111th CONGRESS2d Session
In the House of Representatives, U. S.,
December 2, 2010
HOUSE AMENDMENT TO SENATE AMENDMENT:
That the House agree to the amendment of the Senate to the bill (H.R. 4853) entitled 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.
, with the following
In lieu of the matter proposed to be inserted by the amendment of the Senate, insert the following:
1.
(a)This Act may be cited as the Middle Class Tax Relief Act of 2010
.
(b)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)The table of contents for this Act is as follows:
Sec. 1. Short title; etc.
Title I—Middle class tax relief made permanent
Sec. 101. Middle class tax relief made permanent.
Sec. 102. Certain provisions not applicable to high income individuals.
Sec. 103. Related amendments.
Title II—Expensing by small businesses of certain depreciable assets
Sec. 201. Increased limitations on expensing by small businesses of certain depreciable assets.
Title III—Extension of alternative minimum tax relief
Sec. 301. Extension of alternative minimum tax relief for nonrefundable personal credits.
Sec. 302. Extension of increased alternative minimum tax exemption amount.
Title IV—Budgetary provision
Sec. 401. Paygo compliance.
<enum>I</enum><header>Middle class tax relief made permanent</header>
<section id="HD44756BFD4DC4F8588AEE0A9CF2692C9"><enum>101.</enum><header>Middle class tax relief made permanent</header>
<subsection id="H93F485431882428E8B65652010E90C5D"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">Section 901 of the Economic Growth and Tax Relief Reconciliation Act of 2001 shall not apply to the following provisions of such Act (and to the amendments made by such provisions):</text>
<paragraph id="H66C02D39031742FE97F4CC335A153E7E"><enum>(1)</enum><text>Title I (relating to individual income tax rate reductions).</text></paragraph>
<paragraph id="H10635C2CE6D94EADBB0F2BEF37F801CD"><enum>(2)</enum><text>Title II (relating to tax benefits related to children).</text></paragraph>
<paragraph id="HDEC0BE28C7D741E1BF2DB0EE0CDD4717"><enum>(3)</enum><text>Title III (relating to marriage penalty relief).</text></paragraph>
<paragraph id="H24FA1B93D1DB49FCAB02C425DDAC4CD2"><enum>(4)</enum><text>Title IV (relating to affordable education provisions).</text></paragraph></subsection>
<subsection id="H816F18CE7D934383A1573F308A53CB96"><enum>(b)</enum><header>Reduced rates on capital gains and dividends</header><text>The Jobs and Growth Tax Relief Reconciliation Act of 2003 is amended by striking section 303.</text></subsection></section>
<section id="H270764FDBAB6424890AD134EE3D23325"><enum>102.</enum><header>Certain provisions not applicable to high income individuals</header>
<subsection id="H6522E94E34DD41ECA888F1F55D3E276E"><enum>(a)</enum><header>Individual income tax rates</header><text display-inline="yes-display-inline">Subsection (i) of section 1 is amended by striking paragraph (2), by redesignating paragraph (3) as paragraph (4), and by inserting after paragraph (1) the following new paragraphs:</text>
<quoted-block style="OLC" id="H2D13136E50D34A6A9B58A771184EB4D1" display-inline="no-display-inline">
<paragraph id="H5AE9EE6D18154D559377A20CFE320810"><enum>(2)</enum><header>25- and 28-percent rate brackets</header><text display-inline="yes-display-inline">The tables under subsections (a), (b), (c), (d), and (e) shall be applied—</text>
<subparagraph id="HE24EC7BFA42843078CB88639D6D3D302"><enum>(A)</enum><text>by substituting <quote>25%</quote> for <quote>28%</quote> each place it appears (before the application of subparagraph (B)), and</text></subparagraph>
<subparagraph id="HF3243D01610E40B3977EB7F2AEDDB103"><enum>(B)</enum><text>by substituting <quote>28%</quote> for <quote>31%</quote> each place it appears. </text></subparagraph></paragraph>
<paragraph id="H855D788554E7401391F9D29146F9CAE6" display-inline="no-display-inline"><enum>(3)</enum><header>33-percent rate bracket</header>
