111th CONGRESS
2d Session
H.R. 4853
In the Senate of the United
States,
December 15, 2010.
Senate Amendment to House Amendment to Senate
Amendment:
That the bill from the House of Representatives
(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.
, do pass with the
following
In lieu of the
matter proposed to be inserted, insert the
following:
1.
(a)This Act may be cited
as the Tax Relief, Unemployment
Insurance Reauthorization, and Job Creation 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—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.
<enum>I</enum><header>Temporary
extension of tax relief</header>
<section id="idB662486A55484CE0B08E6115EA9DFE78"><enum>101.</enum><header>Temporary
extension of 2001 tax relief</header>
<subsection id="id36D592627FDC4E68BEB4B9E4233756B1"><enum>(a)</enum><header>Temporary
extension</header>
<paragraph id="id3F545528F3204C8EB0FECD752D6BADF4"><enum>(1)</enum><header>In
general</header><text display-inline="yes-display-inline">Section 901 of the
Economic Growth and Tax Relief Reconciliation Act of 2001 is amended by
striking <quote>December 31, 2010</quote> both places it appears and inserting
<quote>December 31, 2012</quote>.</text>
</paragraph><paragraph id="idDB85C8BE737C4F459CCE0477C3DC2093"><enum>(2)</enum><header>Effective
date</header><text>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.</text>
</paragraph></subsection><subsection id="idED677FB69F5440C0942EF998E83286EF"><enum>(b)</enum><header>Separate sunset
for expansion of adoption benefits under the Patient Protection and Affordable
Care Act</header>
<paragraph id="id4A60E72C8975477E9D637EF181B181A0"><enum>(1)</enum><header>In
general</header><text>Subsection (c) of section 10909 of the Patient Protection
and Affordable Care Act is amended to read as follows:</text>
<quoted-block display-inline="no-display-inline" id="id71A4F3FF3EE74DCFB828D9D524DF90F2" style="OLC">
<subsection id="id4C9FB4D58D264CEAA8F3E7F81C87E8C9"><enum>(c)</enum><header>Sunset
provision</header><text>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.</text>
</subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph><paragraph id="id1362CF8567E54720A6D251B6754E9E40"><enum>(2)</enum><header>Conforming
amendment</header><text>Subsection (d) of section 10909 of such Act is amended
by striking <quote>The amendments</quote> and inserting <quote>Except as
provided in subsection (c), the amendments</quote>.</text>
</paragraph></subsection></section><section id="id61F921B5F6EB4EED9F87EE15F20F6F4F"><enum>102.</enum><header>Temporary
extension of 2003 tax relief</header>
<subsection id="id4A73E54CCB9C4465840450D2B0BFA0C2"><enum>(a)</enum><header>In
general</header><text display-inline="yes-display-inline">Section 303 of the
Jobs and Growth Tax Relief Reconciliation Act of 2003 is amended by striking
<quote>December 31, 2010</quote> and inserting <quote>December 31,
2012</quote>.</text>
</subsection><subsection id="idCC4DD5A809D94AF78C0526FF44093C79"><enum>(b)</enum><header>Effective
date</header><text>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.</text>
</subsection></section><section id="idD83837622714499E9B39DC6271061627"><enum>103.</enum><header>Temporary
extension of 2009 tax relief</header>
<subsection id="id86805F4C849642AFB83F147187F0520C"><enum>(a)</enum><header>American
Opportunity Tax Credit</header>
<paragraph id="idB9E82E8193164922934CEFDB4E90EBED"><enum>(1)</enum><header>In
general</header><text>Section 25A(i) is amended by striking <quote>or
2010</quote> and inserting <quote>, 2010, 2011, or 2012</quote>.</text>
</paragraph><paragraph id="idCAF0896DD81B49EF99FA7163BDE5FFCD"><enum>(2)</enum><header>Treatment of
possessions</header><text>Section 1004(c)(1) of the American Recovery and
Reinvestment Tax Act of 2009 is amended by striking <quote>and 2010</quote>
each place it appears and inserting <quote>, 2010, 2011, and
2012</quote>.</text>
</paragraph></subsection><subsection id="idCE2A87504A1542C490E56974EDD75123"><enum>(b)</enum><header>Child tax
credit</header><text>Section 24(d)(4) is amended—</text>
<paragraph id="id8E823ADE2FF341A4905D09B98B46C74F"><enum>(1)</enum><text>by
striking <quote>2009 <header-in-text level="paragraph" style="OLC">and</header-in-text> 2010</quote> in the heading and inserting
<quote>2009, 2010, 2011,<header-in-text level="paragraph" style="OLC">
and</header-in-text> 2012</quote>, and</text>
</paragraph><paragraph id="id9DA087E3664B46F5A15B7CB6D09FCB06"><enum>(2)</enum><text>by
striking <quote>or 2010</quote> and inserting <quote>, 2010, 2011, or
2012</quote>.</text>
</paragraph></subsection><subsection id="id69161A78245A4D26A70F34F0FABE02CD"><enum>(c)</enum><header>Earned income
tax credit</header><text>Section 32(b)(3) is amended—</text>
<paragraph id="idADEDD397ECDE4610A26A78AA3366D405"><enum>(1)</enum><text>by
striking <quote>2009 <header-in-text level="paragraph" style="OLC">and</header-in-text> 2010</quote> in the heading and inserting
<quote>2009, 2010, 2011,<header-in-text level="paragraph" style="OLC">
and</header-in-text> 2012</quote>, and</text>
</paragraph><paragraph id="idC9789E9055E84D8B84444263871C13D7"><enum>(2)</enum><text>by
striking <quote>or 2010</quote> and inserting <quote>, 2010, 2011, or
2012</quote>.</text>
</paragraph></subsection><subsection id="id0AEBA7D2DC304FF58F4F4472C2F16131"><enum>(d)</enum><header>Effective
date</header><text>The amendments made by this section shall apply to taxable
years beginning after December 31, 2010.</text>
</subsection></section><enum>II</enum><header>Temporary
extension of individual AMT relief</header>
<section display-inline="no-display-inline" id="id1F31A4A350FD498BBC3D0986795CBD6B" section-type="subsequent-section"><enum>201.</enum><header>Temporary extension
of increased alternative minimum tax exemption amount</header>
<subsection id="id7EA17923A1BA40D89B3FB2AA3EF7B5C1"><enum>(a)</enum><header>In
general</header><text>Paragraph (1) of section 55(d) is amended—</text>
<paragraph id="HAF91B01B4DE6433EBDDE6CD6E82FEBC7"><enum>(1)</enum><text>by
striking <quote>$70,950</quote> and all that follows through
<quote>2009</quote> in subparagraph (A) and inserting <quote>$72,450 in the
case of taxable years beginning in 2010 and $74,450 in the case of taxable
years beginning in 2011</quote>, and</text>
</paragraph><paragraph id="id7DB682A5102D4871A6B7DD204BAC519D"><enum>(2)</enum><text>by
striking <quote>$46,700</quote> and all that follows through
<quote>2009</quote> in subparagraph (B) and inserting <quote>$47,450 in the
case of taxable years beginning in 2010 and $48,450 in the case of taxable
years beginning in 2011</quote>.</text>
</paragraph></subsection><subsection commented="no" display-inline="no-display-inline" id="idC952FB3B29EB4BCC8D2BBF8F957BF349"><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><subsection commented="no" display-inline="no-display-inline" id="idE7828CBD38D144A1A488612B0E78EB88"><enum>(c)</enum><header>Repeal of
EGTRRA sunset</header><text>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).</text>
</subsection></section><section id="id31804E85AB234608876C0D7392EA746D" section-type="subsequent-section"><enum>202.</enum><header>Temporary extension
of alternative minimum tax relief for nonrefundable personal credits</header>
<subsection id="id9DE539AA6AF74E9C8F4D4E9A9215B11F"><enum>(a)</enum><header>In
general</header><text>Paragraph (2) of section 26(a) is amended—</text>
<paragraph id="id51619AD1FFDB4722A1DA235800511F23"><enum>(1)</enum><text>by
striking <quote>or 2009</quote> and inserting <quote>2009, 2010, or
2011</quote>, and</text>
</paragraph><paragraph id="id9033BFC177C746D09D9EB364C89285C8"><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 commented="no" display-inline="no-display-inline" id="id21E280511FE74D2F9CB27381FBB94714"><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><enum>III</enum><header>Temporary
estate tax relief</header>
<section id="id13111D276D2946FBA49DE9B8348C081F"><enum>301.</enum><header>Reinstatement
of estate tax; repeal of carryover basis</header>
<subsection id="idCA8710146B9D41629E9EF267FCA5D1D5"><enum>(a)</enum><header>In
general</header><text>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.</text>
</subsection><subsection id="idEFC260CAA98044B19355FDCD491E689B"><enum>(b)</enum><header>Conforming
amendment</header><text>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.</text>
</subsection><subsection commented="no" display-inline="no-display-inline" id="id97CCF5764F8E405E96A0628050BFC493"><enum>(c)</enum><header>Special
election with respect to estates of decedents dying in 2010</header><text display-inline="yes-display-inline">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.</text>
</subsection><subsection commented="no" display-inline="no-display-inline" id="id965EF249B8A0495384C6CAFA2AA4EB48"><enum>(d)</enum><header>Extension of
time for performing certain acts</header>
<paragraph commented="no" display-inline="no-display-inline" id="idC883BD543E164B11BADE14E1F84DCCF9"><enum>(1)</enum><header>Estate
tax</header><text display-inline="yes-display-inline">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—</text>
<subparagraph commented="no" display-inline="no-display-inline" id="idD6F83F284CEE4DA4AFB3476CD8D7AEF8"><enum>(A)</enum><text display-inline="yes-display-inline">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),</text>
</subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="id3DA46DC0BDEA496DBA3F547340AF3C5C"><enum>(B)</enum><text display-inline="yes-display-inline">making any payment of tax under chapter 11
of such Code, and</text>
</subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="id0229E798A6E34CC0A6DB4F5E974A92A1"><enum>(C)</enum><text display-inline="yes-display-inline">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,</text>
</subparagraph><continuation-text continuation-text-level="paragraph">shall not be
earlier than the date which is 9 months after the date of the enactment of this
Act.</continuation-text></paragraph><paragraph id="idB804671040A949EC8FE3A66976FF54C3"><enum>(2)</enum><header>Generation-skipping
tax</header><text>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.</text>
</paragraph></subsection><subsection id="idAFC26EDFE4D04B59AD9FB0C97D9E5089"><enum>(e)</enum><header>Effective
date</header><text>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.</text>
</subsection></section><section commented="no" display-inline="no-display-inline" id="HAEE58267F3C8431A9C4B8A2AF5668AF8" section-type="subsequent-section"><enum>302.</enum><header>Modifications to
estate, gift, and generation-skipping transfer taxes</header>
<subsection commented="no" display-inline="no-display-inline" id="idF1F9160872044ED1B1075CC3A3AEB851"><enum>(a)</enum><header>Modifications
to estate tax</header>
<paragraph id="id84F564AEE1FD4D3EB454D11CB2C97615"><enum>(1)</enum><header>$5,000,000
applicable exclusion amount</header><text>Subsection (c) of section 2010 is
amended to read as follows:</text>
<quoted-block display-inline="no-display-inline" id="idEF8253B3332B451F9907A79073A5C0A8" style="OLC">
<subsection id="id98F1ED6447DE4B208DB99789EB6D43D8"><enum>(c)</enum><header>Applicable
credit amount</header>
<paragraph id="idA2DD8E2CAEA741C8929AE50BABED79F3"><enum>(1)</enum><header>In
general</header><text>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.</text>
</paragraph><paragraph id="idE38DBE3EC39847118C6846ECBE4418A6"><enum>(2)</enum><header>Applicable
exclusion amount</header>
<subparagraph id="id7F12AD4585084E329E8EBA0DC8EC9846"><enum>(A)</enum><header>In
general</header><text>For purposes of this subsection, the applicable exclusion
amount is $5,000,000.</text>
</subparagraph><subparagraph commented="no" id="id90CD39A9AFF94BEBA9624CF56B4F9D19"><enum>(B)</enum><header>Inflation
adjustment</header><text>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—</text>
<clause commented="no" id="id60F30FF3524A4B83BFF323E91F169641"><enum>(i)</enum><text>such dollar
amount, multiplied by</text>
</clause><clause commented="no" id="idFDC897D476894E46A86F74FD09DBA19C"><enum>(ii)</enum><text>the
cost-of-living adjustment determined under section 1(f)(3) for such calendar
year by substituting <quote>calendar year 2010</quote> for <quote>calendar year
1992</quote> in subparagraph (B) thereof.</text>
</clause><continuation-text commented="no" continuation-text-level="subparagraph">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.</continuation-text></subparagraph></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph><paragraph id="id853C23755C42453BBB8B4A0613806DDB"><enum>(2)</enum><header>Maximum estate
tax rate equal to 35 percent</header><text>Subsection (c) of section 2001 is
amended—</text>
<subparagraph id="id5A6873826F8A492BBF3EA815540A324E"><enum>(A)</enum><text>by striking
<quote>Over $500,000</quote> and all that follows in the table contained in
paragraph (1) and inserting the following:</text>
<quoted-block display-inline="no-display-inline" id="idE13B8CF993D741F7AD043E49A1A7A170" style="OLC">
<table align-to-level="section" blank-lines-before="1" colsep="0" frame="none" line-rules="no-gen" rowsep="0" rule-weights="0.0.0.0.0.0" table-template-name="Generic: 2 text, even cols" table-type="">
<tgroup cols="2" grid-typeface="1.1" rowsep="0" thead-tbody-ldg-size="10.10.12"><colspec coldef="txt" colname="column1" colwidth="163pts" min-data-value="150"></colspec><colspec coldef="txt-no-ldr" colname="column2" colwidth="163pts" min-data-value="150"></colspec>
<tbody>
<row><entry align="left" colname="column1" leader-modify="force-ldr" stub-definition="txt-ldr" stub-hierarchy="1">Over $500,000</entry><entry align="left" colname="column2" leader-modify="clr-ldr">$155,800, plus 35
percent of the excess of such amount over $500,000.</entry>
</row>
</tbody>
</tgroup></table>
<after-quoted-block>,</after-quoted-block></quoted-block>
</subparagraph><subparagraph id="id5DFE107A6CEA4917BEFBFB055DE1BB72"><enum>(B)</enum><text>by striking
<quote>(1) <header-in-text level="paragraph" style="USC">In
general</header-in-text>.—</quote>, and</text>
</subparagraph><subparagraph id="idF9101BA0A2CD4D0D818C8A3E9DA15A25"><enum>(C)</enum><text>by striking
paragraph (2).</text>
</subparagraph></paragraph></subsection><subsection id="idD542B4C8B24C427DA0A63B2780778C0A"><enum>(b)</enum><header>Modifications
to gift tax</header>
<paragraph id="id179FBFEC7DDC469CAAEBFCA5D1815EDD"><enum>(1)</enum><header>Restoration of
unified credit against gift tax</header>
