[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[S. 3014 Introduced in Senate (IS)]

111th CONGRESS
  2d Session
                                S. 3014

   To amend the Internal Revenue Code of 1986 to allow companies to 
utilize existing alternative minimum tax credits to create and maintain 
              United States jobs, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           February 22, 2010

 Ms. Stabenow (for herself, Mr. Hatch, Mr. Schumer, Ms. Snowe, and Mr. 
Brown of Ohio) introduced the following bill; which was read twice and 
                  referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
   To amend the Internal Revenue Code of 1986 to allow companies to 
utilize existing alternative minimum tax credits to create and maintain 
              United States jobs, and for other purposes.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``American Job Creation and Investment 
Act''.

SEC. 2. ELECTION TO TEMPORARILY UTILIZE UNUSED AMT CREDITS DETERMINED 
              BY DOMESTIC WAGES AND DOMESTIC INVESTMENT.

    (a) In General.--Section 53 of the Internal Revenue Code of 1986 is 
amended by adding at the end the following new subsection:
    ``(g) Election for Corporations With Unused Credits.--
            ``(1) In general.--If a corporation elects to have this 
        subsection apply, then notwithstanding any other provision of 
        law, the limitation imposed by subsection (c) for any such 
        taxable year shall be increased by the AMT credit adjustment 
        amount.
            ``(2) AMT credit adjustment amount.--For purposes of 
        paragraph (1), the term `AMT credit adjustment amount' means 
        with respect to any taxable year beginning in 2010 or 2011, the 
        lesser of--
                    ``(A) a corporation's minimum tax credit determined 
                under subsection (b), or
                    ``(B) the sum of--
                            ``(i) 20 percent of new qualifying domestic 
                        compensation paid during such taxable year, 
                        determined by taking into account not more than 
                        $100,000 for each employee, plus
                            ``(ii) 20 percent of new domestic 
                        investments made during such taxable year, plus
                            ``(iii) 10 percent of qualifying domestic 
                        compensation paid during the preceding taxable 
                        year, determined by taking into account not 
                        more than $100,000 for each employee.
            ``(3) Qualifying domestic compensation.--For purposes of 
        this subsection, the term `qualifying domestic compensation' 
        means, with respect to any person for any taxable year of such 
        person, the sum of the amounts described in paragraphs (3), 
        (8), and (9) of section 6051(a) paid by such person with 
        respect to employment of citizens or residents of the United 
        States (within the meaning of section 7701(a)(30)(A)) by such 
        person during the calendar year ending during such taxable 
        year.
            ``(4) New qualifying domestic compensation.--For purposes 
        of this subsection, the term `new qualifying domestic 
        compensation' means qualifying domestic compensation paid with 
        respect to employment of individuals the hiring date (or, in 
        the case of furloughed employees, the recall date) of whom 
        occurs during the taxable year. For purposes of the preceding 
        sentence, rules similar to the rules of section 51(i)(1) shall 
        apply.
            ``(5) New domestic investments.--For purposes of this 
        subsection, the term `new domestic investments' means the cost 
        of qualified property (as defined in section 168(k)(2)(A)(i))--
                    ``(A) the original use of which commences with the 
                taxpayer during the taxable year, and
                    ``(B) which is placed in service in the United 
                States by the taxpayer during such taxable year.
            ``(6) Special maintenance of workforce rule.--
                    ``(A) In general.--In any taxable year beginning in 
                2011, paragraph (2)(B)(iii) shall apply only if the 
                taxpayer's qualifying domestic compensation in such 
                taxable year is at least 100 percent of such 
                compensation in the preceding taxable year.
                    ``(B) Acquisitions, etc.--For purposes of 
                subparagraph (A), in determining the qualifying 
                domestic compensation for the preceding taxable year, 
                rules similar to the rules under subparagraphs (A) and 
                (B) of section 41(f)(3) shall apply to adjust the 
                compensation for acquisitions and dispositions (taxable 
                or otherwise) of any major portion of a trade or 
                business or any major portion of a separate unit of a 
                trade or business.
            ``(7) Credit refundable.--For purposes of subsections (b) 
        and (c) of section 6401, the aggregate increase in the credits 
        allowable under part IV of subchapter A for any taxable year 
        resulting from the application of this subsection shall be 
        treated as allowed under subpart C of such part (and not to any 
        other subpart).
            ``(8) Election.--
                    ``(A) In general.--An election under this 
                subsection shall be made at such time and in such 
                manner as prescribed by the Secretary, and once 
                effective, may be revoked only with the consent of the 
                Secretary.
                    ``(B) Interim elections.--Until such time as the 
                Secretary prescribes a manner for making an election 
                under this subsection, a taxpayer is treated as having 
                made a valid election by providing written notification 
                to the Secretary and the Commissioner of Internal 
                Revenue of such election.
            ``(9) Aggregation rule.--For purposes of this subsection--
                    ``(A) all corporations which are members of an 
                affiliated group of corporations filing a consolidated 
                tax return, and
                    ``(B) all partnerships in which more than 50 
                percent of the capital and profits interest in the 
                partnership are owned by the corporation (directly or 
                indirectly) at all times during the taxable year in 
                which an election under this subsection is in effect,
        shall be treated as a single corporation.
            ``(10) Application to partnerships.--In the case of a 
        partnership--
                    ``(A) this subsection shall be applied at the 
                partner level, and
                    ``(B) each partner shall be treated as having for 
                the taxable year an amount equal to such partner's 
                allocable share of the qualifying domestic 
                compensation, new qualifying domestic compensation, and 
                new domestic investments of the partnership for such 
                taxable year (as determined under regulations 
                prescribed by the Secretary).
            ``(11) No double benefit.--Notwithstanding clause (iii)(II) 
        of section 172(b)(1)(H), any taxpayer which has previously made 
        an election under such section shall be deemed to have revoked 
        such election by the making of its first election under this 
        subsection.
            ``(12) Regulations.--The Secretary may issue such 
        regulations or other guidance as may be necessary or 
        appropriate to carry out the purposes of this subsection, 
        including to prevent fraud and abuse under this subsection.
            ``(13) Termination.--This subsection shall not apply to any 
        taxable year that begins after December 31, 2011.''.
    (b) Quick Refund of Refundable Credit.--Section 6425 of the 
Internal Revenue Code of 1986 is amended by adding at the end the 
following new subsection:
    ``(e) Allowance of AMT Credit Adjustment Amount.--The amount of an 
adjustment under this section as determined under subsection (c)(2) for 
any taxable year may be increased to the extent of the corporation's 
AMT credit adjustment amount determined under section 53(g) for such 
taxable year.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2009.
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