I 111th CONGRESS 2d Session H. R. 5486 IN THE HOUSE OF REPRESENTATIVES June 9, 2010 Mr. Levin introduced the following bill; which was referred to the Committee on Ways and Means A BILL To amend the Internal Revenue Code of 1986 to provide tax incentives for small business job creation, and for other purposes.
<enum>V</enum><header>Tax provisions</header> <section display-inline="no-display-inline" id="HA352BF34A24A4E69967C551EAB617ECB" section-type="subsequent-section"><enum>500.</enum><header>Short title; etc</header> <subsection commented="no" id="H61CF167782314DE18EA3BAE4D4B1945B"><enum>(a)</enum><header>Short title</header><text display-inline="yes-display-inline">This title may be cited as the <quote><short-title>Small Business Jobs Tax Relief Act of 2010</short-title></quote>.</text> </subsection><subsection id="H3591B508168E406DB07D07E991465788"><enum>(b)</enum><header>Amendment of 1986 Code</header><text>Except as otherwise expressly provided, whenever in this title 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.</text> </subsection><subsection commented="no" id="HF23A21163D4A43D689946B586B532A0B"><enum>(c)</enum><header>Table of contents</header><text>The table of contents for this title is as follows:</text> <toc container-level="title-container" idref="H3A0F743CD1D64EDE837AB1041F95E699" lowest-bolded-level="division-lowest-bolded" lowest-level="section" quoted-block="no-quoted-block" regeneration="yes-regeneration"> <toc-entry idref="HA352BF34A24A4E69967C551EAB617ECB" level="section">Sec. 500. Short title; etc.</toc-entry> <toc-entry idref="H8EE67EFCBF2C4D6BAB05ECC769451D42" level="subtitle">Subtitle A—Small business tax incentives</toc-entry> <toc-entry idref="H26E50B7A6BBB47F98AE427CA29BDC001" level="part">Part 1—General provisions</toc-entry> <toc-entry idref="HD45B1A8F21C74FBC8EB499E5766267F9" level="section">Sec. 501. Temporary exclusion of 100 percent of gain on certain small business stock.</toc-entry> <toc-entry idref="HC2F4FF3DB457457BAEBFCC5B2072364C" level="part">Part 2—Limitations and reporting on certain penalties</toc-entry> <toc-entry idref="H19F3750BB2284A0CB5B873ECD26C3202" level="section">Sec. 511. Limitation on penalty for failure to disclose certain information.</toc-entry> <toc-entry idref="H3CA3CB9841054DE1ADB882CF57A9E28F" level="section">Sec. 512. Annual reports on penalties and certain other enforcement actions.</toc-entry> <toc-entry idref="HDAA68EFEE8964B22B31CF41A4D4CC2D4" level="part">Part 3—Other provisions</toc-entry> <toc-entry idref="HC76A0C5DAF99471DBC5B7F6E9C083191" level="section">Sec. 521. Increase in amount allowed as deduction for start-up expenditures.</toc-entry> <toc-entry idref="H04A41665419C4668A906B5D8535D8D3F" level="section">Sec. 522. Nonrecourse small business investment company loans from the Small Business Administration treated as amounts at risk.</toc-entry> <toc-entry idref="H0D768D2115C2492D9B902527452C7DD3" level="section">Sec. 523. Benefits under the Small Business Borrower Assistance Program excluded from gross income.</toc-entry> <toc-entry idref="H2C2C49D132EB4DD098F7C31081F78D3E" level="subtitle">Subtitle B—Revenue provisions</toc-entry> <toc-entry idref="HA2F99A9E9246477BB1CD02AC94DA7C48" level="section">Sec. 531. Required minimum 10-year term, etc., for grantor retained annuity trusts.</toc-entry> <toc-entry idref="H2642968C5E5540D89814F298ECA48500" level="section">Sec. 532. Crude tall oil ineligible for cellulosic biofuel producer credit.</toc-entry> <toc-entry idref="H59795C699C2640CDBF0F713D0BDD47FE" level="section">Sec. 533. Time for payment of corporate estimated taxes.