<subparagraph id="id628174407A98438E97759E99CD682DCC"><enum>(A)</enum><header>In
general</header><text>Paragraph (1) of section 2505(a), after the application
of section 301(b), is amended by striking <quote>(determined as if the
applicable exclusion amount were $1,000,000)</quote>.</text>
</subparagraph><subparagraph id="id6E16695AD09E4641A25EA694E365397F"><enum>(B)</enum><header>Effective
date</header><text>The amendment made by this paragraph shall apply to gifts
made after December 31, 2010.</text>
</subparagraph></paragraph><paragraph id="id36FC22D8A4434F48991BFA605489C05B"><enum>(2)</enum><header>Modification of
gift tax rate</header><text>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.</text>
</paragraph></subsection><subsection commented="no" id="id86944A3103754C2C9EB1634FC8BDF5BB"><enum>(c)</enum><header>Modification of
generation-skipping transfer tax</header><text>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.</text>
</subsection><subsection id="id245964EAAFF1474699A94665FEFA1DE1"><enum>(d)</enum><header>Modifications
of estate and gift taxes to reflect differences in credit resulting from
different tax rates</header>
<paragraph id="idD8324D7CBFE946B3A877E22720971B05"><enum>(1)</enum><header>Estate
tax</header>
<subparagraph id="id95018A4E711447D38100F7269D345364"><enum>(A)</enum><header>In
general</header><text>Section 2001(b)(2) is amended by striking <quote>if the
provisions of subsection (c) (as in effect at the decedent's death)</quote> and
inserting <quote>if the modifications described in subsection
(g)</quote>.</text>
</subparagraph><subparagraph id="id02A8FA31FFC34FE0B81687E76355BFC2"><enum>(B)</enum><header>Modifications</header><text>Section
2001 is amended by adding at the end the following new subsection:</text>
<quoted-block display-inline="no-display-inline" id="id927256A3CFE84BE5A375B458F4933649" style="OLC">
<subsection id="id63D9A24826764F909CE550E6C6C15099"><enum>(g)</enum><header>Modifications
to gift tax payable to reflect different tax rates</header><text>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—</text>
<paragraph id="idF62FD70F327B4BDC9B492CEDF1B54569"><enum>(1)</enum><text>the tax imposed
by chapter 12 with respect to such gifts, and</text>
</paragraph><paragraph id="id84EAFAA251884927BE8064DC527D69BA"><enum>(2)</enum><text>the credit
allowed against such tax under section 2505, including in computing—</text>
<subparagraph id="id51C3F4BE77104039BC129910762339F5"><enum>(A)</enum><text>the applicable
credit amount under section 2505(a)(1), and</text>
</subparagraph><subparagraph id="idE962DD2C76C54FD1A892788A20CB6720"><enum>(B)</enum><text>the sum of the
amounts allowed as a credit for all preceding periods under section
2505(a)(2).</text>
</subparagraph></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</subparagraph></paragraph><paragraph id="idC52750D4B5084C40BEA3FA4057A7C03B"><enum>(2)</enum><header>Gift
tax</header><text>Section 2505(a) is amended by adding at the end the following
new flush sentence:</text>
<quoted-block display-inline="no-display-inline" id="id6AEF6EE135974F4CA5F6067FD3568284" style="OLC">
<quoted-block-continuation-text quoted-block-continuation-text-level="subsection">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.</quoted-block-continuation-text><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection><subsection id="idC87D771B56744CEA954D23D9790F4416"><enum>(e)</enum><header>Conforming
amendment</header><text>Section 2511 is amended by striking subsection
(c).</text>
</subsection><subsection id="id61182D6827B249CEA12A7CBBF55CA159"><enum>(f)</enum><header>Effective
date</header><text>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.</text>
</subsection></section><section id="id25850C08AB8749A293CCB8C4428A1F28"><enum>303.</enum><header>Applicable
exclusion amount increased by unused exclusion amount of deceased
spouse</header>
<subsection id="id22543E08521E4434898B6497DD47E5D6"><enum>(a)</enum><header>In
general</header><text>Section 2010(c), as amended by section 302(a), is amended
by striking paragraph (2) and inserting the following new paragraphs:</text>
<quoted-block id="idA5B74018EF47466CAA61C5B77C16D4B0" style="OLC">
<paragraph id="idC18AE9D477E144C5BE4F22420E3D8F9C"><enum>(2)</enum><header>Applicable
exclusion amount</header><text>For purposes of this subsection, the applicable
exclusion amount is the sum of—</text>
<subparagraph id="id8BD898FE89374CCC809B669C317674B1"><enum>(A)</enum><text>the basic
exclusion amount, and</text>
</subparagraph><subparagraph id="id0608B595FBD64BCAB75806375DF47CD4"><enum>(B)</enum><text>in the case of a
surviving spouse, the deceased spousal unused exclusion amount.</text>
</subparagraph></paragraph><paragraph display-inline="no-display-inline" id="idC898A68AAB0442A699B71DB727542DFC"><enum>(3)</enum><header>Basic exclusion
amount</header>
<subparagraph id="id34CF92362396457FB25D51729006D266"><enum>(A)</enum><header>In
general</header><text>For purposes of this subsection, the basic exclusion
amount is $5,000,000.</text>
</subparagraph><subparagraph commented="no" id="idAE5088B688DF4DDBAE236721CB50FF63"><enum>(B)</enum><header>Inflation
adjustment</header><text>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—</text>
<clause commented="no" id="idA6BA492538F2462D8AB9D38CBC0CE7BD"><enum>(i)</enum><text>such dollar
amount, multiplied by</text>
</clause><clause commented="no" id="idEDC0DE62466947D5A59CF4A60909D242"><enum>(ii)</enum><text>the
cost-of-living adjustment determined under section 1(f)(3) for such calendar
year by substituting <quote>calendar year 2010</quote> for <quote>calendar year
1992</quote> in subparagraph (B) thereof.</text>
</clause><continuation-text commented="no" continuation-text-level="subparagraph">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.</continuation-text></subparagraph></paragraph><paragraph id="id41852206F4E5414497006F5E2ED6BD18"><enum>(4)</enum><header>Deceased
spousal unused exclusion amount</header><text>For purposes of this subsection,
with respect to a surviving spouse of a deceased spouse dying after December
31, 2010, the term <term>deceased spousal unused exclusion amount</term> means
the lesser of—</text>
<subparagraph id="idDA474A3EBC154AFB9FE5456C89E1F736"><enum>(A)</enum><text>the basic
exclusion amount, or</text>
</subparagraph><subparagraph id="idE5EE88546BC24F5A8A4F318AA4792976"><enum>(B)</enum><text>the excess
of—</text>
<clause id="idE949A53AD6804361B4D9BBCF11E50883"><enum>(i)</enum><text>the
basic exclusion amount of the last such deceased spouse of such surviving
spouse, over</text>
</clause><clause id="idF57FEFB899184DFAAD46799E4AEEE7FB"><enum>(ii)</enum><text>the
amount with respect to which the tentative tax is determined under section
2001(b)(1) on the estate of such deceased spouse.</text>
</clause></subparagraph></paragraph><paragraph commented="no" id="idC26C1FF422F24174A074377DEAC9CD14"><enum>(5)</enum><header>Special
rules</header>
<subparagraph commented="no" id="idD7FFBCCCCDDF405C834AAE0162265015"><enum>(A)</enum><header>Election
required</header><text>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.</text>
</subparagraph><subparagraph commented="no" id="idAB939E194C654021AA824F9F017AE23F"><enum>(B)</enum><header>Examination of
prior returns after expiration of period of limitations with respect to
deceased spousal unused exclusion amount</header><text>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.</text>
</subparagraph></paragraph><paragraph id="idA537C02B2ABB461BABCE9D4689F03D89"><enum>(6)</enum><header>Regulations</header><text>The
Secretary shall prescribe such regulations as may be necessary or appropriate
to carry out this
subsection.</text>
</paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="id2D9E4CE0B010485EBB8C576D4E707659"><enum>(b)</enum><header>Conforming
amendments</header>
<paragraph id="id4EA638412FDE46CAB27D94626B6358D6"><enum>(1)</enum><text>Paragraph (1) of
section 2505(a), as amended by section 302(b)(1), is amended to read as
follows:</text>
<quoted-block id="idD4FD467CC7DD4B15916CE50550A0F00F" style="OLC">
<paragraph id="id9A8B0FD52AE345F8AE3B59D1C4CAD3C7"><enum>(1)</enum><text>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</text>
</paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph><paragraph id="id3B2CEF24BB0C47FD817DF2D90E2DD2F7"><enum>(2)</enum><text>Section 2631(c)
is amended by striking <quote>the applicable exclusion amount</quote> and
inserting <quote>the basic exclusion amount</quote>.</text>
</paragraph><paragraph id="idCCCCECFE4A69461894118C9D49AA96B0"><enum>(3)</enum><text>Section
6018(a)(1) is amended by striking <quote>applicable exclusion amount</quote>
and inserting <quote>basic exclusion amount</quote>.</text>
</paragraph></subsection><subsection commented="no" display-inline="no-display-inline" id="idF1FB61C4482D4672A53BA0406059D193"><enum>(c)</enum><header>Effective
Dates</header>
<paragraph commented="no" display-inline="no-display-inline" id="idED0A8499218C44C78695DA7DCFCBBE4E"><enum>(1)</enum><header>In
general</header><text>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.</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="id4C416F07B5CA4D3F9A6C3C20CFB15D6A"><enum>(2)</enum><header>Conforming
amendment relating to generation-skipping transfers</header><text>The amendment
made by subsection (b)(2) shall apply to generation-skipping transfers after
December 31, 2010.</text>
</paragraph></subsection></section><section id="idD592F35372724D0486737DC7933FD263"><enum>304.</enum><header>Application of
EGTRRA sunset to this title</header><text display-inline="no-display-inline">Section 901 of the Economic Growth and Tax
Relief Reconciliation Act of 2001 shall apply to the amendments made by this
title.</text>
</section><enum>IV</enum><header>Temporary
extension of investment incentives</header>
<section id="idE95F04A7152C4F8DBBDC02ADFA0FCF73"><enum>401.</enum><header>Extension of
bonus depreciation; temporary 100 percent expensing for certain business
assets</header>
<subsection id="idCEF3652365074509818FE6266A7D0E2E"><enum>(a)</enum><header>In
general</header><text>Paragraph (2) of section 168(k) is amended—</text>
<paragraph id="id3125DC712FCB4C6782026F278C35B94E"><enum>(1)</enum><text>by
striking <quote>January 1, 2012</quote> in subparagraph (A)(iv) and inserting
<quote>January 1, 2014</quote>, and</text>
</paragraph><paragraph id="idC6A072FE1ED94844B1CE34D7476881B5"><enum>(2)</enum><text>by
striking <quote>January 1, 2011</quote> each place it appears and inserting
<quote>January 1, 2013</quote>.</text>
</paragraph></subsection><subsection id="id31C315EB75734BF993069011A90CB72A"><enum>(b)</enum><header>Temporary 100
percent expensing</header><text>Subsection (k) of section 168 is amended by
adding at the end the following new paragraph:</text>
<quoted-block act-name="" id="id1B72C2920B824C8489FF4F75E1FAC572" style="OLC">
<paragraph id="id572D8587057341DBB0EA965DAF9A73BB"><enum>(5)</enum><header>Special rule
for property acquired during certain pre-2012 periods</header><text>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 <quote>100 percent</quote> for <quote>50
percent</quote>.</text>
</paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection commented="no" id="idAF2B5290E87B4FEB8F27B14C14FEDBCD"><enum>(c)</enum><header>Extension of
election To accelerate the AMT credit in lieu of bonus depreciation</header>
<paragraph commented="no" id="id42EF82ACCD184020BCDD98A703BD97F6"><enum>(1)</enum><header>Extension</header><text>Clause
(iii) of section 168(k)(4)(D) is amended by striking <quote>or
production</quote> and all that follows and inserting “or production—</text>
<quoted-block display-inline="no-display-inline" id="id7B2274994CAB430FA0B3BA785CE29306" style="OLC">
<subclause commented="no" id="idFF0B9F45EEA34BCA883B2413983D2616"><enum>(I)</enum><text>after March 31,
2008, and before January 1, 2010, and</text>
</subclause><subclause commented="no" id="idB09A45E489904106B206E9DCAEB8ADFF"><enum>(II)</enum><text>after December
31, 2010, and before January 1, 2013,</text>
</subclause><quoted-block-continuation-text quoted-block-continuation-text-level="clause">shall be taken
into account under subparagraph (B)(ii)
thereof,</quoted-block-continuation-text><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph><paragraph commented="no" id="idCB85FFCF39724F22A8E7BFD86212D735"><enum>(2)</enum><header>Rules for round
2 extension property</header><text>Paragraph (4) of section 168(k) is amended
by adding at the end the following new subparagraph:</text>
<quoted-block display-inline="no-display-inline" id="idACA78C7F7B2B424D823F6F5E196AECAB" style="OLC">
<subparagraph commented="no" id="IDf5ee84d00911421daadfa5b699b1739d"><enum>(I)</enum><header>Special rules
for round 2 extension property</header>
<clause commented="no" id="id91B0BAEA2C834570A41D24CC43A875C9"><enum>(i)</enum><header>In
general</header><text>In the case of round 2 extension property, this paragraph
shall be applied without regard to—</text>
<subclause commented="no" id="id977170C9914046BABB26F8F0490820DF"><enum>(I)</enum><text>the limitation
described in subparagraph (B)(i) thereof, and</text>
</subclause><subclause commented="no" id="idBEA5E77536344E6C8B03EC43783817D0"><enum>(II)</enum><text>the business
credit increase amount under subparagraph (E)(iii) thereof.</text>
</subclause></clause><clause commented="no" id="IDd0a6c434381a463fb780c42495da4ddf"><enum>(ii)</enum><header>Taxpayers
previously electing acceleration</header><text>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—</text>
<subclause commented="no" id="IDee751ae340944bed9a610eb258263331"><enum>(I)</enum><text>the taxpayer may
elect not to have this paragraph apply to round 2 extension property,
but</text>
</subclause><subclause commented="no" id="ID4e6a528e48ba4f509673c4ea4c7ff605"><enum>(II)</enum><text>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.</text>
</subclause><continuation-text commented="no" continuation-text-level="clause">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.</continuation-text></clause><clause commented="no" id="ID650385ea59214d458c3ba2755a4929f9"><enum>(iii)</enum><header>Taxpayers not
previously electing acceleration</header><text>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—</text>
<subclause commented="no" id="IDda2cdfe8c5d0459ba736b2db382fa159"><enum>(I)</enum><text>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</text>