<subparagraph id="H2EB8628DD3664451ADF58326D6EF75A4" display-inline="no-display-inline"><enum>(A)</enum><header>In general</header><text>In the case of taxable years beginning after December 31, 2010—</text>
<clause id="HAD7D4A1E097A4881B7A9AEC259584CE7"><enum>(i)</enum><text display-inline="yes-display-inline">the rate of tax under subsections (a), (b), (c), and (d) on a taxpayer's taxable income in the fourth rate bracket shall be 33 percent to the extent such income does not exceed an amount equal to the excess of—</text>
<subclause id="H92067CE6DC984C6D86E481472862DD95"><enum>(I)</enum><text display-inline="yes-display-inline">the applicable amount, over</text></subclause>
<subclause id="H1DD80F1087FC43F3A5A7532B2CF6F198"><enum>(II)</enum><text display-inline="yes-display-inline">the dollar amount at which such bracket begins, and</text></subclause></clause>
<clause id="H6193BF40CC54450F84E41B74AF04C209"><enum>(ii)</enum><text>the 36 percent rate of tax under such subsections shall apply only to the taxpayer's taxable income in such bracket in excess of the amount to which clause (i) applies.</text></clause></subparagraph>
<subparagraph id="H0BDFA68484F041BA93FA16526686B3E8" display-inline="no-display-inline"><enum>(B)</enum><header>Applicable amount</header><text>For purposes of this paragraph, the term <quote>applicable amount</quote> means the excess of—</text>
<clause id="H38D1E4C981DA496CA6D61A07CFD99A69"><enum>(i)</enum><text>the applicable threshold, over</text></clause>
<clause id="H28C4B88D55BF423EA75432D04F754781"><enum>(ii)</enum><text>the sum of the following amounts in effect for the taxable year:</text>
<subclause id="H729DFAF4AC4C4626875BE1B27C590650"><enum>(I)</enum><text>the basic standard deduction (within the meaning of section 63(c)(2)), and</text></subclause>
<subclause id="H9151ADE81AD341C49762EEDBA7EF6D46"><enum>(II)</enum><text>the exemption amount (within the meaning of section 151(d)(1)) (or, in the case of subsection (a), 2 such exemption amounts).</text></subclause></clause></subparagraph>
<subparagraph id="H928A1EA889AF40358D8F78B6F8CF19EC"><enum>(C)</enum><header>Applicable threshold</header><text>For purposes of this paragraph, the term <quote>applicable threshold</quote> means—</text>
<clause id="H9D07744949874690A9F7494859E7C358"><enum>(i)</enum><text>$250,000 in the case of subsection (a),</text></clause>
<clause id="HF51DA1A951434E25938DB165060133A0"><enum>(ii)</enum><text>$200,000 in the case of subsections (b) and (c), and</text></clause>
<clause id="H186B20D8E70144AFA35D8443AD5FEAB1"><enum>(iii)</enum><text><fraction>½</fraction> the amount applicable under clause (i) (after adjustment, if any, under subparagraph (E)) in the case of subsection (d).</text></clause></subparagraph>
<subparagraph id="H0EC2F318991F45309AE419CFE37D11B3"><enum>(D)</enum><header>Fourth rate bracket</header><text>For purposes of this paragraph, the term <quote>fourth rate bracket</quote> means the bracket which would (determined without regard to this paragraph) be the 36-percent rate bracket.</text></subparagraph>
<subparagraph id="H861C34EF033E4FC99DDA6C19D0B9904B"><enum>(E)</enum><header>Inflation adjustment</header><text>For purposes of this paragraph, a rule similar to the rule of paragraph (1)(C) shall apply with respect to taxable years beginning in calendar years after 2010, applied by substituting <quote>2008</quote> for <quote>1992</quote> in subsection (f)(3)(B).</text></subparagraph></paragraph><after-quoted-block>.</after-quoted-block></quoted-block></subsection>
<subsection id="HB2335C91906A4FDE8731F5C0FE8061CC"><enum>(b)</enum><header>Phaseout of personal exemptions and itemized deductions</header><text display-inline="yes-display-inline"></text>
<paragraph id="HC86922C4A8C446639833A99C5F79ED2F" display-inline="no-display-inline"><enum>(1)</enum><header>Overall limitation on itemized deductions</header><text display-inline="yes-display-inline">Section 68 is amended—</text>