</toc-entry> </toc> </subsection></section><subtitle id="H8EE67EFCBF2C4D6BAB05ECC769451D42"><enum>A</enum><header>Small business tax incentives</header> <part id="H26E50B7A6BBB47F98AE427CA29BDC001"><enum>1</enum><header>General provisions</header> <section id="HD45B1A8F21C74FBC8EB499E5766267F9"><enum>501.</enum><header>Temporary exclusion of 100 percent of gain on certain small business stock</header> <subsection id="H613354E40A24402BA76A5D7C4BEB0860"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">Subsection (a) of section 1202 is amended by adding at the end the following new paragraph:</text> <quoted-block display-inline="no-display-inline" id="H302062FBCF13436E95290ED5E41F69D0" style="OLC"> <paragraph id="HDF6870BE3A5D44C0A974A2DCA1F146B2"><enum>(4)</enum><header>Special 100 percent exclusion</header><text display-inline="yes-display-inline">In the case of qualified small business stock acquired after March 15, 2010, and before January 1, 2012—</text> <subparagraph id="H7668EB6DC623496EAD21B67962AE178B"><enum>(A)</enum><text>paragraph (1) shall be applied by substituting <quote>100 percent</quote> for <quote>50 percent</quote>,</text> </subparagraph><subparagraph id="HC729CF804A794118A4FAF5D2E04638D7"><enum>(B)</enum><text>paragraph (2) shall not apply, and</text> </subparagraph><subparagraph id="H1D2AA4E8640E4C1AAF1CA9E9D924B518"><enum>(C)</enum><text>paragraph (7) of section 57(a) shall not apply.</text> </subparagraph></paragraph><after-quoted-block>.</after-quoted-block></quoted-block> </subsection><subsection commented="no" id="H2345326648684676AE12A243C9013AC5"><enum>(b)</enum><header>Conforming amendments</header><text>Paragraph (3) of section 1202(a) is amended—</text> <paragraph commented="no" id="HDC545E7A14A9453D8A6D35DD295D14AE"><enum>(1)</enum><text>by striking <quote>after the date of the enactment of this paragraph and before January 1, 2011</quote> and inserting <quote>after February 17, 2009, and before March 16, 2010</quote>; and</text> </paragraph><paragraph commented="no" id="H024EFCEB4B42486A949340087B634062"><enum>(2)</enum><text>by striking <quote><header-in-text level="paragraph" style="OLC">Special rules for 2009 and 2010</header-in-text></quote> in the heading and inserting <quote><header-in-text level="paragraph" style="OLC">Special 75 percent exclusion</header-in-text></quote>.</text> </paragraph></subsection><subsection commented="no" id="H10A2EB57E64A4045A3EA76C9CC2B86EA"><enum>(c)</enum><header>Effective date</header><text>The amendments made by this section shall apply to stock acquired after March 15, 2010.</text> </subsection></section></part><part id="HC2F4FF3DB457457BAEBFCC5B2072364C"><enum>2</enum><header>Limitations and reporting on certain penalties</header> <section display-inline="no-display-inline" id="H19F3750BB2284A0CB5B873ECD26C3202" section-type="subsequent-section"><enum>511.</enum><header>Limitation on penalty for failure to disclose certain information</header> <subsection id="H5B3781FE2F31421CA655D2825E300B60"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">Subsection (b) of section 6707A is amended to read as follows:</text> <quoted-block display-inline="no-display-inline" id="H0C2B970C005642A9BF57DA60F2C527CD" style="OLC"> <subsection id="HE02547F098574929A8C67CA90F5C1890"><enum>(b)</enum><header>Amount of penalty</header> <paragraph id="HCB52FFD500554A2792E35FBDC0A5995A"><enum>(1)</enum><header>In general</header><text display-inline="yes-display-inline">Except as otherwise provided in this subsection, the amount of the penalty under subsection (a) with respect to any reportable transaction shall be 75 percent of the decrease in tax shown on the return as a result of such transaction (or which would have resulted from such transaction if such transaction were respected for Federal tax purposes).