</subclause><subclause commented="no" id="ID04fedbdcdb094fb0bd0217a6b8966265"><enum>(II)</enum><text>if the taxpayer
makes the election under subclause (I), this paragraph shall only apply to
eligible qualified property which is round 2 extension property.</text>
</subclause></clause><clause commented="no" id="ID9a8286c81b1245e5adacf39e363c52b2"><enum>(iv)</enum><header>Round 2
extension property</header><text>For purposes of this subparagraph, the term
<term>round 2 extension property</term> 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 <short-title>Tax Relief,
Unemployment Insurance Reauthorization, and Job Creation Act of
2010</short-title> (and the application of such extension to this paragraph
pursuant to the amendment made by section 401(c)(1) of such
Act).</text>
</clause></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection><subsection id="id681B5E94642C470F96AC0FD8B2B0DC7E"><enum>(d)</enum><header>Conforming
amendments</header>
<paragraph id="id9FA033ED0B6C4C5BA73BFB558A54CDAE"><enum>(1)</enum><text>The
heading for subsection (k) of section 168 is amended by striking
<quote><header-in-text level="subsection" style="OLC">January 1,
2011</header-in-text></quote> and inserting <quote><header-in-text level="subsection" style="OLC">January 1, 2013</header-in-text></quote>.</text>
</paragraph><paragraph id="idAFD74FFBB1F54397898EA772F7153B5D"><enum>(2)</enum><text>The
heading for clause (ii) of section 168(k)(2)(B) is amended by striking
<quote><header-in-text level="clause" style="OLC">pre-January 1,
2011</header-in-text></quote> and inserting <quote><header-in-text level="clause" style="OLC">pre-January 1, 2013</header-in-text></quote>.</text>
</paragraph><paragraph id="idA4F3CE67B56242C3AEBA969D6C50747C"><enum>(3)</enum><text>Subparagraph (D)
of section 168(k)(4) is amended—</text>
<subparagraph id="id381D31DE6EFE4261B089E71D082CD237"><enum>(A)</enum><text>by striking
clauses (iv) and (v),</text>
</subparagraph><subparagraph id="id332997D6F90C434B9EAC53BFD20C895D"><enum>(B)</enum><text>by inserting
<quote>and</quote> at the end of clause (ii), and</text>
</subparagraph><subparagraph id="idDE8033B46C7D411C92674E0EE8A1AFB9"><enum>(C)</enum><text>by striking the
comma at the end of clause (iii) and inserting a period.</text>
</subparagraph></paragraph><paragraph id="id24334940C81441299CE1771F6408514D"><enum>(4)</enum><text>Paragraph (5) of
section 168(l) is amended—</text>
<subparagraph id="id5584CA7E481A4EFD87078F452D5651E0"><enum>(A)</enum><text>by inserting
<quote>and</quote> at the end of subparagraph (A),</text>
</subparagraph><subparagraph id="id12B55A43CDF3499989C0B7F96EABF2F1"><enum>(B)</enum><text>by striking
subparagraph (B), and</text>
</subparagraph><subparagraph id="idD87789A6E6CC48339A1D501ABA5CB64A"><enum>(C)</enum><text>by redesignating
subparagraph (C) as subparagraph (B).</text>
</subparagraph></paragraph><paragraph id="id14C00FBCBCF749A2B86078250954E158"><enum>(5)</enum><text>Subparagraph (C)
of section 168(n)(2) is amended by striking <quote>January 1, 2011</quote> and
inserting <quote>January 1, 2013</quote>.</text>
</paragraph><paragraph id="id55F95AA48B684C3DA5F61FA6CC3C8BCD"><enum>(6)</enum><text>Subparagraph (D)
of section 1400L(b)(2) is amended by striking <quote>January 1, 2011</quote>
and inserting <quote>January 1, 2013</quote>.</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="id8BEC44BE371947EB8020C42950A45C6D"><enum>(7)</enum><text>Subparagraph (B)
of section 1400N(d)(3) is amended by striking <quote>January 1, 2011</quote>
and inserting <quote>January 1, 2013</quote>.</text>
</paragraph></subsection><subsection commented="no" display-inline="no-display-inline" id="idB510536F2DC147108BE5232BABA2AB2B"><enum>(e)</enum><header>Effective
dates</header>
<paragraph commented="no" display-inline="no-display-inline" id="id03BDC923FCB449EB906F20D902F05648"><enum>(1)</enum><header>In
general</header><text>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.</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="id6F7B61EDECAA4E5EA284E8892BFAFBEC"><enum>(2)</enum><header>Temporary 100
percent expensing</header><text>The amendment made by subsection (b) shall
apply to property placed in service after September 8, 2010, in taxable years
ending after such date.</text>
</paragraph></subsection></section><section commented="no" id="id0234EBCD99AB42FD924251F83F484290"><enum>402.</enum><header>Temporary
extension of increased small business expensing</header>
<subsection commented="no" id="id2289DCEA268C4ADCBFBA7B858A40C150"><enum>(a)</enum><header>Dollar
limitation</header><text>Section 179(b)(1) is amended by striking
<quote>and</quote> at the end of subparagraph (B) and by striking subparagraph
(C) and inserting the following new subparagraphs:</text>
<quoted-block display-inline="no-display-inline" id="idBDD6FA3F77994F939D5BF5A557C939D0" style="OLC">
<subparagraph commented="no" id="id180F1B4744C14117BC33C6286B063323"><enum>(C)</enum><text>$125,000 in the
case of taxable years beginning in 2012, and</text>
</subparagraph><subparagraph commented="no" id="id04CDDC620C4F4BDAA9F33A7C1D8BFA47"><enum>(D)</enum><text>$25,000 in the
case of taxable years beginning after
2012.</text>
</subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection commented="no" id="id8F3F7DF039B3478E95B3F38BFDA35EA9"><enum>(b)</enum><header>Reduction in
limitation</header><text>Section 179(b)(2) is amended by striking
<quote>and</quote> at the end of subparagraph (B) and by striking subparagraph
(C) and inserting the following new subparagraphs:</text>
<quoted-block display-inline="no-display-inline" id="id1F87D8AD4DB4439298FFA8F4AB12357E" style="OLC">
<subparagraph commented="no" id="id8C15D86E38A84876986AC46E0D15EF8F"><enum>(C)</enum><text>$500,000 in the
case of taxable years beginning in 2012, and</text>
</subparagraph><subparagraph commented="no" id="id6691A292A8CE4331AB83D24D7DE5A29F"><enum>(D)</enum><text>$200,000 in the
case of taxable years beginning after
2012.</text>
</subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection commented="no" id="id1908636ACD0E42C98C119A59F2BBC8D3"><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 display-inline="no-display-inline" id="id5FFB17D24B79472DB7EF44A1313DA94A" style="OLC">
<paragraph commented="no" id="id3FA44050BFB44B22B2F61C548AA486A4"><enum>(6)</enum><header>Inflation
adjustment</header>
<subparagraph commented="no" id="id813E56E28A31437BB94F8C659BA99C3D"><enum>(A)</enum><header>In
general</header><text>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—</text>
<clause commented="no" id="id69F20F4D828D4D689851C7CE22EFBBC6"><enum>(i)</enum><text>such dollar
amount, multiplied by</text>
</clause><clause commented="no" id="id1FC2D3F9A2284DA5BC105D7F3EE5ED49"><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, by substituting <quote>calendar year
2006</quote> for <quote>calendar year 1992</quote> in subparagraph (B)
thereof.</text>
</clause></subparagraph><subparagraph commented="no" id="id97A1759FAAE24EEB80B55B6D31AE07F7"><enum>(B)</enum><header>Rounding</header>
<clause commented="no" id="id52A44AD61F57405EA4EB3969237C682D"><enum>(i)</enum><header>Dollar
limitation</header><text>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 commented="no" id="id010E631BA92345EF8C19C22C075D036F"><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 commented="no" id="id5915C73D48C94B5ABF4B562BD4527EB7"><enum>(d)</enum><header>Computer
software</header><text>Section 179(d)(1)(A)(ii) is amended by striking
<quote>2012</quote> and inserting <quote>2013</quote>.</text>
</subsection><subsection commented="no" id="id6E213B74113147889780666A41426BB4"><enum>(e)</enum><header>Conforming
amendment</header><text>Section 179(c)(2) is amended by striking
<quote>2012</quote> and inserting <quote>2013</quote>.</text>
</subsection><subsection commented="no" id="id257A4504459242A0A1C9F2905CCA59D8"><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>V</enum><header>Temporary
extension of unemployment insurance and related matters</header>
<section display-inline="no-display-inline" id="HDF89591C062E41F585A0A09F5A7CFEBA" section-type="subsequent-section"><enum>501.</enum><header>Temporary extension
of unemployment insurance provisions</header>
<subsection display-inline="no-display-inline" id="H144606614F3A40839FD8DD1C3AC27A35"><enum>(a)</enum><header>In
general</header><paragraph commented="no" display-inline="yes-display-inline" id="H467803DC570A41E688FFC495534ACB0C"><enum>(1)</enum><text>Section 4007 of the
Supplemental Appropriations Act, 2008 (Public Law 110–252; 26 U.S.C. 3304 note)
is amended—</text>
<subparagraph id="H833EC6346FB24C52B01CAB0DCEE26F7A" indent="up1"><enum>(A)</enum><text>by striking <quote>November 30,
2010</quote> each place it appears and inserting <quote>January 3,
2012</quote>;</text>
</subparagraph><subparagraph display-inline="no-display-inline" id="H024AF8A80FBA490E8DDE9BE0746C7CA1" indent="up1"><enum>(B)</enum><text display-inline="yes-display-inline">in the heading for subsection (b)(2), by
striking <quote><header-in-text level="paragraph" style="OLC">november 30,
2010</header-in-text></quote> and inserting <quote><header-in-text level="paragraph" style="OLC">january 3, 2012</header-in-text></quote>;
and</text>
</subparagraph><subparagraph id="H722F3E30CAD84AAF8CE5B7DD26F51DAF" indent="up1"><enum>(C)</enum><text>in subsection (b)(3), by striking
<quote>April 30, 2011</quote> and inserting <quote>June 9, 2012</quote>.</text>
</subparagraph></paragraph><paragraph id="H27B15FE6D7514C0EAB2E7F6FCAA50BC5" indent="up1"><enum>(2)</enum><text>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—</text>
<subparagraph id="H45468D151BF24A6B94A787717B76B2A3"><enum>(A)</enum><text>by striking <quote>December 1,
2010</quote> each place it appears and inserting <quote>January 4,
2012</quote>; and</text>
</subparagraph><subparagraph id="HE880D9F73B414C48A8058E72EE79ED9E"><enum>(B)</enum><text>in subsection (c), by striking
<quote>May 1, 2011</quote> and inserting <quote>June 11, 2012</quote>.</text>
</subparagraph></paragraph><paragraph id="H6F7ABE146E50438B959394A906089BD0" indent="up1"><enum>(3)</enum><text>Section 5 of the Unemployment
Compensation Extension Act of 2008 (Public Law 110–449; 26 U.S.C. 3304 note) is
amended by striking <quote>April 30, 2011</quote> and inserting <quote>June 10,
2012</quote>.</text>
</paragraph></subsection><subsection id="H6AC14BD52EC24E54AE10F19D93C45C18"><enum>(b)</enum><header>Funding</header><text>Section
4004(e)(1) of the Supplemental Appropriations Act, 2008 (Public Law 110–252; 26
U.S.C. 3304 note) is amended—</text>
<paragraph id="H5A66B983717E456DAA913811DA7EF906"><enum>(1)</enum><text display-inline="yes-display-inline">in subparagraph (E), by striking
<quote>and</quote> at the end; and</text>
</paragraph><paragraph id="HBA3675C758884ED2825AEE9ECA134864"><enum>(2)</enum><text>by
inserting after subparagraph (F) the following:</text>
<quoted-block display-inline="no-display-inline" id="H022F3D9476284C13975C3F43911F3CE4" style="OLC">
<subparagraph commented="no" display-inline="no-display-inline" id="H820D2717823B42789BB4A73E0DA96103"><enum>(G)</enum><text>the amendments
made by section 501(a)(1) of the <short-title>Tax Relief,
Unemployment Insurance Reauthorization, and Job Creation Act of
2010</short-title>;
and</text>
</subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection><subsection commented="no" display-inline="no-display-inline" id="H4A12858642E24C0D851E7AC8A4B459B6"><enum>(c)</enum><header>Effective
date</header><text>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).</text>
</subsection></section><section id="id3886617DA73B4E15850D757355C57966"><enum>502.</enum><header>Temporary
modification of indicators under the extended benefit program</header>
<subsection id="ID0e5ce1a6cc944ffc8fd448943dbbddc3"><enum>(a)</enum><header>Indicator</header><text>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: <quote>Effective
with respect to compensation for weeks of unemployment beginning after the date
of enactment of the <short-title>Tax Relief, Unemployment
Insurance Reauthorization, and Job Creation Act of 2010</short-title> (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 <quote>on</quote> or <quote>off</quote>
indicator beginning or ending any extended benefit period shall be made under
this subsection as if the word <quote>two</quote> were <quote>three</quote> in
subparagraph (1)(A).</quote>.</text>
</subsection><subsection id="ID2d1948ddf91c4002b707623770c06ee8"><enum>(b)</enum><header>Alternative
trigger</header><text>Section 203(f) of the Federal-State Extended Unemployment
Compensation Act of 1970 (26 U.S.C. 3304 note) is amended—</text>
<paragraph id="id49772C379D4F49A8B6927B7B49408BBC"><enum>(1)</enum><text>by
redesignating paragraph (2) as paragraph (3); and</text>
</paragraph><paragraph id="id900BE68BDFBE43EC9AD0E26575EA5039"><enum>(2)</enum><text>by
inserting after paragraph (1) the following new paragraph:</text>
<quoted-block display-inline="no-display-inline" id="id852F826F3E704FC5B0C22D968095E605" style="OLC">
<paragraph id="id07A514EF957040E78B5F54FC4D75CF52" indent="up1"><enum>(2)</enum><text>Effective with respect to
compensation for weeks of unemployment beginning after the date of enactment of
the <short-title>Tax Relief, Unemployment Insurance
Reauthorization, and Job Creation Act of 2010</short-title> (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 <quote>on</quote> or <quote>off</quote> indicator beginning or
ending any extended benefit period shall be made under this subsection as if
the word <quote>either</quote> were <quote>any</quote>, the word “both” were
<quote>all</quote>, and the figure <quote>2</quote> were <quote>3</quote> in
clause
(1)(A)(ii).</text>
</paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection></section><section id="id160CE507CFD94EB6AA67099D10F90D6A"><enum>503.</enum><header>Technical
amendment relating to collection of unemployment compensation debts</header>
<subsection id="id62B1041B7BF94E038F49887D1AB8CEC1"><enum>(a)</enum><header>In
general</header><text>Section 6402(f)(3)(C), as amended by section 801 of the
Claims Resolution Act of 2010, is amended by striking <quote>is not a covered
unemployment compensation debt</quote> and inserting <quote>is a covered
unemployment compensation debt</quote>.</text>
</subsection><subsection id="idA4C3F550C5734433B97193D16284A0DA"><enum>(b)</enum><header>Effective
