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Thursday, October 2, 2008, 3:00 AM H.R. 1424: Bailout Bill, Part 9
16 AFTER 2007.
17 (a) IN GENERAL.--Subsection (b) of section 45M is
18 amended to read as follows:
19 ``(b) APPLICABLE AMOUNT.--For purposes of sub-
20 section (a)--
21 ``(1) DISHWASHERS.--The applicable amount
22 is--
23 ``(A) $45 in the case of a dishwasher which
24 is manufactured in calendar year 2008 or 2009
219
1 and which uses no more than 324 kilowatt
2 hours per year and 5.8 gallons per cycle, and
3 ``(B) $75 in the case of a dishwasher
4 which is manufactured in calendar year 2008,
5 2009, or 2010 and which uses no more than
6 307 kilowatt hours per year and 5.0 gallons per
7 cycle (5.5 gallons per cycle for dishwashers de-
8 signed for greater than 12 place settings).
9 ``(2) CLOTHES WASHERS.--The applicable
10 amount is--
11 ``(A) $75 in the case of a residential top-
12 loading clothes washer manufactured in cal-
13 endar year 2008 which meets or exceeds a 1.72
14 modified energy factor and does not exceed a
15 8.0 water consumption factor,
16 ``(B) $125 in the case of a residential top-
17 loading clothes washer manufactured in cal-
18 endar year 2008 or 2009 which meets or ex-
19 ceeds a 1.8 modified energy factor and does not
20 exceed a 7.5 water consumption factor,
21 ``(C) $150 in the case of a residential or
22 commercial clothes washer manufactured in cal-
23 endar year 2008, 2009, or 2010 which meets or
24 exceeds 2.0 modified energy factor and does not
25 exceed a 6.0 water consumption factor, and
220
1 ``(D) $250 in the case of a residential or
2 commercial clothes washer manufactured in cal-
3 endar year 2008, 2009, or 2010 which meets or
4 exceeds 2.2 modified energy factor and does not
5 exceed a 4.5 water consumption factor.
6 ``(3) REFRIGERATORS.--The applicable amount
7 is--
8 ``(A) $50 in the case of a refrigerator
9 which is manufactured in calendar year 2008,
10 and consumes at least 20 percent but not more
11 than 22.9 percent less kilowatt hours per year
12 than the 2001 energy conservation standards,
13 ``(B) $75 in the case of a refrigerator
14 which is manufactured in calendar year 2008 or
15 2009, and consumes at least 23 percent but no
16 more than 24.9 percent less kilowatt hours per
17 year than the 2001 energy conservation stand-
18 ards,
19 ``(C) $100 in the case of a refrigerator
20 which is manufactured in calendar year 2008,
21 2009, or 2010, and consumes at least 25 per-
22 cent but not more than 29.9 percent less kilo-
23 watt hours per year than the 2001 energy con-
24 servation standards, and
221
1 ``(D) $200 in the case of a refrigerator
2 manufactured in calendar year 2008, 2009, or
3 2010 and which consumes at least 30 percent
4 less energy than the 2001 energy conservation
5 standards.''.
6 (b) ELIGIBLE PRODUCTION.--
7 (1) SIMILAR TREATMENT FOR ALL APPLI-
8 ANCES.--Subsection (c) of section 45M is amend-
9 ed--
10 (A) by striking paragraph (2),
11 (B) by striking ``(1) IN GENERAL'' and all
12 that follows through ``the eligible'' and inserting
13 ``The eligible'',
14 (C) by moving the text of such subsection
15 in line with the subsection heading, and
16 (D) by redesignating subparagraphs (A)
17 and (B) as paragraphs (1) and (2), respectively,
18 and by moving such paragraphs 2 ems to the
19 left.
20 (2) MODIFICATION OF BASE PERIOD.--Para-
21 graph (2) of section 45M(c), as amended by para-
22 graph (1), is amended by striking ``3-calendar year''
23 and inserting ``2-calendar year''.