</text> </paragraph><paragraph id="HA4927A02ADAE4693B23AE6D6EC813658"><enum>(2)</enum><header>Maximum penalty</header><text>The amount of the penalty under subsection (a) with respect to any reportable transaction for any taxable year shall not exceed—</text> <subparagraph id="H26D13FA5DECE473099252D38AD18CB41"><enum>(A)</enum><text>in the case of a listed transaction, $200,000 ($100,000 in the case of a natural person), or</text> </subparagraph><subparagraph id="H5EC56782057B49D6AAD0DD6084FD7C61"><enum>(B)</enum><text>in the case of any other reportable transaction, $50,000 ($10,000 in the case of a natural person).</text> </subparagraph></paragraph><paragraph id="H1AA659419F90416E9A0B3117FD72E565"><enum>(3)</enum><header>Minimum penalty</header><text>The amount of the penalty under subsection (a) with respect to any transaction for any taxable year shall not be less than $10,000 ($5,000 in the case of a natural person).</text> </paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block> </subsection><subsection id="HC8635BCF2CAC414385BF4C693068B2FB"><enum>(b)</enum><header>Effective date</header><text>The amendment made by this section shall apply to penalties assessed after December 31, 2006.</text> </subsection></section><section commented="no" display-inline="no-display-inline" id="H3CA3CB9841054DE1ADB882CF57A9E28F" section-type="subsequent-section"><enum>512.</enum><header>Annual reports on penalties and certain other enforcement actions</header> <subsection commented="no" id="H02288CDD9DC043EFA67DDA7D816BA6AF"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">The Commissioner of Internal Revenue, in consultation with the Secretary of the Treasury, shall submit to the Committee on Ways and Means of the House of Representatives and the Committee on Finance of the Senate an annual report on the penalties assessed by the Internal Revenue Service during the preceding year under each of the following provisions of the Internal Revenue Code of 1986:</text> <paragraph commented="no" id="HFD6B681412294B58B54EA9475FB77157"><enum>(1)</enum><text>Section 6662A (relating to accuracy-related penalty on understatements with respect to reportable transactions).</text> </paragraph><paragraph commented="no" id="H559B21ED6E5A4F25AEFE7C74A05A5939"><enum>(2)</enum><text>Section 6700(a) (relating to promoting abusive tax shelters).</text> </paragraph><paragraph commented="no" id="HFB31034A24A140BE9CDA478FFC5376D4"><enum>(3)</enum><text>Section 6707 (relating to failure to furnish information regarding reportable transactions).</text> </paragraph><paragraph commented="no" id="HDE90DCE3A81D4EB39A5DEEB75F14E79B"><enum>(4)</enum><text>Section 6707A (relating to failure to include reportable transaction information with return).</text> </paragraph><paragraph commented="no" id="H04B9C3461F824DDBBFE03D39A21165FA"><enum>(5)</enum><text>Section 6708 (relating to failure to maintain lists of advisees with respect to reportable transactions).</text> </paragraph></subsection><subsection commented="no" id="H7D646461052F480E9C76AC4ABA2010CD"><enum>(b)</enum><header>Additional information</header><text>The report required under subsection (a) shall also include information on the following with respect to each year:</text> <paragraph commented="no" id="HAC795E1765C44E83A9C885F1D27B4603"><enum>(1)</enum><text>Any action taken under section 330(b) of title 31, United States Code, with respect to any reportable transaction (as defined in section 6707A(c) of the Internal Revenue Code of 1986).</text> </paragraph><paragraph commented="no" id="H9FDDB7B42128435599899929E2B38D41"><enum>(2)</enum><text>Any extension of the time for assessment of tax enforced, or assessment of any amount under such an extension, under paragraph (10) of section 6501(c) of the Internal Revenue Code of 1986.