IIB 111th CONGRESS 2d Session H. R. 4849 IN THE SENATE OF THE UNITED STATES March 25, 2010 Received March 26 (legislative day, March 25), 2010 Read twice and referred to the Committee on Finance AN ACT To amend the Internal Revenue Code of 1986 to provide tax incentives for small business job creation, extend the Build America Bonds program, provide other infrastructure job creation tax incentives, and for other purposes.

1.

Short title; etc

(a)

Short title

This Act may be cited as the Small Business and Infrastructure Jobs Tax 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—Small business tax incentives Subtitle A—General provisions Sec. 101. Temporary exclusion of 100 percent of gain on certain small business stock. Subtitle B—Limitations and reporting on certain penalties Sec. 111. Limitation on penalty for failure to disclose certain information. Sec. 112. Annual reports on penalties and certain other enforcement actions. Subtitle C—Other provisions Sec. 121. Nonrecourse small business investment company loans from the Small Business Administration treated as amounts at risk. Sec. 122. Increase in amount allowed as deduction for start-up expenditures. Title II—Infrastructure incentives Sec. 201. Extension of Build America Bonds. Sec. 202. Exempt-facility bonds for sewage and water supply facilities. Sec. 203. Extension of exemption from alternative minimum tax treatment for certain tax-exempt bonds. Sec. 204. Elective payments in lieu of low income housing credits. Sec. 205. Extension and additional allocations of recovery zone bond authority. Sec. 206. Allowance of new markets tax credit against alternative minimum tax. Title III—Revenue provisions Sec. 301. Limitation on treaty benefits for certain deductible payments. Sec. 302. Treatment of securities of a controlled corporation exchanged for assets in certain reorganizations. Sec. 303. Repeal of special rules for interest and dividends received from persons meeting the 80-percent foreign business requirements. Sec. 304. Information reporting for rental property expense payments. Sec. 305. Application of levy to payments to Federal vendors relating to property. Sec. 306. Application of continuous levy to tax liabilities of certain Federal contractors. Sec. 307. Required minimum 10-year term, etc., for grantor retained annuity trusts. Sec. 308. Increase in information return penalties. Sec. 309. Crude tall oil ineligible for cellulosic biofuel producer credit. Sec. 310. Time for payment of corporate estimated taxes. Title IV—Extension of Emergency Contingency Fund for State Temporary Assistance for Needy Families Programs Sec. 401. One-year extension of the Emergency Contingency Fund for State Temporary Assistance for Needy Families Programs.

Passed the House of Representatives March 24, 2010. Lorraine C. Miller, Clerk.