date</header><text>The amendment made by subsection (a) shall take effect as if
included in section 801 of the Claims Resolution Act of 2010.</text>
</subsection></section><section id="idD3CAF5C58B3646BDACE7828511F351F4"><enum>504.</enum><header>Technical
correction relating to repeal of continued dumping and subsidy offset</header>
<subsection id="idBB444843122149E98638D329CC7148B2"><enum>(a)</enum><header>In
general</header><text display-inline="yes-display-inline">Section 822(2)(A) of
the Claims Resolution Act of 2010 is amended by striking <quote>or</quote> and
inserting <quote>and</quote>.</text>
</subsection><subsection id="idC7F506320B104310A4459CFFBEBA86C1"><enum>(b)</enum><header>Effective
date</header><text>The amendment made by subsection (a) shall take effect as if
included in the provisions of the Claims Resolution Act of 2010.</text>
</subsection></section><section display-inline="no-display-inline" id="H2A646E45B79446E9ACC0B959C2DB02EF" section-type="subsequent-section"><enum>505.</enum><header>Additional extended
unemployment benefits under the Railroad Unemployment Insurance Act</header>
<subsection id="HA7D9A8E4A1F945B59F37519F118249B3"><enum>(a)</enum><header>Extension</header><text>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—</text>
<paragraph id="H522EF4CAD38E4FD78456FE2AA48E3148"><enum>(1)</enum><text>by
striking <quote>June 30, 2010</quote> and inserting <quote>June 30,
2011</quote>; and</text>
</paragraph><paragraph id="HB11958BBC9B543DBBFD51FE676705684"><enum>(2)</enum><text>by
striking <quote>December 31, 2010</quote> and inserting <quote>December 31,
2011</quote>.</text>
</paragraph></subsection><subsection id="id1137B00C365344D3B1D9F6B61D2BB141"><enum>(b)</enum><header>Clarification
on authority To use funds</header><text>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.</text>
</subsection></section><enum>VI</enum><header>Temporary
employee payroll tax cut</header>
<section id="IDEFDED5A222EB47B0979869F500956F1F"><enum>601.</enum><header>Temporary
employee payroll tax cut</header>
<subsection id="ID3F099825D1D842B5BFE31D2990B1F0AA"><enum>(a)</enum><header>In
general</header><text>Notwithstanding any other provision of law—</text>
<paragraph id="id8E35C88195FF4B0DB8C1866D018F340F"><enum>(1)</enum><text>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</text>
</paragraph><paragraph id="id971A50927452445D97B7D5CBF65BCA25"><enum>(2)</enum><text>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).</text>
</paragraph></subsection><subsection id="id2311584AE18F41ECA1001983E4C02325"><enum>(b)</enum><header>Coordination
with deductions for employment taxes</header>
<paragraph id="id6C66D3074E3C4BA6AAB593626E5D5978"><enum>(1)</enum><header>Deduction in
computing net earnings from self-employment</header><text>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.</text>
</paragraph><paragraph id="idFF071F0DF8BE4F5D8FFA7B57029CCC1D"><enum>(2)</enum><header>Individual
deduction</header><text>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—</text>
<subparagraph id="id430B60EFC283437D8CD576B4B0381A7D"><enum>(A)</enum><text>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</text>
</subparagraph><subparagraph id="idB7C970FC33444BFEA2B8C9E042FF0DEB"><enum>(B)</enum><text>one-half of the
portion of such taxes attributable to the tax imposed by section
1401(b).</text>
</subparagraph></paragraph></subsection><subsection id="ID208E551E3AA74E8A8B6962D6566841A9"><enum>(c)</enum><header>Payroll tax
holiday period</header><text>The term <term>payroll tax holiday period</term>
means calendar year 2011.</text>
</subsection><subsection id="ID1348C7F39EE54AE6BC08457F71326B70"><enum>(d)</enum><header>Employer
notification</header><text>The Secretary of the Treasury shall notify employers
of the payroll tax holiday period in any manner the Secretary deems
appropriate.</text>
</subsection><subsection id="H3758B3D4CA5442EB9B14BCDBFB1E96BA"><enum>(e)</enum><header>Transfers of
funds</header>
<paragraph id="idBE3A0C81E533475B869BAEDC8349EDBE"><enum>(1)</enum><header>Transfers to
Federal Old-Age and Survivors Insurance Trust Fund</header><text>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.</text>
</paragraph><paragraph id="H5B8FF13C642B4E648093037DFF760F90"><enum>(2)</enum><header>Transfers to
social security equivalent benefit account</header><text display-inline="yes-display-inline">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.</text>
</paragraph><paragraph id="id0DFFE64A6E224CFF9C384503DC077FEC"><enum>(3)</enum><header>Coordination
with other Federal laws</header><text>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.</text>
</paragraph></subsection></section><enum>VII</enum><header>Temporary
extension of certain expiring provisions</header>
<subtitle id="H3498C86FF7C64E3BB60AE67AFB686AEA"><enum>A</enum><header>Energy</header>
<section id="HE775309810F4465BB3D304071835624B"><enum>701.</enum><header>Incentives for
biodiesel and renewable diesel</header>
<subsection id="HB14D00EB1DC64B7D8B3175EC5CEBF3B3"><enum>(a)</enum><header>Credits for
biodiesel and renewable diesel used as fuel</header><text>Subsection (g) of
section 40A is amended by striking <quote>December 31, 2009</quote> and
inserting <quote>December 31, 2011</quote>.</text>
</subsection><subsection id="H445E6D8264B541DFAB5A3B44FAF20F42"><enum>(b)</enum><header>Excise tax
credits and outlay payments for biodiesel and renewable diesel fuel
mixtures</header>
<paragraph id="H47E51F9D66854D1791334E573C4270C1"><enum>(1)</enum><text>Paragraph (6) of
section 6426(c) is amended by striking <quote>December 31, 2009</quote> and
inserting <quote>December 31, 2011</quote>.</text>
</paragraph><paragraph id="H1DBD98C050E24599AAAD0661051DDC32"><enum>(2)</enum><text>Subparagraph (B)
of section 6427(e)(6) is amended by striking <quote>December 31, 2009</quote>
and inserting <quote>December 31, 2011</quote>.</text>
</paragraph></subsection><subsection id="id5760AAB8B5F74952AAED06DD5DEABF17"><enum>(c)</enum><header>Special rule
for 2010</header><text>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.</text>
</subsection><subsection commented="no" display-inline="no-display-inline" id="H710C3D6399134A9C97571AF7D0D45A79"><enum>(d)</enum><header>Effective
date</header><text>The amendments made by this section shall apply to fuel sold
or used after December 31, 2009.</text>
</subsection></section><section id="id7F91B952619741BCB1D2B04AB717E4D3"><enum>702.</enum><header>Credit for
refined coal facilities</header>
<subsection id="id6D289DA3213D4481B550050331082D25"><enum>(a)</enum><header>In
general</header><text>Subparagraph (B) of section 45(d)(8) is amended by
striking <quote>January 1, 2010</quote> and inserting <quote>January 1,
2012</quote>.</text>
</subsection><subsection commented="no" display-inline="no-display-inline" id="idC486AB90CEF7429E946341C6B6D418DD"><enum>(b)</enum><header>Effective
date</header><text>The amendment made by this section shall apply to facilities
placed in service after December 31, 2009.</text>
</subsection></section><section id="H6599C508648A469D9C5D0B07D8A9222E"><enum>703.</enum><header>New
energy efficient home credit</header>
<subsection id="HEFBB7BF63F914B77A94003244D76EA04"><enum>(a)</enum><header>In
general</header><text>Subsection (g) of section 45L is amended by striking
<quote>December 31, 2009</quote> and inserting <quote>December 31,
2011</quote>.</text>
</subsection><subsection commented="no" display-inline="no-display-inline" id="HEF263B96ECE54FCDB14EC319803B689B"><enum>(b)</enum><header>Effective
date</header><text>The amendment made by this section shall apply to homes
acquired after December 31, 2009.</text>
</subsection></section><section id="idCC067328403D49EEB593B6C94F3784BE"><enum>704.</enum><header>Excise tax
credits and outlay payments for alternative fuel and alternative fuel
mixtures</header>
<subsection id="idFAFB84E0D8A44DC9BA22033D795BB5CE"><enum>(a)</enum><header>In
general</header><text>Sections 6426(d)(5), 6426(e)(3), and 6427(e)(6)(C) are
each amended by striking <quote>December 31, 2009</quote> and inserting
<quote>December 31, 2011</quote>.</text>
</subsection><subsection display-inline="no-display-inline" id="H2703228C69C9487EAB66E4C2DDEDFF75"><enum>(b)</enum><header>Exclusion of
black liquor from credit eligibility</header><text display-inline="yes-display-inline">The last sentence of section 6426(d)(2) is
amended by striking <quote>or biodiesel</quote> and inserting <quote>biodiesel,
or any fuel (including lignin, wood residues, or spent pulping liquors) derived
from the production of paper or pulp</quote>.</text>
</subsection><subsection id="idB565E4FF933841A08CEF63B785CD6C09"><enum>(c)</enum><header>Special rule
for 2010</header><text>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.</text>
</subsection><subsection id="id294D224029374A168E6494AF297F66E3"><enum>(d)</enum><header>Effective
date</header><text>The amendments made by this section shall apply to fuel sold
or used after December 31, 2009.</text>
</subsection></section><section id="H66118AB9B863406094135C917C3DD4F4"><enum>705.</enum><header>Special rule
for sales or dispositions to implement FERC or State electric restructuring
policy for qualified electric utilities</header>
<subsection id="HF7A440EA53484E30928DE1FB576A892C"><enum>(a)</enum><header>In
general</header><text>Paragraph (3) of section 451(i) is amended by striking
<quote>January 1, 2010</quote> and inserting <quote>January 1,
2012</quote>.</text>
</subsection><subsection commented="no" display-inline="no-display-inline" id="H2539EB33E5AA41F2979DFB135764C69E"><enum>(b)</enum><header>Effective
date</header><text>The amendment made by this section shall apply to
dispositions after December 31, 2009.</text>
</subsection></section><section id="HF1E74E6267BE4908B17F9DAAA8229DE4"><enum>706.</enum><header>Suspension of
limitation on percentage depletion for oil and gas from marginal wells</header>
<subsection id="H7764BF6AB41946EFA475F7FA884D23D9"><enum>(a)</enum><header>In
general</header><text>Clause (ii) of section 613A(c)(6)(H) is amended by
striking <quote>January 1, 2010</quote> and inserting <quote>January 1,
2012</quote>.</text>
</subsection><subsection commented="no" display-inline="no-display-inline" id="HD6394F7359AB44EE9215BB9EA5802A8D"><enum>(b)</enum><header>Effective
date</header><text>The amendment made by this section shall apply to taxable
years beginning after December 31, 2009.</text>
</subsection></section><section commented="no" display-inline="no-display-inline" id="id19871017D95643A4B3A1BFFEB854EB6C" section-type="subsequent-section"><enum>707.</enum><header>Extension of grants
for specified energy property in lieu of tax credits</header>
<subsection id="id02FDBC32519642A48058118A98978D3E"><enum>(a)</enum><header>In
general</header><text>Subsection (a) of section 1603 of division B of the
American Recovery and Reinvestment Act of 2009 is amended—</text>
<paragraph id="idCC0DF9CF18444262BB8C0727CCFFA0FC"><enum>(1)</enum><text>in
paragraph (1), by striking <quote>2009 or 2010</quote> and inserting
<quote>2009, 2010, or 2011</quote>, and</text>
</paragraph><paragraph id="id51E030029BBC4BA3A6C941C174349BC8"><enum>(2)</enum><text>in
paragraph (2)—</text>
<subparagraph id="id4FE0783A6D3C49F1AB93E9B900439CE8"><enum>(A)</enum><text>by striking
<quote>after 2010</quote> and inserting <quote>after 2011</quote>, and</text>
</subparagraph><subparagraph id="id08ADAC48B50B44E99510536CB07C239A"><enum>(B)</enum><text>by striking
<quote>2009 or 2010</quote> and inserting <quote>2009, 2010, or
2011</quote>.</text>
</subparagraph></paragraph></subsection><subsection id="id64702813B6D14752AAD17B9E7C0AFF7D"><enum>(b)</enum><header>Conforming
amendment</header><text>Subsection (j) of section 1603 of division B of such
Act is amended by striking <quote>2011</quote> and inserting
<quote>2012</quote>.</text>
</subsection></section><section id="idC4ECC52B42C54B2993F13A1C41762C30" section-type="subsequent-section"><enum>708.</enum><header>Extension of
provisions related to alcohol used as fuel</header>
<subsection id="id76CA86FB67E44BBE9B8D20C3C3A447BC"><enum>(a)</enum><header>Extension of
income tax credit for alcohol used as fuel</header>
<paragraph id="idF6DE654DACA8488C85849F68D23D3D5E"><enum>(1)</enum><header>In
general</header><text display-inline="yes-display-inline">Paragraph (1) of
section 40(e) is amended—</text>
<subparagraph id="ID52b3c599bfc7428cb659a4277246d458"><enum>(A)</enum><text>by striking
<quote>December 31, 2010</quote> in subparagraph (A) and inserting
<quote>December 31, 2011</quote>, and</text>
</subparagraph><subparagraph id="IDdbf59f61965846f387baa02c0fadf320"><enum>(B)</enum><text>by striking
<quote>January 1, 2011</quote> in subparagraph (B) and inserting <quote>January
1, 2012</quote>.</text>
</subparagraph></paragraph><paragraph id="id96981EA56C90422ABE153936186AC3EB"><enum>(2)</enum><header>Reduced amount
for ethanol blenders</header><text>Subsection (h) of section 40 is amended by
striking <quote>2010</quote> both places it appears and inserting
<quote>2011</quote>.</text>
</paragraph><paragraph id="idC1459AD98AB246BC90D2DA298687183F"><enum>(3)</enum><header>Effective
date</header><text>The amendments made by this subsection shall apply to
periods after December 31, 2010.</text>
</paragraph></subsection><subsection id="id93E4B4C9C52F471F9797D6254D688212"><enum>(b)</enum><header>Extension of
excise tax credit for alcohol used as fuel</header>
<paragraph id="idBC8F55C9DF404A42BBEF47A3F37F19B2"><enum>(1)</enum><header>In
general</header><text>Paragraph (6) of section 6426(b) is amended by striking
<quote>December 31, 2010</quote> and inserting <quote>December 31,
2011</quote>.</text>
</paragraph><paragraph id="idAB2A5C7274074FFFAFDA59C64F6C1A98"><enum>(2)</enum><header>Effective
date</header><text>The amendment made by this subsection shall apply to periods
after December 31, 2010.</text>
</paragraph></subsection><subsection id="idBED307F41CE84A6196B9BC2BBE046F19"><enum>(c)</enum><header>Extension of
payment for alcohol fuel mixture</header>
<paragraph id="id7FD330DE09BF43D385E307BC7C0C8129"><enum>(1)</enum><header>In
general</header><text>Subparagraph (A) of section 6427(e)(6) is amended by
striking <quote>December 31, 2010</quote> and inserting <quote>December 31,
2011</quote>.</text>
</paragraph><paragraph id="id2A729D120138457B9833C030F3391548"><enum>(2)</enum><header>Effective
date</header><text>The amendment made by this subsection shall apply to sales
