H.R.4853 -- Tax Relief, Unemployment Insurance Reauthorization, and Job
Creation Act of 2010
One Hundred Eleventh Congressof
theUnited States of America
AT THE SECOND SESSION
Begun and held at the City of Washington on Tuesday, the fifth day of
January, two thousand and ten
An Act
To amend the Internal Revenue Code of 1986 to extend the funding and
expenditure authority of the Airport and Airway Trust Fund, to amend title 49,
United States Code, to extend authorizations for the airport improvement
program, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United
States of America in Congress assembled,
SECTION 1. SHORT TITLE; ETC.
(a) Short Title- This Act may be cited as the `Tax Relief, Unemployment
Insurance Reauthorization, and Job Creation Act of 2010'.
(b) Amendment of 1986 Code- Except as otherwise expressly provided, whenever
in this Act an amendment or repeal is expressed in terms of an amendment to,
or repeal of, a section or other provision, the reference shall be
considered to be made to a section or other provision of the Internal
Revenue Code of 1986.
(c) Table of Contents- The table of contents for this Act is as follows:
Sec. 1. Short title; etc.
TITLE I--TEMPORARY EXTENSION OF TAX RELIEF
Sec. 101. Temporary extension of 2001 tax relief.
Sec. 102. Temporary extension of 2003 tax relief.
Sec. 103. Temporary extension of 2009 tax relief.
TITLE II--TEMPORARY EXTENSION OF INDIVIDUAL AMT RELIEF
Sec. 201. Temporary extension of increased alternative minimum tax
exemption amount.
Sec. 202. Temporary extension of alternative minimum tax relief for
nonrefundable personal credits.
TITLE III--TEMPORARY ESTATE TAX RELIEF
Sec. 301. Reinstatement of estate tax; repeal of carryover basis.
Sec. 302. Modifications to estate, gift, and generation-skipping
transfer taxes.
Sec. 303. Applicable exclusion amount increased by unused exclusion
amount of deceased spouse.
Sec. 304. Application of EGTRRA sunset to this title.
TITLE IV--TEMPORARY EXTENSION OF INVESTMENT INCENTIVES
Sec. 401. Extension of bonus depreciation; temporary 100 percent
expensing for certain business assets.
Sec. 402. Temporary extension of increased small business expensing.
TITLE V--TEMPORARY EXTENSION OF UNEMPLOYMENT INSURANCE AND RELATED MATTERS
Sec. 501. Temporary extension of unemployment insurance provisions.
Sec. 502. Temporary modification of indicators under the extended
benefit program.
Sec. 503. Technical amendment relating to collection of unemployment
compensation debts.
Sec. 504. Technical correction relating to repeal of continued dumping
and subsidy offset.
Sec. 505. Additional extended unemployment benefits under the Railroad
Unemployment Insurance Act.
TITLE VI--TEMPORARY EMPLOYEE PAYROLL TAX CUT
Sec. 601. Temporary employee payroll tax cut.
TITLE VII--TEMPORARY EXTENSION OF CERTAIN EXPIRING PROVISIONS
Subtitle A--Energy
Sec. 701. Incentives for biodiesel and renewable diesel.
Sec. 702. Credit for refined coal facilities.
Sec. 703. New energy efficient home credit.
Sec. 704. Excise tax credits and outlay payments for alternative fuel
and alternative fuel mixtures.
Sec. 705. Special rule for sales or dispositions to implement FERC or
State electric restructuring policy for qualified electric utilities.
Sec. 706. Suspension of limitation on percentage depletion for oil and
gas from marginal wells.
Sec. 707. Extension of grants for specified energy property in lieu of
tax credits.
Sec. 708. Extension of provisions related to alcohol used as fuel.
Sec. 709. Energy efficient appliance credit.
Sec. 710. Credit for nonbusiness energy property.
Sec. 711. Alternative fuel vehicle refueling property.
Subtitle B--Individual Tax Relief
Sec. 721. Deduction for certain expenses of elementary and secondary
school teachers.
Sec. 722. Deduction of State and local sales taxes.
Sec. 723. Contributions of capital gain real property made for
conservation purposes.
Sec. 724. Above-the-line deduction for qualified tuition and related
expenses.
Sec. 725. Tax-free distributions from individual retirement plans for
charitable purposes.
Sec. 726. Look-thru of certain regulated investment company stock in
determining gross estate of nonresidents.
Sec. 727. Parity for exclusion from income for employer-provided mass
transit and parking benefits.
Sec. 728. Refunds disregarded in the administration of Federal programs
and federally assisted programs.
Subtitle C--Business Tax Relief
Sec. 731. Research credit.
Sec. 732. Indian employment tax credit.
Sec. 733. New markets tax credit.
Sec. 734. Railroad track maintenance credit.
Sec. 735. Mine rescue team training credit.
Sec. 736. Employer wage credit for employees who are active duty members
of the uniformed services.
Sec. 737. 15-year straight-line cost recovery for qualified leasehold
improvements, qualified restaurant buildings and improvements, and
qualified retail improvements.
Sec. 738. 7-year recovery period for motorsports entertainment
complexes.
Sec. 739. Accelerated depreciation for business property on an Indian
reservation.
Sec. 740. Enhanced charitable deduction for contributions of food
inventory.
Sec. 741. Enhanced charitable deduction for contributions of book
inventories to public schools.
Sec. 742. Enhanced charitable deduction for corporate contributions of
computer inventory for educational purposes.
Sec. 743. Election to expense mine safety equipment.
Sec. 744. Special expensing rules for certain film and television
productions.
Sec. 745. Expensing of environmental remediation costs.
Sec. 746. Deduction allowable with respect to income attributable to
domestic production activities in Puerto Rico.
Sec. 747. Modification of tax treatment of certain payments to
controlling exempt organizations.
Sec. 748. Treatment of certain dividends of regulated investment
companies.
Sec. 749. RIC qualified investment entity treatment under FIRPTA.
Sec. 750. Exceptions for active financing income.
Sec. 751. Look-thru treatment of payments between related controlled
foreign corporations under foreign personal holding company rules.
Sec. 752. Basis adjustment to stock of S corps making charitable
contributions of property.
Sec. 753. Empowerment zone tax incentives.
Sec. 754. Tax incentives for investment in the District of Columbia.
Sec. 755. Temporary increase in limit on cover over of rum excise taxes
to Puerto Rico and the Virgin Islands.
Sec. 756. American Samoa economic development credit.
Sec. 757. Work opportunity credit.
Sec. 758. Qualified zone academy bonds.
Sec. 759. Mortgage insurance premiums.
Sec. 760. Temporary exclusion of 100 percent of gain on certain small
business stock.
Subtitle D--Temporary Disaster Relief Provisions
subpart a--new york liberty zone
Sec. 761. Tax-exempt bond financing.
subpart b--go zone
Sec. 762. Increase in rehabilitation credit.
Sec. 763. Low-income housing credit rules for buildings in GO zones.
Sec. 764. Tax-exempt bond financing.
Sec. 765. Bonus depreciation deduction applicable to the GO Zone.
TITLE VIII--BUDGETARY PROVISIONS
Sec. 801. Determination of budgetary effects.
Sec. 802. Emergency designations.
TITLE I--TEMPORARY EXTENSION OF TAX RELIEF
SEC. 101. TEMPORARY EXTENSION OF 2001 TAX RELIEF.
(1) IN GENERAL- Section 901 of the Economic Growth and Tax Relief
Reconciliation Act of 2001 is amended by striking `December 31, 2010'
both places it appears and inserting `December 31, 2012'.
(2) EFFECTIVE DATE- The amendment made by this subsection shall take
effect as if included in the enactment of the Economic Growth and Tax
Relief Reconciliation Act of 2001.
(b) Separate Sunset for Expansion of Adoption Benefits Under the Patient
Protection and Affordable Care Act-
(1) IN GENERAL- Subsection (c) of section 10909 of the Patient
Protection and Affordable Care Act is amended to read as follows:
`(c) Sunset Provision- Each provision of law amended by this section is
amended to read as such provision would read if this section had never been
enacted. The amendments made by the preceding sentence shall apply to
taxable years beginning after December 31, 2011.'.
(2) CONFORMING AMENDMENT- Subsection (d) of section 10909 of such Act is
amended by striking `The amendments' and inserting `Except as provided
in subsection (c), the amendments'.
SEC. 102. TEMPORARY EXTENSION OF 2003 TAX RELIEF.
(a) In General- Section 303 of the Jobs and Growth Tax Relief Reconciliation
Act of 2003 is amended by striking `December 31, 2010' and inserting
`December 31, 2012'.
(b) Effective Date- The amendment made by this section shall take effect as
if included in the enactment of the Jobs and Growth Tax Relief
Reconciliation Act of 2003.
SEC. 103. TEMPORARY EXTENSION OF 2009 TAX RELIEF.
(a) American Opportunity Tax Credit-
(1) IN GENERAL- Section 25A(i) is amended by striking `or 2010' and
inserting `, 2010, 2011, or 2012'.
(2) TREATMENT OF POSSESSIONS- Section 1004(c)(1) of the American
Recovery and Reinvestment Tax Act of 2009 is amended by striking `and
2010' each place it appears and inserting `, 2010, 2011, and 2012'.
(b) Child Tax Credit- Section 24(d)(4) is amended--
(1) by striking `2009 AND 2010' in the heading and inserting `2009,
2010, 2011, AND 2012', and
(2) by striking `or 2010' and inserting `, 2010, 2011, or 2012'.
(c) Earned Income Tax Credit- Section 32(b)(3) is amended--
(1) by striking `2009 AND 2010' in the heading and inserting `2009,
2010, 2011, AND 2012', and
(2) by striking `or 2010' and inserting `, 2010, 2011, or 2012'.