222
1 (c) TYPES OF ENERGY EFFICIENT APPLIANCES.--
2 Subsection (d) of section 45M is amended to read as fol-
3 lows:
4 ``(d) TYPES OF ENERGY EFFICIENT APPLIANCE.--
5 For purposes of this section, the types of energy efficient
6 appliances are--
7 ``(1) dishwashers described in subsection (b)(1),
8 ``(2) clothes washers described in subsection
9 (b)(2), and
10 ``(3) refrigerators described in subsection
11 (b)(3).''.
12 (d) AGGREGATE CREDIT AMOUNT ALLOWED.--
13 (1) INCREASE IN LIMIT.--Paragraph (1) of sec-
14 tion 45M(e) is amended to read as follows:
15 ``(1) AGGREGATE CREDIT AMOUNT ALLOWED.--
16 The aggregate amount of credit allowed under sub-
17 section (a) with respect to a taxpayer for any tax-
18 able year shall not exceed $75,000,000 reduced by
19 the amount of the credit allowed under subsection
20 (a) to the taxpayer (or any predecessor) for all prior
21 taxable years beginning after December 31, 2007.''.
22 (2) EXCEPTION FOR CERTAIN REFRIGERATOR
23 AND CLOTHES WASHERS.--Paragraph (2) of section
24 45M(e) is amended to read as follows:
223
1 ``(2) AMOUNT ALLOWED FOR CERTAIN REFRIG-
2 ERATORS AND CLOTHES WASHERS.--Refrigerators
3 described in subsection (b)(3)(D) and clothes wash-
4 ers described in subsection (b)(2)(D) shall not be
5 taken into account under paragraph (1).''.
6 (e) QUALIFIED ENERGY EFFICIENT APPLIANCES.--
7 (1) IN GENERAL.--Paragraph (1) of section
8 45M(f) is amended to read as follows:
9 ``(1) QUALIFIED ENERGY EFFICIENT APPLI-
10 ANCE.--The term `qualified energy efficient appli-
11 ance' means--
12 ``(A) any dishwasher described in sub-
13 section (b)(1),
14 ``(B) any clothes washer described in sub-
15 section (b)(2), and
16 ``(C) any refrigerator described in sub-
17 section (b)(3).''.
18 (2) CLOTHES WASHER.--Section 45M(f)(3) is
19 amended by inserting ``commercial'' before ``residen-
20 tial'' the second place it appears.
21 (3) TOP-LOADING CLOTHES WASHER.--Sub-
22 section (f) of section 45M is amended by redesig-
23 nating paragraphs (4), (5), (6), and (7) as para-
24 graphs (5), (6), (7), and (8), respectively, and by in-
224
1 serting after paragraph (3) the following new para-
2 graph:
3 ``(4) TOP-LOADING CLOTHES WASHER.--The
4 term `top-loading clothes washer' means a clothes
5 washer which has the clothes container compartment
6 access located on the top of the machine and which
7 operates on a vertical axis.''.
8 (4) REPLACEMENT OF ENERGY FACTOR.--Sec-
9 tion 45M(f)(6), as redesignated by paragraph (3), is
10 amended to read as follows:
11 ``(6) MODIFIED ENERGY FACTOR.--The term
12 `modified energy factor' means the modified energy
13 factor established by the Department of Energy for
14 compliance with the Federal energy conservation
15 standard.''.
16 (5) GALLONS PER CYCLE; WATER CONSUMP-
17 TION FACTOR.--Section 45M(f), as amended by
18 paragraph (3), is amended by adding at the end the
19 following:
20 ``(9) GALLONS PER CYCLE.--The term `gallons
21 per cycle' means, with respect to a dishwasher, the
22 amount of water, expressed in gallons, required to
23 complete a normal cycle of a dishwasher.
24 ``(10) WATER CONSUMPTION FACTOR.--The
25 term `water consumption factor' means, with respect
225
1 to a clothes washer, the quotient of the total weight-
2 ed per-cycle water consumption divided by the cubic
3 foot (or liter) capacity of the clothes washer.''.
4 (f) EFFECTIVE DATE.--The amendments made by
5 this section shall apply to appliances produced after De-
6 cember 31, 2007.