<subparagraph id="H950C3A70D39D4C38A45E234A2E97EE21"><enum>(A)</enum><text>by striking <quote>the applicable amount</quote> the first place it appears in subsection (a) and inserting <quote>the applicable threshold in effect under section 1(i)(3)</quote>,</text></subparagraph>
<subparagraph id="H04ACA71ED058407F8B18C3C371E5477D"><enum>(B)</enum><text>by striking <quote>the applicable amount</quote> in subsection (a)(1) and inserting <quote>such applicable threshold</quote>,</text></subparagraph>
<subparagraph id="HE7DC89B853A246D29FC996F403226A91"><enum>(C)</enum><text>by striking subsection (b) and redesignating subsections (c), (d), and (e) as subsections (b), (c), and (d), respectively, and</text></subparagraph>
<subparagraph id="H2369185D462845AC82861FB55C297992"><enum>(D)</enum><text>by striking subsections (f) and (g).</text></subparagraph></paragraph>
<paragraph id="HE31E1CB0476E43AAA0E1EC9AC8309890" display-inline="no-display-inline"><enum>(2)</enum><header>Phaseout of deductions for personal exemptions</header>
<subparagraph id="H7A9F65D1CA6049B9B299E39F561FD0A5"><enum>(A)</enum><header>In general</header><text>Paragraph (3) of section 151(d) is amended—</text>
<clause id="H21C9D5AC42924C738B50F8014695BF8E"><enum>(i)</enum><text>by striking <quote>the threshold amount</quote> in subparagraphs (A) and (B) and inserting <quote>the applicable threshold in effect under section 1(i)(3)</quote>,</text></clause>
<clause id="H9AEA1728F8C8417E842E8C6F75E0BBAE"><enum>(ii)</enum><text>by striking subparagraph (C) and redesignating subparagraph (D) as subparagraph (C), and</text></clause>
<clause id="H34F188B8D5C34D94832AADD5F8EF291F"><enum>(iii)</enum><text>by striking subparagraphs (E) and (F).</text></clause></subparagraph>
<subparagraph id="H4B3626139FBC41BE8773BDAE55663FC0"><enum>(B)</enum><header>Conforming amendment</header><text>Paragraph (4) of section 151(d) is amended—</text>
<clause id="HD2ABAD55C2C44605985BAE35FB919AD1"><enum>(i)</enum><text>by striking subparagraph (B),</text></clause>
<clause id="H1A93739D68C546D1821D675C05B442AC"><enum>(ii)</enum><text>by redesignating clauses (i) and (ii) of subparagraph (A) as subparagraphs (A) and (B), respectively, and by indenting such subparagraphs (as so redesignated) accordingly, and</text></clause>
<clause id="H14980982CAC045DDA045E48697AB9176"><enum>(iii)</enum><text>by striking all that precedes <quote>in a calendar year after 1989,</quote> and inserting the following: </text>
<quoted-block style="OLC" id="H6D85C26FC9FF427092A8F718E64AE1C2" display-inline="no-display-inline">
<paragraph id="HA608B1ED003E489689EF12D8F83F5B41"><enum>(4)</enum><header>Inflation adjustment</header><text display-inline="yes-display-inline">In the case of any taxable year beginning</text></paragraph><after-quoted-block>.</after-quoted-block></quoted-block></clause></subparagraph></paragraph></subsection>
<subsection id="H96A2DF28E04642B3A18CCCA1E5C0E379"><enum>(c)</enum><header>Reduced rate on capital gains and dividends</header>
<paragraph id="H1FC89471019C4C7F9EEE691D04C8F1C8"><enum>(1)</enum><header>In general</header><text>Paragraph (1) of section (1)(h) is amended by striking subparagraph (C), by redesignating subparagraphs (D) and (E) as subparagraphs (E) and (F) and by inserting after subparagraph (B) the following new subparagraphs:</text>
<quoted-block style="OLC" id="HF10892F5A2AC4E0C98FE6D80EC1267EB" display-inline="no-display-inline">
<subparagraph id="H936C38B3D0284C69B9850E2C7554FD0C"><enum>(C)</enum><text display-inline="yes-display-inline">15 percent of the lesser of—</text>
<clause id="HA91F555634CF42CB8E158BD68824B9B9"><enum>(i)</enum><text>so much of the adjusted net capital gain (or, if less, taxable income) as exceeds the amount on which a tax is determined under subparagraph (B), or</text></clause>
<clause id="HED980E4A2E214FF28D8DC5249D2E9E9E"><enum>(ii)</enum><text>the excess (if any) of—</text>
<subclause id="HA3D9553CF9A447F092A7FC1818F8EB30"><enum>(I)</enum><text>the amount of taxable income which would (without regard to this subsection) be taxed at a rate below 36 percent, over</text></subclause>
