[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2463 Introduced in House (IH)]







110th CONGRESS
  1st Session
                                H. R. 2463

 To amend the Internal Revenue Code of 1986 to extend the special rule 
  for recognition of gain on dispositions to implement Federal Energy 
     Regulatory Commission or State electric restructuring policy.


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                    IN THE HOUSE OF REPRESENTATIVES

                              May 23, 2007

Mr. Kind (for himself, Mr. Ryan of Wisconsin, and Mr. Levin) introduced 
  the following bill; which was referred to the Committee on Ways and 
                                 Means

_______________________________________________________________________

                                 A BILL


 
 To amend the Internal Revenue Code of 1986 to extend the special rule 
  for recognition of gain on dispositions to implement Federal Energy 
     Regulatory Commission or State electric restructuring policy.

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

SECTION 1. EXTENSION OF SPECIAL RULE FOR RECOGNITION OF GAIN ON 
              DISPOSITIONS TO IMPLEMENT FEDERAL ENERGY REGULATORY 
              COMMISSION OR STATE ELECTRIC RESTRUCTURING POLICY.

    (a) In General.--Paragraph (3) of section 451(i) of the Internal 
Revenue Code of 1986 is amended by striking ``January 1, 2008'' in 
paragraph (3) and inserting ``January 1, 2010''.
    (b) Technical Amendment.--Clause (ii) of section 451(i)(4)(B) of 
such Code is amended by striking ``December 31, 2007'' and inserting 
``the date which is 4 years after the close of the taxable year in 
which occurs the transaction to which the election under this 
subsection applies''.
    (c) Effective Date.--
            (1) In general.--Except as provided in paragraph (2), the 
        amendments made by this section shall apply to transactions 
        after December 31, 2007.
            (2) Technical amendment.--The amendment made by subsection 
        (b) shall take effect as if included in section 909 of the 
        American Jobs Creation Act of 2004.
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