(d) Effective Date- The amendments made by this section shall apply to
taxable years beginning after December 31, 2010.
TITLE II--TEMPORARY EXTENSION OF INDIVIDUAL AMT RELIEF
SEC. 201. TEMPORARY EXTENSION OF INCREASED ALTERNATIVE MINIMUM TAX
EXEMPTION AMOUNT.
(a) In General- Paragraph (1) of section 55(d) is amended--
(1) by striking `$70,950' and all that follows through `2009' in
subparagraph (A) and inserting `$72,450 in the case of taxable years
beginning in 2010 and $74,450 in the case of taxable years beginning in
2011', and
(2) by striking `$46,700' and all that follows through `2009' in
subparagraph (B) and inserting `$47,450 in the case of taxable years
beginning in 2010 and $48,450 in the case of taxable years beginning in
2011'.
(b) Effective Date- The amendments made by this section shall apply to
taxable years beginning after December 31, 2009.
(c) Repeal of EGTRRA Sunset- Title IX of the Economic Growth and Tax Relief
Reconciliation Act of 2001 (relating to sunset of provisions of such Act)
shall not apply to title VII of such Act (relating to alternative minimum
tax).
SEC. 202. TEMPORARY EXTENSION OF ALTERNATIVE MINIMUM TAX RELIEF FOR
NONREFUNDABLE PERSONAL CREDITS.
(a) In General- Paragraph (2) of section 26(a) is amended--
(1) by striking `or 2009' and inserting `2009, 2010, or 2011', and
(2) by striking `2009' in the heading thereof and inserting `2011'.
(b) Effective Date- The amendments made by this section shall apply to
taxable years beginning after December 31, 2009.
TITLE III--TEMPORARY ESTATE TAX RELIEF
SEC. 301. REINSTATEMENT OF ESTATE TAX; REPEAL OF CARRYOVER BASIS.
(a) In General- Each provision of law amended by subtitle A or E of title V
of the Economic Growth and Tax Relief Reconciliation Act of 2001 is amended
to read as such provision would read if such subtitle had never been
enacted.
(b) Conforming Amendment- On and after January 1, 2011, paragraph (1) of
section 2505(a) of the Internal Revenue Code of 1986 is amended to read as
such paragraph would read if section 521(b)(2) of the Economic Growth and
Tax Relief Reconciliation Act of 2001 had never been enacted.
(c) Special Election With Respect to Estates of Decedents Dying in 2010-
Notwithstanding subsection (a), in the case of an estate of a decedent dying
after December 31, 2009, and before January 1, 2011, the executor (within
the meaning of section 2203 of the Internal Revenue Code of 1986) may elect
to apply such Code as though the amendments made by subsection (a) do not
apply with respect to chapter 11 of such Code and with respect to property
acquired or passing from such decedent (within the meaning of section
1014(b) of such Code). Such election shall be made at such time and in such
manner as the Secretary of the Treasury or the Secretary's delegate shall
provide. Such an election once made shall be revocable only with the consent
of the Secretary of the Treasury or the Secretary's delegate. For purposes
of section 2652(a)(1) of such Code, the determination of whether any
property is subject to the tax imposed by such chapter 11 shall be made
without regard to any election made under this subsection.
(d) Extension of Time for Performing Certain Acts-
(1) ESTATE TAX- In the case of the estate of a decedent dying after
December 31, 2009, and before the date of the enactment of this Act, the
due date for--
(A) filing any return under section 6018 of the Internal Revenue
Code of 1986 (including any election required to be made on such a
return) as such section is in effect after the date of the enactment
of this Act without regard to any election under subsection (c),
(B) making any payment of tax under chapter 11 of such Code, and
(C) making any disclaimer described in section 2518(b) of such Code
of an interest in property passing by reason of the death of such
decedent,
shall not be earlier than the date which is 9 months after the date of
the enactment of this Act.
(2) GENERATION-SKIPPING TAX- In the case of any generation-skipping
transfer made after December 31, 2009, and before the date of the
enactment of this Act, the due date for filing any return under section
2662 of the Internal Revenue Code of 1986 (including any election
required to be made on such a return) shall not be earlier than the date
which is 9 months after the date of the enactment of this Act.
(e) Effective Date- Except as otherwise provided in this section, the
amendments made by this section shall apply to estates of decedents dying,
and transfers made, after December 31, 2009.
SEC. 302. MODIFICATIONS TO ESTATE, GIFT, AND GENERATION-SKIPPING
TRANSFER TAXES.
(a) Modifications to Estate Tax-
(1) $5,000,000 APPLICABLE EXCLUSION AMOUNT- Subsection (c) of section
2010 is amended to read as follows:
`(c) Applicable Credit Amount-
`(1) IN GENERAL- For purposes of this section, the applicable credit
amount is the amount of the tentative tax which would be determined
under section 2001(c) if the amount with respect to which such tentative
tax is to be computed were equal to the applicable exclusion amount.
`(2) APPLICABLE EXCLUSION AMOUNT-
`(A) IN GENERAL- For purposes of this subsection, the applicable
exclusion amount is $5,000,000.
`(B) INFLATION ADJUSTMENT- In the case of any decedent dying in a
calendar year after 2011, the dollar amount in subparagraph (A)
shall be increased by an amount equal to--
`(i) such dollar amount, multiplied by
`(ii) the cost-of-living adjustment determined under section
1(f)(3) for such calendar year by substituting `calendar year
2010' for `calendar year 1992' in subparagraph (B) thereof.
If any amount as adjusted under the preceding sentence is not a
multiple of $10,000, such amount shall be rounded to the nearest
multiple of $10,000.'.
(2) MAXIMUM ESTATE TAX RATE EQUAL TO 35 PERCENT- Subsection (c) of
section 2001 is amended--
(A) by striking `Over $500,000' and all that follows in the table
contained in paragraph (1) and inserting the following:
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`Over $500,000 $155,800, plus 35 percent of the excess of such amount over $500,000.',
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(B) by striking `(1) IN GENERAL- ', and
(C) by striking paragraph (2).
(b) Modifications to Gift Tax-
(1) RESTORATION OF UNIFIED CREDIT AGAINST GIFT TAX-
(A) IN GENERAL- Paragraph (1) of section 2505(a), after the
application of section 301(b), is amended by striking `(determined
as if the applicable exclusion amount were $1,000,000)'.
(B) EFFECTIVE DATE- The amendment made by this paragraph shall apply
to gifts made after December 31, 2010.
(2) MODIFICATION OF GIFT TAX RATE- On and after January 1, 2011,
subsection (a) of section 2502 is amended to read as such subsection
would read if section 511(d) of the Economic Growth and Tax Relief
Reconciliation Act of 2001 had never been enacted.
(c) Modification of Generation-skipping Transfer Tax- In the case of any
generation-skipping transfer made after December 31, 2009, and before
January 1, 2011, the applicable rate determined under section 2641(a) of the
Internal Revenue Code of 1986 shall be zero.
(d) Modifications of Estate and Gift Taxes to Reflect Differences in Credit
Resulting From Different Tax Rates-
(A) IN GENERAL- Section 2001(b)(2) is amended by striking `if the
provisions of subsection (c) (as in effect at the decedent's death)'
and inserting `if the modifications described in subsection (g)'.
(B) MODIFICATIONS- Section 2001 is amended by adding at the end the
following new subsection:
`(g) Modifications to Gift Tax Payable to Reflect Different Tax Rates- For
purposes of applying subsection (b)(2) with respect to 1 or more gifts, the
rates of tax under subsection (c) in effect at the decedent's death shall,
in lieu of the rates of tax in effect at the time of such gifts, be used
both to compute--
`(1) the tax imposed by chapter 12 with respect to such gifts, and
`(2) the credit allowed against such tax under section 2505, including
in computing--
`(A) the applicable credit amount under section 2505(a)(1), and
`(B) the sum of the amounts allowed as a credit for all preceding
periods under section 2505(a)(2).'.
(2) GIFT TAX- Section 2505(a) is amended by adding at the end the
following new flush sentence:
`For purposes of applying paragraph (2) for any calendar year, the rates of
tax in effect under section 2502(a)(2) for such calendar year shall, in lieu
of the rates of tax in effect for preceding calendar periods, be used in
determining the amounts allowable as a credit under this section for all
preceding calendar periods.'.
(e) Conforming Amendment- Section 2511 is amended by striking subsection
(c).
(f) Effective Date- Except as otherwise provided in this subsection, the
amendments made by this section shall apply to estates of decedents dying,
generation-skipping transfers, and gifts made, after December 31, 2009.
SEC. 303. APPLICABLE EXCLUSION AMOUNT INCREASED BY UNUSED EXCLUSION
AMOUNT OF DECEASED SPOUSE.
(a) In General- Section 2010(c), as amended by section 302(a), is amended by
striking paragraph (2) and inserting the following new paragraphs:
`(2) APPLICABLE EXCLUSION AMOUNT- For purposes of this subsection, the
applicable exclusion amount is the sum of--
`(A) the basic exclusion amount, and
`(B) in the case of a surviving spouse, the deceased spousal unused
exclusion amount.
`(3) BASIC EXCLUSION AMOUNT-
`(A) IN GENERAL- For purposes of this subsection, the basic
exclusion amount is $5,000,000.
`(B) INFLATION ADJUSTMENT- In the case of any decedent dying in a
calendar year after 2011, the dollar amount in subparagraph (A)
shall be increased by an amount equal to--
`(i) such dollar amount, multiplied by
`(ii) the cost-of-living adjustment determined under section
1(f)(3) for such calendar year by substituting `calendar year
2010' for `calendar year 1992' in subparagraph (B) thereof.