7 SEC. 306. ACCELERATED RECOVERY PERIOD FOR DEPRE-
8 CIATION OF SMART METERS AND SMART
9 GRID SYSTEMS.
10 (a) IN GENERAL.--Section 168(e)(3)(D) is amended
11 by striking ``and'' at the end of clause (i), by striking the
12 period at the end of clause (ii) and inserting a comma,
13 and by inserting after clause (ii) the following new clauses:
14 ``(iii) any qualified smart electric
15 meter, and
16 ``(iv) any qualified smart electric grid
17 system.''.
18 (b) DEFINITIONS.--Section 168(i) is amended by in-
19 serting at the end the following new paragraph:
20 ``(18) QUALIFIED SMART ELECTRIC METERS.--
21 ``(A) IN GENERAL.--The term `qualified
22 smart electric meter' means any smart electric
23 meter which--
226
1 ``(i) is placed in service by a taxpayer
2 who is a supplier of electric energy or a
3 provider of electric energy services, and
4 ``(ii) does not have a class life (deter-
5 mined without regard to subsection (e)) of
6 less than 16 years.
7 ``(B) SMART ELECTRIC METER.--For pur-
8 poses of subparagraph (A), the term `smart
9 electric meter' means any time-based meter and
10 related communication equipment which is ca-
11 pable of being used by the taxpayer as part of
12 a system that--
13 ``(i) measures and records electricity
14 usage data on a time-differentiated basis
15 in at least 24 separate time segments per
16 day,
17 ``(ii) provides for the exchange of in-
18 formation between supplier or provider and
19 the customer's electric meter in support of
20 time-based rates or other forms of demand
21 response,
22 ``(iii) provides data to such supplier or
23 provider so that the supplier or provider
24 can provide energy usage information to
25 customers electronically, and
227
1 ``(iv) provides net metering.
2 ``(19) QUALIFIED SMART ELECTRIC GRID SYS-
3 TEMS.--
4 ``(A) IN GENERAL.--The term `qualified
5 smart electric grid system' means any smart
6 grid property which--
7 ``(i) is used as part of a system for
8 electric distribution grid communications,
9 monitoring, and management placed in
10 service by a taxpayer who is a supplier of
11 electric energy or a provider of electric en-
12 ergy services, and
13 ``(ii) does not have a class life (deter-
14 mined without regard to subsection (e)) of
15 less than 16 years.
16 ``(B) SMART GRID PROPERTY.--For the
17 purposes of subparagraph (A), the term `smart
18 grid property' means electronics and related
19 equipment that is capable of--
20 ``(i) sensing, collecting, and moni-
21 toring data of or from all portions of a
22 utility's electric distribution grid,
23 ``(ii) providing real-time, two-way
24 communications to monitor or manage
25 such grid, and
228
1 ``(iii) providing real time analysis of
2 and event prediction based upon collected
3 data that can be used to improve electric
4 distribution system reliability, quality, and
5 performance.''.
6 (c) CONTINUED APPLICATION OF 150 PERCENT DE-
7 CLINING BALANCE METHOD.--Paragraph (2) of section
8 168(b) is amended by striking ``or'' at the end of subpara-
9 graph (B), by redesignating subparagraph (C) as subpara-
10 graph (D), and by inserting after subparagraph (B) the
11 following new subparagraph:
12 ``(C) any property (other than property de-
13 scribed in paragraph (3)) which is a qualified
14 smart electric meter or qualified smart electric
15 grid system, or''.
16 (d) EFFECTIVE DATE.--The amendments made by
17 this section shall apply to property placed in service after
18 the date of the enactment of this Act.
19 SEC. 307. QUALIFIED GREEN BUILDING AND SUSTAINABLE
20 DESIGN PROJECTS.
21 (a) IN GENERAL.--Paragraph (8) of section 142(l)
22 is amended by striking ``September 30, 2009'' and insert-
23 ing ``September 30, 2012''.
24 (b) TREATMENT OF CURRENT REFUNDING
25 BONDS.--Paragraph (9) of section 142(l) is amended by
229
1 striking ``October 1, 2009'' and inserting ``October 1,
2 2012''.
3 (c) ACCOUNTABILITY.--The second sentence of sec-
4 tion 701(d) of the American Jobs Creation Act of 2004
5 is amended by striking ``issuance,'' and inserting
6 ``issuance of the last issue with respect to such project,''.