</text> </paragraph></subsection><subsection commented="no" id="H08DBCBA5189A40C0A669ABFF5A8B06FC"><enum>(c)</enum><header>Date of report</header><text>The first report required under subsection (a) shall be submitted not later than December 31, 2010.</text> </subsection></section></part><part id="HDAA68EFEE8964B22B31CF41A4D4CC2D4"><enum>3</enum><header>Other provisions</header> <section display-inline="no-display-inline" id="HC76A0C5DAF99471DBC5B7F6E9C083191" section-type="subsequent-section"><enum>521.</enum><header>Increase in amount allowed as deduction for start-up expenditures</header> <subsection id="HD790445C259A4E508227E2E5CFAE818B"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">Subsection (b) of section 195 is amended by adding at the end the following new paragraph:</text> <quoted-block display-inline="no-display-inline" id="HCEC6F6BD5CB048B880666CFCBFCC512D" style="OLC"> <paragraph id="HC9F31F7BE22F4DECBFB3479BA4034AC2"><enum>(3)</enum><header>Increased limitation for taxable years beginning in 2010 or 2011</header><text display-inline="yes-display-inline">In the case of any taxable year beginning in 2010 or 2011, paragraph (1)(A)(ii) shall be applied—</text> <subparagraph id="HD3E6DFA83F8E4AF8AAA80998C72DFD4E"><enum>(A)</enum><text>by substituting <quote>$20,000</quote> for <quote>$5,000</quote>, and</text> </subparagraph><subparagraph id="HED2F3BFE29EC4CB8A0AE4B70F34EB363"><enum>(B)</enum><text>by substituting <quote>$75,000</quote> for <quote>$50,000</quote>.</text> </subparagraph></paragraph><after-quoted-block>.</after-quoted-block></quoted-block> </subsection><subsection id="H002AB427115C4FBDB163BE405D46C364"><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 display-inline="no-display-inline" id="H04A41665419C4668A906B5D8535D8D3F" section-type="subsequent-section"><enum>522.</enum><header>Nonrecourse small business investment company loans from the Small Business Administration treated as amounts at risk</header> <subsection id="HD04CA62216604C5EB0D76DE7F883EF6F"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">Subparagraph (B) of section 465(b)(6) is amended to read as follows:</text> <quoted-block display-inline="no-display-inline" id="HDC4228EEE8894A3083F286F3F3C765A0" style="OLC"> <subparagraph id="HFE5EE6E9C8CB457598631FBD7EDA8DFB"><enum>(B)</enum><header>Qualified nonrecourse financing</header><text display-inline="yes-display-inline">For purposes of this paragraph—</text> <clause id="HD7CD87DFFCE247F88939CF671B76D607"><enum>(i)</enum><header>In general</header><text>The term <term>qualified nonrecourse financing</term> means any financing—</text> <subclause id="HE6CC30C5FFD04FFE8128E1A816E5369A"><enum>(I)</enum><text>which is qualified real property financing or qualified SBIC financing,</text> </subclause><subclause id="HF73BF0031E5340F4B6777F8E0083C918"><enum>(II)</enum><text>except to the extent provided in regulations, with respect to which no person is personally liable for repayment, and</text> </subclause><subclause id="HD07099A37A804124879F69CE93D2F824"><enum>(III)</enum><text>which is not convertible debt.</text> </subclause></clause><clause id="H08129DFDAB344A69843C7A8472E52F4E"><enum>(ii)</enum><header>Qualified real property financing</header><text>The term <term>qualified real property financing</term> means any financing which—</text> <subclause id="H0FE87FFFE4384E93903ACA2B8EF76CDE"><enum>(I)</enum><text display-inline="yes-display-inline">is borrowed by the taxpayer with respect to the activity of holding real property,</text> </subclause><subclause id="H34EF8D82CD114680963892E78078C49D"><enum>(II)</enum><text>is secured by real property used in such activity, and</text> </subclause><subclause id="H9D7F51FE22964B55BF3DFA29897E12E8"><enum>(III)</enum><text display-inline="yes-display-inline">is borrowed by the taxpayer from a qualified person or represents a loan from any Federal, State, or local government or instrumentality thereof, or is guaranteed by any Federal, State, or local government.