and uses after December 31, 2010.</text>
</paragraph></subsection><subsection commented="no" display-inline="no-display-inline" id="idFA7087722AFB4040ABBD57F4C319B15A"><enum>(d)</enum><header>Extension of
additional duties on ethanol</header>
<paragraph commented="no" display-inline="no-display-inline" id="id009D39598D2745579FC06DC2C2EFEC21"><enum>(1)</enum><header>In
general</header><text display-inline="yes-display-inline">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 <quote>1/1/2011</quote> and
inserting <quote>1/1/2012</quote>.</text>
</paragraph><paragraph id="id52349E1715984A2295A88186552E7E26"><enum>(2)</enum><header>Effective
date</header><text>The amendments made by this subsection shall take effect on
January 1, 2011.</text>
</paragraph></subsection></section><section commented="no" display-inline="no-display-inline" id="id6A3B229C0A6440B8A25246304840F78E" section-type="subsequent-section"><enum>709.</enum><header>Energy efficient
appliance credit</header>
<subsection commented="no" id="id0DDAF2C9F32B4D858FB555617BA7E665"><enum>(a)</enum><header>Dishwashers</header><text>Paragraph
(1) of section 45M(b) is amended by striking <quote>and</quote> 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:</text>
<quoted-block display-inline="no-display-inline" id="id6412F5116F8248B29EE2B4E3516EDE22" style="OLC">
<subparagraph commented="no" id="id05AB59064C47423FAB9F8D484C66874E"><enum>(C)</enum><text display-inline="yes-display-inline">$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),</text>
</subparagraph><subparagraph commented="no" id="id8D7AD61BA46149BFAE1C58316D96DFA2"><enum>(D)</enum><text display-inline="yes-display-inline">$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</text>
</subparagraph><subparagraph commented="no" id="idFC73D54CCCD5484C9BF2B6B476606450"><enum>(E)</enum><text display-inline="yes-display-inline">$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).</text>
</subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection commented="no" id="id54B0B349CB6E431F9A6296950584623C"><enum>(b)</enum><header>Clothes
washers</header><text>Paragraph (2) of section 45M(b) is amended by striking
<quote>and</quote> 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:</text>
<quoted-block display-inline="no-display-inline" id="id1E533DCDA9314A71BA74B4ABDA4714E6" style="OLC">
<subparagraph commented="no" id="id498052EE5D0246BBB80141AE6D028F2C"><enum>(E)</enum><text display-inline="yes-display-inline">$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</text>
</subparagraph><subparagraph commented="no" id="idFB273055177747C092E6BD1D709930FD"><enum>(F)</enum><text>$225 in the case
of a clothes washer manufactured in calendar year 2011—</text>
<clause commented="no" id="id90B27574B62B4983B1BF2444D8605E20"><enum>(i)</enum><text display-inline="yes-display-inline">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</text>
</clause><clause commented="no" id="id666380EDD2E5455298AB826D4BCFA2B0"><enum>(ii)</enum><text display-inline="yes-display-inline">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.</text>
</clause></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection commented="no" id="idC7CBD280E9C14251B32337A5C3BC6971"><enum>(c)</enum><header>Refrigerators</header><text>Paragraph
(3) of section 45M(b) is amended by striking <quote>and</quote> 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:</text>
<quoted-block display-inline="no-display-inline" id="idAC67BECC14DC462484897D57B7D46D86" style="OLC">
<subparagraph commented="no" id="idB0FF64194D9A40789C5DE9CE378B1D71"><enum>(E)</enum><text display-inline="yes-display-inline">$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</text>
</subparagraph><subparagraph commented="no" id="id0AC9F6F8307141DEBB6C4E47DD6A8C6D"><enum>(F)</enum><text display-inline="yes-display-inline">$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.</text>
</subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection commented="no" id="id66D92CDA680447A6850D51549D81504F"><enum>(d)</enum><header>Rebasing of
limitations</header>
<paragraph commented="no" id="id4753A77BAFC44E87B249313755559A6F"><enum>(1)</enum><header>In
general</header><text display-inline="yes-display-inline">Paragraph (1) of
section 45M(e) is amended—</text>
<subparagraph commented="no" id="id8A868A4C0A5147509D6FF95197B227B8"><enum>(A)</enum><text display-inline="yes-display-inline">by striking <quote>$75,000,000</quote> and
inserting <quote>$25,000,000</quote>, and</text>
</subparagraph><subparagraph commented="no" id="id415968220CFA400E93E74A8FF93E9773"><enum>(B)</enum><text display-inline="yes-display-inline">by striking <quote>December 31,
2007</quote> and inserting <quote>December 31, 2010</quote>.</text>
</subparagraph></paragraph><paragraph commented="no" id="id932181F7A46C4B07B75C057AB52F5243"><enum>(2)</enum><header>Exception for
certain refrigerators and clothes washers</header><text>Paragraph (2) of
section 45M(e) is amended—</text>
<subparagraph commented="no" id="id4CDB46F329DA42A59A91D97E4D819542"><enum>(A)</enum><text>by striking
<quote>subsection (b)(3)(D)</quote> and inserting <quote>subsection
(b)(3)(F)</quote>, and</text>
</subparagraph><subparagraph commented="no" id="id1593FC03FEC945DC9B8396D8C05635BE"><enum>(B)</enum><text>by striking
<quote>subsection (b)(2)(D)</quote> and inserting <quote>subsection
(b)(2)(F)</quote>.</text>
</subparagraph></paragraph><paragraph commented="no" id="id05C77B232B5D471F92179D7A6A19553A"><enum>(3)</enum><header>Gross receipts
limitation</header><text>Paragraph (3) of section 45M(e) is amended by striking
<quote>2 percent</quote> and inserting <quote>4 percent</quote>.</text>
</paragraph></subsection><subsection commented="no" id="id3CB3784F0D1A45B690AF8D5D0C7EADBF"><enum>(e)</enum><header>Effective
dates</header>
<paragraph commented="no" id="idC41302B219994BA2AEBF9D3210E9FEAF"><enum>(1)</enum><header>In
general</header><text display-inline="yes-display-inline">The amendments made
by subsections (a), (b), and (c) shall apply to appliances produced after
December 31, 2010.</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="id2804D83AACA948CCA6F6044F6CB26325"><enum>(2)</enum><header>Limitations</header><text>The
amendments made by subsection (d) shall apply to taxable years beginning after
December 31, 2010.</text>
</paragraph></subsection></section><section display-inline="no-display-inline" id="id9DA4FE6FEDFF4961ABE7EFAFAFBE0715" section-type="subsequent-section"><enum>710.</enum><header>Credit for
nonbusiness energy property</header>
<subsection display-inline="no-display-inline" id="idB46A773674AA4271A00FD54F4950966F"><enum>(a)</enum><header>Extension</header><text>Section
25C(g)(2) is amended by striking <quote>2010</quote> and inserting
<quote>2011</quote>.</text>
</subsection><subsection display-inline="no-display-inline" id="idD5701EAC024246C19D2C02310337C755"><enum>(b)</enum><header>Return to
pre-ARRA limitations and standards</header>
<paragraph display-inline="no-display-inline" id="idC10973FF2CBB487795F2F813B2A5F12F"><enum>(1)</enum><header>In
general</header><text>Subsections (a) and (b) of section 25C are amended to
read as follows:</text>
<quoted-block display-inline="no-display-inline" id="id3B5A2AB354AC4DDB897DA2DD8359EBC1" style="OLC">
<subsection id="id0CD78B90F0BF467FAEAA57D747FC75E5"><enum>(a)</enum><header>Allowance of
credit</header><text>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—</text>
<paragraph id="idBB4C40A546AC450CBB230C3211D87D52"><enum>(1)</enum><text>10
percent of the amount paid or incurred by the taxpayer for qualified energy
efficiency improvements installed during such taxable year, and</text>
</paragraph><paragraph id="id009750C207F14B01BD8745DA0FCAD5F7"><enum>(2)</enum><text>the amount of the
residential energy property expenditures paid or incurred by the taxpayer
during such taxable year.</text>
</paragraph></subsection><subsection id="idA013ED34CA114F98BB757938CA08305B"><enum>(b)</enum><header>Limitations</header>
<paragraph id="id3641EF3615C043F1AB0BB5DE26E95825"><enum>(1)</enum><header>Lifetime
limitation</header><text>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.</text>
</paragraph><paragraph id="id175A856758EA428CBDD88E66D2F2E0BE"><enum>(2)</enum><header>Windows</header><text>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.</text>
</paragraph><paragraph id="idD68F7B366AB94249B8D0DE891F0AB568"><enum>(3)</enum><header>Limitation on
residential energy property expenditures</header><text>The amount of the credit
allowed under this section by reason of subsection (a)(2) shall not
exceed—</text>
<subparagraph id="idA1D702FF8C9C4B80973CE0FD400CFCE8"><enum>(A)</enum><text>$50 for any
advanced main air circulating fan,</text>
</subparagraph><subparagraph id="idD660ABC824DF41D29079C1F2D634163C"><enum>(B)</enum><text>$150 for any
qualified natural gas, propane, or oil furnace or hot water boiler, and</text>
</subparagraph><subparagraph id="id8F5FCBA3BC7040B1AE1EDE0E9EB980E0"><enum>(C)</enum><text>$300 for any item
of energy-efficient building
property.</text>
</subparagraph></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph><paragraph display-inline="no-display-inline" id="id46E24DDF196F450FA3A8B70BD12A6D06"><enum>(2)</enum><header>Modification of
standards</header>
<subparagraph display-inline="no-display-inline" id="id12F30B1FE5DB4946A4B9CC22BBF7721C"><enum>(A)</enum><header>In
general</header><text>Paragraph (1) of section 25C(c) is amended by striking
<quote>2000</quote> and all that follows through <quote>this section</quote>
and inserting <quote>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</quote>.</text>
</subparagraph><subparagraph display-inline="no-display-inline" id="idAACB248828264DA3AC4159B9D05F3D4E"><enum>(B)</enum><header>Wood
stoves</header><text>Subparagraph (E) of section 25C(d)(3) is amended by
striking <quote>, as measured using a lower heating value</quote>.</text>
</subparagraph><subparagraph display-inline="no-display-inline" id="id5177B0FA53D248E599576EEE2DCB8547"><enum>(C)</enum><header> Oil furnaces
and hot water boilers</header>
<clause display-inline="no-display-inline" id="id5352F55D2C64448F9A61B4B4FFBFF1E4"><enum>(i)</enum><header>In
general</header><text>Paragraph (4) of section 25C(d) is amended to read as
follows:</text>
<quoted-block display-inline="no-display-inline" id="idEEE0FBEE6DD94EEB8909414899C6E708" style="OLC">
<paragraph id="id8B3A0D6A7EC14804A7BD1C4E3CBA008F"><enum>(4)</enum><header>Qualified
natural gas, propane, or oil furnace or hot water boiler</header><text>The term
<quote>qualified natural gas, propane, or oil furnace or hot water
boiler</quote> 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.</text>
</paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</clause><clause display-inline="no-display-inline" id="id6559781F9908457886BE220785675854"><enum>(ii)</enum><header>Conforming
amendment</header><text>Clause (ii) of section 25C(d)(2)(A) is amended to read
as follows:</text>
<quoted-block display-inline="no-display-inline" id="id28DA99184DC2408FA07162BDDC5412A0" style="OLC">
<clause id="id1AAF31DDD8FA47B09B3110F64D1FA769"><enum>(ii)</enum><text>a
qualified natural gas, propane, or oil furnace or hot water boiler,
or</text>
</clause><after-quoted-block>.</after-quoted-block></quoted-block>
</clause></subparagraph><subparagraph display-inline="no-display-inline" id="id1E5BCB22815B4A139DFE1939B07DD52F"><enum>(D)</enum><header>Exterior
windows, doors, and skylights</header>
<clause display-inline="no-display-inline" id="idACF508A9CD0840EC95AD317798D5D09A"><enum>(i)</enum><header>In
general</header><text>Subsection (c) of section 25C is amended by striking
paragraph (4).</text>
</clause><clause display-inline="no-display-inline" id="id550A1B7EAA1B4AC38C2735268EA7173A"><enum>(ii)</enum><header>Application of
energy star standards</header><text>Paragraph (1) of section 25C(c) is amended
by inserting <quote>an exterior window, a skylight, an exterior door,</quote>
after <quote>in the case of</quote> in the matter preceding subparagraph
(A).</text>
</clause></subparagraph><subparagraph display-inline="no-display-inline" id="id1B3A5BB9D9054943A8182193077AFB14"><enum>(E)</enum><header>Insulation</header><text>Subparagraph
(A) of section 25C(c)(2) is amended by striking <quote>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</quote>.</text>
</subparagraph></paragraph><paragraph display-inline="no-display-inline" id="id5F718A35237645FD8C455EF6EA04A14E"><enum>(3)</enum><header>Subsidized
energy financing</header><text>Subsection (e) of section 25C is amended by
adding at the end the following new paragraph:</text>
<quoted-block display-inline="no-display-inline" id="id82002CBC9B2840B9BF619E37CF663341" style="OLC">
<paragraph display-inline="no-display-inline" id="idB7FDFEA2701841029637B6051C46B55E"><enum>(3)</enum><header>Property
financed by subsidized energy financing</header><text>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)).</text>
</paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection><subsection commented="no" display-inline="no-display-inline" id="id3C61B30F05D44DAB850BD4CF660D4D12"><enum>(c)</enum><header>Effective
date</header><text>The amendments made by this section shall apply to property
placed in service after December 31, 2010.</text>
</subsection></section><section commented="no" display-inline="no-display-inline" id="HE4AB7CF3EC4B47F9BF70310F7AA8B7F1"><enum>711.</enum><header>Alternative
fuel vehicle refueling property</header>
<subsection commented="no" id="H9411D61B3FFA49218C3C4F5854D7DF14"><enum>(a)</enum><header>Extension of
credit</header><text>Paragraph (2) of section 30C(g) is amended by striking
<quote>December 31, 2010</quote> and inserting <quote>December 31,
2011.</quote>.</text>
</subsection><subsection commented="no" display-inline="no-display-inline" id="H335EAAA49E0B4D8A9C90B02B6F79BF69"><enum>(b)</enum><header>Effective
date</header><text>The amendment made by this section shall apply to property
placed in service after December 31, 2010.</text>
</subsection></section></subtitle><subtitle id="H34A5BF038B934A8C99646C53500F5A21"><enum>B</enum><header>Individual tax
relief</header>
<section id="H69A065E37A794B06A130784060D3D4C5"><enum>721.</enum><header>Deduction for
certain expenses of elementary and secondary school teachers</header>
<subsection id="HFAAD20CEA67643F6A0C1C7D6C94AB18F"><enum>(a)</enum><header>In
general</header><text>Subparagraph (D) of section 62(a)(2) is amended by
