’’ and inserting ‘‘subsection (j)’’. (C) Section 464 is amended—
(i) by striking subsections (e) and (g) and redesig-
nating subsections (d) and (f) as subsections (c) and (d), respectively, and
(ii) by adding at the end the following new sub-
section:
‘‘(e) F
ARMING .—For purposes of this section, the term ‘farming’
means the cultivation of land or the raising or harvesting of any agricultural or horticultural commodity including the raising, shearing, feeding, caring for, training, and management of animals. For purposes of the preceding sentence, trees (other than trees bearing fruit or nuts) shall not be treated as an agricultural or horticultural commodity.’’.
(D) Subsection (d) of section 464 of such Code (as
redesignated by subparagraph (C)) is amended—
(i) by striking paragraph (1) and redesignating
paragraphs (2), (3), and (4) as paragraphs (1), (2), and (3), respectively, and
(ii) by striking ‘‘S
UBSECTIONS (A) AND (B) TOAPPLY
TO’’ in the heading.
(E) Subparagraph (A) of section 58(a)(2) is amended
by striking ‘‘section 464(c)’’ and inserting ‘‘section 461(j)’’. (59) D
EDUCTIONS LIMITED TO AMOUNT AT RISK .—Subpara-
graph (A) of section 465(c)(3) is amended by striking ‘‘In the case of taxable years beginning after December 31, 1978, this’’ and inserting ‘‘This’’.
(60) P
ASSIVE ACTIVITY LOSSES AND CREDITS LIMITED .— 26 USC 464, 461. 26 USC 457.
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(A) Section 469 is amended by striking subsection (m).
(B) Subsection (b) of section 58 is amended by adding
‘‘and’’ at the end of paragraph (1), by striking paragraph (2), and by redesignating paragraph (3) as paragraph (2). (61) A
DJUSTMENTS REQUIRED BY CHANGES IN METHOD OF
ACCOUNTING .—Section 481(b)(3) is amended by striking
subparagraph (C).
(62) E XEMPTION FROM TAX ON CORPORATIONS , CERTAIN
TRUSTS , ETC.—Section 501 is amended by striking subsection
(s).
(63) R EQUIREMENTS FOR EXEMPTION .—
(A) Section 503(a)(1) is amended to read as follows:
‘‘(1) G ENERAL RULE .—An organization described in para-
graph (17) or (18) of section 501(c), or described in section 401(a) and referred to in section 4975(g) (2) or (3), shall not be exempt from taxation under section 501(a) if it has engaged in a prohibited transaction.’’.
(B) Paragraph (2) of section 503(a) is amended by
striking ‘‘described in section 501(c)(17) or (18) or para-graph (a)(1)(B)’’ and inserting ‘‘described in paragraph (1)’’.
(C) Subsection (c) of section 503 is amended by striking
‘‘described in section 501(c)(17) or (18) or subsection (a)(1)(B)’’ and inserting ‘‘described in subsection (a)(1)’’. (64) A
CCUMULATED TAXABLE INCOME .—Paragraph (1) of sec-
tion 535(b) and paragraph (1) of section 545(b) are each amended by striking ‘‘section 531’’ and all that follows and inserting ‘‘section 531 or the personal holding company tax imposed by section 541.’’.
(65) D
EFINITION OF PROPERTY .—Subsection (b) of section
614 is amended—
(A) by striking paragraphs (3)(C) and (5), and (B) in paragraph (4), by striking ‘‘whichever of the
following years is later: The first taxable year beginning after December 31, 1963, or’’. (66) A
MOUNTS RECEIVED BY SURVIVING ANNUITANT UNDER
JOINT AND SURVIVOR ANNUITY CONTRACT .—Subparagraph (A)
of section 691(d)(1) is amended by striking ‘‘after December 31, 1953, and’’.
(67) I
NCOME TAXES OF MEMBERS OF ARMED FORCES ON
DEATH .—Section 692(a)(1) is amended by striking ‘‘after June
24, 1950’’.
(68) S PECIAL RULES FOR COMPUTING RESERVES .—Paragraph
(7) of section 807(e) is amended by striking subparagraph (B) and redesignating subparagraph (C) as subparagraph (B).
(69) I
NSURANCE COMPANY TAXABLE INCOME .—
(A) Section 832(e) is amended by striking ‘‘of taxable
years beginning after December 31, 1966,’’.
(B) Section 832(e)(6) is amended by striking ‘‘In the
case of any taxable year beginning after December 31, 1970, the’’ and inserting ‘‘The’’. (70) C
APITALIZATION OF CERTAIN POLICY ACQUISITION
EXPENSES .—Section 848 is amended by striking subsection (j).
(71) T AX ON NONRESIDENT ALIEN INDIVIDUALS .—Subpara-
graph (B) of section 871(a)(1) is amended to read as follows:
‘‘(B) gains described in subsection (b) or (c) of section
631,’’. 26 USC 469.
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(72) L IMITATION ON CREDIT .—Paragraph (2) of section
904(d) is amended by striking subparagraph (J).
(73) F OREIGN EARNED INCOME .—Clause (i) of section
911(b)(2)(D) is amended to read as follows:
‘‘(i) I N GENERAL .—The exclusion amount for any
calendar year is $80,000.’’.
(74) B ASIS OF PROPERTY ACQUIRED FROM DECEDENT .—
(A) Section 1014(a)(2) is amended to read as follows:
‘‘(2) in the case of an election under section 2032, its
value at the applicable valuation date prescribed by such sec-tion,’’.
(B) Section 1014(b) is amended by striking paragraphs
(7) and (8). (75) A
DJUSTED BASIS .—Section 1016(a) is amended by
striking paragraph (12).
(76) P ROPERTY ON WHICH LESSEE HAS MADE IMPROVE –
MENTS .—Section 1019 is amended by striking the last sentence.
(77) I NVOLUNTARY CONVERSION .—Section 1033 is amended
by striking subsection (j) and by redesignating subsections (k) and (l) as subsections (j) and (k), respectively.
(78) P
ROPERTY ACQUIRED DURING AFFILIATION .—Section
1051 is hereby repealed, and the table of sections for part IV of subchapter O of chapter 1 is amended by striking the item relating to section 1051.
(79) C
APITAL GAINS AND LOSSES .—Section 1222 is amended
by striking the last sentence.
(80) H OLDING PERIOD OF PROPERTY .—
(A) Paragraph (1) of section 1223 is amended by
striking ‘‘after March 1, 1954,’’.
(B) Paragraph (4) of section 1223 is amended by
striking ‘‘ ‘(or under so much of section 1052(c) as refers to section 113(a)(23) of the Internal Revenue Code of 1939)’ ’’.
(C) Paragraphs (6) and (8) of section 1223 are repealed.
(81) P
ROPERTY USED IN THE TRADE OR BUSINESS AND INVOL –
UNTARY CONVERSIONS .—Subparagraph (A) of section 1231(c)(2)
is amended by striking ‘‘beginning after December 31, 1981’’.
(82) S ALE OR EXCHANGE OF PATENTS .—Section 1235 is
amended—
(A) by striking subsection (c) and by redesignating
subsections (d) and (e) as subsections (c) and (d), respec-tively, and
(B) by striking ‘‘subsection (d)’’ in subsection (b)(2)(B)
and inserting ‘‘subsection (c)’’. (83) D
EALERS IN SECURITIES .—Subsection (b) of section 1236
is amended by striking ‘‘after November 19, 1951,’’.
(84) S ALE OF PATENTS .—Subsection (a) of section 1249 is
amended by striking ‘‘after December 31, 1962,’’.
(85) G AIN FROM DISPOSITION OF FARMLAND .—Paragraph (1)
of section 1252(a) is amended—
(A) by striking ‘‘after December 31, 1969’’ the first
place it appears, and
(B) by striking ‘‘after December 31, 1969,’’ in subpara-
graph (A). (86) T
REATMENT OF AMOUNTS RECEIVED ON RETIREMENT
OR SALE OR EXCHANGE OF DEBT INSTRUMENTS .—Subsection (c)
of section 1271 is amended to read as follows: 26 USC prec. 1051.
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‘‘(c) S PECIAL RULE FOR CERTAIN OBLIGATIONS WITHRESPECT
TOWHICH ORIGINAL ISSUE DISCOUNT NOTCURRENTLY INCLUD –
IBLE.—
‘‘(1) I N GENERAL .—On the sale or exchange of debt
instruments issued by a government or political subdivision thereof after December 31, 1954, and before July 2, 1982, or by a corporation after December 31, 1954, and on or before May 27, 1969, any gain realized which does not exceed—
‘‘(A) an amount equal to the original issue discount,
or
‘‘(B) if at the time of original issue there was no
intention to call the debt instrument before maturity, an amount which bears the same ratio to the original issue discount as the number of complete months that the debt instrument was held by the taxpayer bears to the number of complete months from the date of original issue to the date of maturity, shall be considered as ordinary income. ‘‘(2) S
UBSECTION (a)(2)(A) NOT TO APPLY .—Subsection
(a)(2)(A) shall not apply to any debt instrument referred to in paragraph (1) of this subsection.
‘‘(3) C
ROSS REFERENCE .—For current inclusion of original
issue discount, see section 1272.’’.
(87) A MOUNT AND METHOD OF ADJUSTMENT .—Section 1314
is amended by striking subsection (d) and by redesignating subsection (e) as subsection (d).
(88) E
LECTION ; REVOCATION ; TERMINATION .—Clause (iii) of
section 1362(d)(3)(A) is amended by striking ‘‘unless’’ and all that follows and inserting ‘‘unless the corporation was an S corporation for such taxable year.’’.
(89) O
LD-AGE, SURVIVORS , AND DISABILITY INSURANCE .—
Subsection (a) of section 1401 is amended by striking ‘‘the following percent’’ and all that follows and inserting ‘‘12.4 per-cent of the amount of the self-employment income for such taxable year.’’.