If any amount as adjusted under the preceding sentence is not a
multiple of $10,000, such amount shall be rounded to the nearest
multiple of $10,000.
`(4) DECEASED SPOUSAL UNUSED EXCLUSION AMOUNT- For purposes of this
subsection, with respect to a surviving spouse of a deceased spouse
dying after December 31, 2010, the term `deceased spousal unused
exclusion amount' means the lesser of--
`(A) the basic exclusion amount, or
`(i) the basic exclusion amount of the last such deceased spouse
of such surviving spouse, over
`(ii) the amount with respect to which the tentative tax is
determined under section 2001(b)(1) on the estate of such
deceased spouse.
`(A) ELECTION REQUIRED- A deceased spousal unused exclusion amount
may not be taken into account by a surviving spouse under paragraph
(2) unless the executor of the estate of the deceased spouse files
an estate tax return on which such amount is computed and makes an
election on such return that such amount may be so taken into
account. Such election, once made, shall be irrevocable. No election
may be made under this subparagraph if such return is filed after
the time prescribed by law (including extensions) for filing such
return.
`(B) EXAMINATION OF PRIOR RETURNS AFTER EXPIRATION OF PERIOD OF
LIMITATIONS WITH RESPECT TO DECEASED SPOUSAL UNUSED EXCLUSION
AMOUNT- Notwithstanding any period of limitation in section 6501,
after the time has expired under section 6501 within which a tax may
be assessed under chapter 11 or 12 with respect to a deceased
spousal unused exclusion amount, the Secretary may examine a return
of the deceased spouse to make determinations with respect to such
amount for purposes of carrying out this subsection.
`(6) REGULATIONS- The Secretary shall prescribe such regulations as may
be necessary or appropriate to carry out this subsection.'.
(b) Conforming Amendments-
(1) Paragraph (1) of section 2505(a), as amended by section 302(b)(1),
is amended to read as follows:
`(1) the applicable credit amount in effect under section 2010(c) which
would apply if the donor died as of the end of the calendar year,
reduced by'.
(2) Section 2631(c) is amended by striking `the applicable exclusion
amount' and inserting `the basic exclusion amount'.
(3) Section 6018(a)(1) is amended by striking `applicable exclusion
amount' and inserting `basic exclusion amount'.
(1) IN GENERAL- Except as provided in paragraph (2), the amendments made
by this section shall apply to estates of decedents dying and gifts made
after December 31, 2010.
(2) CONFORMING AMENDMENT RELATING TO GENERATION-SKIPPING TRANSFERS- The
amendment made by subsection (b)(2) shall apply to generation-skipping
transfers after December 31, 2010.
SEC. 304. APPLICATION OF EGTRRA SUNSET TO THIS TITLE.
Section 901 of the Economic Growth and Tax Relief Reconciliation Act of 2001
shall apply to the amendments made by this title.
TITLE IV--TEMPORARY EXTENSION OF INVESTMENT INCENTIVES
SEC. 401. EXTENSION OF BONUS DEPRECIATION; TEMPORARY 100 PERCENT
EXPENSING FOR CERTAIN BUSINESS ASSETS.
(a) In General- Paragraph (2) of section 168(k) is amended--
(1) by striking `January 1, 2012' in subparagraph (A)(iv) and inserting
`January 1, 2014', and
(2) by striking `January 1, 2011' each place it appears and inserting
`January 1, 2013'.
(b) Temporary 100 Percent Expensing- Subsection (k) of section 168 is
amended by adding at the end the following new paragraph:
`(5) SPECIAL RULE FOR PROPERTY ACQUIRED DURING CERTAIN PRE-2012 PERIODS-
In the case of qualified property acquired by the taxpayer (under rules
similar to the rules of clauses (ii) and (iii) of paragraph (2)(A))
after September 8, 2010, and before January 1, 2012, and which is placed
in service by the taxpayer before January 1, 2012 (January 1, 2013, in
the case of property described in subparagraph (2)(B) or (2)(C)),
paragraph (1)(A) shall be applied by substituting `100 percent' for `50
percent'.'.
(c) Extension of Election To Accelerate the AMT Credit in Lieu of Bonus
Depreciation-
(1) EXTENSION- Clause (iii) of section 168(k)(4)(D) is amended by
striking `or production' and all that follows and inserting `or
production--
`(I) after March 31, 2008, and before January 1, 2010, and
`(II) after December 31, 2010, and before January 1, 2013,
shall be taken into account under subparagraph (B)(ii)
thereof,'.
(2) RULES FOR ROUND 2 EXTENSION PROPERTY- Paragraph (4) of section
168(k) is amended by adding at the end the following new subparagraph:
`(I) SPECIAL RULES FOR ROUND 2 EXTENSION PROPERTY-
`(i) IN GENERAL- In the case of round 2 extension property, this
paragraph shall be applied without regard to--
`(I) the limitation described in subparagraph (B)(i)
thereof, and
`(II) the business credit increase amount under subparagraph
(E)(iii) thereof.
`(ii) TAXPAYERS PREVIOUSLY ELECTING ACCELERATION- In the case of
a taxpayer who made the election under subparagraph (A) for its
first taxable year ending after March 31, 2008, or a taxpayer
who made the election under subparagraph (H)(ii) for its first
taxable year ending after December 31, 2008--
`(I) the taxpayer may elect not to have this paragraph apply
to round 2 extension property, but
`(II) if the taxpayer does not make the election under
subclause (I), in applying this paragraph to the taxpayer
the bonus depreciation amount, maximum amount, and maximum
increase amount shall be computed and applied to eligible
qualified property which is round 2 extension property.
The amounts described in subclause (II) shall be computed
separately from any amounts computed with respect to eligible
qualified property which is not round 2 extension property.
`(iii) TAXPAYERS NOT PREVIOUSLY ELECTING ACCELERATION- In the
case of a taxpayer who neither made the election under
subparagraph (A) for its first taxable year ending after March
31, 2008, nor made the election under subparagraph (H)(ii) for
its first taxable year ending after December 31, 2008--
`(I) the taxpayer may elect to have this paragraph apply to
its first taxable year ending after December 31, 2010, and
each subsequent taxable year, and
`(II) if the taxpayer makes the election under subclause
(I), this paragraph shall only apply to eligible qualified
property which is round 2 extension property.
`(iv) ROUND 2 EXTENSION PROPERTY- For purposes of this
subparagraph, the term `round 2 extension property' means
property which is eligible qualified property solely by reason
of the extension of the application of the special allowance
under paragraph (1) pursuant to the amendments made by section
401(a) of the Tax Relief, Unemployment Insurance
Reauthorization, and Job Creation Act of 2010 (and the
application of such extension to this paragraph pursuant to the
amendment made by section 401(c)(1) of such Act).'.
(d) Conforming Amendments-
(1) The heading for subsection (k) of section 168 is amended by striking
`January 1, 2011' and inserting `January 1, 2013'.
(2) The heading for clause (ii) of section 168(k)(2)(B) is amended by
striking `PRE-JANUARY 1, 2011' and inserting `PRE-JANUARY 1, 2013'.
(3) Subparagraph (D) of section 168(k)(4) is amended--
(A) by striking clauses (iv) and (v),
(B) by inserting `and' at the end of clause (ii), and
(C) by striking the comma at the end of clause (iii) and inserting a
period.
(4) Paragraph (5) of section 168(l) is amended--
(A) by inserting `and' at the end of subparagraph (A),
(B) by striking subparagraph (B), and
(C) by redesignating subparagraph (C) as subparagraph (B).
(5) Subparagraph (C) of section 168(n)(2) is amended by striking
`January 1, 2011' and inserting `January 1, 2013'.
(6) Subparagraph (D) of section 1400L(b)(2) is amended by striking
`January 1, 2011' and inserting `January 1, 2013'.
(7) Subparagraph (B) of section 1400N(d)(3) is amended by striking
`January 1, 2011' and inserting `January 1, 2013'.
(1) IN GENERAL- Except as provided in paragraph (2), the amendments made
by this section shall apply to property placed in service after December
31, 2010, in taxable years ending after such date.
(2) TEMPORARY 100 PERCENT EXPENSING- The amendment made by subsection
(b) shall apply to property placed in service after September 8, 2010,
in taxable years ending after such date.
SEC. 402. TEMPORARY EXTENSION OF INCREASED SMALL BUSINESS EXPENSING.
(a) Dollar Limitation- Section 179(b)(1) is amended by striking `and' at the
end of subparagraph (B) and by striking subparagraph (C) and inserting the
following new subparagraphs:
`(C) $125,000 in the case of taxable years beginning in 2012, and
`(D) $25,000 in the case of taxable years beginning after 2012.'.
(b) Reduction in Limitation- Section 179(b)(2) is amended by striking `and'
at the end of subparagraph (B) and by striking subparagraph (C) and
inserting the following new subparagraphs:
`(C) $500,000 in the case of taxable years beginning in 2012, and
`(D) $200,000 in the case of taxable years beginning after 2012.'.
(c) Inflation Adjustment- Subsection (b) of section 179 is amended by adding
at the end the following new paragraph:
`(6) INFLATION ADJUSTMENT-
`(A) IN GENERAL- In the case of any taxable year beginning in
calendar year 2012, the $125,000 and $500,000 amounts in paragraphs
(1)(C) and (2)(C) shall each be increased by an amount equal to--
`(i) such dollar amount, multiplied by
`(ii) the cost-of-living adjustment determined under section
1(f)(3) for the calendar year in which the taxable year begins,
by substituting `calendar year 2006' for `calendar year 1992' in
subparagraph (B) thereof.
`(i) DOLLAR LIMITATION- If the amount in paragraph (1) as
increased under subparagraph (A) is not a multiple of $1,000,
such amount shall be rounded to the nearest multiple of $1,000.