striking <quote>or 2009</quote> and inserting <quote>2009, 2010, or
2011</quote>.</text>
</subsection><subsection id="HFAE9B96DB0824C22B36185022EE8EAC5"><enum>(b)</enum><header>Effective
date</header><text>The amendment made by this section shall apply to taxable
years beginning after December 31, 2009.</text>
</subsection></section><section id="H6B3094BE41234906ACB43BBB033EA22F"><enum>722.</enum><header>Deduction of
State and local sales taxes</header>
<subsection id="H7DC683243A854B9A9EF3EB1E0D9BA10B"><enum>(a)</enum><header>In
general</header><text>Subparagraph (I) of section 164(b)(5) is amended by
striking <quote>January 1, 2010</quote> and inserting <quote>January 1,
2012</quote>.</text>
</subsection><subsection id="H968890F327AD4DECBBE380A4A559E1E1"><enum>(b)</enum><header>Effective
date</header><text>The amendment made by this section shall apply to taxable
years beginning after December 31, 2009.</text>
</subsection></section><section id="H34A41CDE81C84894A1B6DBE9F13933A8"><enum>723.</enum><header>Contributions
of capital gain real property made for conservation purposes</header>
<subsection id="HEF2B1EB91B6C4120998C169609BBCE98"><enum>(a)</enum><header>In
general</header><text>Clause (vi) of section 170(b)(1)(E) is amended by
striking <quote>December 31, 2009</quote> and inserting <quote>December 31,
2011</quote>.</text>
</subsection><subsection id="H851A0A6484E541319A86E6A89F5938EB"><enum>(b)</enum><header>Contributions by
certain corporate farmers and ranchers</header><text>Clause (iii) of section
170(b)(2)(B) is amended by striking <quote>December 31, 2009</quote> and
inserting <quote>December 31, 2011</quote>.</text>
</subsection><subsection id="HE625422F9E784441895F71B4E9C5053A"><enum>(c)</enum><header>Effective
date</header><text>The amendments made by this section shall apply to
contributions made in taxable years beginning after December 31, 2009.</text>
</subsection></section><section commented="no" display-inline="no-display-inline" id="H260A8B0EE86547269BAAC910B1072136"><enum>724.</enum><header>Above-the-line
deduction for qualified tuition and related expenses</header>
<subsection id="H03BCD677C801425AA4979D983403F76C"><enum>(a)</enum><header>In
general</header><text>Subsection (e) of section 222 is amended by striking
<quote>December 31, 2009</quote> and inserting <quote>December 31,
2011</quote>.</text>
</subsection><subsection commented="no" display-inline="no-display-inline" id="HDD5E814D0520493D836E2325A0F3FC61"><enum>(b)</enum><header>Effective
date</header><text>The amendment made by this section shall apply to taxable
years beginning after December 31, 2009.</text>
</subsection></section><section id="H55400AE6A6904618A31718C04DB06915"><enum>725.</enum><header>Tax-free
distributions from individual retirement plans for charitable purposes</header>
<subsection id="H1F3ABDB8F51B4C358D26609F427A312D"><enum>(a)</enum><header>In
general</header><text>Subparagraph (F) of section 408(d)(8) is amended by
striking <quote>December 31, 2009</quote> and inserting <quote>December 31,
2011</quote>.</text>
</subsection><subsection commented="no" display-inline="no-display-inline" id="idABAED21E8D004BADBA46E719DEC93027"><enum>(b)</enum><header>Effective date;
special rule</header>
<paragraph commented="no" display-inline="no-display-inline" id="id1E75DE3FB4524E3E9FC54DB947B846D7"><enum>(1)</enum><header>Effective
date</header><text>The amendment made by this section shall apply to
distributions made in taxable years beginning after December 31, 2009.</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="idB4251214918444E781D8C76D14C68697"><enum>(2)</enum><header>Special
rule</header><text>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.</text>
</paragraph></subsection></section><section id="HC9632F9536D9475BA1809B673508BE83"><enum>726.</enum><header>Look-thru of
certain regulated investment company stock in determining gross estate of
nonresidents</header>
<subsection id="H247114492BEB4CE6A8B11FA5B3ED217D"><enum>(a)</enum><header>In
general</header><text>Paragraph (3) of section 2105(d) is amended by striking
<quote>December 31, 2009</quote> and inserting <quote>December 31,
2011</quote>.</text>
</subsection><subsection commented="no" display-inline="no-display-inline" id="H01F7F62415E041C7B9D4558FE9B5A133"><enum>(b)</enum><header>Effective
date</header><text>The amendment made by this section shall apply to estates of
decedents dying after December 31, 2009.</text>
</subsection></section><section id="id8C3EC3C4747747E1A27121017B7B5F7A"><enum>727.</enum><header>Parity for
exclusion from income for employer-provided mass transit and parking
benefits</header>
<subsection id="id417CC18BC0C44122919233C3570B15CF"><enum>(a)</enum><header>In
general</header><text>Paragraph (2) of section 132(f) is amended by striking
<quote>January 1, 2011</quote> and inserting <quote>January 1,
2012</quote>.</text>
</subsection><subsection id="id9754F66E0E9A4859A5DB2B414270E687"><enum>(b)</enum><header>Effective
date</header><text>The amendment made by this section shall apply to months
after December 31, 2010.</text>
</subsection></section><section commented="no" id="id3D8F13D5EC0A48FD8508AC634140BBF3"><enum>728.</enum><header>Refunds
disregarded in the administration of Federal programs and federally assisted
programs</header>
<subsection commented="no" id="idB0319DE977514CD7ADFB7BAF653AB903"><enum>(a)</enum><header>In
general</header><text>Subchapter A of chapter 65 is amended by adding at the
end the following new section:</text>
<quoted-block display-inline="no-display-inline" id="id23A9A0FC462243A69D1994651C4755C4" style="OLC">
<section commented="no" id="id0A63DA377FD54F85AFA8A95736FA6B0A"><enum>6409.</enum><header>Refunds
disregarded in the administration of Federal programs and federally assisted
programs</header>
<subsection commented="no" id="id0EAADCCC6F874B3BA308AE94E5B76661"><enum>(a)</enum><header>In
general</header><text display-inline="yes-display-inline">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.</text>
</subsection><subsection commented="no" id="idD6E8885C768E46FBA107B6CFF8A0D665"><enum>(b)</enum><header>Termination</header><text display-inline="yes-display-inline">Subsection (a) shall not apply to any
amount received after December 31,
2012.</text>
</subsection></section><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection commented="no" id="id4F479243017D4B91B93DFB6AC957E3CF"><enum>(b)</enum><header>Clerical
amendment</header><text>The table of sections for such subchapter is amended by
adding at the end the following new item:</text>
<quoted-block display-inline="no-display-inline" id="id49F6449B7A804E80A2AB538F37E4F34E" style="OLC">
<toc>
<toc-entry bold="off" level="section">Sec. 6409. Refunds disregarded in
the administration of Federal programs and federally assisted
programs.</toc-entry>
</toc>
<after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection commented="no" id="idA199AEB88EC548D6B4493F5270BE9F17"><enum>(c)</enum><header>Effective
date</header><text>The amendments made by this section shall apply to amounts
received after December 31, 2009.</text>
</subsection></section></subtitle><subtitle id="H261614B09ECF4C0493ED3825D92007F7"><enum>C</enum><header>Business tax
relief</header>
<section id="HEA1BE76417FC4AF7989B9C5B185BA585"><enum>731.</enum><header>Research
credit</header>
<subsection id="H4CCFB68A5EC243A0A97224CEB0D3BC15"><enum>(a)</enum><header>In
general</header><text>Subparagraph (B) of section 41(h)(1) is amended by
striking <quote>December 31, 2009</quote> and inserting <quote>December 31,
2011</quote>.</text>
</subsection><subsection id="H84679879C65C452785689AE4950A7EC3"><enum>(b)</enum><header>Conforming
amendment</header><text>Subparagraph (D) of section 45C(b)(1) is amended by
striking <quote>December 31, 2009</quote> and inserting <quote>December 31,
2011</quote>.</text>
</subsection><subsection id="HDCF4F02EA5E7447B9CA7CAA8EE9C2B08"><enum>(c)</enum><header>Effective
date</header><text>The amendments made by this section shall apply to amounts
paid or incurred after December 31, 2009.</text>
</subsection></section><section id="H8BB105F7978B40C0856D1196BFEAEC4A"><enum>732.</enum><header>Indian
employment tax credit</header>
<subsection id="HF6B834DE84834F9EACC0FC21C9BAE58D"><enum>(a)</enum><header>In
general</header><text>Subsection (f) of section 45A is amended by striking
<quote>December 31, 2009</quote> and inserting <quote>December 31,
2011</quote>.</text>
</subsection><subsection id="H01FB883B9DA549C393576E85BA06C777"><enum>(b)</enum><header>Effective
date</header><text>The amendment made by this section shall apply to taxable
years beginning after December 31, 2009.</text>
</subsection></section><section commented="no" id="H849BBC07487B4CEBB0E76D65AB097632"><enum>733.</enum><header>New markets tax
credit</header>
<subsection commented="no" id="HAAF0886F382C409C8648B9CEB9021A2C"><enum>(a)</enum><header>In
general</header><text>Paragraph (1) of section 45D(f) is amended—</text>
<paragraph commented="no" id="id36BD12FEE171478CBE5A2B956D7A6913"><enum>(1)</enum><text>by striking
<quote>and</quote> at the end of subparagraph (E),</text>
</paragraph><paragraph commented="no" id="id39A55B7CBB0B4FC39762EB5BE7E55690"><enum>(2)</enum><text>by striking the
period at the end of subparagraph (F), and</text>
</paragraph><paragraph commented="no" id="id7C483C85167B479F9066CCE2265898B0"><enum>(3)</enum><text>by adding at the
end the following new subparagraph:</text>
<quoted-block display-inline="no-display-inline" id="id835AFF14F198485DB42255D29E119242" style="OLC">
<subparagraph commented="no" id="idCFDEAD4F22374675837E7094934C5A7D"><enum>(G)</enum><text>$3,500,000,000
for 2010 and
2011.</text>
</subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection><subsection commented="no" id="H1BE18CCECC1242799E15D86CC67E3004"><enum>(b)</enum><header>Conforming
amendment</header><text>Paragraph (3) of section 45D(f) is amended by striking
<quote>2014</quote> and inserting <quote>2016</quote>.</text>
</subsection><subsection commented="no" id="H04C8889C1D764AC89C4723E2C40E3DB3"><enum>(c)</enum><header>Effective
date</header><text>The amendments made by this section shall apply to calendar
years beginning after 2009.</text>
</subsection></section><section id="HC550297849F243BAB93D1363E0C8535D"><enum>734.</enum><header>Railroad track
maintenance credit</header>
<subsection id="H4E592D398D9F406189967663269A219E"><enum>(a)</enum><header>In
general</header><text>Subsection (f) of section 45G is amended by striking
<quote>January 1, 2010</quote> and inserting <quote>January 1,
2012</quote>.</text>
</subsection><subsection id="H1C4B2A2DCF6F41FA97E5CAC2A5F949F9"><enum>(b)</enum><header>Effective
date</header><text>The amendment made by this section shall apply to
expenditures paid or incurred in taxable years beginning after December 31,
2009.</text>
</subsection></section><section id="HAC8131F41CD94738ACEADF770ADE4C6D"><enum>735.</enum><header>Mine
rescue team training credit</header>
<subsection id="H3EFB7D10141D4BE4A4A55AD40312E127"><enum>(a)</enum><header>In
general</header><text>Subsection (e) of section 45N is amended by striking
<quote>December 31, 2009</quote> and inserting <quote>December 31,
2011</quote>.</text>
</subsection><subsection id="H4800015767AE47D2A5FFA1AD695321E2"><enum>(b)</enum><header>Effective
date</header><text>The amendment made by this section shall apply to taxable
years beginning after December 31, 2009.</text>
</subsection></section><section id="H8549E34ABAAE4139A282EDF51CDB8E42"><enum>736.</enum><header>Employer wage
credit for employees who are active duty members of the uniformed
services</header>
<subsection id="HB775A3043C374155861E62C82AA2C0C1"><enum>(a)</enum><header>In
general</header><text>Subsection (f) of section 45P is amended by striking
<quote>December 31, 2009</quote> and inserting <quote>December 31,
2011</quote>.</text>
</subsection><subsection commented="no" display-inline="no-display-inline" id="HFA1DC56CFD78422AB22EF16B35D63778"><enum>(b)</enum><header>Effective
date</header><text>The amendment made by this section shall apply to payments
made after December 31, 2009.</text>
</subsection></section><section id="H8E82B5FBA0554606A6DAFE968473C1B6"><enum>737.</enum><header>15-year
straight-line cost recovery for qualified leasehold improvements, qualified
restaurant buildings and improvements, and qualified retail
improvements</header>
<subsection id="HF9131494F8084B35B5C220BFB43FD9F4"><enum>(a)</enum><header>In
general</header><text>Clauses (iv), (v), and (ix) of section 168(e)(3)(E) are
each amended by striking <quote>January 1, 2010</quote> and inserting
<quote>January 1, 2012</quote>.</text>
</subsection><subsection id="idB766FFC42C154BF792A4BADE774F4B3E"><enum>(b)</enum><header>Conforming
amendments</header>
<paragraph id="id2A269F859BCA4AB7A501039078245E14"><enum>(1)</enum><text>Clause (i) of
section 168(e)(7)(A) is amended by striking <quote>if such building is placed
in service after December 31, 2008, and before January 1, 2010,</quote>.</text>
</paragraph><paragraph id="H363637EB49A047E9B4457AAD2F11ACA0"><enum>(2)</enum><text>Paragraph (8) of
section 168(e) is amended by striking subparagraph (E).</text>
</paragraph><paragraph id="id80EE32134C454F838929FF5DB1E94CB0"><enum>(3)</enum><text>Section 179(f)(2)
is amended—</text>
<subparagraph id="id688F9D07846C421F9094EBC124188514"><enum>(A)</enum><text>by striking
<quote>(without regard to the dates specified in subparagraph (A)(i)
thereof)</quote> in subparagraph (B), and</text>
</subparagraph><subparagraph id="idD34633C8A1324D93B32C3F6A2C7597A3"><enum>(B)</enum><text>by striking
<quote>(without regard to subparagraph (E) thereof)</quote> in subparagraph
(C).</text>
</subparagraph></paragraph></subsection><subsection id="HFAB0139660254BFA8E8732B90A2D9030"><enum>(c)</enum><header>Effective
date</header><text>The amendments made by this section shall apply to property
placed in service after December 31, 2009.</text>
</subsection></section><section id="H69DAAE0A686D4BC684299C4BC5B7729A"><enum>738.</enum><header>7-year recovery
period for motorsports entertainment complexes</header>
<subsection id="H62763B45DDAC42FD98CF7736E72FB1F7"><enum>(a)</enum><header>In
general</header><text>Subparagraph (D) of section 168(i)(15) is amended by
striking <quote>December 31, 2009</quote> and inserting <quote>December 31,
2011</quote>.</text>