(90) H
OSPITAL INSURANCE .—Paragraph (1) of section
1401(b) is amended by striking: ‘‘the following percent’’ and all that follows and inserting ‘‘2.9 percent of the amount of the self-employment income for such taxable year.’’.
(91) M
INISTERS , MEMBERS OF RELIGIOUS ORDERS , AND CHRIS –
TIAN SCIENCE PRACTITIONERS .—Paragraph (3) of section 1402(e)
is amended—
(A) by striking ‘‘whichever of the following dates is
later: (A)’’, and
(B) by striking ‘‘;or (B)’ ’’ and all that follows and
inserting a period. (92) W
ITHHOLDING OF TAX ON NONRESIDENT ALIENS .—The
first sentence of subsection (b) of section 1441 and the first sentence of paragraph (5) of section 1441(c) are each amended by striking ‘‘gains subject to tax’’ and all that follows through ‘‘October 4, 1966’’ and inserting ‘‘and gains subject to tax under section 871(a)(1)(D)’’.
(93) A
FFILIATED GROUP DEFINED .—Subparagraph (A) of sec-
tion 1504(a)(3) is amended by striking ‘‘for a taxable year which includes any period after December 31, 1984’’ in clause (i) and by striking ‘‘in a taxable year beginning after December 31, 1984’’ in clause (ii). 26 USC 1314.
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(94) D ISALLOWANCE OF THE BENEFITS OF THE GRADUATED
CORPORATE RATES AND ACCUMULATED EARNINGS CREDIT .—
(A) Subsection (a) of section 1551 is amended—
(i) by striking paragraph (1) and by redesignating
paragraphs (2) and (3) as paragraphs (1) and (2), respectively, and
(ii) by striking ‘‘after June 12, 1963,’’ each place
it appears. (B) Section 1551(b) is amended—
(i) by striking ‘‘or (2)’’ in paragraph (1), and (ii) by striking ‘‘(a)(3)’’ in paragraph (2) and
inserting ‘‘(a)(2)’’.
(95) C
REDIT FOR STATE DEATH TAXES .—
(A)(i) Part II of subchapter A of chapter 11 is amended
by striking section 2011 (and by striking the item relating to such section in the table of sections for such subpart).
(ii) Section 2106(a)(4) is amended by striking ‘‘section
2011(a)’’ and inserting ‘‘2058(a)’’.
(B)(i) Subchapter A of chapter 13 is amended by
striking section 2604 (and by striking the item relating to such section in the table of sections for such subpart).
(ii) Clause (ii) of section 164(b)(4)(A) is amended by
inserting ‘‘(as in effect before its repeal)’’ after ‘‘section 2604’’.
(iii) Section 2654(a)(1) is amended by striking ‘‘(com-
puted without regard to section 2604)’’. (96) G
ROSS ESTATE .—Subsection (c) of section 2031 is
amended by striking paragraph (3) and by amending paragraph (1)(B) to read as follows:
‘‘(II) $500,000.’’.
(97)(A) Part IV of subchapter A of chapter 11 is amended
by striking section 2057 (and by striking the item relating to such section in the table of sections for such subpart).
(B) Paragraph (10) of section 2031(c) is amended by
inserting ‘‘(as in effect before its repeal)’’ immediately before the period at the end thereof.
(98) P
ROPERTY WITHIN THE UNITED STATES .—Subsection (c)
of section 2104 is amended by striking ‘‘With respect to estates of decedents dying after December 31, 1969, deposits’’ and inserting ‘‘Deposits’’.
(99) FICA
TAXES .—
(A) Subsection (a) of section 3101 is amended by
striking ‘‘the following percentages’’ and all that follows and inserting ‘‘6.2 percent of the wages (as defined in section 3121(a)) received by the individual with respect to employment (as defined in section 3121(b))’’.
(B)(i) Subsection (a) of section 3111 is amended by
striking ‘‘the following percentages’’ and all that follows and inserting ‘‘6.2 percent of the wages (as defined in section 3121(a)) paid by the employer with respect to employment (as defined in section 3121(b)).’’.
(ii) Subsection (b) of section 3111 is amended by
striking ‘‘the following percentages’’ and all that follows and inserting ‘‘1.45 percent of the wages (as defined in section 3121(a)) paid by the employer with respect to employment (as defined in section 3121(b)).’’. 26 USC
prec. 2051. 26 USC
prec. 2601. 26 USC
prec. 2010. 26 USC 1551.
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(C)(i) Section 3121(b) is amended by striking paragraph
(17).
(ii) Section 210(a) of the Social Security Act is amended
by striking paragraph (17). (100) R
AILROAD RETIREMENT .—
(A) Subsection (b) of section 3201 is amended to read
as follows:
‘‘(b) T IER2 T AX.—In addition to other taxes, there is hereby
imposed on the income of each employee a tax equal to the percent-age determined under section 3241 for any calendar year of the compensation received during such calendar year by such employee for services rendered by such employee.’’.
(B) Subsection (b) of section 3211 is amended to read
as follows:
‘‘(b) T
IER2 T AX.—In addition to other taxes, there is hereby
imposed on the income of each employee representative a tax equal to the percentage determined under section 3241 for any calendar year of the compensation received during such calendar year by such employee representative for services rendered by such employee representative.’’.
(C) Subsection (b) of section 3221 is amended to read
as follows:
‘‘(b) T
IER2 T AX.—In addition to other taxes, there is hereby
imposed on every employer an excise tax, with respect to having individuals in his employ, equal to the percentage determined under section 3241 for any calendar year of the compensation paid during such calendar year by such employer for services rendered to such employer.’’.
(D) Subsection (b) of section 3231 is amended—
(i) by striking ‘‘compensation; except’’ and all that
follows in the first sentence and inserting ‘‘compensa-tion.’’, and
(ii) by striking the second sentence.
(101) C
REDITS AGAINST FEDERAL UNEMPLOYMENT TAX .—
(A) Paragraph (4) of section 3302(f) is amended—
(i) by striking ‘‘subsection—’’ and all that follows
through ‘‘(A) I N GENERAL .—The’’ and inserting ‘‘sub-
section, the’’,
(ii) by striking subparagraph (B),
(iii) by redesignating clauses (i) and (ii) as subpara-
graphs (A) and (B), respectively, and
(iv) by moving the text of such subparagraphs
(as so redesignated) 2 ems to the left. (B) Paragraph (5) of section 3302(f) is amended by
striking subparagraph (D) and by redesignating subpara-graph (E) as subparagraph (D). (102) D
OMESTIC SERVICE EMPLOYMENT TAXES .—Section
3510(b) is amended by striking paragraph (4).
(103) L UXURY PASSENGER AUTOMOBILES .—
(A) Chapter 31 is amended by striking subchapter
A (and by striking the item relating to such subchapter in the table of subchapters for such chapter).
(B)(i) Section 4221 is amended—
(I) in subsections (a) and (d)(1), by striking ‘‘sub-
chapter A or’’ and inserting ‘‘subchapter’’, 26 USC
prec. 4001, 4001–4003. 42 USC 410. 26 USC 3121.
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(II) in subsection (a), by striking ‘‘In the case of
taxes imposed by subchapter A of chapter 31, para-graphs (1), (3), (4), and (5) shall not apply.’’, and
(III) in subsection (c), by striking ‘‘4001(c), 4001(d),
or’’. (ii) Section 4222 is amended by striking ‘‘4001(c),
4001(d),’’.
(iii) Section 4293 is amended by striking ‘‘subchapter
A of chapter 31,’’. (104) T
RANSPORTATION BY AIR .—Section 4261(e) is
amended—
(A) in paragraph (1), by striking subparagraph (C),
and
(B) by striking paragraph (5).
(105) T AXES ON FAILURE TO DISTRIBUTE INCOME .—
(A) Subsection (g) of section 4942 is amended by
striking ‘‘For all taxable years beginning on or after January 1, 1975, subject’’ in paragraph (2)(A) and inserting ‘‘Subject’’.
(B) Section 4942(i)(2) is amended by striking ‘‘begin-
ning after December 31, 1969, and’’. (106) T
AXES ON TAXABLE EXPENDITURES .—Section 4945(f)
is amended by striking ‘‘(excluding therefrom any preceding taxable year which begins before January 1, 1970)’’.
(107) D
EFINITIONS AND SPECIAL RULES .—Section 4682(h)
is amended—
(A) by striking paragraph (1) and redesignating para-
graphs (2), (3), and (4) as paragraphs (1), (2), and (3), respectively, and
(B) in paragraph (1) (as so redesignated)—
(i) by striking the heading and inserting ‘‘I
N GEN –
ERAL ’’, and
(ii) by striking ‘‘after 1991’’ in subparagraph (C).
(108) R ETURNS .—Subsection (a) of section 6039D is
amended by striking ‘‘beginning after December 31, 1984,’’.
(109) I NFORMATION RETURNS .—Subsection (c) of section
6060 is amended by striking ‘‘ ‘year’ ’’ and all that follows and inserting ‘‘year.’’.
(110) C
OLLECTION .—Section 6302 is amended—
(A) in subsection (e)(2), by striking ‘‘imposed by’’ and
all that follows through ‘‘with respect to’’ and inserting ‘‘imposed by sections 4251, 4261, or 4271 with respect to’’,
(B) by striking the last sentence of subsection (f)(1),
and
(C) in subsection (h)—
(i) by striking paragraph (2) and redesignating
paragraphs (3) and (4) as paragraphs (2) and (3), respectively, and
(ii) by amending paragraph (3) (as so redesignated)
to read as follows:
‘‘(3) C
OORDINATION WITH OTHER ELECTRONIC FUND
TRANSFER REQUIREMENTS .—Under regulations, any tax required
to be paid by electronic fund transfer under section 5061(e) or 5703(b) shall be paid in such a manner as to ensure that the requirements of the second sentence of paragraph (1)(A) of this subsection are satisfied.’’. 26 USC 4222.
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(111) A BATEMENTS .—Section 6404(f) is amended by striking
paragraph (3).