</text> </subclause></clause><clause id="H5A0E983EC2AA43A2BBBF9B6BA22F245F"><enum>(iii)</enum><header>Qualified SBIC financing</header><text>The term <term>qualified SBIC financing</term> means any financing which—</text> <subclause id="HA4A99A67E4BE40E79427D75F89D68618"><enum>(I)</enum><text>is borrowed by a small business investment company (within the meaning of section 301 of the Small Business Investment Act of 1958), and</text> </subclause><subclause id="HBCCD2F36122F4E43BBAEAC02437A48FC"><enum>(II)</enum><text>is borrowed from, or guaranteed by, the Small Business Administration under the authority of section 303(b) of such Act.</text> </subclause></clause></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block> </subsection><subsection id="H92E49E66163842E38DC08F44E5FA9418"><enum>(b)</enum><header>Conforming amendments</header><text>Subparagraph (A) of section 465(b)(6) is amended—</text> <paragraph id="HAA590E4AF3324D39A3765CEF0027F39E"><enum>(1)</enum><text>by striking <quote>in the case of an activity of holding real property,</quote>; and</text> </paragraph><paragraph id="H8FEE158C258F4C99A51D8405B7840F91"><enum>(2)</enum><text>by striking <quote>which is secured by real property used in such activity</quote>.</text> </paragraph></subsection><subsection id="H81C18356F33C43A495901819FB212332"><enum>(c)</enum><header>Effective date</header><text>The amendments made by this section shall apply to loans and guarantees made after the date of the enactment of this Act.</text> </subsection></section><section display-inline="no-display-inline" id="H0D768D2115C2492D9B902527452C7DD3" section-type="subsequent-section"><enum>523.</enum><header>Benefits under the Small Business Borrower Assistance Program excluded from gross income</header> <subsection id="HED9E6F172D3F4F4BB033FBBBE58FEE23"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">Part III of subchapter B of chapter 1 is amended by adding at the end the following new section:</text> <quoted-block display-inline="no-display-inline" id="H31C0C02D71D84236B3C7031546F78FBB" style="OLC"> <section id="H24DF1EBE3E5845FEA9785B41460307EE"><enum>139F.</enum><header>Benefits under the Small Business Borrower Assistance Program</header> <subsection id="HF9B7E5379CCF4C91A56A639846DF7938"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">Gross income shall not include any amount paid on behalf of a borrower by the Administrator of the Small Business Administration under the Small Business Borrower Assistance program established under section 402 of the Small Business Assistance Fund Act of 2010 (as in effect immediately after the date of the enactment of such Act).</text> </subsection><subsection id="H6655C077E5FD4D01864A9CFE0D28506C"><enum>(b)</enum><header>Denial of double benefit</header><text display-inline="yes-display-inline">Notwithstanding any other provision of this subtitle, with respect to the person for whose benefit a payment described in subsection (a) is made—</text> <paragraph id="HFEEEFCA92ECC4DCB8CF9C423F81367CB"><enum>(1)</enum><header>Interest</header><text>No deduction shall be allowed for interest to the extent the liability for such interest is covered by such payment.