7 SEC. 308. SPECIAL DEPRECIATION ALLOWANCE FOR CER-
8 TAIN REUSE AND RECYCLING PROPERTY.
9 (a) IN GENERAL.--Section 168 is amended by adding
10 at the end the following new subsection:
11 ``(m) SPECIAL ALLOWANCE FOR CERTAIN REUSE
12 AND RECYCLING PROPERTY.--
13 ``(1) IN GENERAL.--In the case of any qualified
14 reuse and recycling property--
15 ``(A) the depreciation deduction provided
16 by section 167(a) for the taxable year in which
17 such property is placed in service shall include
18 an allowance equal to 50 percent of the ad-
19 justed basis of the qualified reuse and recycling
20 property, and
21 ``(B) the adjusted basis of the qualified
22 reuse and recycling property shall be reduced by
23 the amount of such deduction before computing
24 the amount otherwise allowable as a deprecia-
230
1 tion deduction under this chapter for such tax-
2 able year and any subsequent taxable year.
3 ``(2) QUALIFIED REUSE AND RECYCLING PROP-
4 ERTY.--For purposes of this subsection--
5 ``(A) IN GENERAL.--The term `qualified
6 reuse and recycling property' means any reuse
7 and recycling property--
8 ``(i) to which this section applies,
9 ``(ii) which has a useful life of at least
10 5 years,
11 ``(iii) the original use of which com-
12 mences with the taxpayer after August 31,
13 2008, and
14 ``(iv) which is--
15 ``(I) acquired by purchase (as de-
16 fined in section 179(d)(2)) by the tax-
17 payer after August 31, 2008, but only
18 if no written binding contract for the
19 acquisition was in effect before Sep-
20 tember 1, 2008, or
21 ``(II) acquired by the taxpayer
22 pursuant to a written binding contract
23 which was entered into after August
24 31, 2008.
25 ``(B) EXCEPTIONS.--
231
1 ``(i) BONUS DEPRECIATION PROPERTY
2 UNDER SUBSECTION (k).--The term `quali-
3 fied reuse and recycling property' shall not
4 include any property to which section
5 168(k) applies.
6 ``(ii) ALTERNATIVE DEPRECIATION
7 PROPERTY.--The term `qualified reuse and
8 recycling property' shall not include any
9 property to which the alternative deprecia-
10 tion system under subsection (g) applies,
11 determined without regard to paragraph
12 (7) of subsection (g) (relating to election to
13 have system apply).
14 ``(iii) ELECTION OUT.--If a taxpayer
15 makes an election under this clause with
16 respect to any class of property for any
17 taxable year, this subsection shall not
18 apply to all property in such class placed
19 in service during such taxable year.
20 ``(C) SPECIAL RULE FOR SELF-CON-
21 STRUCTED PROPERTY.--In the case of a tax-
22 payer manufacturing, constructing, or pro-
23 ducing property for the taxpayer's own use, the
24 requirements of clause (iv) of subparagraph (A)
25 shall be treated as met if the taxpayer begins
232
1 manufacturing, constructing, or producing the
2 property after August 31, 2008.
3 ``(D) DEDUCTION ALLOWED IN COM-
4 PUTING MINIMUM TAX.--For purposes of deter-
5 mining alternative minimum taxable income
6 under section 55, the deduction under sub-
7 section (a) for qualified reuse and recycling
8 property shall be determined under this section
9 without regard to any adjustment under section
10 56.
11 ``(3) DEFINITIONS.--For purposes of this sub-
12 section--
13 ``(A) REUSE AND RECYCLING PROPERTY.--
14 ``(i) IN GENERAL.--The term `reuse
15 and recycling property' means any machin-
16 ery and equipment (not including buildings
17 or real estate), along with all appur-
18 tenances thereto, including software nec-
19 essary to operate such equipment, which is
20 used exclusively to collect, distribute, or re-
21 cycle qualified reuse and recyclable mate-
22 rials.
23 ``(ii) EXCLUSION.--Such term does
24 not include rolling stock or other equip-
233
1 ment used to transport reuse and recycla-
2 ble materials.