(112) 2008 RECOVERY REBATE FOR INDIVIDUALS .—
(A) Subchapter B of chapter 65 is amended by striking
section 6428 (and by striking the item relating to such section in the table of sections for such subchapter).
(B) Subparagraph (A) of section 6211(b)(4) is amended
by striking ‘‘6428,’’.
(C) Paragraph (2) of section 6213(g), as amended by
section 214(a)(2) of this Act and paragraphs (4) and (5)(C) of this subsection, is amended by striking subparagraph (Q), by redesignating subparagraph (O) as subparagraph (N), by inserting ‘‘and’’ at the end of subparagraph (M), and by striking the comma at the end of subparagraph (N) (as so redesignated) and inserting a period.
(D) Paragraph (2) of section 1324(b) of title 31, United
States Code, is amended by striking ‘‘6428, or 6431,’’ and inserting ‘‘or 6431’’. (113) A
DVANCE PAYMENT OF PORTION OF INCREASED CHILD
CREDIT FOR 2003 .—Subchapter B of chapter 65 is amended by
striking section 6429 (and by striking the item relating to such section in the table of sections for such subchapter).
(114) F
AILURE BY CORPORATION TO PAY ESTIMATED INCOME
TAX.—Clause (i) of section 6655(g)(4)(A) is amended by striking
‘‘(or the corresponding provisions of prior law)’’.
(115) R ETIREMENT .—Section 7447(i)(3)(B)(ii) is amended by
striking ‘‘at 4 percent per annum to December 31, 1947, and 3 percent per annum thereafter’’, and inserting ‘‘at 3 percent per annum’’.
(116) A
NNUITIES TO SURVIVING SPOUSES AND DEPENDENT
CHILDREN OF JUDGES .—
(A) Paragraph (2) of section 7448(a) is amended—
(i) by striking ‘‘or under section 1106 of the
Internal Revenue Code of 1939’’, and
(ii) by striking ‘‘or pursuant to section 1106(d)
of the Internal Revenue Code of 1939’’. (B) Subsection (g) of section 7448 is amended by
striking ‘‘or other than pursuant to section 1106 of the Internal Revenue Code of 1939’’.
(C) Subsections (g), (j)(1), and (j)(2) of section 7448
are each amended by striking ‘‘at 4 percent per annum to December 31, 1947, and 3 percent per annum thereafter’’ and inserting ‘‘at 3 percent per annum’’. (117) M
ERCHANT MARINE CAPITAL CONSTRUCTION FUNDS .—
Paragraph (4) of section 7518(g) is amended by striking ‘‘any nonqualified withdrawal’’ and all that follows through ‘‘ ‘shall
be determined’’ and inserting ‘‘any nonqualified withdrawal shall be determined’’.
(118) V
ALUATION TABLES .—
(A) Subsection (c) of section 7520 is amended by
striking paragraph (2) and redesignating paragraph (3) as paragraph (2).
(B) Paragraph (2) of section 7520(c) (as redesignated
by subparagraph (A)) is amended—
(i) by striking ‘‘Not later than December 31, 1989,
the’’ and inserting ‘‘The’’, and 26 USC
prec. 6411. 26 USC
prec. 6428, prec. 6411. 26 USC 6404.
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(ii) by striking ‘‘thereafter’’ in the last sentence
thereof.
(119) D EFINITION OF EMPLOYEE .—Section 7701(a)(20) is
amended by striking ‘‘chapter 21’’ and all that follows and inserting ‘‘chapter 21.’’. (b) E
FFECTIVE DATE.—
(1) G ENERAL RULE .—Except as otherwise provided in sub-
section (a) or paragraph (2) of this subsection, the amendments made by this section shall take effect on the date of enactment of this Act.
(2) S
AVINGS PROVISION .—If—
(A) any provision amended or repealed by the amend-
ments made by this section applied to—
(i) any transaction occurring before the date of
the enactment of this Act,
(ii) any property acquired before such date of enact-
ment, or
(iii) any item of income, loss, deduction, or credit
taken into account before such date of enactment, and (B) the treatment of such transaction, property, or
item under such provision would (without regard to the amendments or repeals made by this section) affect the liability for tax for periods ending after date of enactment, nothing in the amendments or repeals made by this section shall be construed to affect the treatment of such trans-action, property, or item for purposes of determining liability for tax for periods ending after such date of enact-ment.
TITLE III—JOINT COMMITTEE ON
TAXATION
SEC. 301. INCREASED REFUND AND CREDIT THRESHOLD FOR JOINT
COMMITTEE ON TAXATION REVIEW OF C CORPORATION RETURN.
(a) I NGENERAL .—Subsections (a) and (b) of section 6405 are
each amended by inserting ‘‘($5,000,000 in the case of a C corpora-tion)’’ after ‘‘$2,000,000’’.
(b) E
FFECTIVE DATE.—The amendment made by this section
shall take effect on the date of the enactment of this Act, except that such amendment shall not apply with respect to any refund or credit with respect to a report that has been made before such date under section 6405 of the Internal Revenue Code of 1986.
TITLE IV—BUDGETARY EFFECTS
SEC. 401. BUDGETARY EFFECTS.
(a) P AYGO SCORECARD .—The budgetary effects of this Act shall
not be entered on either PAYGO scorecard maintained pursuant to section 4(d) of the Statutory Pay-As-You-Go Act of 2010.
(b) S
ENATE PAYGO SCORECARD .—The budgetary effects of this
Act shall not be entered on any PAYGO scorecard maintained for purposes of section 201 of S. Con. Res. 21 (110th Congress). 26 USC 6405 note. 26 USC 1 note. 26 USC 7701.
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DIVISION B—ACHIEVING A BETTER
LIFE EXPERIENCE ACT OF 2014
SEC. 1. SHORT TITLE; ETC.
(a) S HORT TITLE.—This division may be cited as the ‘‘Stephen
Beck, Jr., Achieving a Better Life Experience Act of 2014’’ or the ‘‘Stephen Beck, Jr., ABLE Act of 2014’’.
(b) A
MENDMENT OF 1986 C ODE.—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.
TITLE I—QUALIFIED ABLE PROGRAMS
SEC. 101. PURPOSES.
The purposes of this title are as follows:
(1) To encourage and assist individuals and families in
saving private funds for the purpose of supporting individuals with disabilities to maintain health, independence, and quality of life.
(2) To provide secure funding for disability-related expenses
on behalf of designated beneficiaries with disabilities that will supplement, but not supplant, benefits provided through private insurance, the Medicaid program under title XIX of the Social Security Act, the supplemental security income program under title XVI of such Act, the beneficiary’s employment, and other sources.
SEC. 102. QUALIFIED ABLE PROGRAMS.
(a) I NGENERAL .—Subchapter F of chapter 1 is amended by
inserting after section 529 the following new section:
‘‘SEC. 529A. QUALIFIED ABLE PROGRAMS.
‘‘(a) G ENERAL RULE.—A qualified ABLE program shall be
exempt from taxation under this subtitle. Notwithstanding the pre-ceding sentence, such program shall be subject to the taxes imposed by section 511 (relating to imposition of tax on unrelated business income of charitable organizations).
‘‘(b) Q
UALIFIED ABLE P ROGRAM .—For purposes of this section—
‘‘(1) I N GENERAL .—The term ‘qualified ABLE program’
means a program established and maintained by a State, or agency or instrumentality thereof—
‘‘(A) under which a person may make contributions
for a taxable year, for the benefit of an individual who is an eligible individual for such taxable year, to an ABLE account which is established for the purpose of meeting the qualified disability expenses of the designated bene-ficiary of the account,
‘‘(B) which limits a designated beneficiary to 1 ABLE
account for purposes of this section,
‘‘(C) which allows for the establishment of an ABLE
account only for a designated beneficiary who is a resident of such State or a resident of a contracting State, and Definition. 26 USC 529A. 26 USC 529A
note. 26 USC 1 note. Stephen Beck,
Jr., Achieving a Better Life Experience Act of 2014.
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‘‘(D) which meets the other requirements of this sec-
tion. ‘‘(2) C
ASH CONTRIBUTIONS .—A program shall not be treated
as a qualified ABLE program unless it provides that no con-tribution will be accepted—
‘‘(A) unless it is in cash, or ‘‘(B) except in the case of contributions under sub-
section (c)(1)(C), if such contribution to an ABLE account would result in aggregate contributions from all contribu-tors to the ABLE account for the taxable year exceeding the amount in effect under section 2503(b) for the calendar year in which the taxable year begins.
For purposes of this paragraph, rules similar to the rules of section 408(d)(4) (determined without regard to subparagraph (B) thereof) shall apply.
‘‘(3) S
EPARATE ACCOUNTING .—A program shall not be
treated as a qualified ABLE program unless it provides separate accounting for each designated beneficiary.
‘‘(4) L
IMITED INVESTMENT DIRECTION .—A program shall not
be treated as a qualified ABLE program unless it provides that any designated beneficiary under such program may, directly or indirectly, direct the investment of any contributions to the program (or any earnings thereon) no more than 2 times in any calendar year.
‘‘(5) N
O PLEDGING OF INTEREST AS SECURITY .—A program
shall not be treated as a qualified ABLE program if it allows any interest in the program or any portion thereof to be used as security for a loan.
‘‘(6) P
ROHIBITION ON EXCESS CONTRIBUTIONS .—A program
shall not be treated as a qualified ABLE program unless it provides adequate safeguards to prevent aggregate contribu-tions on behalf of a designated beneficiary in excess of the limit established by the State under section 529(b)(6). For pur-poses of the preceding sentence, aggregate contributions include contributions under any prior qualified ABLE program of any State or agency or instrumentality thereof. ‘‘(c) T
AXTREATMENT .—
‘‘(1) D ISTRIBUTIONS .—
‘‘(A) I N GENERAL .—Any distribution under a qualified
ABLE program shall be includible in the gross income of the distributee in the manner as provided under section 72 to the extent not excluded from gross income under any other provision of this chapter.