`(ii) PHASEOUT AMOUNT- If the amount in paragraph (2) as
increased under subparagraph (A) is not a multiple of $10,000,
such amount shall be rounded to the nearest multiple of
$10,000.'.
(d) Computer Software- Section 179(d)(1)(A)(ii) is amended by striking
`2012' and inserting `2013'.
(e) Conforming Amendment- Section 179(c)(2) is amended by striking `2012'
and inserting `2013'.
(f) Effective Date- The amendments made by this section shall apply to
taxable years beginning after December 31, 2011.
TITLE V--TEMPORARY EXTENSION OF UNEMPLOYMENT INSURANCE AND RELATED
MATTERS
SEC. 501. TEMPORARY EXTENSION OF UNEMPLOYMENT INSURANCE PROVISIONS.
(a) In General- (1) Section 4007 of the Supplemental Appropriations Act,
2008 (Public Law 110-252; 26 U.S.C. 3304 note) is amended--
(A) by striking `November 30, 2010' each place it appears and inserting
`January 3, 2012';
(B) in the heading for subsection (b)(2), by striking `NOVEMBER 30,
2010' and inserting `JANUARY 3, 2012'; and
(C) in subsection (b)(3), by striking `April 30, 2011' and inserting
`June 9, 2012'.
(2) Section 2005 of the Assistance for Unemployed Workers and Struggling
Families Act, as contained in Public Law 111-5 (26 U.S.C. 3304 note; 123
Stat. 444), is amended--
(A) by striking `December 1, 2010' each place it appears and inserting
`January 4, 2012'; and
(B) in subsection (c), by striking `May 1, 2011' and inserting `June 11,
2012'.
(3) Section 5 of the Unemployment Compensation Extension Act of 2008 (Public
Law 110-449; 26 U.S.C. 3304 note) is amended by striking `April 30, 2011'
and inserting `June 10, 2012'.
(b) Funding- Section 4004(e)(1) of the Supplemental Appropriations Act, 2008
(Public Law 110-252; 26 U.S.C. 3304 note) is amended--
(1) in subparagraph (E), by striking `and' at the end; and
(2) by inserting after subparagraph (F) the following:
`(G) the amendments made by section 501(a)(1) of the Tax Relief,
Unemployment Insurance Reauthorization, and Job Creation Act of
2010; and'.
(c) Effective Date- The amendments made by this section shall take effect as
if included in the enactment of the Unemployment Compensation Extension Act
of 2010 (Public Law 111-205).
SEC. 502. TEMPORARY MODIFICATION OF INDICATORS UNDER THE EXTENDED
BENEFIT PROGRAM.
(a) Indicator- Section 203(d) of the Federal-State Extended Unemployment
Compensation Act of 1970 (26 U.S.C. 3304 note) is amended, in the flush
matter following paragraph (2), by inserting after the first sentence the
following sentence: `Effective with respect to compensation for weeks of
unemployment beginning after the date of enactment of the Tax Relief,
Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (or, if
later, the date established pursuant to State law), and ending on or before
December 31, 2011, the State may by law provide that the determination of
whether there has been a state `on' or `off' indicator beginning or ending
any extended benefit period shall be made under this subsection as if the
word `two' were `three' in subparagraph (1)(A).'.
(b) Alternative Trigger- Section 203(f) of the Federal-State Extended
Unemployment Compensation Act of 1970 (26 U.S.C. 3304 note) is amended--
(1) by redesignating paragraph (2) as paragraph (3); and
(2) by inserting after paragraph (1) the following new paragraph:
`(2) Effective with respect to compensation for weeks of unemployment
beginning after the date of enactment of the Tax Relief, Unemployment
Insurance Reauthorization, and Job Creation Act of 2010 (or, if later, the
date established pursuant to State law), and ending on or before December
31, 2011, the State may by law provide that the determination of whether
there has been a state `on' or `off' indicator beginning or ending any
extended benefit period shall be made under this subsection as if the word
`either' were `any', the word `both' were `all', and the figure `2' were `3'
in clause (1)(A)(ii).'.
SEC. 503. TECHNICAL AMENDMENT RELATING TO COLLECTION OF UNEMPLOYMENT
COMPENSATION DEBTS.
(a) In General- Section 6402(f)(3)(C), as amended by section 801 of the
Claims Resolution Act of 2010, is amended by striking `is not a covered
unemployment compensation debt' and inserting `is a covered unemployment
compensation debt'.
(b) Effective Date- The amendment made by subsection (a) shall take effect
as if included in section 801 of the Claims Resolution Act of 2010.
SEC. 504. TECHNICAL CORRECTION RELATING TO REPEAL OF CONTINUED DUMPING
AND SUBSIDY OFFSET.
(a) In General- Section 822(2)(A) of the Claims Resolution Act of 2010 is
amended by striking `or' and inserting `and'.
(b) Effective Date- The amendment made by subsection (a) shall take effect
as if included in the provisions of the Claims Resolution Act of 2010.
SEC. 505. ADDITIONAL EXTENDED UNEMPLOYMENT BENEFITS UNDER THE RAILROAD
UNEMPLOYMENT INSURANCE ACT.
(a) Extension- Section 2(c)(2)(D)(iii) of the Railroad Unemployment
Insurance Act, as added by section 2006 of the American Recovery and
Reinvestment Act of 2009 (Public Law 111-5) and as amended by section 9 of
the Worker, Homeownership, and Business Assistance Act of 2009 (Public Law
111-92), is amended--
(1) by striking `June 30, 2010' and inserting `June 30, 2011'; and
(2) by striking `December 31, 2010' and inserting `December 31, 2011'.
(b) Clarification on Authority To Use Funds- Funds appropriated under either
the first or second sentence of clause (iv) of section 2(c)(2)(D) of the
Railroad Unemployment Insurance Act shall be available to cover the cost of
additional extended unemployment benefits provided under such section
2(c)(2)(D) by reason of the amendments made by subsection (a) as well as to
cover the cost of such benefits provided under such section 2(c)(2)(D), as
in effect on the day before the date of the enactment of this Act.
TITLE VI--TEMPORARY EMPLOYEE PAYROLL TAX CUT
SEC. 601. TEMPORARY EMPLOYEE PAYROLL TAX CUT.
(a) In General- Notwithstanding any other provision of law--
(1) with respect to any taxable year which begins in the payroll tax
holiday period, the rate of tax under section 1401(a) of the Internal
Revenue Code of 1986 shall be 10.40 percent, and
(2) with respect to remuneration received during the payroll tax holiday
period, the rate of tax under 3101(a) of such Code shall be 4.2 percent
(including for purposes of determining the applicable percentage under
sections 3201(a) and 3211(a)(1) of such Code).
(b) Coordination With Deductions for Employment Taxes-
(1) DEDUCTION IN COMPUTING NET EARNINGS FROM SELF-EMPLOYMENT- For
purposes of applying section 1402(a)(12) of the Internal Revenue Code of
1986, the rate of tax imposed by subsection 1401(a) of such Code shall
be determined without regard to the reduction in such rate under this
section.
(2) INDIVIDUAL DEDUCTION- In the case of the taxes imposed by section
1401 of such Code for any taxable year which begins in the payroll tax
holiday period, the deduction under section 164(f) with respect to such
taxes shall be equal to the sum of--
(A) 59.6 percent of the portion of such taxes attributable to the
tax imposed by section 1401(a) (determined after the application of
this section), plus
(B) one-half of the portion of such taxes attributable to the tax
imposed by section 1401(b).
(c) Payroll Tax Holiday Period- The term `payroll tax holiday period' means
calendar year 2011.
(d) Employer Notification- The Secretary of the Treasury shall notify
employers of the payroll tax holiday period in any manner the Secretary
deems appropriate.
(1) TRANSFERS TO FEDERAL OLD-AGE AND SURVIVORS INSURANCE TRUST FUND-
There are hereby appropriated to the Federal Old-Age and Survivors Trust
Fund and the Federal Disability Insurance Trust Fund established under
section 201 of the Social Security Act (42 U.S.C. 401) amounts equal to
the reduction in revenues to the Treasury by reason of the application
of subsection (a). Amounts appropriated by the preceding sentence shall
be transferred from the general fund at such times and in such manner as
to replicate to the extent possible the transfers which would have
occurred to such Trust Fund had such amendments not been enacted.
(2) TRANSFERS TO SOCIAL SECURITY EQUIVALENT BENEFIT ACCOUNT- There are
hereby appropriated to the Social Security Equivalent Benefit Account
established under section 15A(a) of the Railroad Retirement Act of 1974
(45 U.S.C. 231n-1(a)) amounts equal to the reduction in revenues to the
Treasury by reason of the application of subsection (a)(2). Amounts
appropriated by the preceding sentence shall be transferred from the
general fund at such times and in such manner as to replicate to the
extent possible the transfers which would have occurred to such Account
had such amendments not been enacted.
(3) COORDINATION WITH OTHER FEDERAL LAWS- For purposes of applying any
provision of Federal law other than the provisions of the Internal
Revenue Code of 1986, the rate of tax in effect under section 3101(a) of
such Code shall be determined without regard to the reduction in such
rate under this section.
TITLE VII--TEMPORARY EXTENSION OF CERTAIN EXPIRING PROVISIONS
Subtitle A--Energy
SEC. 701. INCENTIVES FOR BIODIESEL AND RENEWABLE DIESEL.
(a) Credits for Biodiesel and Renewable Diesel Used as Fuel- Subsection (g)
of section 40A is amended by striking `December 31, 2009' and inserting
`December 31, 2011'.
(b) Excise Tax Credits and Outlay Payments for Biodiesel and Renewable
Diesel Fuel Mixtures-
(1) Paragraph (6) of section 6426(c) is amended by striking `December
31, 2009' and inserting `December 31, 2011'.