</text> </paragraph><paragraph id="HA3A02DE278C74AB882F95716DE3F2E42"><enum>(2)</enum><header>Payments of principal</header><text>If any payment is applied to reduce the principal of the loan to which such payment relates—</text> <subparagraph id="HD6DAFE17AC3B45B0B73115479E5570D4"><enum>(A)</enum><header>Allocation among financed expenditures</header><text>Such payment shall be allocated pro rata among the expenditures financed with such loan.</text> </subparagraph><subparagraph id="H85134B045DEA4F3C8A30C6620E7BF984"><enum>(B)</enum><header>Credits and deductible expenses</header><text>No deduction or credit shall be allowed for, or by reason of, any such expenditure to the extent of the amount of the payment allocated to such expenditure under subparagraph (A).</text> </subparagraph><subparagraph id="H8CE8BD0144DE42ADAC1EAB0D53983D49"><enum>(C)</enum><header>Adjustment of basis</header><text>The adjusted basis of any property acquired with such expenditure shall be reduced to the extent of the amount of the payment allocated to such expenditure under subparagraph (A).</text> </subparagraph></paragraph></subsection></section><after-quoted-block>.</after-quoted-block></quoted-block> </subsection><subsection id="HA2390A5E71844A74A391F2BFB1EE4525"><enum>(b)</enum><header>Clerical amendments</header><text display-inline="yes-display-inline">The table of sections for part III of subchapter B of chapter 1 is amended by adding at the end the following new item:</text> <quoted-block display-inline="no-display-inline" id="H512D395C24D249109E464B36701C6B7D" style="OLC"> <toc container-level="quoted-block-container" idref="H31C0C02D71D84236B3C7031546F78FBB" lowest-bolded-level="division-lowest-bolded" lowest-level="section" quoted-block="no-quoted-block" regeneration="yes-regeneration"> <toc-entry idref="H24DF1EBE3E5845FEA9785B41460307EE" level="section">Sec. 139F. Benefits under the Small Business Borrower Assistance Program.</toc-entry> </toc> <after-quoted-block>.</after-quoted-block></quoted-block> </subsection><subsection id="H6AF5665F9ED14409B87C53DD8EA1B3F1"><enum>(c)</enum><header>Effective date</header><text>The amendments made by this section shall apply to payments made after the date of the enactment of this Act.</text> </subsection></section></part></subtitle><subtitle id="H2C2C49D132EB4DD098F7C31081F78D3E"><enum>B</enum><header>Revenue provisions</header> <section display-inline="no-display-inline" id="HA2F99A9E9246477BB1CD02AC94DA7C48" section-type="subsequent-section"><enum>531.</enum><header>Required minimum 10-year term, etc., for grantor retained annuity trusts</header> <subsection id="H7AC171999EE64880B476676D170B3C3A"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">Subsection (b) of section 2702 is amended—</text> <paragraph id="H9BAA5C9435484E3793F715FC7740FA42"><enum>(1)</enum><text>by redesignating paragraphs (1), (2) and (3) as subparagraphs (A), (B), and (C), respectively, and by moving such subparagraphs (as so redesignated) 2 ems to the right;</text> </paragraph><paragraph id="HADE9F8A452514F2A8F51ABECCF4AE4C9"><enum>(2)</enum><text>by striking <quote>For purposes of</quote> and inserting the following:</text> <quoted-block display-inline="no-display-inline" id="H73FF09DCD9524270A8ED82391FAE0CF8" style="OLC"> <paragraph id="H3ED75F25D59545E19566B5504B7EAE90"><enum>(1)</enum><header>In general</header><text display-inline="yes-display-inline">For purposes of</text> </paragraph><after-quoted-block>; </after-quoted-block></quoted-block> </paragraph><paragraph id="H4D344316193F46328CF0AC8A8C3A038B"><enum>(3)</enum><text>by striking <quote>paragraph (1) or (2)</quote> in paragraph (1)(C) (as so redesignated) and inserting <quote>subparagraph (A) or (B)</quote>; and</text> </paragraph><paragraph id="HD27BB66E5E1345BEB4444F17A3814F77"><enum>(4)</enum><text>by adding at the end the following