II 112th CONGRESS 2d Session S. 2050 IN THE SENATE OF THE UNITED STATES January 31, 2012 Ms. Snowe (for herself, Ms. Landrieu, and Mr. Brown of Massachusetts) 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 extend certain provisions of the Creating Small Business Jobs Act of 2010, and for other purposes.
1.
Short title; references
(a)
Short title
This Act may be cited as the Small Business Tax Extenders Act of 2012. (b)
References
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.
2.
Extension of temporary exclusion of 100 percent of gain on certain small business stock
(a)
In general
Paragraph (4) of section 1202(a) is amended— (1)by striking January 1, 2012 and inserting January 1, 2013, and (2)by striking and 2011 and inserting , 2011, and 2012 in the heading thereof. (b)
Effective date
The amendments made by this section shall apply to stock acquired after December 31, 2011.
3.
Extension of 5-year carryback of general business credits of eligible small businesses
(a)
In general
Subparagraph (A) of section 39(a)(4) is amended by inserting , 2011, or 2012 after 2010. (b)
Effective date
The amendment made by this section shall apply to credits determined in taxable years beginning after December 31, 2010.
4.
Extension of alternative minimum tax rules for general business credits of eligible small businesses
(a)
In general
Subparagraph (A) of section 38(c)(5) is amended by inserting , 2011, or 2012 after 2010. (b)
Effective date
The amendments made by this section shall apply to credits determined in taxable years beginning after December 31, 2010, and to carrybacks of such credits.
5.
Extension of reduction in recognition period for built-in gains tax
(a)
In general
Clause (ii) of section 1374(d)(7)(B) of the Internal Revenue Code of 1986 is amended by inserting 2012, or 2013, after 2011,. (b)
Conforming amendment
The heading for section 1374(d)(7)(B) is amended by striking and 2011 and inserting 2011, and 2012. (c)
Technical amendment
Subparagraph (B) of section 1374(d)(7) of such Code is amended by striking The preceding sentence and inserting the following: For purposes of applying this subparagraph to an installment sale, each portion of such installment sale shall be treated as a sale occurring in the taxable year in which the first portion of such installment sale occurred. This subparagraph. (d)
Effective date
The amendments made by this section shall apply to taxable years beginning after December 31, 2011.
6.
Extension of increased expensing limitations and treatment of certain real property as section 179 property
(a)
In general
Section 179(b) is amended— (1)by striking 2010 or 2011 each place it appears in paragraph (1)(B) and (2)(B) and inserting 2010, 2011, or 2012, (2)by striking 2012 each place it appears in paragraph (1)(C) and (2)(C) and inserting 2013, and (3)by striking 2012 each place it appears in paragraph (1)(D) and (2)(D) and inserting 2013. (b)
Inflation adjustment
Subparagraph (A) of section 179(b)(6) is amended by striking 2012 and inserting 2013. (c)
Computer software
Section 179(d)(1)(A)(ii) is amended by striking 2013 and inserting 2014. (d)
Election
Section 179(c)(2) is amended by striking 2013 and inserting 2014. (e)
Special rules for treatment of qualified real property
Section 179(f)(1) is amended by striking 2010 or 2011 and inserting 2010, 2011, or 2012. (f)
Effective date
The amendments made by this section shall apply to taxable years beginning after December 31, 2011.
7.
Extension of special rule for long-term contract accounting
(a)
In general
Clause (ii) of section 460(c)(6)(B) is amended by striking January 1, 2011 (January 1, 2012 and inserting January 1, 2013 (January 1, 2014. (b)
Effective date
The amendment made by this section shall apply to property placed in service after December 31, 2010.
8.
Extension of increased amount allowed as a deduction for start-up expenditures
(a)
In general
Paragraph (3) of section 195(b) is amended— (1)by inserting , 2001, or 2012 after 2010, and (2)by inserting 2011, and 2012 in the heading thereof. (b)
Effective date
The amendments made by this section shall apply to amounts paid or incurred in taxable years beginning after December 31, 2010.
9.
Extension of allowance of deduction for health insurance in computing self-employment taxes
(a)
In general
Paragraph (4) of section 162(l) is amended by striking December 31, 2010 and inserting December 31, 2012. (b)
Effective date
The amendment made by this section shall apply to taxable years beginning after December 31, 2010.