<subclause id="H67B5486D9E1C4E7B901FA8A73D35AC23"><enum>(II)</enum><text>the sum of the amounts on which tax is determined under subparagraphs (A) and (B),</text></subclause></clause></subparagraph>
<subparagraph id="HECAE74AF1D7D48B6AFCBA0B8B4B3A3EA"><enum>(D)</enum><text display-inline="yes-display-inline">20 percent of the adjusted net capital gain (or, if less, taxable income) in excess of the sum of the amounts on which tax is determined under subparagraphs (B) and (C),</text></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block></paragraph>
<paragraph id="HB181A19106B74A56A636BB0E7EC118E2"><enum>(2)</enum><header>Dividends</header><text>Subparagraph (A) of section 1(h)(11) is amended by striking <quote>qualified dividend income</quote> and inserting </text>
<quoted-block style="OLC" id="HCBFCB4ACD0EF459C80A918955C48CE8A" display-inline="yes-display-inline"><text display-inline="yes-display-inline">so much of the qualified dividend income as does not exceed the excess (if any) of—</text>
<clause id="HFD557263C5A64B2DA409FBB4F6E4D3D5" commented="no"><enum>(i)</enum><text>the amount of taxable income which would (without regard to this subsection) be taxed at a rate below 36 percent, over</text></clause>
<clause id="H5F7C66D979DA469EB6EFE553F1A3DC04" commented="no"><enum>(ii)</enum><text display-inline="yes-display-inline">taxable income reduced by qualified dividend income.</text></clause><after-quoted-block>.</after-quoted-block></quoted-block></paragraph>
<paragraph id="HE4CDCA1E9E4F4C9A86A547366E7879D6" commented="no"><enum>(3)</enum><header>Minimum tax</header><text display-inline="yes-display-inline">Section 55 is amended by adding at the end the following new subsection:</text>
<quoted-block style="OLC" id="HA0E8952433314296A53DF1B7945B5327" display-inline="no-display-inline">
<subsection id="H948B509072F74CEB87944F6D3AD8B10F"><enum>(f)</enum><header>Application of maximum rate of tax on net capital gain of noncorporate taxpayers</header><text display-inline="yes-display-inline">In the case of taxable years beginning after December 31, 2010, the amount determined under subparagraph (C) of subsection (b)(3) shall be the sum of—</text>
<paragraph id="H9E87A2EFD51843C281121F5CE107FCD1" commented="no"><enum>(1)</enum><text display-inline="yes-display-inline">15 percent of the lesser of—</text>
<subparagraph id="H674CAD8468A54096BE686096B8762208" commented="no"><enum>(A)</enum><text>so much of the adjusted net capital gain (or, if less, taxable excess) as exceeds the amount on which tax is determined under subparagraph (B) of subsection (b)(3), or</text></subparagraph>
<subparagraph id="HB14A435BABE04027AA8D8F49A5CC32EE" commented="no"><enum>(B)</enum><text>the excess described in section 1(h)(1)(C)(ii), plus</text></subparagraph></paragraph>
<paragraph id="H1C1E62ADC7754D26B790F865C27126E5" commented="no"><enum>(2)</enum><text display-inline="yes-display-inline">20 percent of the adjusted net capital gain (or, if less, taxable excess) in excess of the sum of the amounts on which tax is determined under subsection (b)(3)(B) and paragraph (1).</text></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block></paragraph>
<paragraph id="H3539D75756CE491089829EF8B3F48778" display-inline="no-display-inline"><enum>(4)</enum><header>Conforming amendments</header>
<subparagraph id="H25B648FFAC404804961AD6D60FA109A7" commented="no"><enum>(A)</enum><text>The following provisions are amended by striking <quote>15 percent</quote> and inserting <quote>20 percent</quote>:</text>
<clause id="H5D72DC147835458794075D5D856B53B0" commented="no"><enum>(i)</enum><text>Section 1445(e)(1).</text></clause>
<clause id="H585152B0738F459881B1F26007191610" commented="no"><enum>(ii)</enum><text>The second sentence of section 7518(g)(6)(A).</text></clause>
<clause id="HCAFFE01D74D4450BA16EFB718EC41211" commented="no"><enum>(iii)</enum><text>Section 53511(f)(2) of title 46, United States Code.</text></clause></subparagraph>