‘‘(B) D
ISTRIBUTIONS FOR QUALIFIED DISABILITY
EXPENSES .—For purposes of this paragraph, if distributions
from a qualified ABLE program—
‘‘(i) do not exceed the qualified disability expenses
of the designated beneficiary, no amount shall be includible in gross income, and
‘‘(ii) in any other case, the amount otherwise
includible in gross income shall be reduced by an amount which bears the same ratio to such amount as such expenses bear to such distributions. ‘‘(C) C
HANGE IN DESIGNATED BENEFICIARIES OR PRO –
GRAMS .— Applicability.
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‘‘(i) R OLLOVERS FROM ABLE ACCOUNTS .—Subpara-
graph (A) shall not apply to any amount paid or distrib-uted from an ABLE account to the extent that the amount received is paid, not later than the 60th day after the date of such payment or distribution, into another ABLE account for the benefit of the same designated beneficiary or an eligible individual who is a family member of the designated beneficiary.
‘‘(ii) C
HANGE IN DESIGNATED BENEFICIARIES .—Any
change in the designated beneficiary of an interest in a qualified ABLE program during a taxable year shall not be treated as a distribution for purposes of subparagraph (A) if the new beneficiary is an eligible individual for such taxable year and a member of the family of the former beneficiary.
‘‘(iii) L
IMITATION ON CERTAIN ROLLOVERS .—Clause
(i) shall not apply to any transfer if such transfer occurs within 12 months from the date of a previous transfer to any qualified ABLE program for the benefit of the designated beneficiary. ‘‘(D) O
PERATING RULES .—For purposes of applying sec-
tion 72—
‘‘(i) except to the extent provided by the Secretary,
all distributions during a taxable year shall be treated as one distribution, and
‘‘(ii) except to the extent provided by the Secretary,
the value of the contract, income on the contract, and investment in the contract shall be computed as of the close of the calendar year in which the taxable year begins.
‘‘(2) G
IFT TAX RULES .—For purposes of chapters 12 and
13—
‘‘(A) C ONTRIBUTIONS .—Any contribution to a qualified
ABLE program on behalf of any designated beneficiary—
‘‘(i) shall be treated as a completed gift to such
designated beneficiary which is not a future interest in property, and
‘‘(ii) shall not be treated as a qualified transfer
under section 2503(e). ‘‘(B) T
REATMENT OF DISTRIBUTIONS .—In no event shall
a distribution from an ABLE account to such account’s designated beneficiary be treated as a taxable gift.
‘‘(C) T
REATMENT OF TRANSFER TO NEW DESIGNATED
BENEFICIARY .—The taxes imposed by chapters 12 and 13
shall not apply to a transfer by reason of a change in the designated beneficiary under subsection (c)(1)(C). ‘‘(3) A
DDITIONAL TAX FOR DISTRIBUTIONS NOT USED FOR
DISABILITY EXPENSES .—
‘‘(A) I N GENERAL .—The tax imposed by this chapter
for any taxable year on any taxpayer who receives a dis-tribution from a qualified ABLE program which is includ-ible in gross income shall be increased by 10 percent of the amount which is so includible.
‘‘(B) E
XCEPTION .—Subparagraph (A) shall not apply
if the payment or distribution is made to a beneficiary (or to the estate of the designated beneficiary) on or after the death of the designated beneficiary. Deadline.
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‘‘(C) C ONTRIBUTIONS RETURNED BEFORE CERTAIN
DATE .—Subparagraph (A) shall not apply to the distribution
of any contribution made during a taxable year on behalf of the designated beneficiary if—
‘‘(i) such distribution is received on or before the
day prescribed by law (including extensions of time) for filing such designated beneficiary’s return for such taxable year, and
‘‘(ii) such distribution is accompanied by the
amount of net income attributable to such excess con-tribution.
Any net income described in clause (ii) shall be included in gross income for the taxable year in which such excess contribution was made. ‘‘(4) L
OSS OF ABLE ACCOUNT TREATMENT .—If an ABLE
account is established for a designated beneficiary, no account subsequently established for such beneficiary shall be treated as an ABLE account. The preceding sentence shall not apply in the case of an account established for purposes of a rollover described in paragraph (1)(C)(i) of this section if the transferor account is closed as of the end of the 60th day referred to in paragraph (1)(C)(i). ‘‘(d) R
EPORTS .—
‘‘(1) I N GENERAL .—Each officer or employee having control
of the qualified ABLE program or their designee shall make such reports regarding such program to the Secretary and to designated beneficiaries with respect to contributions, dis-tributions, the return of excess contributions, and such other matters as the Secretary may require.
‘‘(2) C
ERTAIN AGGREGATED INFORMATION .—For research
purposes, the Secretary shall make available to the public reports containing aggregate information, by diagnosis and other relevant characteristics, on contributions and distribu-tions from the qualified ABLE program. In carrying out the preceding sentence an item may not be made available to the public if such item can be associated with, or otherwise identify, directly or indirectly, a particular individual.
‘‘(3) N
OTICE OF ESTABLISHMENT OF ABLE ACCOUNT .—A quali-
fied ABLE program shall submit a notice to the Secretary upon the establishment of an ABLE account. Such notice shall contain the name and State of residence of the designated beneficiary and such other information as the Secretary may require.
‘‘(4) E
LECTRONIC DISTRIBUTION STATEMENTS .—For purposes
of section 4 of the Achieving a Better Life Experience Act of 2014, States shall submit electronically on a monthly basis to the Commissioner of Social Security, in the manner specified by the Commissioner, statements on relevant distributions and account balances from all ABLE accounts.
‘‘(5) R
EQUIREMENTS .—The reports and notices required by
paragraphs (1), (2), and (3) shall be filed at such time and in such manner and furnished to such individuals at such time and in such manner as may be required by the Secretary. ‘‘(e) O
THER DEFINITIONS AND SPECIAL RULES .—For purposes
of this section—
‘‘(1) E LIGIBLE INDIVIDUAL .—An individual is an eligible indi-
vidual for a taxable year if during such taxable year— Public information.
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‘‘(A) the individual is entitled to benefits based on
blindness or disability under title II or XVI of the Social Security Act, and such blindness or disability occurred before the date on which the individual attained age 26, or
‘‘(B) a disability certification with respect to such indi-
vidual is filed with the Secretary for such taxable year. ‘‘(2) D
ISABILITY CERTIFICATION .—
‘‘(A) I N GENERAL .—The term ‘disability certification’
means, with respect to an individual, a certification to the satisfaction of the Secretary by the individual or the parent or guardian of the individual that—
‘‘(i) certifies that—
‘‘(I) the individual has a medically deter-
minable physical or mental impairment, which results in marked and severe functional limita-tions, and which can be expected to result in death or which has lasted or can be expected to last for a continuous period of not less than 12 months, or is blind (within the meaning of section 1614(a)(2) of the Social Security Act), and
‘‘(II) such blindness or disability occurred
before the date on which the individual attained age 26, and ‘‘(ii) includes a copy of the individual’s diagnosis
relating to the individual’s relevant impairment or impairments, signed by a physician meeting the cri-teria of section 1861(r)(1) of the Social Security Act. ‘‘(B) R
ESTRICTION ON USE OF CERTIFICATION .—No
inference may be drawn from a disability certification for purposes of establishing eligibility for benefits under title II, XVI, or XIX of the Social Security Act. ‘‘(3) D
ESIGNATED BENEFICIARY .—The term ‘designated bene-
ficiary’ in connection with an ABLE account established under a qualified ABLE program means the eligible individual who established an ABLE account and is the owner of such account.
‘‘(4) M
EMBER OF FAMILY .—The term ‘member of the family’
means, with respect to any designated beneficiary, an individual who bears a relationship to such beneficiary which is described in subparagraph section 152(d)(2)(B). For purposes of the pre-ceding sentence, a rule similar to the rule of section 152(f)(1)(B) shall apply.
‘‘(5) Q
UALIFIED DISABILITY EXPENSES .—The term ‘qualified
disability expenses’ means any expenses related to the eligible individual’s blindness or disability which are made for the benefit of an eligible individual who is the designated bene-
ficiary, including the following expenses: education, housing, transportation, employment training and support, assistive technology and personal support services, health, prevention and wellness, financial management and administrative serv-ices, legal fees, expenses for oversight and monitoring, funeral and burial expenses, and other expenses, which are approved by the Secretary under regulations and consistent with the purposes of this section.
‘‘(6) ABLE
ACCOUNT .—The term ‘ABLE account’ means an
account established by an eligible individual, owned by such
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eligible individual, and maintained under a qualified ABLE
program.
‘‘(7) C ONTRACTING STATE .—The term ‘contracting State’
means a State without a qualified ABLE program which has entered into a contract with a State with a qualified ABLE program to provide residents of the contracting State access to a qualified ABLE program. ‘‘(f) T
RANSFER TO STATE .—Subject to any outstanding payments
due for qualified disability expenses, upon the death of the des-ignated beneficiary, all amounts remaining in the qualified ABLE account not in excess of the amount equal to the total medical assistance paid for the designated beneficiary after the establish-ment of the account, net of any premiums paid from the account or paid by or on behalf of the beneficiary to a Medicaid Buy- In program under any State Medicaid plan established under title XIX of the Social Security Act, shall be distributed to such State upon filing of a claim for payment by such State. For purposes of this paragraph, the State shall be a creditor of an ABLE account and not a beneficiary. Subsection (c)(3) shall not apply to a distribu-tion under the preceding sentence.