</subsection><subsection id="H44CDC564B193492E9AE4BCF36CB18573"><enum>(b)</enum><header>Effective
date</header><text>The amendment made by this section shall apply to property
placed in service after December 31, 2009.</text>
</subsection></section><section id="H3D73C0501AD946C4AA964BE5B357C937"><enum>739.</enum><header>Accelerated
depreciation for business property on an Indian reservation</header>
<subsection id="H5A8C17F7CB754F1E8364BFAFF19D57F8"><enum>(a)</enum><header>In
general</header><text display-inline="yes-display-inline">Paragraph (8) of
section 168(j) is amended by striking <quote>December 31, 2009</quote> and
inserting <quote>December 31, 2011</quote>.</text>
</subsection><subsection id="H1FE5DBC50F0D41E19046FA8B33C225DE"><enum>(b)</enum><header>Effective
date</header><text>The amendment made by this section shall apply to property
placed in service after December 31, 2009.</text>
</subsection></section><section id="H453FDBBF806C43B9BB878A84DCB360A5"><enum>740.</enum><header>Enhanced
charitable deduction for contributions of food inventory</header>
<subsection id="H7227F538954B4C69826AB399474CCE1E"><enum>(a)</enum><header>In
general</header><text>Clause (iv) of section 170(e)(3)(C) is amended by
striking <quote>December 31, 2009</quote> and inserting <quote>December 31,
2011</quote>.</text>
</subsection><subsection id="H4866861074D14074AD37C036BAA6D494"><enum>(b)</enum><header>Effective
date</header><text>The amendment made by this section shall apply to
contributions made after December 31, 2009.</text>
</subsection></section><section id="HF82FE64FA26A406D95B0423BA6D35148"><enum>741.</enum><header>Enhanced
charitable deduction for contributions of book inventories to public
schools</header>
<subsection id="H86D3A8C97F004A27AC3E149227465ED4"><enum>(a)</enum><header>In
general</header><text>Clause (iv) of section 170(e)(3)(D) is amended by
striking <quote>December 31, 2009</quote> and inserting <quote>December 31,
2011</quote>.</text>
</subsection><subsection commented="no" display-inline="no-display-inline" id="H6CD57F5316094D49892BAE8AAA92CE43"><enum>(b)</enum><header>Effective
date</header><text>The amendment made by this section shall apply to
contributions made after December 31, 2009.</text>
</subsection></section><section commented="no" display-inline="no-display-inline" id="H7D862E505B6F45A7B10A2A60E9403DD1"><enum>742.</enum><header>Enhanced
charitable deduction for corporate contributions of computer inventory for
educational purposes</header>
<subsection id="H529687ADFB7F49BDAF2ACE6A7E6B7F8A"><enum>(a)</enum><header>In
general</header><text>Subparagraph (G) of section 170(e)(6) is amended by
striking <quote>December 31, 2009</quote> and inserting <quote>December 31,
2011</quote>.</text>
</subsection><subsection commented="no" display-inline="no-display-inline" id="H6588C1E83DD04DE395D7C35B56C03233"><enum>(b)</enum><header>Effective
date</header><text>The amendment made by this section shall apply to
contributions made in taxable years beginning after December 31, 2009.</text>
</subsection></section><section commented="no" display-inline="no-display-inline" id="HAAE1C394D51B45048AD67F9B39788A9D"><enum>743.</enum><header>Election to
expense mine safety equipment</header>
<subsection id="H2A8222C2D53E425583AA5C884A02F451"><enum>(a)</enum><header>In
general</header><text>Subsection (g) of section 179E is amended by striking
<quote>December 31, 2009</quote> and inserting <quote>December 31,
2011</quote>.</text>
</subsection><subsection commented="no" display-inline="no-display-inline" id="H383F7CB36C10473692D955E199F33615"><enum>(b)</enum><header>Effective
date</header><text>The amendment made by this section shall apply to property
placed in service after December 31, 2009.</text>
</subsection></section><section commented="no" display-inline="no-display-inline" id="HF7601E819BDA45D082C1535DC78513E3"><enum>744.</enum><header>Special
expensing rules for certain film and television productions</header>
<subsection id="H1FEC2FD715C24B13A69EDEA4C3E0143B"><enum>(a)</enum><header>In
general</header><text>Subsection (f) of section 181 is amended by striking
<quote>December 31, 2009</quote> and inserting <quote>December 31,
2011</quote>.</text>
</subsection><subsection commented="no" display-inline="no-display-inline" id="HB771FC88F30E4FC9BEE09EF6A120CEF8"><enum>(b)</enum><header>Effective
date</header><text>The amendment made by this section shall apply to
productions commencing after December 31, 2009.</text>
</subsection></section><section commented="no" display-inline="no-display-inline" id="H51890389CE7149C3BF8EBAD2915E77DE"><enum>745.</enum><header>Expensing of
environmental remediation costs</header>
<subsection id="H94A27EBA3EC94F279E91ABBB7AFB8ED4"><enum>(a)</enum><header>In
general</header><text>Subsection (h) of section 198 is amended by striking
<quote>December 31, 2009</quote> and inserting <quote>December 31,
2011</quote>.</text>
</subsection><subsection commented="no" display-inline="no-display-inline" id="HF911D871E2BE4F12B509E6C8D000A334"><enum>(b)</enum><header>Effective
date</header><text>The amendment made by this section shall apply to
expenditures paid or incurred after December 31, 2009.</text>
</subsection></section><section id="HABBA4C05F94947C28FF3BB162D586D59"><enum>746.</enum><header>Deduction
allowable with respect to income attributable to domestic production activities
in Puerto Rico</header>
<subsection id="H713376E47C854ADB9FDF0D71B6811A87"><enum>(a)</enum><header>In
general</header><text>Subparagraph (C) of section 199(d)(8) is amended—</text>
<paragraph id="H291C4770B0414D0DA3E0E3CDF6B5F84C"><enum>(1)</enum><text>by
striking <quote>first 4 taxable years</quote> and inserting <quote>first 6
taxable years</quote>; and</text>
</paragraph><paragraph id="H67DD0E5928634FA6A3ABB817DE65D3F2"><enum>(2)</enum><text>by
striking <quote>January 1, 2010</quote> and inserting <quote>January 1,
2012</quote>.</text>
</paragraph></subsection><subsection commented="no" display-inline="no-display-inline" id="HE9CCCD63E87A452D8D1CB55D8D15312A"><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="HDB3E244DE3AC4353872A7DEB56C461D2"><enum>747.</enum><header>Modification of
tax treatment of certain payments to controlling exempt organizations</header>
<subsection id="HE651A7073D6F428CA265887BA8361990"><enum>(a)</enum><header>In
general</header><text>Clause (iv) of section 512(b)(13)(E) is amended by
striking <quote>December 31, 2009</quote> and inserting <quote>December 31,
2011</quote>.</text>
</subsection><subsection commented="no" display-inline="no-display-inline" id="H6510D0FCC55B4DFE99BD6D2BFE3BB54B"><enum>(b)</enum><header>Effective
date</header><text>The amendment made by this section shall apply to payments
received or accrued after December 31, 2009.</text>
</subsection></section><section id="HD1064D8DE2884020B69D58671651A3AE"><enum>748.</enum><header>Treatment of
certain dividends of regulated investment companies</header>
<subsection id="H684963D829FC440D9C1DF4B07892DFEA"><enum>(a)</enum><header>In
general</header><text>Paragraphs (1)(C) and (2)(C) of section 871(k) are each
amended by striking <quote>December 31, 2009</quote> and inserting
<quote>December 31, 2011</quote>.</text>
</subsection><subsection commented="no" display-inline="no-display-inline" id="H4A6EB8702DA24FB6834A47E4D75D5B8D"><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 commented="no" display-inline="no-display-inline" id="HB8CD4D149AA843D8BD7513092FA980AB"><enum>749.</enum><header>RIC qualified
investment entity treatment under FIRPTA</header>
<subsection id="HCE509BC160564EFF9EE2D07F80CF5F1F"><enum>(a)</enum><header>In
general</header><text>Clause (ii) of section 897(h)(4)(A) is amended by
striking <quote>December 31, 2009</quote> and inserting <quote>December 31,
2011</quote>.</text>
</subsection><subsection commented="no" display-inline="no-display-inline" id="HE2E85664D8804BA8B8B07F22F0BC2C42"><enum>(b)</enum><header>Effective
date</header>
<paragraph commented="no" display-inline="no-display-inline" id="HFDF82A6438114F0886204B51E3451B48"><enum>(1)</enum><header>In
general</header><text>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.</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="H62DE9FCD06AE425FB586783EB620535B"><enum>(2)</enum><header>Amounts withheld
on or before date of enactment</header><text>In the case of a regulated
investment company—</text>
<subparagraph commented="no" display-inline="no-display-inline" id="H27AEDDB7EF5140D7A0E3DD4CED794C70"><enum>(A)</enum><text>which makes a
distribution after December 31, 2009, and before the date of the enactment of
this Act; and</text>
</subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="H14261C69CB1049A097CA82788A5B67A4"><enum>(B)</enum><text>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,</text>
</subparagraph><continuation-text continuation-text-level="paragraph">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.</continuation-text></paragraph></subsection></section><section id="HE7D1941C676C4211AEBDF73920852896"><enum>750.</enum><header>Exceptions for
active financing income</header>
<subsection id="HD24EE73290194D9A9E30FFB44BC1D872"><enum>(a)</enum><header>In
general</header><text>Sections 953(e)(10) and 954(h)(9) are each amended by
striking <quote>January 1, 2010</quote> and inserting <quote>January 1,
2012</quote>.</text>
</subsection><subsection id="HC8CC5247F8184668A239D769C84C8E1D"><enum>(b)</enum><header>Conforming
amendment</header><text>Section 953(e)(10) is amended by striking
<quote>December 31, 2009</quote> and inserting <quote>December 31,
2011</quote>.</text>
</subsection><subsection commented="no" display-inline="no-display-inline" id="HD5052920DB7F498A974813767058089C"><enum>(c)</enum><header>Effective
date</header><text>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.</text>
</subsection></section><section commented="no" display-inline="no-display-inline" id="HBBC686A7AAE24CB2AD1651219DD8EAA3"><enum>751.</enum><header>Look-thru
treatment of payments between related controlled foreign corporations under
foreign personal holding company rules</header>
<subsection commented="no" display-inline="no-display-inline" id="H9FF9246A687B41AF8F4238564698F5F1"><enum>(a)</enum><header>In
general</header><text>Subparagraph (C) of section 954(c)(6) is amended by
striking <quote>January 1, 2010</quote> and inserting <quote>January 1,
2012</quote>.</text>
</subsection><subsection commented="no" display-inline="no-display-inline" id="HB6D70568D5F94BF99E4D1D4F0D0E8861"><enum>(b)</enum><header>Effective
date</header><text>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.</text>
</subsection></section><section id="H2A2966771BEC4A7FA9A4E18A602D6F26"><enum>752.</enum><header>Basis
adjustment to stock of S corps making charitable contributions of
property</header>
<subsection id="H9B3D2D86A2CF4AA4934739786880EE0A"><enum>(a)</enum><header>In
general</header><text>Paragraph (2) of section 1367(a) is amended by striking
<quote>December 31, 2009</quote> and inserting <quote>December 31,
2011</quote>.</text>
</subsection><subsection commented="no" display-inline="no-display-inline" id="H59C54F515D2646D89DC8FBF2033E63A8"><enum>(b)</enum><header>Effective
date</header><text>The amendment made by this section shall apply to
contributions made in taxable years beginning after December 31, 2009.</text>
</subsection></section><section id="HD775FE95F80E47DAA82243AA771E89B9"><enum>753.</enum><header>Empowerment
zone tax incentives</header>
<subsection id="HB06DF2C5D3844F8DB1C9D979DAB597C7"><enum>(a)</enum><header>In
general</header><text>Section 1391 is amended—</text>
<paragraph id="HFCD484CD541D402E9D4505BA9292F0C0"><enum>(1)</enum><text>by
striking <quote>December 31, 2009</quote> in subsection (d)(1)(A)(i) and
inserting <quote>December 31, 2011</quote>; and</text>
</paragraph><paragraph id="H3EB074131F704A7A9E9831951C83B9D0"><enum>(2)</enum><text>by
striking the last sentence of subsection (h)(2).</text>
</paragraph></subsection><subsection id="HD72202EFBE35476EA8045F686B2C7BE7"><enum>(b)</enum><header>Increased
exclusion of gain on stock of empowerment zone
businesses</header><text>Subparagraph (C) of section 1202(a)(2) is
amended—</text>
<paragraph id="HADEF9DD6E75E424EA9F9B1955CB3F863"><enum>(1)</enum><text>by
striking <quote>December 31, 2014</quote> and inserting <quote>December 31,
2016</quote>; and</text>
</paragraph><paragraph id="H7F71E22125E640C2A4A6C71687A4AEDC"><enum>(2)</enum><text>by
striking <quote><header-in-text level="subparagraph" style="OLC">2014</header-in-text></quote> in the heading and inserting
<quote><header-in-text level="subparagraph" style="OLC">2016</header-in-text></quote>.</text>
</paragraph></subsection><subsection id="HE9252D54E8D3454DB6BDA23A17F65366"><enum>(c)</enum><header>Treatment of
certain termination dates specified in nominations</header><text>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.</text>
</subsection><subsection commented="no" display-inline="no-display-inline" id="H6671943D5C394CD5B477885C23B2891E"><enum>(d)</enum><header>Effective
date</header><text>The amendments made by this section shall apply to periods
after December 31, 2009.</text>
</subsection></section><section commented="no" display-inline="no-display-inline" id="H22FFAAED9DCF492D957F852F3CE2ABAB"><enum>754.</enum><header>Tax incentives
for investment in the District of Columbia</header>
<subsection commented="no" display-inline="no-display-inline" id="H0D3D4AF67A6A4749969CE13E4DFA1B75"><enum>(a)</enum><header>In
general</header><text>Subsection (f) of section 1400 is amended by striking
<quote>December 31, 2009</quote> each place it appears and inserting
<quote>December 31, 2011</quote>.</text>
</subsection><subsection commented="no" display-inline="no-display-inline" id="H9EDA43017036455B8EE23AF79FE29A28"><enum>(b)</enum><header>Tax-exempt DC
empowerment zone bonds</header><text>Subsection (b) of section 1400A is amended
by striking <quote>December 31, 2009</quote> and inserting <quote>December 31,
2011</quote>.</text>
</subsection><subsection commented="no" display-inline="no-display-inline" id="H1C2D29D1B7F046EB8124A5ECCDDDD53A"><enum>(c)</enum><header>Zero-percent
capital gains rate</header>
<paragraph commented="no" display-inline="no-display-inline" id="HC96AD4051E5D4F039C8A7EDBF37F1C26"><enum>(1)</enum><header>Acquisition
date</header><text>Paragraphs (2)(A)(i), (3)(A), (4)(A)(i), and (4)(B)(i)(I) of
section 1400B(b) are each amended by striking <quote>January 1, 2010</quote>