<subparagraph id="H07180B5C26144B4B913D0565DD849637"><enum>(B)</enum><text>Sections 531 and 541 are each amended by striking <quote>15 percent of</quote> and inserting <quote>the product of the highest rate of tax under section 1(c) and</quote>. </text></subparagraph>
<subparagraph id="HFCCCCA320971406E9A449610B0123FE6"><enum>(C)</enum><text display-inline="yes-display-inline">Section 1445(e)(6) is amended by striking <quote>15 percent (20 percent in the case of taxable years beginning after December 31, 2010)</quote> and inserting <quote>20 percent</quote>.</text></subparagraph></paragraph></subsection>
<subsection id="H74D768A9AC654587A4A788C9308B42CA"><enum>(d)</enum><header>Effective dates</header>
<paragraph id="H42EC56A5F64F4811809E23DFCDF7C433"><enum>(1)</enum><header>In general</header><text>Except as provided in paragraph (2), the amendments made by this section shall apply to taxable years beginning after December 31, 2010.</text></paragraph>
<paragraph id="H3155FF3AFC1247C998DBB0DEDDE8B34A"><enum>(2)</enum><header>Withholding</header><text>The amendments made by subparagraphs (A)(i) and (C) of subsection (c)(4) shall apply to amounts paid on or after January 1, 2011.</text></paragraph></subsection></section>
<section id="HDDEF29B75EC6498BBD0A601B22BAD06A"><enum>103.</enum><header>Related amendments</header>
<subsection id="H68E064CC7E294082B9B1BAD483A18407"><enum>(a)</enum><header>Application of increase in refundable portion of child tax credit</header>
<paragraph id="HCAE91901A6AC48FE98B9AA1AC56AD308"><enum>(1)</enum><header>In general</header><text>Subsection (d) of section 24 is amended—</text>
<subparagraph id="H2BC33FD6450540A6B194C034A488A71D"><enum>(A)</enum><text>by striking <quote>$10,000</quote> in paragraph (1)(B)(i) and inserting <quote>$3,000</quote>, and</text></subparagraph>
<subparagraph id="H39FFA02476B24A2CAD0C50B52229AFC1"><enum>(B)</enum><text>by striking paragraphs (3) and (4).</text></subparagraph></paragraph>
<paragraph id="H9A5C28BDE1234BD4833151D12323CE51"><enum>(2)</enum><header>Effective date</header><text display-inline="yes-display-inline">The amendments made by this subsection shall apply to taxable years beginning after December 31, 2010.</text></paragraph></subsection>
<subsection id="HB5347D5840104FB6BF0EB447F152E590"><enum>(b)</enum><header>Application of increase in earned income tax credit</header>
<paragraph id="HB3F544350C234C50BCE4DE4E6BEBAA32"><enum>(1)</enum><header>In general</header><text>Subparagraph (B) of section 32(b)(2) is amended to read as follows:</text>
<quoted-block style="OLC" id="HA442BA0BA3DD4059B0A35113A4D2F891" display-inline="no-display-inline">
<subparagraph id="H4E4CD82E74EF48EDB70CD0BC956FFD74"><enum>(B)</enum><header>Joint returns</header>
<clause id="HCDDA945ECA11475B9B5319FF33B64C4F"><enum>(i)</enum><header>In general</header><text display-inline="yes-display-inline">In the case of a joint return filed by an eligible individual and such individual’s spouse, the phaseout amount determined under subparagraph (A) shall be increased by $5,000.</text></clause>
<clause id="HA75F3DA500AD442D85DABC0C4E206E0C"><enum>(ii)</enum><header>Inflation adjustment</header><text>In the case of any taxable year beginning after 2010, the $5,000 amount in clause (i) shall be increased by an amount equal to—</text>
<subclause id="HD8F039519DBE4516BA077267DB7AFC25"><enum>(I)</enum><text>such dollar amount, multiplied by</text></subclause>
<subclause id="H603173C8B37E45D388171C5E4A85967A"><enum>(II)</enum><text>the cost of living adjustment determined under section 1(f)(3) for the calendar year in which the taxable year begins determined by substituting <quote>calendar year 2008</quote> for <quote>calendar year 1992</quote> in subparagraph (B) thereof. </text></subclause><continuation-text continuation-text-level="clause">Subparagraph (A) of subsection (j)(2) shall apply after taking into account any increase under the preceding sentence.</continuation-text></clause></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block></paragraph>