3 ``(B) QUALIFIED REUSE AND RECYCLABLE
4 MATERIALS.--
5 ``(i) IN GENERAL.--The term `quali-
6 fied reuse and recyclable materials' means
7 scrap plastic, scrap glass, scrap textiles,
8 scrap rubber, scrap packaging, recovered
9 fiber, scrap ferrous and nonferrous metals,
10 or electronic scrap generated by an indi-
11 vidual or business.
12 ``(ii) ELECTRONIC SCRAP.--For pur-
13 poses of clause (i), the term `electronic
14 scrap' means--
15 ``(I) any cathode ray tube, flat
16 panel screen, or similar video display
17 device with a screen size greater than
18 4 inches measured diagonally, or
19 ``(II) any central processing unit.
20 ``(C) RECYCLING OR RECYCLE.--The term
21 `recycling' or `recycle' means that process (in-
22 cluding sorting) by which worn or superfluous
23 materials are manufactured or processed into
24 specification grade commodities that are suit-
25 able for use as a replacement or substitute for
234
1 virgin materials in manufacturing tangible con-
2 sumer and commercial products, including
3 packaging.''.
4 (b) EFFECTIVE DATE.--The amendment made by
5 this section shall apply to property placed in service after
6 August 31, 2008.
7 TITLE IV--REVENUE
8 PROVISIONS
9 SEC. 401. LIMITATION OF DEDUCTION FOR INCOME AT-
10 TRIBUTABLE TO DOMESTIC PRODUCTION OF
11 OIL, GAS, OR PRIMARY PRODUCTS THEREOF.
12 (a) IN GENERAL.--Section 199(d) is amended by re-
13 designating paragraph (9) as paragraph (10) and by in-
14 serting after paragraph (8) the following new paragraph:
15 ``(9) SPECIAL RULE FOR TAXPAYERS WITH OIL
16 RELATED QUALIFIED PRODUCTION ACTIVITIES IN-
17 COME.--
18 ``(A) IN GENERAL.--If a taxpayer has oil
19 related qualified production activities income for
20 any taxable year beginning after 2009, the
21 amount otherwise allowable as a deduction
22 under subsection (a) shall be reduced by 3 per-
23 cent of the least of--
235
1 ``(i) the oil related qualified produc-
2 tion activities income of the taxpayer for
3 the taxable year,
4 ``(ii) the qualified production activities
5 income of the taxpayer for the taxable
6 year, or
7 ``(iii) taxable income (determined
8 without regard to this section).
9 ``(B) OIL RELATED QUALIFIED PRODUC-
10 TION ACTIVITIES INCOME.--For purposes of
11 this paragraph, the term `oil related qualified
12 production activities income' means for any tax-
13 able year the qualified production activities in-
14 come which is attributable to the production,
15 refining, processing, transportation, or distribu-
16 tion of oil, gas, or any primary product thereof
17 during such taxable year.
18 ``(C) PRIMARY PRODUCT.--For purposes of
19 this paragraph, the term `primary product' has
20 the same meaning as when used in section
21 927(a)(2)(C), as in effect before its repeal.''.
22 (b) CONFORMING AMENDMENT.--Section 199(d)(2)
23 (relating to application to individuals) is amended by
24 striking ``subsection (a)(1)(B)'' and inserting ``subsections
25 (a)(1)(B) and (d)(9)(A)(iii)''.