‘‘(g) R
EGULATIONS .—The Secretary shall prescribe such regula-
tions or other guidance as the Secretary determines necessary or appropriate to carry out the purposes of this section, including regulations—
‘‘(1) to enforce the 1 ABLE account per eligible individual
limit,
‘‘(2) providing for the information required to be presented
to open an ABLE account,
‘‘(3) to generally define qualified disability expenses, ‘‘(4) developed in consultation with the Commissioner of
Social Security, relating to disability certifications and deter-minations of disability, including those conditions deemed to meet the requirements of subsection (e)(1)(B),
‘‘(5) to prevent fraud and abuse with respect to amounts
claimed as qualified disability expenses,
‘‘(6) under chapters 11, 12, and 13 of this title, and ‘‘(7) to allow for transfers from one ABLE account to
another ABLE account.’’. (b) T
AX ON EXCESS CONTRIBUTIONS .—
(1) I N GENERAL .—Subsection (a) of section 4973 (relating
to tax on excess contributions to certain tax-favored accounts and annuities) is amended by striking ‘‘or’’ at the end of para-graph (4), by inserting ‘‘or’’ at the end of paragraph (5), and by inserting after paragraph (5) the following new paragraph:
‘‘(6) an ABLE account (within the meaning of section
529A),’’.
(2) E
XCESS CONTRIBUTION .—Section 4973 is amended by
adding at the end the following new subsection: ‘‘(h) E
XCESS CONTRIBUTIONS TO ABLE A CCOUNT .—For purposes
of this section—
‘‘(1) I N GENERAL .—In the case of an ABLE account (within
the meaning of section 529A), the term ‘excess contributions’ means the amount by which the amount contributed for the taxable year to such account (other than contributions under section 529A(c)(1)(C)) exceeds the contribution limit under sec-tion 529A(b)(2)(B). 26 USC 4973.
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‘‘(2) S PECIAL RULE .—For purposes of this subsection, any
contribution which is distributed out of the ABLE account in a distribution to which the last sentence of section 529A(b)(2) applies shall be treated as an amount not contributed.’’. (c) P
ENALTY FOR FAILURE TO FILEREPORTS .—Section 6693(a)(2)
is amended by striking ‘‘and’’ at the end of subparagraph (D), by redesignating subparagraph (E) as subparagraph (F), and by inserting after subparagraph (D) the following:
‘‘(E) section 529A(d) (relating to qualified ABLE pro-
grams), and’’.
(d) R
ECORDS .—Section 552a(a)(8)(B) of title 5, United States
Code, is amended—
(1) in clause (viii), by striking ‘‘or’’ at the end; (2) in clause (ix), by adding ‘‘or’’ at the end; and (3) by adding at the end the following new clause:
‘‘(x) matches performed pursuant to section 3(d)(4)
of the Achieving a Better Life Experience Act of 2014;’’.
(e) O
THER CONFORMING AMENDMENTS .—
(1) Section 26(b)(2) is amended by striking ‘‘and’’ at the
end of subparagraph (W), by striking the period at the end of subparagraph (X) and inserting ‘‘, and’’, and by inserting after subparagraph (X) the following:
‘‘(Y) section 529A(c)(3)(A) (relating to additional tax
on ABLE account distributions not used for qualified dis-ability expenses).’’. (2) Section 877A is amended—
(A) in subsection (e)(2) by inserting ‘‘a qualified ABLE
program (as defined in section 529A),’’ after ‘‘529),’’, and
(B) in subsection (g)(6) by inserting ‘‘529A(c)(3),’’ after
‘‘529(c)(6),’’. (3) Section 4965(c) is amended by striking ‘‘or’’ at the
end of paragraph (6), by striking the period at the end of paragraph (7) and inserting ‘‘, or’’, and by inserting after para-graph (7) the following new paragraph:
‘‘(8) a program described in section 529A.’’. (4) The heading for part VIII of subchapter F of chapter
1 is amended by striking ‘‘
HIGHER EDUCATION ’’ and inserting
‘‘CERTAIN ’’.
(5) The item in the table of parts for subchapter F of
chapter 1 relating to part VIII is amended to read as follows:
‘‘PARTVIII. C ERTAIN SAVINGS ENTITIES .’’.
(6) The table of sections for part VIII of subchapter F
of chapter 1 is amended by inserting after the item relating to section 529 the following new item:
‘‘Sec. 529A. Qualified ABLE programs.’’.
(7) Paragraph (4) of section 1027(g) of the Consumer Finan-
cial Protection Act of 2010 (12 U.S.C. 5517(g)(4)) is amended by inserting ‘‘, 529A’’ after ‘‘529’’. (f) E
FFECTIVE DATE.—
(1) I N GENERAL .—The amendments made by this section
shall apply to taxable years beginning after December 31, 2014.
(2) R EGULATIONS .—The Secretary of the Treasury (or the
Secretary’s designee) shall promulgate the regulations or other 26 USC 529A
note. 5 USC 552a note. 26 USC
prec. 529. 26 USC
prec. 501. 26 USC
prec. 529. 26 USC 6693. Applicability.
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guidance required under section 529A(g) of the Internal Rev-
enue Code of 1986, as added by subsection (a), not later than 6 months after the date of the enactment of this Act.
SEC. 103. TREATMENT OF ABLE ACCOUNTS UNDER CERTAIN FEDERAL
PROGRAMS.
(a) A CCOUNT FUNDS DISREGARDED FOR PURPOSES OF CERTAIN
OTHER MEANS -TESTED FEDERAL PROGRAMS .—Notwithstanding any
other provision of Federal law that requires consideration of 1 or more financial circumstances of an individual, for the purpose of determining eligibility to receive, or the amount of, any assistance or benefit authorized by such provision to be provided to or for the benefit of such individual, any amount (including earnings thereon) in the ABLE account (within the meaning of section 529A of the Internal Revenue Code of 1986) of such individual, any contributions to the ABLE account of the individual, and any dis-tribution for qualified disability expenses (as defined in subsection (e)(5) of such section) shall be disregarded for such purpose with respect to any period during which such individual maintains, makes contributions to, or receives distributions from such ABLE account, except that, in the case of the supplemental security income program under title XVI of the Social Security Act—
(1) a distribution for housing expenses (within the meaning
of such subsection) shall not be so disregarded, and
(2) in the case of such program, any amount (including
such earnings) in such ABLE account shall be considered a resource of the designated beneficiary to the extent that such amount exceeds $100,000. (b) S
USPENSION OF SSI B ENEFITS DURING PERIODS OF EXCES –
SIVE ACCOUNT FUNDS .—
(1) I N GENERAL .—The benefits of an individual under the
supplemental security income program under title XVI of the Social Security Act shall not be terminated, but shall be sus-pended, by reason of excess resources of the individual attrib-utable to an amount in the ABLE account (within the meaning of section 529A of the Internal Revenue Code of 1986) of the individual not disregarded under subsection (a) of this section.
(2) N
O IMPACT ON MEDICAID ELIGIBILITY .—An individual
who would be receiving payment of such supplemental security income benefits but for the application of paragraph (1) shall be treated for purposes of title XIX of the Social Security Act as if the individual continued to be receiving payment of such benefits. (c) E
FFECTIVE DATE.—This section shall take effect on the date
of the enactment of this Act.
SEC. 104. TREATMENT OF ABLE ACCOUNTS IN BANKRUPTCY.
(a) E XCLUSION FROM PROPERTY OF THE ESTATE .—Section 541(b)
of the title 11, United States Code, is amended—
(1) in paragraph (8), by striking ‘‘or’’ at the end; (2) in paragraph (9), by striking the period at the end
and inserting a semicolon and ‘‘or’’; and
(3) by inserting after paragraph (9) the following: ‘‘(10) funds placed in an account of a qualified ABLE pro-
gram (as defined in section 529A(b) of the Internal Revenue Code of 1986) not later than 365 days before the date of the filing of the petition in a case under this title, but— Deadline. 26 USC 529A
note.
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‘‘(A) only if the designated beneficiary of such account
was a child, stepchild, grandchild, or stepgrandchild of the debtor for the taxable year for which funds were placed in such account;
‘‘(B) only to the extent that such funds—
‘‘(i) are not pledged or promised to any entity in
connection with any extension of credit; and
‘‘(ii) are not excess contributions (as described in
section 4973(h) of the Internal Revenue Code of 1986); and ‘‘(C) in the case of funds placed in all such accounts
having the same designated beneficiary not earlier than 720 days nor later than 365 days before such date, only so much of such funds as does not exceed $6,225.’’.
(b) D
EBTOR ’SMONTHLY EXPENSES .—Section 707(b)(2)(A)(ii)(II)
of title 11, United States Code, is amended by adding at the end ‘‘Such monthly expenses may include, if applicable, contributions to an account of a qualified ABLE program to the extent such contributions are not excess contributions (as described in section 4973(h) of the Internal Revenue Code of 1986) and if the designated beneficiary of such account is a child, stepchild, grandchild, or stepgrandchild of the debtor.’’.
(c) R
ECORD OF DEBTOR ’SINTEREST .—Section 521(c) of title 11,
United States Code, is amended by inserting ‘‘, an interest in an account in a qualified ABLE program (as defined in section 529A(b) of such Code,’’ after ‘‘Internal Revenue Code of 1986)’’.
(d) E
FFECTIVE DATE.—The amendments made by this section
shall apply with respect to cases commenced under title 11, United States Code, on or after the date of the enactment of this Act.
SEC. 105. INVESTMENT DIRECTION RULE FOR 529 PLANS.
(a) A MENDMENTS RELATING TO INVESTMENT DIRECTION RULE
FOR529 P LANS .—
(1) Paragraph (4) of section 529(b) is amended by striking
‘‘may not directly or indirectly’’ and all that follows and inserting ‘‘may, directly or indirectly, direct the investment of any contributions to the program (or any earnings thereon) no more than 2 times in any calendar year.’’.
(2) The heading of paragraph (4) of section 529(b) is
amended by striking ‘‘N
O’’ and inserting ‘‘L IMITED ’’.
(b) E FFECTIVE DATE.—The amendments made by this section
shall apply to taxable years beginning after December 31, 2014.
TITLE II—OFFSETS
SEC. 201. CORRECTION TO WORKERS COMPENSATION OFFSET AGE.
(a) R ETIREMENT AGE.—Section 224(a) of the Social Security
Act (42 U.S.C. 424a(a)) is amended, in the matter preceding para-graph (1), by striking ‘‘the age of 65’’ and inserting ‘‘retirement age (as defined in section 216(l)(1))’’.