(2) Subparagraph (B) of section 6427(e)(6) is amended by striking
`December 31, 2009' and inserting `December 31, 2011'.
(c) Special Rule for 2010- Notwithstanding any other provision of law, in
the case of any biodiesel mixture credit properly determined under section
6426(c) of the Internal Revenue Code of 1986 for periods during 2010, such
credit shall be allowed, and any refund or payment attributable to such
credit (including any payment under section 6427(e) of such Code) shall be
made, only in such manner as the Secretary of the Treasury (or the
Secretary's delegate) shall provide. Such Secretary shall issue guidance
within 30 days after the date of the enactment of this Act providing for a
one-time submission of claims covering periods during 2010. Such guidance
shall provide for a 180-day period for the submission of such claims (in
such manner as prescribed by such Secretary) to begin not later than 30 days
after such guidance is issued. Such claims shall be paid by such Secretary
not later than 60 days after receipt. If such Secretary has not paid
pursuant to a claim filed under this subsection within 60 days after the
date of the filing of such claim, the claim shall be paid with interest from
such date determined by using the overpayment rate and method under section
6621 of such Code.
(d) Effective Date- The amendments made by this section shall apply to fuel
sold or used after December 31, 2009.
SEC. 702. CREDIT FOR REFINED COAL FACILITIES.
(a) In General- Subparagraph (B) of section 45(d)(8) is amended by striking
`January 1, 2010' and inserting `January 1, 2012'.
(b) Effective Date- The amendment made by this section shall apply to
facilities placed in service after December 31, 2009.
SEC. 703. NEW ENERGY EFFICIENT HOME CREDIT.
(a) In General- Subsection (g) of section 45L is amended by striking
`December 31, 2009' and inserting `December 31, 2011'.
(b) Effective Date- The amendment made by this section shall apply to homes
acquired after December 31, 2009.
SEC. 704. EXCISE TAX CREDITS AND OUTLAY PAYMENTS FOR ALTERNATIVE FUEL
AND ALTERNATIVE FUEL MIXTURES.
(a) In General- Sections 6426(d)(5), 6426(e)(3), and 6427(e)(6)(C) are each
amended by striking `December 31, 2009' and inserting `December 31, 2011'.
(b) Exclusion of Black Liquor From Credit Eligibility- The last sentence of
section 6426(d)(2) is amended by striking `or biodiesel' and inserting
`biodiesel, or any fuel (including lignin, wood residues, or spent pulping
liquors) derived from the production of paper or pulp'.
(c) Special Rule for 2010- Notwithstanding any other provision of law, in
the case of any alternative fuel credit or any alternative fuel mixture
credit properly determined under subsection (d) or (e) of section 6426 of
the Internal Revenue Code of 1986 for periods during 2010, such credit shall
be allowed, and any refund or payment attributable to such credit (including
any payment under section 6427(e) of such Code) shall be made, only in such
manner as the Secretary of the Treasury (or the Secretary's delegate) shall
provide. Such Secretary shall issue guidance within 30 days after the date
of the enactment of this Act providing for a one-time submission of claims
covering periods during 2010. Such guidance shall provide for a 180-day
period for the submission of such claims (in such manner as prescribed by
such Secretary) to begin not later than 30 days after such guidance is
issued. Such claims shall be paid by such Secretary not later than 60 days
after receipt. If such Secretary has not paid pursuant to a claim filed
under this subsection within 60 days after the date of the filing of such
claim, the claim shall be paid with interest from such date determined by
using the overpayment rate and method under section 6621 of such Code.
(d) Effective Date- The amendments made by this section shall apply to fuel
sold or used after December 31, 2009.
SEC. 705. SPECIAL RULE FOR SALES OR DISPOSITIONS TO IMPLEMENT FERC OR
STATE ELECTRIC RESTRUCTURING POLICY FOR QUALIFIED ELECTRIC UTILITIES.
(a) In General- Paragraph (3) of section 451(i) is amended by striking
`January 1, 2010' and inserting `January 1, 2012'.
(b) Effective Date- The amendment made by this section shall apply to
dispositions after December 31, 2009.
SEC. 706. SUSPENSION OF LIMITATION ON PERCENTAGE DEPLETION FOR OIL AND
GAS FROM MARGINAL WELLS.
(a) In General- Clause (ii) of section 613A(c)(6)(H) is amended by striking
`January 1, 2010' and inserting `January 1, 2012'.
(b) Effective Date- The amendment made by this section shall apply to
taxable years beginning after December 31, 2009.
SEC. 707. EXTENSION OF GRANTS FOR SPECIFIED ENERGY PROPERTY IN LIEU OF
TAX CREDITS.
(a) In General- Subsection (a) of section 1603 of division B of the American
Recovery and Reinvestment Act of 2009 is amended--
(1) in paragraph (1), by striking `2009 or 2010' and inserting `2009,
2010, or 2011', and
(A) by striking `after 2010' and inserting `after 2011', and
(B) by striking `2009 or 2010' and inserting `2009, 2010, or 2011'.
(b) Conforming Amendment- Subsection (j) of section 1603 of division B of
such Act is amended by striking `2011' and inserting `2012'.
SEC. 708. EXTENSION OF PROVISIONS RELATED TO ALCOHOL USED AS FUEL.
(a) Extension of Income Tax Credit for Alcohol Used as Fuel-
(1) IN GENERAL- Paragraph (1) of section 40(e) is amended--
(A) by striking `December 31, 2010' in subparagraph (A) and
inserting `December 31, 2011', and
(B) by striking `January 1, 2011' in subparagraph (B) and inserting
`January 1, 2012'.
(2) REDUCED AMOUNT FOR ETHANOL BLENDERS- Subsection (h) of section 40 is
amended by striking `2010' both places it appears and inserting `2011'.
(3) EFFECTIVE DATE- The amendments made by this subsection shall apply
to periods after December 31, 2010.
(b) Extension of Excise Tax Credit for Alcohol Used as Fuel-
(1) IN GENERAL- Paragraph (6) of section 6426(b) is amended by striking
`December 31, 2010' and inserting `December 31, 2011'.
(2) EFFECTIVE DATE- The amendment made by this subsection shall apply to
periods after December 31, 2010.
(c) Extension of Payment for Alcohol Fuel Mixture-
(1) IN GENERAL- Subparagraph (A) of section 6427(e)(6) is amended by
striking `December 31, 2010' and inserting `December 31, 2011'.
(2) EFFECTIVE DATE- The amendment made by this subsection shall apply to
sales and uses after December 31, 2010.
(d) Extension of Additional Duties on Ethanol-
(1) IN GENERAL- Headings 9901.00.50 and 9901.00.52 of the Harmonized
Tariff Schedule of the United States are each amended in the effective
period column by striking `1/1/2011' and inserting `1/1/2012'.
(2) EFFECTIVE DATE- The amendments made by this subsection shall take
effect on January 1, 2011.
SEC. 709. ENERGY EFFICIENT APPLIANCE CREDIT.
(a) Dishwashers- Paragraph (1) of section 45M(b) is amended by striking
`and' at the end of subparagraph (A), by striking the period at the end of
subparagraph (B) and inserting a comma, and by adding at the end the
following new subparagraphs:
`(C) $25 in the case of a dishwasher which is manufactured in
calendar year 2011 and which uses no more than 307 kilowatt hours
per year and 5.0 gallons per cycle (5.5 gallons per cycle for
dishwashers designed for greater than 12 place settings),
`(D) $50 in the case of a dishwasher which is manufactured in
calendar year 2011 and which uses no more than 295 kilowatt hours
per year and 4.25 gallons per cycle (4.75 gallons per cycle for
dishwashers designed for greater than 12 place settings), and
`(E) $75 in the case of a dishwasher which is manufactured in
calendar year 2011 and which uses no more than 280 kilowatt hours
per year and 4 gallons per cycle (4.5 gallons per cycle for
dishwashers designed for greater than 12 place settings).'.
(b) Clothes Washers- Paragraph (2) of section 45M(b) is amended by striking
`and' at the end of subparagraph (C), by striking the period at the end of
subparagraph (D) and inserting a comma, and by adding at the end the
following new subparagraphs:
`(E) $175 in the case of a top-loading clothes washer manufactured
in calendar year 2011 which meets or exceeds a 2.2 modified energy
factor and does not exceed a 4.5 water consumption factor, and
`(F) $225 in the case of a clothes washer manufactured in calendar
year 2011--
`(i) which is a top-loading clothes washer and which meets or
exceeds a 2.4 modified energy factor and does not exceed a 4.2
water consumption factor, or
`(ii) which is a front-loading clothes washer and which meets or
exceeds a 2.8 modified energy factor and does not exceed a 3.5
water consumption factor.'.
(c) Refrigerators- Paragraph (3) of section 45M(b) is amended by striking
`and' at the end of subparagraph (C), by striking the period at the end of
subparagraph (D) and inserting a comma, and by adding at the end the
following new subparagraphs:
`(E) $150 in the case of a refrigerator manufactured in calendar
year 2011 which consumes at least 30 percent less energy than the
2001 energy conservation standards, and
`(F) $200 in the case of a refrigerator manufactured in calendar
year 2011 which consumes at least 35 percent less energy than the
2001 energy conservation standards.'.
(d) Rebasing of Limitations-
(1) IN GENERAL- Paragraph (1) of section 45M(e) is amended--
(A) by striking `$75,000,000' and inserting `$25,000,000', and
(B) by striking `December 31, 2007' and inserting `December 31,
2010'.
(2) EXCEPTION FOR CERTAIN REFRIGERATORS AND CLOTHES WASHERS- Paragraph
(2) of section 45M(e) is amended--
(A) by striking `subsection (b)(3)(D)' and inserting `subsection
(b)(3)(F)', and
(B) by striking `subsection (b)(2)(D)' and inserting `subsection
(b)(2)(F)'.