<paragraph id="HEF18E3F46AC047FB8054F7CB97D6F592"><enum>(2)</enum><header>Conforming amendment</header><text>Subsection (b) of section 32 is amended by striking paragraph (3).</text></paragraph>
<paragraph id="HBD9E1A0102A646BEA7564EEC1DF1F811"><enum>(3)</enum><header>Effective date</header><text display-inline="yes-display-inline">The amendments made by this subsection shall apply to taxable years beginning after December 31, 2010.</text></paragraph></subsection>
<subsection id="HB3F54F8A1D2E41C0AD4D91741AEA2B58" display-inline="no-display-inline"><enum>(c)</enum><header>Application to adoption credit and adoption assistance programs</header><text display-inline="yes-display-inline">Subsection (c) of section 10909 of the Patient Protection and Affordable Care Act is amended to read as follows:</text>
<quoted-block style="OLC" id="H2A689A4EA040447689541AB1305D58DA" display-inline="no-display-inline">
<subsection id="HC9BF72CAA7EB445FA9F21D09A01C8A58"><enum>(c)</enum><text display-inline="yes-display-inline">The amendments made by this section shall not apply to taxable years beginning after December 31, 2011.</text></subsection><after-quoted-block>.</after-quoted-block></quoted-block></subsection></section>
<enum>II</enum><header>Expensing by small businesses of certain depreciable assets</header>
<section id="H9BBF8379D4C04DFC8EE8D2217D1F2BD0"><enum>201.</enum><header>Increased limitations on expensing by small businesses of certain depreciable assets</header>
<subsection id="H447D2072117F43E68531070F928A8404"><enum>(a)</enum><header>Dollar limitation</header><text display-inline="yes-display-inline">Subparagraph (C) of section 179(b)(1) is amended by striking <quote>$25,000</quote> and inserting <quote>$125,000</quote>.</text></subsection>
<subsection id="HA3D7A52C0DD5409CA9795EAAD69B72EC"><enum>(b)</enum><header>Threshold at which phaseout begins</header><text>Subparagraph (C) of section 179(b)(2) is amended by striking <quote>$200,000</quote> and inserting <quote>$500,000</quote>.</text></subsection>
<subsection id="HA28E6382785D4C1E882C0C73197B608E"><enum>(c)</enum><header>Inflation adjustment</header><text>Subsection (b) of section 179 is amended by adding at the end the following new paragraph:</text>
<quoted-block style="OLC" id="HDE56AF8F78954B1C9B0EDF7ED07C4417" display-inline="no-display-inline">
<paragraph id="H5723200C677443E2B3F90D5A48596464"><enum>(6)</enum><header>Inflation adjustments</header>
<subparagraph id="HAA62D8F8B5BA4B63BC77C6302BA845E1"><enum>(A)</enum><header>In general</header><text display-inline="yes-display-inline">In the case of any taxable beginning in a calendar year after 2011, the $125,000 and $500,000 amounts in paragraphs (1)(C) and (2)(C) shall each be increased by an amount equal to—</text>
<clause id="H5125255B76104BE089731D6F4423123C"><enum>(i)</enum><text>such dollar amount, multiplied by</text></clause>
<clause id="H78B284BA0192405393E85A0A95D6F1A0"><enum>(ii)</enum><text>the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which the taxable year begins determined by substituting <quote>calendar year 2006</quote> for <quote>calendar year 1992</quote> in subparagraph (B) thereof.</text></clause></subparagraph>
<subparagraph id="HE6D338B69FD24C71BC4650AEB8ABC409"><enum>(B)</enum><header>Rounding</header>
<clause id="HC9EDEE0CBE304241B32550E2B2BCD260"><enum>(i)</enum><header>Dollar limitation</header><text display-inline="yes-display-inline">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.</text></clause>
<clause id="H557407BED5294445B4866824E29A6F42"><enum>(ii)</enum><header>Phaseout amount</header><text>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.</text></clause></subparagraph></paragraph><after-quoted-block>.</after-quoted-block></quoted-block></subsection>