(b) E
FFECTIVE DATE.—The amendment made by subsection (a)
shall apply with respect to any individual who attains 65 years of age on or after the date that is 12 months after the date of the enactment of this Act. 26 USC 424a
note. 26 USC 529 note. 26 USC 529. 11 USC 521 note. Deadlines.
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SEC. 202. ACCELERATED APPLICATION OF RELATIVE VALUE TARGETS
FOR MISVALUED SERVICES IN THE MEDICARE PHYSICIAN FEE SCHEDULE.
Section 1848(c) of the Social Security Act (42 U.S.C. 1395w–
4(c)) is amended—
(1) in subclause (VIII) of paragraph (2)(B)(v), as added
by section 220(d)(2) of the Protecting Access to Medicare Act of 2014 (Public Law 113–93)—
(A) by striking ‘‘2017’’ and inserting ‘‘2016’’; and (B) by redesignating such subclause as subclause (IX);
(2) in paragraph (2)(O)—
(A) in the matter preceding clause (i), by striking ‘‘2017
through 2020’’ and inserting ‘‘2016 through 2018’’;
(B) in clause (iii), by striking ‘‘2017’’ and inserting
‘‘2016’’; and
(C) in clause (v), by inserting ‘‘(or, for 2016, 1.0 per-
cent)’’ after ‘‘0.5 percent’’; and (3) in paragraph (7), by striking ‘‘2017’’ and inserting
‘‘2016’’.
SEC. 203. CONSISTENT TREATMENT OF VACUUM ERECTION SYSTEMS
IN MEDICARE PARTS B AND D.
Section 1834(a)(1) of the Social Security Act (42 U.S.C.
1395m(a)(1)) is amended by adding at the end the following new subparagraph:
‘‘(I) T
REATMENT OF VACUUM ERECTION SYSTEMS .—Effec-
tive for items and services furnished on and after July 1, 2015, vacuum erection systems described as prosthetic devices described in section 1861(s)(8) shall be treated in the same manner as erectile dysfunction drugs are treated for purposes of section 1860D-2(e)(2)(A).’’.
SEC. 204. ONE-YEAR DELAY OF IMPLEMENTATION OF ORAL-ONLY
POLICY UNDER MEDICARE ESRD PROSPECTIVE PAYMENT SYSTEM.
Section 632(b)(1) of the American Taxpayer Relief Act of 2012
(42 U.S.C. 1395rr note), as amended by section 217(a)(1) of the Protecting Access to Medicare Act of 2014 (Public Law 113–93), is amended by striking ‘‘2024’’ and inserting ‘‘2025’’.
SEC. 205. MODIFICATION RELATING TO INLAND WATERWAYS TRUST
FUND FINANCING RATE.
(a) I NGENERAL .—Section 4042(b)(2)(A) is amended to read
as follows:
‘‘(A) The Inland Waterways Trust Fund financing rate
is 29 cents per gallon.’’.
(b) E FFECTIVE DATE.—The amendment made by this section
shall apply to fuel used after March 31, 2015.
SEC. 206. CERTIFIED PROFESSIONAL EMPLOYER ORGANIZATIONS.
(a) E MPLOYMENT TAXES .—Chapter 25 is amended by adding
at the end the following new section:
‘‘SEC. 3511. CERTIFIED PROFESSIONAL EMPLOYER ORGANIZATIONS.
‘‘(a) G ENERAL RULES .—For purposes of the taxes, and other
obligations, imposed by this subtitle—
‘‘(1) a certified professional employer organization shall
be treated as the employer (and no other person shall be 26 USC 3511. 26 USC 4042
note. 26 USC 4042. Effective date.
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treated as the employer) of any work site employee performing
services for any customer of such organization, but only with respect to remuneration remitted by such organization to such work site employee, and
‘‘(2) the exemptions, exclusions, definitions, and other rules
which are based on type of employer and which would (but for paragraph (1)) apply shall apply with respect to such taxes imposed on such remuneration. ‘‘(b) S
UCCESSOR EMPLOYER STATUS .—For purposes of sections
3121(a)(1), 3231(e)(2)(C), and 3306(b)(1)—
‘‘(1) a certified professional employer organization entering
into a service contract with a customer with respect to a work site employee shall be treated as a successor employer and the customer shall be treated as a predecessor employer during the term of such service contract, and
‘‘(2) a customer whose service contract with a certified
professional employer organization is terminated with respect to a work site employee shall be treated as a successor employer and the certified professional employer organization shall be treated as a predecessor employer. ‘‘(c) L
IABILITY OF CERTIFIED PROFESSIONAL EMPLOYER
ORGANIZATION .—Solely for purposes of its liability for the taxes
and other obligations imposed by this subtitle—
‘‘(1) a certified professional employer organization shall
be treated as the employer of any individual (other than a work site employee or a person described in subsection (f)) who is performing services covered by a contract meeting the requirements of section 7705(e)(2), but only with respect to remuneration remitted by such organization to such individual, and
‘‘(2) the exemptions, exclusions, definitions, and other rules
which are based on type of employer and which would (but for paragraph (1)) apply shall apply with respect to such taxes imposed on such remuneration. ‘‘(d) T
REATMENT OF CREDITS .—
‘‘(1) I N GENERAL .—For purposes of any credit specified in
paragraph (2)—
‘‘(A) such credit with respect to a work site employee
performing services for the customer applies to the cus-tomer, not the certified professional employer organization,
‘‘(B) the customer, and not the certified professional
employer organization, shall take into account wages and employment taxes—
‘‘(i) paid by the certified professional employer
organization with respect to the work site employee, and
‘‘(ii) for which the certified professional employer
organization receives payment from the customer, and ‘‘(C) the certified professional employer organization
shall furnish the customer and the Secretary with any information necessary for the customer to claim such credit. ‘‘(2) C
REDITS SPECIFIED .—A credit is specified in this para-
graph if such credit is allowed under—
‘‘(A) section 41 (credit for increasing research activity), ‘‘(B) section 45A (Indian employment credit), ‘‘(C) section 45B (credit for portion of employer social
security taxes paid with respect to employee cash tips), Applicability. Contracts. Applicability.
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‘‘(D) section 45C (clinical testing expenses for certain
drugs for rare diseases or conditions),
‘‘(E) section 45R (employee health insurance expenses
of small employers),
‘‘(F) section 51 (work opportunity credit), ‘‘(G) section 1396 (empowerment zone employment
credit), and
‘‘(H) any other section as provided by the Secretary.
‘‘(e) S
PECIAL RULE FOR RELATED PARTY .—This section shall
not apply in the case of a customer which bears a relationship to a certified professional employer organization described in section 267(b) or 707(b). For purposes of the preceding sentence, such sections shall be applied by substituting ‘10 percent’ for ‘50 percent’.
‘‘(f) S
PECIAL RULE FOR CERTAIN INDIVIDUALS .—For purposes
of the taxes imposed under this subtitle, an individual with net earnings from self-employment derived from the customer’s trade or business (including a partner in a partnership that is a customer) is not a work site employee with respect to remuneration paid by a certified professional employer organization.
‘‘(g) R
EPORTING REQUIREMENTS AND OBLIGATIONS .—The Sec-
retary shall develop such reporting and recordkeeping rules, regula-tions, and procedures as the Secretary determines necessary or appropriate to ensure compliance with this title by certified profes-sional employer organizations or persons that have been so certified. Such rules shall include—
‘‘(1) notification of the Secretary in such manner as the
Secretary shall prescribe in the case of the commencement or termination of a service contract described in section 7705(e)(2) between such a person and a customer, and the employer identification number of such customer,
‘‘(2) such information as the Secretary determines nec-
essary for the customer to claim the credits identified in sub-section (d) and the manner in which such information is to be provided, as prescribed by the Secretary, and
‘‘(3) such other information as the Secretary determines
is essential to promote compliance with respect to the credits
identified in subsection (d) and section 3302, and
shall be designed in a manner which streamlines, to the extent possible, the application of requirements of this section and section 7705, the exchange of information between a certified professional employer organization and its customers, and the reporting and recordkeeping obligations of the certified professional employer organization.
‘‘(h) R
EGULATIONS .—The Secretary shall prescribe such regula-
tions as may be necessary or appropriate to carry out the purposes of this section.’’.
(b) C
ERTIFIED PROFESSIONAL EMPLOYER ORGANIZATION
DEFINED .—Chapter 79 is amended by adding at the end the fol-
lowing new section:
‘‘SEC. 7705. CERTIFIED PROFESSIONAL EMPLOYER ORGANIZATIONS.
‘‘(a) I NGENERAL .—For purposes of this title, the term ‘certified
professional employer organization’ means a person who applies to be treated as a certified professional employer organization for purposes of section 3511 and has been certified by the Secretary as meeting the requirements of subsection (b). Definition. 26 USC 7705. Records.
Regulations. Procedures. Applicability.
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‘‘(b) C ERTIFICATION REQUIREMENTS .—A person meets the
requirements of this subsection if such person—
‘‘(1) demonstrates that such person (and any owner, officer,
and other persons as may be specified in regulations) meets such requirements as the Secretary shall establish, including requirements with respect to tax status, background, experi-ence, business location, and annual financial audits,
‘‘(2) agrees that it will satisfy the bond and independent
financial review requirements of subsection (c) on an ongoing basis,
‘‘(3) agrees that it will satisfy such reporting obligations
as may be imposed by the Secretary,
‘‘(4) computes its taxable income using an accrual method
of accounting unless the Secretary approves another method,
‘‘(5) agrees to verify on such periodic basis as the Secretary
may prescribe that it continues to meet the requirements of this subsection, and
‘‘(6) agrees to notify the Secretary in writing within such
time as the Secretary may prescribe of any change that materi-ally affects the continuing accuracy of any agreement or information that was previously made or provided under this subsection. ‘‘(c) B
OND AND INDEPENDENT FINANCIAL REVIEW .—
‘‘(1) I N GENERAL .—An organization meets the requirements
of this paragraph if such organization—
‘‘(A) meets the bond requirements of paragraph (2),
and
‘‘(B) meets the independent financial review require-
ments of paragraph (3). ‘‘(2) B
OND.—
‘‘(A) I N GENERAL .—A certified professional employer
organization meets the requirements of this paragraph if the organization has posted a bond for the payment of taxes under subtitle C (in a form acceptable to the Sec-retary) that is in an amount at least equal to the amount specified in subparagraph (B).
