[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[S. 2916 Introduced in Senate (IS)]

111th CONGRESS
  1st Session
                                S. 2916

 To provide that Internal Revenue Service Notice 2010-2 shall have no 
  force and effect and to amend the Internal Revenue Code of 1986 to 
 restrict the authority of the Secretary of the Treasury to prescribe 
              regulations under section 382 of such Code.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           December 18, 2009

  Mr. Bunning introduced the following bill; which was read twice and 
                  referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
 To provide that Internal Revenue Service Notice 2010-2 shall have no 
  force and effect and to amend the Internal Revenue Code of 1986 to 
 restrict the authority of the Secretary of the Treasury to prescribe 
              regulations under section 382 of such Code.

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

SECTION 1. LIMITATION ON REGULATORY AUTHORITY RELATING TO LIMITATION ON 
              LOSSES FOLLOWING OWNERSHIP CHANGE.

    (a) Repeal of Notice 2010-2.--Internal Revenue Service Notice 2010-
2 shall have no force and effect.
    (b) Modification of Regulatory Authority Under Section 382.--
Section 382(m) of the Internal Revenue Code of 1986 is amended by 
adding at the end the following flush sentence:
``Notwithstanding the preceding sentence or any other provision of law, 
the Secretary may not prescribe any regulation after December 18, 2009, 
which provides an exemption or special rule under this section which is 
restricted to dispositions of instruments acquired by the Secretary 
unless such exemption or special rule is specifically authorized by 
Congress.''.
    (c) No Inference.--Nothing in subsection (a) or in the amendment 
made by subsection (b) shall be construed to create any inference with 
respect to the authority of the Secretary of the Treasury on or before 
December 18, 2009, to provide exceptions to the application of the 
rules of section 382 of the Internal Revenue Code of 1986 with respect 
to certain classes of taxpayers.
                                 <all>