(3) GROSS RECEIPTS LIMITATION- Paragraph (3) of section 45M(e) is
amended by striking `2 percent' and inserting `4 percent'.
(1) IN GENERAL- The amendments made by subsections (a), (b), and (c)
shall apply to appliances produced after December 31, 2010.
(2) LIMITATIONS- The amendments made by subsection (d) shall apply to
taxable years beginning after December 31, 2010.
SEC. 710. CREDIT FOR NONBUSINESS ENERGY PROPERTY.
(a) Extension- Section 25C(g)(2) is amended by striking `2010' and inserting
`2011'.
(b) Return to Pre-ARRA Limitations and Standards-
(1) IN GENERAL- Subsections (a) and (b) of section 25C are amended to
read as follows:
`(a) Allowance of Credit- In the case of an individual, there shall be
allowed as a credit against the tax imposed by this chapter for the taxable
year an amount equal to the sum of--
`(1) 10 percent of the amount paid or incurred by the taxpayer for
qualified energy efficiency improvements installed during such taxable
year, and
`(2) the amount of the residential energy property expenditures paid or
incurred by the taxpayer during such taxable year.
`(1) LIFETIME LIMITATION- The credit allowed under this section with
respect to any taxpayer for any taxable year shall not exceed the excess
(if any) of $500 over the aggregate credits allowed under this section
with respect to such taxpayer for all prior taxable years ending after
December 31, 2005.
`(2) WINDOWS- In the case of amounts paid or incurred for components
described in subsection (c)(2)(B) by any taxpayer for any taxable year,
the credit allowed under this section with respect to such amounts for
such year shall not exceed the excess (if any) of $200 over the
aggregate credits allowed under this section with respect to such
amounts for all prior taxable years ending after December 31, 2005.
`(3) LIMITATION ON RESIDENTIAL ENERGY PROPERTY EXPENDITURES- The amount
of the credit allowed under this section by reason of subsection (a)(2)
shall not exceed--
`(A) $50 for any advanced main air circulating fan,
`(B) $150 for any qualified natural gas, propane, or oil furnace or
hot water boiler, and
`(C) $300 for any item of energy-efficient building property.'.
(2) MODIFICATION OF STANDARDS-
(A) IN GENERAL- Paragraph (1) of section 25C(c) is amended by
striking `2000' and all that follows through `this section' and
inserting `2009 International Energy Conservation Code, as such Code
(including supplements) is in effect on the date of the enactment of
the American Recovery and Reinvestment Tax Act of 2009'.
(B) WOOD STOVES- Subparagraph (E) of section 25C(d)(3) is amended by
striking `, as measured using a lower heating value'.
(C) OIL FURNACES AND HOT WATER BOILERS-
(i) IN GENERAL- Paragraph (4) of section 25C(d) is amended to
read as follows:
`(4) QUALIFIED NATURAL GAS, PROPANE, OR OIL FURNACE OR HOT WATER BOILER-
The term `qualified natural gas, propane, or oil furnace or hot water
boiler' means a natural gas, propane, or oil furnace or hot water boiler
which achieves an annual fuel utilization efficiency rate of not less
than 95.'.
(ii) CONFORMING AMENDMENT- Clause (ii) of section 25C(d)(2)(A)
is amended to read as follows:
`(ii) a qualified natural gas, propane, or oil furnace or hot
water boiler, or'.
(D) EXTERIOR WINDOWS, DOORS, AND SKYLIGHTS-
(i) IN GENERAL- Subsection (c) of section 25C is amended by
striking paragraph (4).
(ii) APPLICATION OF ENERGY STAR STANDARDS- Paragraph (1) of
section 25C(c) is amended by inserting `an exterior window, a
skylight, an exterior door,' after `in the case of' in the
matter preceding subparagraph (A).
(E) INSULATION- Subparagraph (A) of section 25C(c)(2) is amended by
striking `and meets the prescriptive criteria for such material or
system established by the 2009 International Energy Conservation
Code, as such Code (including supplements) is in effect on the date
of the enactment of the American Recovery and Reinvestment Tax Act
of 2009'.
(3) SUBSIDIZED ENERGY FINANCING- Subsection (e) of section 25C is
amended by adding at the end the following new paragraph:
`(3) PROPERTY FINANCED BY SUBSIDIZED ENERGY FINANCING- For purposes of
determining the amount of expenditures made by any individual with
respect to any property, there shall not be taken into account
expenditures which are made from subsidized energy financing (as defined
in section 48(a)(4)(C)).'.
(c) Effective Date- The amendments made by this section shall apply to
property placed in service after December 31, 2010.
SEC. 711. ALTERNATIVE FUEL VEHICLE REFUELING PROPERTY.
(a) Extension of Credit- Paragraph (2) of section 30C(g) is amended by
striking `December 31, 2010' and inserting `December 31, 2011.'.
(b) Effective Date- The amendment made by this section shall apply to
property placed in service after December 31, 2010.
Subtitle B--Individual Tax Relief
SEC. 721. DEDUCTION FOR CERTAIN EXPENSES OF ELEMENTARY AND SECONDARY
SCHOOL TEACHERS.
(a) In General- Subparagraph (D) of section 62(a)(2) is amended by striking
`or 2009' and inserting `2009, 2010, or 2011'.
(b) Effective Date- The amendment made by this section shall apply to
taxable years beginning after December 31, 2009.
SEC. 722. DEDUCTION OF STATE AND LOCAL SALES TAXES.
(a) In General- Subparagraph (I) of section 164(b)(5) is amended by striking
`January 1, 2010' and inserting `January 1, 2012'.
(b) Effective Date- The amendment made by this section shall apply to
taxable years beginning after December 31, 2009.
SEC. 723. CONTRIBUTIONS OF CAPITAL GAIN REAL PROPERTY MADE FOR
CONSERVATION PURPOSES.
(a) In General- Clause (vi) of section 170(b)(1)(E) is amended by striking
`December 31, 2009' and inserting `December 31, 2011'.
(b) Contributions by Certain Corporate Farmers and Ranchers- Clause (iii) of
section 170(b)(2)(B) is amended by striking `December 31, 2009' and
inserting `December 31, 2011'.
(c) Effective Date- The amendments made by this section shall apply to
contributions made in taxable years beginning after December 31, 2009.
SEC. 724. ABOVE-THE-LINE DEDUCTION FOR QUALIFIED TUITION AND RELATED
EXPENSES.
(a) In General- Subsection (e) of section 222 is amended by striking
`December 31, 2009' and inserting `December 31, 2011'.
(b) Effective Date- The amendment made by this section shall apply to
taxable years beginning after December 31, 2009.
SEC. 725. TAX-FREE DISTRIBUTIONS FROM INDIVIDUAL RETIREMENT PLANS FOR
CHARITABLE PURPOSES.
(a) In General- Subparagraph (F) of section 408(d)(8) is amended by striking
`December 31, 2009' and inserting `December 31, 2011'.
(b) Effective Date; Special Rule-
(1) EFFECTIVE DATE- The amendment made by this section shall apply to
distributions made in taxable years beginning after December 31, 2009.
(2) SPECIAL RULE- For purposes of subsections (a)(6), (b)(3), and (d)(8)
of section 408 of the Internal Revenue Code of 1986, at the election of
the taxpayer (at such time and in such manner as prescribed by the
Secretary of the Treasury) any qualified charitable distribution made
after December 31, 2010, and before February 1, 2011, shall be deemed to
have been made on December 31, 2010.
SEC. 726. LOOK-THRU OF CERTAIN REGULATED INVESTMENT COMPANY STOCK IN
DETERMINING GROSS ESTATE OF NONRESIDENTS.
(a) In General- Paragraph (3) of section 2105(d) is amended by striking
`December 31, 2009' and inserting `December 31, 2011'.
(b) Effective Date- The amendment made by this section shall apply to
estates of decedents dying after December 31, 2009.
SEC. 727. PARITY FOR EXCLUSION FROM INCOME FOR EMPLOYER-PROVIDED MASS
TRANSIT AND PARKING BENEFITS.
(a) In General- Paragraph (2) of section 132(f) is amended by striking
`January 1, 2011' and inserting `January 1, 2012'.
(b) Effective Date- The amendment made by this section shall apply to months
after December 31, 2010.
SEC. 728. REFUNDS DISREGARDED IN THE ADMINISTRATION OF FEDERAL PROGRAMS
AND FEDERALLY ASSISTED PROGRAMS.
(a) In General- Subchapter A of chapter 65 is amended by adding at the end
the following new section:
`SEC. 6409. REFUNDS DISREGARDED IN THE ADMINISTRATION OF FEDERAL PROGRAMS AND
FEDERALLY ASSISTED PROGRAMS.
`(a) In General- Notwithstanding any other provision of law, any refund (or
advance payment with respect to a refundable credit) made to any individual
under this title shall not be taken into account as income, and shall not be
taken into account as resources for a period of 12 months from receipt, for
purposes of determining the eligibility of such individual (or any other
individual) for benefits or assistance (or the amount or extent of benefits
or assistance) under any Federal program or under any State or local program
financed in whole or in part with Federal funds.
`(b) Termination- Subsection (a) shall not apply to any amount received
after December 31, 2012.'.
(b) Clerical Amendment- The table of sections for such subchapter is amended
by adding at the end the following new item:
`Sec. 6409. Refunds disregarded in the administration of Federal
programs and federally assisted programs.'.
(c) Effective Date- The amendments made by this section shall apply to
amounts received after December 31, 2009.
Subtitle C--Business Tax Relief
SEC. 731. RESEARCH CREDIT.