‘‘(B) A
MOUNT OF BOND .—For the period April 1 of any
calendar year through March 31 of the following calendar year, the amount of the bond required is equal to the greater of—
‘‘(i) 5 percent of the organization’s liability under
section 3511 for taxes imposed by subtitle C during the preceding calendar year (but not to exceed $1,000,000), or
‘‘(ii) $50,000.
‘‘(3) I
NDEPENDENT FINANCIAL REVIEW REQUIREMENTS .—A
certified professional employer organization meets the require-ments of this paragraph if such organization—
‘‘(A) has, as of the most recent audit date, caused
to be prepared and provided to the Secretary (in such manner as the Secretary may prescribe) an opinion of an independent certified public accountant as to whether the certified professional employer organization’s financial statements are presented fairly in accordance with gen-erally accepted accounting principles, and
‘‘(B) provides to the Secretary an assertion regarding
Federal employment tax payments and an examination Notification.
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level attestation on such assertion from an independent
certified public accountant not later than the last day of the second month beginning after the end of each calendar quarter.
Such assertion shall state that the organization has withheld and made deposits of all taxes imposed by chapters 21, 22, and 24 in accordance with regulations imposed by the Secretary for such calendar quarter and such examination level attesta-tion shall state that such assertion is fairly stated, in all material respects.
‘‘(4) C
ONTROLLED GROUP RULES .—For purposes of the
requirements of paragraphs (2) and (3), all certified professional employer organizations that are members of a controlled group within the meaning of sections 414(b) and (c) shall be treated as a single organization.
‘‘(5) F
AILURE TO FILE ASSERTION AND ATTESTATION .—If the
certified professional employer organization fails to file the assertion and attestation required by paragraph (3) with respect to any calendar quarter, then the requirements of paragraph (3) with respect to such failure shall be treated as not satisfied for the period beginning on the due date for such attestation.
‘‘(6) A
UDIT DATE .—For purposes of paragraph (3)(A), the
audit date shall be six months after the completion of the organization’s fiscal year. ‘‘(d) S
USPENSION AND REVOCATION AUTHORITY .—The Secretary
may suspend or revoke a certification of any person under sub-section (b) for purposes of section 3511 if the Secretary determines that such person is not satisfying the agreements or requirements of subsections (b) or (c), or fails to satisfy applicable accounting, reporting, payment, or deposit requirements.
‘‘(e) W
ORK SITEEMPLOYEE .—For purposes of this title—
‘‘(1) I N GENERAL .—The term ‘work site employee’ means,
with respect to a certified professional employer organization, an individual who—
‘‘(A) performs services for a customer pursuant to a
contract which is between such customer and the certified professional employer organization and which meets the requirements of paragraph (2), and
‘‘(B) performs services at a work site meeting the
requirements of paragraph (3). ‘‘(2) S
ERVICE CONTRACT REQUIREMENTS .—A contract meets
the requirements of this paragraph with respect to an indi-vidual performing services for a customer if such contract is in writing and provides that the certified professional employer organization shall—
‘‘(A) assume responsibility for payment of wages to
such individual, without regard to the receipt or adequacy of payment from the customer for such services,
‘‘(B) assume responsibility for reporting, withholding,
and paying any applicable taxes under subtitle C, with respect to such individual’s wages, without regard to the receipt or adequacy of payment from the customer for such services,
‘‘(C) assume responsibility for any employee benefits
which the service contract may require the certified profes-sional employer organization to provide, without regard Definition. Determination. Time period.
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to the receipt or adequacy of payment from the customer
for such benefits,
‘‘(D) assume responsibility for recruiting, hiring, and
firing workers in addition to the customer’s responsibility for recruiting, hiring, and firing workers,
‘‘(E) maintain employee records relating to such indi-
vidual, and
‘‘(F) agree to be treated as a certified professional
employer organization for purposes of section 3511 with respect to such individual. ‘‘(3) W
ORK SITE COVERAGE REQUIREMENT .—The require-
ments of this paragraph are met with respect to an individual if at least 85 percent of the individuals performing services for the customer at the work site where such individual per-forms services are subject to 1 or more contracts with the certified professional employer organization which meet the requirements of paragraph (2) (but not taking into account those individuals who are excluded employees within the meaning of section 414(q)(5)). ‘‘(f) P
UBLIC DISCLOSURE .—The Secretary shall make available
to the public the name and address of—
‘‘(1) each person certified as a professional employer
organization under subsection (a), and
‘‘(2) each person whose certification as a professional
employer organization is suspended or revoked under sub-section (d). ‘‘(g) D
ETERMINATION OF EMPLOYMENT STATUS .—Except to the
extent necessary for purposes of section 3511, nothing in this section shall be construed to affect the determination of who is an employee or employer for purposes of this title.
‘‘(h) R
EGULATIONS .—The Secretary shall prescribe such regula-
tions as may be necessary or appropriate to carry out the purposes of this section.’’.
(c) C
ONFORMING AMENDMENTS .—
(1) Section 3302 is amended by adding at the end the
following new subsection: ‘‘(h) T
REATMENT OF CERTIFIED PROFESSIONAL EMPLOYER
ORGANIZATIONS .—If a certified professional employer organization
(as defined in section 7705), or a customer of such organization, makes a contribution to the State’s unemployment fund with respect to wages paid to a work site employee, such certified professional employer organization shall be eligible for the credits available under this section with respect to such contribution.’’.
(2) Section 3303(a) is amended—
(A) by striking the period at the end of paragraph
(3) and inserting ‘‘; and’’ and by inserting after paragraph (3) the following new paragraph: ‘‘(4) if the taxpayer is a certified professional employer
organization (as defined in section 7705) that is treated as the employer under section 3511, such certified professional employer organization is permitted to collect and remit, in accordance with paragraphs (1), (2), and (3), contributions during the taxable year to the State unemployment fund with respect to a work site employee.’’, and
(B) in the last sentence—
(i) by striking ‘‘paragraphs (1), (2), and (3)’’ and
inserting ‘‘paragraphs (1), (2), (3), and (4)’’, and 26 USC 3302.
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(ii) by striking ‘‘paragraph (1), (2), or (3)’’ and
inserting ‘‘paragraph (1), (2), (3), or (4)’’.
(3) Section 6053(c) is amended by adding at the end the
following new paragraph:
‘‘(8) C ERTIFIED PROFESSIONAL EMPLOYER ORGANIZATIONS .—
For purposes of any report required by this subsection, in the case of a certified professional employer organization that is treated under section 3511 as the employer of a work site employee, the customer with respect to whom a work site employee performs services shall be the employer for purposes of reporting under this section and the certified professional employer organization shall furnish to the customer and the Secretary any information the Secretary prescribes as necessary to complete such reporting no later than such time as the Secretary shall prescribe.’’.
(4) Section 6652 is amended by adding at the end the
following new subsection: ‘‘(n) F
AILURE TO MAKE REPORTS REQUIRED UNDER SECTIONS
3511, 6053(c)(8), AND 7705.—In the case of a failure to make a
report required under section 3511, 6053(c)(8), or 7705 which con-tains the information required by such section on the date pre-scribed therefor (determined with regard to any extension of time for filing), there shall be paid (on notice and demand by the Sec-retary and in the same manner as tax) by the person failing to make such report, an amount equal to $50 for each report with respect to which there was such a failure. In the case of any failure due to negligence or intentional disregard the preceding sentence shall be applied by substituting ‘$100’ for ‘$50’.’’.
(d) C
LERICAL AMENDMENTS .—
(1) The table of sections for chapter 25 is amended by
adding at the end the following new item:
‘‘Sec. 3511. Certified professional employer organizations.’’.
(2) The table of sections for chapter 79 is amended by
inserting after the item relating to section 7704 the following new item:
‘‘Sec. 7705. Certified professional employer organizations.’’.
(f) U SER FEES.—Section 7528(b) is amended by adding at the
end the following new paragraph:
‘‘(4) C ERTIFIED PROFESSIONAL EMPLOYER ORGANIZATIONS .—
The fee charged under the program in connection with the certification by the Secretary of a professional employer organization under section 7705 shall be an annual fee not to exceed $1,000 per year.’’. (g) E
FFECTIVE DATES .—
(1) I N GENERAL .—The amendments made by this section
shall apply with respect to wages for services performed on or after January 1 of the first calendar year beginning more than 12 months after the date of the enactment of this Act.
(2) C
ERTIFICATION PROGRAM .—The Secretary of the
Treasury shall establish the certification program described in section 7705(b) of the Internal Revenue Code of 1986, as added by subsection (b), not later than 6 months before the effective date determined under paragraph (1). (h) N
OINFERENCE .—Nothing contained in this section or the
amendments made by this section shall be construed to create 26 USC 3302 note. Deadline.
26 USC 27705 note. 26 USC 3302
note. 26 USC
prec. 7701. 26 USC
prec. 3501. Applicability. Deadline. 26 USC 6053.
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any inference with respect to the determination of who is an
employee or employer—
(1) for Federal tax purposes (other than the purposes set
forth in the amendments made by this section), or
(2) for purposes of any other provision of law.
SEC. 207. EXCLUSION OF DIVIDENDS FROM CONTROLLED FOREIGN
CORPORATIONS FROM THE DEFINITION OF PERSONAL HOLDING COMPANY INCOME FOR PURPOSES OF THE PER-SONAL HOLDING COMPANY RULES.