and inserting <quote>January 1, 2012</quote>.</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="HEDC0A99B2C934A8EB99860E5442DACF5"><enum>(2)</enum><header>Limitation on
period of gains</header>
<subparagraph commented="no" display-inline="no-display-inline" id="H2C336C84B2EA4685B9327494E4E7E2A7"><enum>(A)</enum><header>In
general</header><text>Paragraph (2) of section 1400B(e) is amended—</text>
<clause commented="no" display-inline="no-display-inline" id="HAA7E71D195BF40D68E3EF40188FB6A7E"><enum>(i)</enum><text>by striking
<quote>December 31, 2014</quote> and inserting <quote>December 31,
2016</quote>; and</text>
</clause><clause commented="no" display-inline="no-display-inline" id="HD05F5A6F478F4DC1BF5A3793B3C3A9DE"><enum>(ii)</enum><text>by striking
<quote><header-in-text level="paragraph" style="OLC">2014</header-in-text></quote> in the heading and inserting
<quote><header-in-text level="paragraph" style="OLC">2016</header-in-text></quote>.</text>
</clause></subparagraph><subparagraph commented="no" display-inline="no-display-inline" id="H074DED3FEC3A41F79A5E6EF9CEEDEF74"><enum>(B)</enum><header>Partnerships and
S-corps</header><text>Paragraph (2) of section 1400B(g) is amended by striking
<quote>December 31, 2014</quote> and inserting <quote>December 31,
2016</quote>.</text>
</subparagraph></paragraph></subsection><subsection commented="no" display-inline="no-display-inline" id="H24203E3D54F4431B8C8EEB19034E1540"><enum>(d)</enum><header>First-time
homebuyer credit</header><text>Subsection (i) of section 1400C is amended by
striking <quote>January 1, 2010</quote> and inserting <quote>January 1,
2012</quote>.</text>
</subsection><subsection commented="no" display-inline="no-display-inline" id="H89BEDFBCEACD4F909ACECA736E431D5C"><enum>(e)</enum><header>Effective
dates</header>
<paragraph commented="no" display-inline="no-display-inline" id="H050C02B4451B47C788EFAC27BDE9B135"><enum>(1)</enum><header>In
general</header><text>Except as otherwise provided in this subsection, the
amendments made by this section shall apply to periods after December 31,
2009.</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="H537FD3073FA7476295DCC720A0BF2231"><enum>(2)</enum><header>Tax-exempt DC
empowerment zone bonds</header><text>The amendment made by subsection (b) shall
apply to bonds issued after December 31, 2009.</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="HD56964DC8CC248EBA3464EB75B8F33EF"><enum>(3)</enum><header>Acquisition
dates for zero-percent capital gains rate</header><text>The amendments made by
subsection (c) shall apply to property acquired or substantially improved after
December 31, 2009.</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="H1CE2F8E17A984982AB7BEAE9297734ED"><enum>(4)</enum><header>Homebuyer
credit</header><text>The amendment made by subsection (d) shall apply to homes
purchased after December 31, 2009.</text>
</paragraph></subsection></section><section id="H89164019406A4C209769ACB949519E86"><enum>755.</enum><header>Temporary
increase in limit on cover over of rum excise taxes to Puerto Rico and the
Virgin Islands</header>
<subsection id="HC5E00B2889CD4401B6EC15EA5C6BB531"><enum>(a)</enum><header>In
general</header><text>Paragraph (1) of section 7652(f) is amended by striking
<quote>January 1, 2010</quote> and inserting <quote>January 1,
2012</quote>.</text>
</subsection><subsection commented="no" display-inline="no-display-inline" id="H4045F64FD5AD4628A17C69BF7D89DEA4"><enum>(b)</enum><header>Effective
date</header><text>The amendment made by this section shall apply to distilled
spirits brought into the United States after December 31, 2009.</text>
</subsection></section><section commented="no" display-inline="no-display-inline" id="H9D9F18DD03084A61A554F3FEA510386C"><enum>756.</enum><header>American Samoa
economic development credit</header>
<subsection commented="no" display-inline="no-display-inline" id="id3F0D46C230DA4F07B2F8444AC61AAE75"><enum>(a)</enum><header>In
general</header><text display-inline="yes-display-inline">Subsection (d) of
section 119 of division A of the Tax Relief and Health Care Act of 2006 is
amended—</text>
<paragraph commented="no" display-inline="no-display-inline" id="id8B8F4B0E542D42829D190958F5FFCA0E"><enum>(1)</enum><text display-inline="yes-display-inline">by striking <quote>first 4 taxable
years</quote> and inserting <quote>first 6 taxable years</quote>, and</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="id77F830A08EA64524B29DA450B877BC8A"><enum>(2)</enum><text display-inline="yes-display-inline">by striking <quote>January 1, 2010</quote>
and inserting <quote>January 1, 2012</quote>.</text>
</paragraph></subsection><subsection commented="no" display-inline="no-display-inline" id="id163B108B855A4A3AB7DC542B24401F4B"><enum>(b)</enum><header>Effective
date</header><text display-inline="yes-display-inline">The amendments made by
this section shall apply to taxable years beginning after December 31,
2009.</text>
</subsection></section><section commented="no" display-inline="no-display-inline" id="idF3FFB223A87B486EB82D0F45663222D4"><enum>757.</enum><header>Work
opportunity credit</header>
<subsection commented="no" display-inline="no-display-inline" id="idDC39492198874AD0B75ECFE0491786AC"><enum>(a)</enum><header>In
general</header><text>Subparagraph (B) of section 51(c)(4) is amended by
striking <quote>August 31, 2011</quote> and inserting <quote>December 31,
2011</quote>.</text>
</subsection><subsection commented="no" display-inline="no-display-inline" id="id9A4BA789940E4085B6A0E8055EB26AD6"><enum>(b)</enum><header>Effective
date</header><text>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.</text>
</subsection></section><section commented="no" display-inline="no-display-inline" id="idA8E5FC3EEEEC4322A4750FCE52442044"><enum>758.</enum><header>Qualified zone
academy bonds</header>
<subsection commented="no" display-inline="no-display-inline" id="id949E2C40D521436FACDC360945E5B97D"><enum>(a)</enum><header>In
general</header><text>Section 54E(c)(1) is amended—</text>
<paragraph commented="no" display-inline="no-display-inline" id="id9BAA739838E4438F93F64A1A25DD0315"><enum>(1)</enum><text>by striking
<quote>2008 and</quote> and inserting <quote>2008,</quote>, and</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="id6035E2C635D84A3BA9911B984F5FD9CC"><enum>(2)</enum><text>by inserting
<quote>and $400,000,000 for 2011</quote> after <quote>2010,</quote>.</text>
</paragraph></subsection><subsection commented="no" display-inline="no-display-inline" id="id1CA39E6256E64D6C95E1AD96EED6870B"><enum>(b)</enum><header>Repeal of
refundable credit for QZABs</header><text display-inline="yes-display-inline">Paragraph (3) of section 6431(f) is amended
by inserting <quote>determined without regard to any allocation relating to the
national zone academy bond limitation for 2011 or any carryforward of such
allocation</quote> after <quote>54E)</quote> in subparagraph (A)(iii).</text>
</subsection><subsection commented="no" display-inline="no-display-inline" id="id20CCAB82F2DC46509E2C810CB82D29EB"><enum>(c)</enum><header>Effective
date</header><text>The amendments made by this section shall apply to
obligations issued after December 31, 2010.</text>
</subsection></section><section commented="no" display-inline="no-display-inline" id="id5A2A81ECB86A4C32A008BA3C7AC30334"><enum>759.</enum><header>Mortgage
insurance premiums</header>
<subsection id="IDc2cbaec6b8a540a3a8e951c0057b7903"><enum>(a)</enum><header>In
general</header><text>Clause (iv) of section 163(h)(3)(E) is amended by
striking <quote>December 31, 2010</quote> and inserting <quote>December 31,
2011</quote>.</text>
</subsection><subsection id="IDb761d20f9dd14a0cbd04f30debbab8e2"><enum>(b)</enum><header>Effective
date</header><text>The amendment made by this section shall apply to amounts
paid or accrued after December 31, 2010.</text>
</subsection></section><section id="HA40AD22EBDD54275B4964C42988FB574" section-type="subsequent-section"><enum>760.</enum><header>Temporary exclusion
of 100 percent of gain on certain small business stock</header>
<subsection id="H725C141B7A204FEA979F0B91F53F9255"><enum>(a)</enum><header>In
general</header><text display-inline="yes-display-inline">Paragraph (4) of
section 1202(a) is amended—</text>
<paragraph id="idE235E05A87294EBE9A32F2DA1F767ACD"><enum>(1)</enum><text display-inline="yes-display-inline">by striking <quote>January 1, 2011</quote>
and inserting <quote>January 1, 2012</quote>, and</text>
</paragraph><paragraph id="id5DA28F7B090847E685EEEFE419FC83A8"><enum>(2)</enum><text>by
inserting <quote><header-in-text level="paragraph" style="OLC">and
2011</header-in-text></quote> after <quote><header-in-text level="paragraph" style="OLC">2010</header-in-text></quote> in the heading thereof.</text>
</paragraph></subsection><subsection commented="no" display-inline="no-display-inline" id="H31BBF69185004B6BA53A5D0C86F4D7C3"><enum>(b)</enum><header>Effective
date</header><text>The amendments made by this section shall apply to stock
acquired after December 31, 2010.</text>
</subsection></section></subtitle><subtitle id="id30B0F75E9F384B53BD640595B5BDFEB2"><enum>D</enum><header>Temporary
disaster relief provisions</header>
<part id="LEXA-Repairid4C74BB04E52341E1ABF236761CC33E2E"><subpart id="H103032FB7FC047F2B807D87A65969C0C"><enum>A</enum><header>New
York Liberty Zone</header>
<section id="H4664B74652BA4C9ABC7793AA84093125"><enum>761.</enum><header>Tax-exempt bond
financing</header>
<subsection id="HC22FAFDBAFD040D68D325470B103D3C4"><enum>(a)</enum><header>In
general</header><text>Subparagraph (D) of section 1400L(d)(2) is amended by
striking <quote>January 1, 2010</quote> and inserting <quote>January 1,
2012</quote>.</text>
</subsection><subsection id="H4582DBA4B42B409895B084BDFAE196EC"><enum>(b)</enum><header>Effective
date</header><text>The amendment made by this section shall apply to bonds
issued after December 31, 2009.</text>
</subsection></section></subpart><subpart id="HEDE6403B851F4F24B2886A3E7F48DB9D"><enum>B</enum><header>GO
Zone</header>
<section commented="no" id="HB49C2B24DC1943728320F919AC74F854"><enum>762.</enum><header>Increase in
rehabilitation credit</header>
<subsection commented="no" id="HD6C067DFD2C04817AD0D9B312341C9A0"><enum>(a)</enum><header>In
general</header><text>Subsection (h) of section 1400N is amended by striking
<quote>December 31, 2009</quote> and inserting <quote>December 31,
2011</quote>.</text>
</subsection><subsection commented="no" id="H76A8374291E2498DA3678732F367DB19"><enum>(b)</enum><header>Effective
date</header><text>The amendment made by this section shall apply to amounts
paid or incurred after December 31, 2009.</text>
</subsection></section><section display-inline="no-display-inline" id="H4523AA0E144C489C824A4A3C1B933255" section-type="subsequent-section"><enum>763.</enum><header>Low-income housing
credit rules for buildings in GO zones</header><text display-inline="no-display-inline">Section 1400N(c)(5) is amended by striking
<quote>January 1, 2011</quote> and inserting <quote>January 1,
2012</quote>.</text>
</section><section id="id7FA2D3021419410BA1E0F487727B9B9D"><enum>764.</enum><header>Tax-exempt
bond financing</header>
<subsection id="idCB51ACADC4394A0CBC5D3F93EB6F1B1B"><enum>(a)</enum><header>In
general</header><text display-inline="yes-display-inline">Paragraphs (2)(D) and
(7)(C) of section 1400N(a) are each amended by striking <quote>January 1,
2011</quote> and inserting <quote>January 1, 2012</quote>.</text>
</subsection><subsection commented="no" display-inline="no-display-inline" id="idAE3F227A404D4EC7BAE0B6545FADC401"><enum>(b)</enum><header>Conforming
amendments</header><text>Sections 702(d)(1) and 704(a) of the Heartland
Disaster Tax Relief Act of 2008 are each amended by striking <quote>January 1,
2011</quote> each place it appears and inserting <quote>January 1,
2012</quote>.</text>
</subsection></section><section id="idBB8A382E680A4804BC65909727766833" section-type="subsequent-section"><enum>765.</enum><header>Bonus depreciation
deduction applicable to the GO Zone</header>
<subsection id="id0C4B4B941E684D918CF5E428E8C950E7"><enum>(a)</enum><header>In
general</header><text display-inline="yes-display-inline">Paragraph (6) of
section 1400N(d) is amended—</text>
<paragraph id="id0C7043B9F48046308E7178ADAB0246AB"><enum>(1)</enum><text display-inline="yes-display-inline">by striking “December 31, 2010” both places
it appears in subparagraph (B) and inserting “December 31, 2011”, and</text>
</paragraph><paragraph id="id0FBFA7EB97044030A5C0BE3B8F41845A"><enum>(2)</enum><text display-inline="yes-display-inline">by striking <quote>January 1, 2010</quote>
in the heading and the text of subparagraph (D) and inserting <quote>January 1,
2012</quote>.</text>
</paragraph></subsection><subsection commented="no" display-inline="no-display-inline" id="idDE79449400A84E5B86C8803CE8C8A1BE"><enum>(b)</enum><header>Effective
date</header><text>The amendment made by this section shall apply to property
placed in service after December 31, 2009.</text>
</subsection></section></subpart></part></subtitle><enum>VIII</enum><header>Budgetary
provisions</header>
<section commented="no" display-inline="no-display-inline" id="idCDB391407D30413F972ADE6F3F9EB0DA" section-type="subsequent-section"><enum>801.</enum><header>Determination of
budgetary effects</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, 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.</text>
</section><section commented="no" display-inline="no-display-inline" id="id015F9EEA9176414F93AC6924B8FE6DF1" section-type="subsequent-section"><enum>802.</enum><header>Emergency
designations</header>
<subsection commented="no" display-inline="no-display-inline" id="idA972A4A648854AA58D6E4D02F52BE29B"><enum>(a)</enum><header>Statutory
paygo</header><text display-inline="yes-display-inline">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.</text>
</subsection><subsection commented="no" display-inline="no-display-inline" id="id6D00C49DACC84659ACF9DD37B1C06F30"><enum>(b)</enum><header>Senate</header><text display-inline="yes-display-inline">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.</text>
</subsection><subsection commented="no" display-inline="no-display-inline" id="id6695A788E936465986FF53FAD5E525FD"><enum>(c)</enum><header>House of
Representatives</header><text>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.</text>
</subsection></section>
Secretary