(a) In General- Subparagraph (B) of section 41(h)(1) is amended by striking
`December 31, 2009' and inserting `December 31, 2011'.
(b) Conforming Amendment- Subparagraph (D) of section 45C(b)(1) is amended
by striking `December 31, 2009' and inserting `December 31, 2011'.
(c) Effective Date- The amendments made by this section shall apply to
amounts paid or incurred after December 31, 2009.
SEC. 732. INDIAN EMPLOYMENT TAX CREDIT.
(a) In General- Subsection (f) of section 45A is amended by striking
`December 31, 2009' and inserting `December 31, 2011'.
(b) Effective Date- The amendment made by this section shall apply to
taxable years beginning after December 31, 2009.
SEC. 733. NEW MARKETS TAX CREDIT.
(a) In General- Paragraph (1) of section 45D(f) is amended--
(1) by striking `and' at the end of subparagraph (E),
(2) by striking the period at the end of subparagraph (F), and
(3) by adding at the end the following new subparagraph:
`(G) $3,500,000,000 for 2010 and 2011.'.
(b) Conforming Amendment- Paragraph (3) of section 45D(f) is amended by
striking `2014' and inserting `2016'.
(c) Effective Date- The amendments made by this section shall apply to
calendar years beginning after 2009.
SEC. 734. RAILROAD TRACK MAINTENANCE CREDIT.
(a) In General- Subsection (f) of section 45G is amended by striking
`January 1, 2010' and inserting `January 1, 2012'.
(b) Effective Date- The amendment made by this section shall apply to
expenditures paid or incurred in taxable years beginning after December 31,
2009.
SEC. 735. MINE RESCUE TEAM TRAINING CREDIT.
(a) In General- Subsection (e) of section 45N is amended by striking
`December 31, 2009' and inserting `December 31, 2011'.
(b) Effective Date- The amendment made by this section shall apply to
taxable years beginning after December 31, 2009.
SEC. 736. EMPLOYER WAGE CREDIT FOR EMPLOYEES WHO ARE ACTIVE DUTY MEMBERS
OF THE UNIFORMED SERVICES.
(a) In General- Subsection (f) of section 45P is amended by striking
`December 31, 2009' and inserting `December 31, 2011'.
(b) Effective Date- The amendment made by this section shall apply to
payments made after December 31, 2009.
SEC. 737. 15-YEAR STRAIGHT-LINE COST RECOVERY FOR QUALIFIED LEASEHOLD
IMPROVEMENTS, QUALIFIED RESTAURANT BUILDINGS AND IMPROVEMENTS, AND QUALIFIED
RETAIL IMPROVEMENTS.
(a) In General- Clauses (iv), (v), and (ix) of section 168(e)(3)(E) are each
amended by striking `January 1, 2010' and inserting `January 1, 2012'.
(b) Conforming Amendments-
(1) Clause (i) of section 168(e)(7)(A) is amended by striking `if such
building is placed in service after December 31, 2008, and before
January 1, 2010,'.
(2) Paragraph (8) of section 168(e) is amended by striking subparagraph
(E).
(3) Section 179(f)(2) is amended--
(A) by striking `(without regard to the dates specified in
subparagraph (A)(i) thereof)' in subparagraph (B), and
(B) by striking `(without regard to subparagraph (E) thereof)' in
subparagraph (C).
(c) Effective Date- The amendments made by this section shall apply to
property placed in service after December 31, 2009.
SEC. 738. 7-YEAR RECOVERY PERIOD FOR MOTORSPORTS ENTERTAINMENT
COMPLEXES.
(a) In General- Subparagraph (D) of section 168(i)(15) is amended by
striking `December 31, 2009' and inserting `December 31, 2011'.
(b) Effective Date- The amendment made by this section shall apply to
property placed in service after December 31, 2009.
SEC. 739. ACCELERATED DEPRECIATION FOR BUSINESS PROPERTY ON AN INDIAN
RESERVATION.
(a) In General- Paragraph (8) of section 168(j) is amended by striking
`December 31, 2009' and inserting `December 31, 2011'.
(b) Effective Date- The amendment made by this section shall apply to
property placed in service after December 31, 2009.
SEC. 740. ENHANCED CHARITABLE DEDUCTION FOR CONTRIBUTIONS OF FOOD
INVENTORY.
(a) In General- Clause (iv) of section 170(e)(3)(C) is amended by striking
`December 31, 2009' and inserting `December 31, 2011'.
(b) Effective Date- The amendment made by this section shall apply to
contributions made after December 31, 2009.
SEC. 741. ENHANCED CHARITABLE DEDUCTION FOR CONTRIBUTIONS OF BOOK
INVENTORIES TO PUBLIC SCHOOLS.
(a) In General- Clause (iv) of section 170(e)(3)(D) is amended by striking
`December 31, 2009' and inserting `December 31, 2011'.
(b) Effective Date- The amendment made by this section shall apply to
contributions made after December 31, 2009.
SEC. 742. ENHANCED CHARITABLE DEDUCTION FOR CORPORATE CONTRIBUTIONS OF
COMPUTER INVENTORY FOR EDUCATIONAL PURPOSES.
(a) In General- Subparagraph (G) of section 170(e)(6) is amended by striking
`December 31, 2009' and inserting `December 31, 2011'.
(b) Effective Date- The amendment made by this section shall apply to
contributions made in taxable years beginning after December 31, 2009.
SEC. 743. ELECTION TO EXPENSE MINE SAFETY EQUIPMENT.
(a) In General- Subsection (g) of section 179E is amended by striking
`December 31, 2009' and inserting `December 31, 2011'.
(b) Effective Date- The amendment made by this section shall apply to
property placed in service after December 31, 2009.
SEC. 744. SPECIAL EXPENSING RULES FOR CERTAIN FILM AND TELEVISION
PRODUCTIONS.
(a) In General- Subsection (f) of section 181 is amended by striking
`December 31, 2009' and inserting `December 31, 2011'.
(b) Effective Date- The amendment made by this section shall apply to
productions commencing after December 31, 2009.
SEC. 745. EXPENSING OF ENVIRONMENTAL REMEDIATION COSTS.
(a) In General- Subsection (h) of section 198 is amended by striking
`December 31, 2009' and inserting `December 31, 2011'.
(b) Effective Date- The amendment made by this section shall apply to
expenditures paid or incurred after December 31, 2009.
SEC. 746. DEDUCTION ALLOWABLE WITH RESPECT TO INCOME ATTRIBUTABLE TO
DOMESTIC PRODUCTION ACTIVITIES IN PUERTO RICO.
(a) In General- Subparagraph (C) of section 199(d)(8) is amended--
(1) by striking `first 4 taxable years' and inserting `first 6 taxable
years'; and
(2) by striking `January 1, 2010' and inserting `January 1, 2012'.
(b) Effective Date- The amendments made by this section shall apply to
taxable years beginning after December 31, 2009.
SEC. 747. MODIFICATION OF TAX TREATMENT OF CERTAIN PAYMENTS TO
CONTROLLING EXEMPT ORGANIZATIONS.
(a) In General- Clause (iv) of section 512(b)(13)(E) is amended by striking
`December 31, 2009' and inserting `December 31, 2011'.
(b) Effective Date- The amendment made by this section shall apply to
payments received or accrued after December 31, 2009.
SEC. 748. TREATMENT OF CERTAIN DIVIDENDS OF REGULATED INVESTMENT
COMPANIES.
(a) In General- Paragraphs (1)(C) and (2)(C) of section 871(k) are each
amended by striking `December 31, 2009' and inserting `December 31, 2011'.
(b) Effective Date- The amendments made by this section shall apply to
taxable years beginning after December 31, 2009.
SEC. 749. RIC QUALIFIED INVESTMENT ENTITY TREATMENT UNDER FIRPTA.
(a) In General- Clause (ii) of section 897(h)(4)(A) is amended by striking
`December 31, 2009' and inserting `December 31, 2011'.
(1) IN GENERAL- The amendment made by subsection (a) shall take effect
on January 1, 2010. Notwithstanding the preceding sentence, such
amendment shall not apply with respect to the withholding requirement
under section 1445 of the Internal Revenue Code of 1986 for any payment
made before the date of the enactment of this Act.
(2) AMOUNTS WITHHELD ON OR BEFORE DATE OF ENACTMENT- In the case of a
regulated investment company--
(A) which makes a distribution after December 31, 2009, and before
the date of the enactment of this Act; and
(B) which would (but for the second sentence of paragraph (1)) have
been required to withhold with respect to such distribution under
section 1445 of such Code,
such investment company shall not be liable to any person to whom such
distribution was made for any amount so withheld and paid over to the
Secretary of the Treasury.
SEC. 750. EXCEPTIONS FOR ACTIVE FINANCING INCOME.
(a) In General- Sections 953(e)(10) and 954(h)(9) are each amended by
striking `January 1, 2010' and inserting `January 1, 2012'.
(b) Conforming Amendment- Section 953(e)(10) is amended by striking
`December 31, 2009' and inserting `December 31, 2011'.
(c) Effective Date- The amendments made by this section shall apply to
taxable years of foreign corporations beginning after December 31, 2009, and
to taxable years of United States shareholders with or within which any such
taxable year of such foreign corporation ends.
SEC. 751. LOOK-THRU TREATMENT OF PAYMENTS BETWEEN RELATED CONTROLLED
FOREIGN CORPORATIONS UNDER FOREIGN PERSONAL HOLDING COMPANY RULES.
(a) In General- Subparagraph (C) of section 954(c)(6) is amended by striking
`January 1, 2010' and inserting `January 1, 2012'.
(b) Effective Date- The amendment made by this section shall apply to
taxable years of foreign corporations beginning after December 31, 2009, and
to taxable years of United States shareholders with or within which any such
taxable year of such foreign corporation ends.