(a) I NGENERAL .—Section 543(a)(1) is amended—
(1) by redesignating subparagraphs (C) and (D) as subpara-
graphs (D) and (E), respectively, and
(2) by inserting after subparagraph (B) the following:
‘‘(C) dividends received by a United States shareholder
(as defined in section 951(b)) from a controlled foreign corporation (as defined in section 957(a)),’’.
(b) E
FFECTIVE DATE.—The amendments made by this Act shall
apply to taxable years ending on or after the date of the enactment of this Act.
SEC. 208. INFLATION ADJUSTMENT FOR CERTAIN CIVIL PENALTIES
UNDER THE INTERNAL REVENUE CODE OF 1986.
(a) F AILURE TOFILETAXRETURN OR PAYTAX.—Section 6651
is amended by adding at the end the following new subsection:
‘‘(i) A DJUSTMENT FOR INFLATION .—
‘‘(1) I N GENERAL .—In the case of any return required to
be filed in a calendar year beginning after 2014, the $135 dollar amount under subsection (a) shall be increased by such dollar amount multiplied by the cost-of-living adjustment deter-mined under section 1(f)(3) determined by substituting ‘calendar year 2013’ for ‘calendar year 1992’ in subparagraph (B) thereof.
‘‘(2) R
OUNDING .—If any amount adjusted under paragraph
(1) is not a multiple of $5, such amount shall be rounded to the next lowest multiple of $5.’’. (b) F
AILURE TOFILECERTAIN INFORMATION RETURNS , REG-
ISTRATION STATEMENTS , ETC.—
(1) I N GENERAL .—Section 6652(c) is amended by adding
at the end the following new paragraph:
‘‘(6) A DJUSTMENT FOR INFLATION .—
‘‘(A) I N GENERAL .—In the case of any failure relating
to a return required to be filed in a calendar year beginning after 2014, each of the dollar amounts under paragraphs (1), (2), and (3) shall be increased by such dollar amount multiplied by the cost-of-living adjustment determined under section 1(f)(3) determined by substituting ‘calendar year 2013’ for ‘calendar year 1992’ in subparagraph (B) thereof.
‘‘(B) R
OUNDING .—If any amount adjusted under
subparagraph (A)—
‘‘(i) is not less than $5,000 and is not a multiple
of $500, such amount shall be rounded to the next lowest multiple of $500, and
‘‘(ii) is not described in clause (i) and is not a
multiple of $5, such amount shall be rounded to the next lowest multiple of $5.’’.
(2) C
ONFORMING AMENDMENTS .— Time period. Time period. 26 USC 543 note. 26 USC 543.
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(A) The last sentence of section 6652(c)(1)(A) is
amended by striking ‘‘the first sentence of this subpara-graph shall be applied by substituting ‘$100’ for ‘$20’ and’’ and inserting ‘‘in applying the first sentence of this subparagraph, the amount of the penalty for each day during which a failure continues shall be $100 in lieu of the amount otherwise specified, and’’.
(B) Section 6652(c)(2)(C)(ii) is amended by striking ‘‘the
first sentence of paragraph (1)(A)’’ and all that follows and inserting ‘‘in applying the first sentence of paragraph (1)(A), the amount of the penalty for each day during which a failure continues shall be $100 in lieu of the amount otherwise specified, and in lieu of applying the second sentence of paragraph (1)(A), the maximum penalty under paragraph (1)(A) shall not exceed $50,000, and’’.
(c) O
THER ASSESSABLE PENALTIES WITH RESPECT TO THE
PREPARATION OF TAXRETURNS FOR OTHER PERSONS .—Section 6695
is amended by adding at the end the following new subsection:
‘‘(h) A DJUSTMENT FOR INFLATION .—
‘‘(1) I N GENERAL .—In the case of any failure relating to
a return or claim for refund filed in a calendar year beginning after 2014, each of the dollar amounts under subsections (a), (b), (c), (d), (e), (f), and (g) shall be increased by such dollar amount multiplied by the cost-of-living adjustment determined under section 1(f)(3) determined by substituting ‘calendar year 2013’ for ‘calendar year 1992’ in subparagraph (B) thereof.
‘‘(2) R
OUNDING .—If any amount adjusted under subpara-
graph (A)—
‘‘(A) is not less than $5,000 and is not a multiple
of $500, such amount shall be rounded to the next lowest multiple of $500, and
‘‘(B) is not described in clause (i) and is not a multiple
of $5, such amount shall be rounded to the next lowest multiple of $5.’’.
(d) F
AILURE TOFILEPARTNERSHIP RETURN .—Section 6698 is
amended by adding at the end the following new subsection:
‘‘(e) A DJUSTMENT FOR INFLATION .—
‘‘(1) I N GENERAL .—In the case of any return required to
be filed in a calendar year beginning after 2014, the $195 dollar amount under subsection (b)(1) shall be increased by such dollar amount multiplied by the cost-of-living adjustment determined under section 1(f)(3) determined by substituting ‘calendar year 2013’ for ‘calendar year 1992’ in subparagraph (B) thereof.
‘‘(2) R
OUNDING .—If any amount adjusted under paragraph
(1) is not a multiple of $5, such amount shall be rounded to the next lowest multiple of $5.’’. (e) F
AILURE TOFILES C ORPORATION RETURN .—Section 6699
is amended by adding at the end the following new subsection:
‘‘(e) A DJUSTMENT FOR INFLATION .—
‘‘(1) I N GENERAL .—In the case of any return required to
be filed in a calendar year beginning after 2014, the $195 dollar amount under subsection (b)(1) shall be increased by such dollar amount multiplied by the cost-of-living adjustment determined under section 1(f)(3) determined by substituting ‘calendar year 2013’ for ‘calendar year 1992’ in subparagraph (B) thereof. Time period. Time period. Time period. 26 USC 6652.
Applicability.
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LEGISLATIVE HISTORY—H.R. 5771:
CONGRESSIONAL RECORD, Vol. 160 (2014):
Dec. 3, considered and passed House. Dec. 16, considered and passed Senate. ‘‘(2) R OUNDING .—If any amount adjusted under paragraph
(1) is not a multiple of $5, such amount shall be rounded to the next lowest multiple of $5.’’. (f) F
AILURE TOFILECORRECT INFORMATION RETURNS .—Section
6721(f)(1) is amended by striking ‘‘For each fifth calendar year beginning after 2012’’ and inserting ‘‘In the case of any failure relating to a return required to be filed in a calendar year beginning after 2014’’.
(g) F
AILURE TOFURNISH CORRECT PAYEE STATEMENTS .—Section
6722(f)(1) is amended by striking ‘‘For each fifth calendar year beginning after 2012’’ and inserting ‘‘In the case of any failure relating to a statement required to be furnished in a calendar year beginning after 2014’’.
(h) E
FFECTIVE DATE.—The amendments made by this section
shall apply to returns required to be filed after December 31, 2014.
SEC. 209. INCREASE IN CONTINUOUS LEVY.
(a) I NGENERAL .—Paragraph (3) of section 6331(h) is amended
by striking the period at the end and inserting ‘‘and by substituting ‘30 percent’ for ‘15 percent’ in the case of any specified payment due to a Medicare provider or supplier under title XVIII of the Social Security Act.’’.
(b) E
FFECTIVE DATE.—The amendment made by this section
shall apply to payments made after 180 days after the date of the enactment of this Act.
Approved December 19, 2014. 26 USC 6331
note. 26 USC 6651
note. 26 USC 6721.
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Highlights content goes here...

PurposeThe purpose of the document is to outline various amendments and extensions made to existing tax laws, as well as the creation of new tax laws. The document part aims to provide a comprehensive overview of these changes, which affect individuals and businesses in various industries.Key ProvisionsThe key provisions outlined in the document include:Extension of Tax Credits: Various tax credits, such as the research credit, new markets tax credit, and work opportunity tax credit, are extended for certain periods.Modification of Tax Rules: Certain tax rules and regulations, including those related to multinational corporations and individual taxpayers, are modified.Extension of Pension Plan Provisions: Provisions related to multi-employer defined benefit pension plans are extended, which may have implications for large employers and employee retirement income security.Technical Corrections: Technical corrections are made to various tax laws, including those related to the American Taxpayer Relief Act of 2012 and the Middle Class Tax Relief and Job Creation Act of 2012.Industry ImpactThe amendments and extensions outlined in the document are expected to impact various industries, including:Small Businesses: The extension of tax credits and deductions is likely to benefit small businesses and individual taxpayers.Multinational Corporations: The modification of tax rules and regulations affecting multinational corporations may have significant implications for these entities.Pension Plans: The extension of provisions related to multi-employer defined benefit pension plans may impact large employers and employee retirement income security.Updates/AmendmentsThe document part includes numerous sections that amend various tax-related laws, including the Internal Revenue Code. These amendments cover a range of topics, such as:Credits and Deductions: Changes to credits and deductions, including the extension of certain tax credits.Taxes: Updates to taxes, including changes to rates and percentages for various taxes.Corporate Taxation: Revisions to rules governing corporate taxation, including changes to graduated corporate rates and accumulated earnings credit.Employee Stock Ownership Plans (ESOPs): Changes to rules regarding ESOPs and pension-related transition rules.Highly Meaningful InformationThe document part includes highly meaningful information related to various tax laws and regulations. This includes:Changes to Tax Laws: Updates to definitions, deductions, credits, and exemptions in the Internal Revenue Code.Repeals and Redesignations: Repeals and redesignations of sections and subparts in the Internal Revenue Code.Rate Changes: Changes to rates and percentages for various taxes, such as self-employment tax and estate tax.Key TakeawaysThe key takeaways from this document part include:Extension of Tax Credits: Various tax credits are extended for certain periods.Modification of Tax Rules: Certain tax rules and regulations are modified to affect multinational corporations and individual taxpayers.Extension of Pension Plan Provisions: Provisions related to multi-employer defined benefit pension plans are extended, which may have implications for large employers and employee retirement income security.

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