<subsection id="H9D2995A17DFD461082FFDFB1CF6D450A" commented="no"><enum>(d)</enum><header>Authority to revoke election made permanent</header><text display-inline="yes-display-inline">Paragraph (2) of section 179(c) is amended by striking <quote>and before 2012</quote>.</text></subsection>
<subsection id="H348F72A47ED04E6A869EFC24CBA36360"><enum>(e)</enum><header>Treatment of certain computer software as section 179 property made permanent</header><text>Clause (ii) of section 179(d)(1)(A) is amended by striking <quote>and before 2012</quote>. </text></subsection>
<subsection id="HD860ED30F3FE43EDB835899E8124905F"><enum>(f)</enum><header>Effective date</header><text>The amendments made by this section shall apply to taxable years beginning after December 31, 2011.</text></subsection></section>
<enum>III</enum><header>Extension of alternative minimum tax relief</header>
<section id="H0D40DD0C91094B14ADDD8C332E5B3AE9"><enum>301.</enum><header>Extension of alternative minimum tax relief for nonrefundable personal credits</header>
<subsection id="HF9C029C493C24AA59E37AD19CE0013D6"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">Paragraph (2) of section 26(a) is amended—</text>
<paragraph id="H766E0CF4EAA34EEA88DC64AF6C754ADE"><enum>(1)</enum><text>by striking <quote>2000, 2001, 2002, 2003, 2004, 2005, 2006, 2007, 2008, or 2009</quote> and inserting <quote>the period beginning with calendar year 2000 and ending with calendar year 2011</quote>, and</text></paragraph>
<paragraph id="H209D393C3B7C4AD492640B9D2A2DECF7"><enum>(2)</enum><text>by striking <quote><header-in-text level="paragraph" style="OLC">2009</header-in-text></quote> in the heading thereof and inserting <quote><header-in-text level="paragraph" style="OLC">2011</header-in-text></quote>.</text></paragraph></subsection>
<subsection id="H1B2474CBAC85414F9FE07B1A3C4FF920"><enum>(b)</enum><header>Effective date</header><text>The amendments made by this section shall apply to taxable years beginning after December 31, 2009.</text></subsection></section>
<section id="H23CF5E0F515840F9A742AF57587FED2B"><enum>302.</enum><header>Extension of increased alternative minimum tax exemption amount</header>
<subsection id="H5459A0CD38BB457889C084A8D7ACB472"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">Paragraph (1) of section 55(d) is amended—</text>
<paragraph id="H5F4E6C288BDA4A64A311C5F1A729B3EB"><enum>(1)</enum><text>by striking <quote>($70,950 in the case of taxable years beginning in 2009)</quote> in subparagraph (A) and inserting <quote>($72,450 in the case of taxable years beginning in 2010 or 2011)</quote>, and</text></paragraph>
<paragraph id="HE8F6A0A6890542DA9B3FB154CF5FB810"><enum>(2)</enum><text display-inline="yes-display-inline">by striking <quote>($46,700 in the case of taxable years beginning in 2009)</quote> in subparagraph (B) and inserting <quote>($47,450 in the case of taxable years beginning in 2010 or 2011)</quote>.</text></paragraph></subsection>
<subsection id="H74B4098C9B7148AC8DDCC82358A1C1B1" display-inline="no-display-inline"><enum>(b)</enum><header>Nonapplication of EGTRRA sunset</header><text>Section 901 of the Economic Growth and Tax Relief Reconciliation Act of 2001 shall not apply to the amendments made by section 701 of such Act.</text></subsection>
<subsection id="H97C8A73D33524A65965134C84AC826AD"><enum>(c)</enum><header>Effective date</header><text>The amendments made by this section shall apply to taxable years beginning after December 31, 2009.</text></subsection></section>
<enum>IV</enum><header>Budgetary provision</header>
<section id="H08F12B15160C40078D8A915D28B90D68" display-inline="no-display-inline" section-type="subsequent-section"><enum>401.</enum><header>Paygo compliance</header><text display-inline="no-display-inline">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 <quote>Budgetary Effects of PAYGO Legislation</quote> for this Act, submitted for printing in the Congressional Record by the Chairman of the House Budget Committee, provided that such statement has been submitted prior to the vote on passage.</text></section>
Lorraine MillerClerk.