SEC. 752. BASIS ADJUSTMENT TO STOCK OF S CORPS MAKING CHARITABLE
CONTRIBUTIONS OF PROPERTY.
(a) In General- Paragraph (2) of section 1367(a) is amended by striking
`December 31, 2009' and inserting `December 31, 2011'.
(b) Effective Date- The amendment made by this section shall apply to
contributions made in taxable years beginning after December 31, 2009.
SEC. 753. EMPOWERMENT ZONE TAX INCENTIVES.
(a) In General- Section 1391 is amended--
(1) by striking `December 31, 2009' in subsection (d)(1)(A)(i) and
inserting `December 31, 2011'; and
(2) by striking the last sentence of subsection (h)(2).
(b) Increased Exclusion of Gain on Stock of Empowerment Zone Businesses-
Subparagraph (C) of section 1202(a)(2) is amended--
(1) by striking `December 31, 2014' and inserting `December 31, 2016';
and
(2) by striking `2014' in the heading and inserting `2016'.
(c) Treatment of Certain Termination Dates Specified in Nominations- In the
case of a designation of an empowerment zone the nomination for which
included a termination date which is contemporaneous with the date specified
in subparagraph (A)(i) of section 1391(d)(1) of the Internal Revenue Code of
1986 (as in effect before the enactment of this Act), subparagraph (B) of
such section shall not apply with respect to such designation if, after the
date of the enactment of this section, the entity which made such nomination
amends the nomination to provide for a new termination date in such manner
as the Secretary of the Treasury (or the Secretary's designee) may provide.
(d) Effective Date- The amendments made by this section shall apply to
periods after December 31, 2009.
SEC. 754. TAX INCENTIVES FOR INVESTMENT IN THE DISTRICT OF COLUMBIA.
(a) In General- Subsection (f) of section 1400 is amended by striking
`December 31, 2009' each place it appears and inserting `December 31, 2011'.
(b) Tax-exempt DC Empowerment Zone Bonds- Subsection (b) of section 1400A is
amended by striking `December 31, 2009' and inserting `December 31, 2011'.
(c) Zero-percent Capital Gains Rate-
(1) ACQUISITION DATE- Paragraphs (2)(A)(i), (3)(A), (4)(A)(i), and
(4)(B)(i)(I) of section 1400B(b) are each amended by striking `January
1, 2010' and inserting `January 1, 2012'.
(2) LIMITATION ON PERIOD OF GAINS-
(A) IN GENERAL- Paragraph (2) of section 1400B(e) is amended--
(i) by striking `December 31, 2014' and inserting `December 31,
2016'; and
(ii) by striking `2014' in the heading and inserting `2016'.
(B) PARTNERSHIPS AND S-CORPS- Paragraph (2) of section 1400B(g) is
amended by striking `December 31, 2014' and inserting `December 31,
2016'.
(d) First-time Homebuyer Credit- Subsection (i) of section 1400C is amended
by striking `January 1, 2010' and inserting `January 1, 2012'.
(1) IN GENERAL- Except as otherwise provided in this subsection, the
amendments made by this section shall apply to periods after December
31, 2009.
(2) TAX-EXEMPT DC EMPOWERMENT ZONE BONDS- The amendment made by
subsection (b) shall apply to bonds issued after December 31, 2009.
(3) ACQUISITION DATES FOR ZERO-PERCENT CAPITAL GAINS RATE- The
amendments made by subsection (c) shall apply to property acquired or
substantially improved after December 31, 2009.
(4) HOMEBUYER CREDIT- The amendment made by subsection (d) shall apply
to homes purchased after December 31, 2009.
SEC. 755. TEMPORARY INCREASE IN LIMIT ON COVER OVER OF RUM EXCISE TAXES
TO PUERTO RICO AND THE VIRGIN ISLANDS.
(a) In General- Paragraph (1) of section 7652(f) is amended by striking
`January 1, 2010' and inserting `January 1, 2012'.
(b) Effective Date- The amendment made by this section shall apply to
distilled spirits brought into the United States after December 31, 2009.
SEC. 756. AMERICAN SAMOA ECONOMIC DEVELOPMENT CREDIT.
(a) In General- Subsection (d) of section 119 of division A of the Tax
Relief and Health Care Act of 2006 is amended--
(1) by striking `first 4 taxable years' and inserting `first 6 taxable
years', and
(2) by striking `January 1, 2010' and inserting `January 1, 2012'.
(b) Effective Date- The amendments made by this section shall apply to
taxable years beginning after December 31, 2009.
SEC. 757. WORK OPPORTUNITY CREDIT.
(a) In General- Subparagraph (B) of section 51(c)(4) is amended by striking
`August 31, 2011' and inserting `December 31, 2011'.
(b) Effective Date- The amendment made by this section shall apply to
individuals who begin work for the employer after the date of the enactment
of this Act.
SEC. 758. QUALIFIED ZONE ACADEMY BONDS.
(a) In General- Section 54E(c)(1) is amended--
(1) by striking `2008 and' and inserting `2008,', and
(2) by inserting `and $400,000,000 for 2011' after `2010,'.
(b) Repeal of Refundable Credit for QZABs- Paragraph (3) of section 6431(f)
is amended by inserting `determined without regard to any allocation
relating to the national zone academy bond limitation for 2011 or any
carryforward of such allocation' after `54E)' in subparagraph (A)(iii).
(c) Effective Date- The amendments made by this section shall apply to
obligations issued after December 31, 2010.
SEC. 759. MORTGAGE INSURANCE PREMIUMS.
(a) In General- Clause (iv) of section 163(h)(3)(E) is amended by striking
`December 31, 2010' and inserting `December 31, 2011'.
(b) Effective Date- The amendment made by this section shall apply to
amounts paid or accrued after December 31, 2010.
SEC. 760. TEMPORARY EXCLUSION OF 100 PERCENT OF GAIN ON CERTAIN SMALL
BUSINESS STOCK.
(a) In General- Paragraph (4) of section 1202(a) is amended--
(1) by striking `January 1, 2011' and inserting `January 1, 2012', and
(2) by inserting `AND 2011' after `2010' in the heading thereof.
(b) Effective Date- The amendments made by this section shall apply to stock
acquired after December 31, 2010.
Subtitle D--Temporary Disaster Relief Provisions
PART
Subpart A--New York Liberty Zone
SEC. 761. TAX-EXEMPT BOND FINANCING.
(a) In General- Subparagraph (D) of section 1400L(d)(2) is amended by
striking `January 1, 2010' and inserting `January 1, 2012'.
(b) Effective Date- The amendment made by this section shall apply to bonds
issued after December 31, 2009.
Subpart B--GO Zone
SEC. 762. INCREASE IN REHABILITATION CREDIT.
(a) In General- Subsection (h) of section 1400N is amended by striking
`December 31, 2009' and inserting `December 31, 2011'.
(b) Effective Date- The amendment made by this section shall apply to
amounts paid or incurred after December 31, 2009.
SEC. 763. LOW-INCOME HOUSING CREDIT RULES FOR BUILDINGS IN GO ZONES.
Section 1400N(c)(5) is amended by striking `January 1, 2011' and inserting
`January 1, 2012'.
SEC. 764. TAX-EXEMPT BOND FINANCING.
(a) In General- Paragraphs (2)(D) and (7)(C) of section 1400N(a) are each
amended by striking `January 1, 2011' and inserting `January 1, 2012'.
(b) Conforming Amendments- Sections 702(d)(1) and 704(a) of the Heartland
Disaster Tax Relief Act of 2008 are each amended by striking `January 1,
2011' each place it appears and inserting `January 1, 2012'.
SEC. 765. BONUS DEPRECIATION DEDUCTION APPLICABLE TO THE GO ZONE.
(a) In General- Paragraph (6) of section 1400N(d) is amended--
(1) by striking `December 31, 2010' both places it appears in
subparagraph (B) and inserting `December 31, 2011', and
(2) by striking `January 1, 2010' in the heading and the text of
subparagraph (D) and inserting `January 1, 2012'.
(b) Effective Date- The amendment made by this section shall apply to
property placed in service after December 31, 2009.
TITLE VIII--BUDGETARY PROVISIONS
SEC. 801. DETERMINATION OF BUDGETARY EFFECTS.
The budgetary effects of this Act, for the purpose of complying with the
Statutory Pay-As-You-Go Act of 2010, shall be determined by reference to the
latest statement titled `Budgetary Effects of PAYGO Legislation' for this
Act, jointly submitted for printing in the Congressional Record by the
Chairmen of the House and Senate Budget Committees, provided that such
statement has been submitted prior to the vote on passage in the House
acting first on this conference report or amendment between the Houses.
SEC. 802. EMERGENCY DESIGNATIONS.
(a) Statutory Paygo- This Act is designated as an emergency requirement
pursuant to section 4(g) of the Statutory Pay-As-You-Go Act of 2010 (Public
Law 111-139; 2 U.S.C. 933(g)) except to the extent that the budgetary
effects of this Act are determined to be subject to the current policy
adjustments under sections 4(c) and 7 of the Statutory Pay-As-You-Go Act.
(b) Senate- In the Senate, this Act is designated as an emergency
requirement pursuant to section 403(a) of S. Con. Res. 13 (111th Congress),
the concurrent resolution on the budget for fiscal year 2010.
(c) House of Representatives- In the House of Representatives, every
provision of this Act is expressly designated as an emergency for purposes
of pay-as-you-go principles except to the extent that any such provision is
subject to the current policy adjustments under section 4(c) of the
Statutory Pay-As-You-Go Act of 2010.
Speaker of the House of Representatives.
Vice President of the United States and
President of the Senate.
END