new paragraph:</text> <quoted-block display-inline="no-display-inline" id="H5F0E5EDD527D410180F67C90B44F93D3" style="OLC"> <paragraph id="H09A48CCD53E248E789603A4D2AACDDEA"><enum>(2)</enum><header>Additional requirements with respect to grantor retained annuities</header><text>For purposes of subsection (a), in the case of an interest described in paragraph (1)(A) (determined without regard to this paragraph) which is retained by the transferor, such interest shall be treated as described in such paragraph only if—</text> <subparagraph id="HBA7B90BF237C404AA99EE6CE13E50A3C"><enum>(A)</enum><text>the right to receive the fixed amounts referred to in such paragraph is for a term of not less than 10 years,</text> </subparagraph><subparagraph id="H4457375DE663482CB969F943E105DB08"><enum>(B)</enum><text>such fixed amounts, when determined on an annual basis, do not decrease relative to any prior year during the first 10 years of the term referred to in subparagraph (A), and</text> </subparagraph><subparagraph id="H01F4A07803D84A3186FA5AC3ECA1AD3B"><enum>(C)</enum><text>the remainder interest has a value greater than zero determined as of the time of the transfer.</text> </subparagraph></paragraph><after-quoted-block>.</after-quoted-block></quoted-block> </paragraph></subsection><subsection id="HF327457EF3A342F6932EE02AF96B2C77"><enum>(b)</enum><header>Effective date</header><text>The amendments made by this section shall apply to transfers made after the date of the enactment of this Act.</text> </subsection></section><section display-inline="no-display-inline" id="H2642968C5E5540D89814F298ECA48500" section-type="subsequent-section"><enum>532.</enum><header>Crude tall oil ineligible for cellulosic biofuel producer credit</header> <subsection id="H4402F65AA7144EFDB39FF9DF99DEF5DA"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">Clause (iii) of section 40(b)(6)(E) is amended—</text> <paragraph id="HA8E3D4831D29475BB8D5CDC7DC07E317"><enum>(1)</enum><text>by striking <quote>or</quote> at the end of subclause (I),</text> </paragraph><paragraph id="H0557D213DCA04E3E97D2BEB272381C85"><enum>(2)</enum><text>by striking the period at the end of subclause (II) and inserting <quote>, or</quote>,</text> </paragraph><paragraph id="H5D6FF7DB744B45FEA6C7B1BAA05CBF0F"><enum>(3)</enum><text>by adding at the end the following new subclause:</text> <quoted-block display-inline="no-display-inline" id="H993117C48E964702A0794A682C746B02" style="OLC"> <subclause id="H2E405C148AAC4A85823F47F4BF78EE88"><enum>(III)</enum><text display-inline="yes-display-inline">such fuel has an acid number greater than 25.</text> </subclause><after-quoted-block>, and</after-quoted-block></quoted-block> </paragraph><paragraph id="HEFC058A484F34B24A06E940A03AF845C"><enum>(4)</enum><text>by striking <quote><header-in-text level="clause" style="OLC">unprocessed</header-in-text></quote> in the heading and inserting <quote><header-in-text level="clause" style="OLC">certain</header-in-text></quote>.</text> </paragraph></subsection><subsection id="H8080C657E73C461A83ABA9E3CA56C133"><enum>(b)</enum><header>Effective date</header><text>The amendment made by this section shall apply to fuels sold or used on or after January 1, 2010.</text> </subsection></section><section display-inline="no-display-inline" id="H59795C699C2640CDBF0F713D0BDD47FE" section-type="subsequent-section"><enum>533.</enum><header>Time for payment of corporate estimated taxes</header><text display-inline="no-display-inline">The percentage under paragraph (2) of section 561 of the Hiring Incentives to Restore Employment Act in effect on the date of the enactment of this Act is increased by 7.75 percentage points.</text> </section></subtitle>