236
1 (c) EFFECTIVE DATE.--The amendments made by
2 this section shall apply to taxable years beginning after
3 December 31, 2008.
4 SEC. 402. ELIMINATION OF THE DIFFERENT TREATMENT
5 OF FOREIGN OIL AND GAS EXTRACTION IN-
6 COME AND FOREIGN OIL RELATED INCOME
7 FOR PURPOSES OF THE FOREIGN TAX CRED-
8 IT.
9 (a) IN GENERAL.--Subsections (a) and (b) of section
10 907 (relating to special rules in case of foreign oil and
11 gas income) are amended to read as follows:
12 ``(a) REDUCTION IN AMOUNT ALLOWED AS FOREIGN
13 TAX UNDER SECTION 901.--In applying section 901, the
14 amount of any foreign oil and gas taxes paid or accrued
15 (or deemed to have been paid) during the taxable year
16 which would (but for this subsection) be taken into ac-
17 count for purposes of section 901 shall be reduced by the
18 amount (if any) by which the amount of such taxes ex-
19 ceeds the product of--
20 ``(1) the amount of the combined foreign oil
21 and gas income for the taxable year,
22 ``(2) multiplied by--
23 ``(A) in the case of a corporation, the per-
24 centage which is equal to the highest rate of tax
25 specified under section 11(b), or
237
1 ``(B) in the case of an individual, a frac-
2 tion the numerator of which is the tax against
3 which the credit under section 901(a) is taken
4 and the denominator of which is the taxpayer's
5 entire taxable income.
6 ``(b) COMBINED FOREIGN OIL AND GAS INCOME;
7 FOREIGN OIL AND GAS TAXES.--For purposes of this sec-
8 tion--
9 ``(1) COMBINED FOREIGN OIL AND GAS IN-
10 COME.--The term `combined foreign oil and gas in-
11 come' means, with respect to any taxable year, the
12 sum of--
13 ``(A) foreign oil and gas extraction income,
14 and
15 ``(B) foreign oil related income.
16 ``(2) FOREIGN OIL AND GAS TAXES.--The term
17 `foreign oil and gas taxes' means, with respect to
18 any taxable year, the sum of--
19 ``(A) oil and gas extraction taxes, and
20 ``(B) any income, war profits, and excess
21 profits taxes paid or accrued (or deemed to
22 have been paid or accrued under section 902 or
23 960) during the taxable year with respect to
24 foreign oil related income (determined without
25 regard to subsection (c)(4)) or loss which would
238
1 be taken into account for purposes of section
2 901 without regard to this section.''.
3 (b) RECAPTURE OF FOREIGN OIL AND GAS
4 LOSSES.--Paragraph (4) of section 907(c) (relating to re-
5 capture of foreign oil and gas extraction losses by re-
6 characterizing later extraction income) is amended to read
7 as follows:
8 ``(4) RECAPTURE OF FOREIGN OIL AND GAS
9 LOSSES BY RECHARACTERIZING LATER COMBINED
10 FOREIGN OIL AND GAS INCOME.--
11 ``(A) IN GENERAL.--The combined foreign
12 oil and gas income of a taxpayer for a taxable
13 year (determined without regard to this para-
14 graph) shall be reduced--
15 ``(i) first by the amount determined
16 under subparagraph (B), and
17 ``(ii) then by the amount determined
18 under subparagraph (C).
19 The aggregate amount of such reductions shall
20 be treated as income (from sources without the
21 United States) which is not combined foreign
22 oil and gas income.
23 ``(B) REDUCTION FOR PRE-2009 FOREIGN
24 OIL EXTRACTION LOSSES.--The reduction
239
1 under this paragraph shall be equal to the less-
2 er of--
3 ``(i) the foreign oil and gas extraction
4 income of the taxpayer for the taxable year
5 (determined without regard to this para-
6 graph), or
7 ``(ii) the excess of--
8 ``(I) the aggregate amount of for-
9 eign oil extraction losses for preceding
10 taxable years beginning after Decem-
11 ber 31, 1982, and before January 1,
12 2009, over
13 ``(II) so much of such aggregate
14 amount as was recharacterized under
15 this paragraph (as in effect before
16 and after the date of the enactment of
17 the Energy Improvement and Exten-
18 sion Act of 2008) for preceding tax-
19 able years beginning after December
20 31, 1982.
21 ``(C) REDUCTION FOR POST-2008 FOREIGN
22 OIL AND GAS LOSSES.--The reduction under
23 this paragraph shall be equal to the lesser of--
24 ``(i) the combined foreign oil and gas
25 income of the taxpayer for the taxable year
240
1 (determined without regard to this para-
2 graph), reduced by an amount equal to the
3 reduction under subparagraph (A) for the
4 taxable year, or
5 ``(ii) the excess of--
6 ``(I) the aggregate amount of for-
7 eign oil and gas losses for preceding
8 taxable years beginning after Decem-
9 ber 31, 2008, over
10 ``(II) so much of such aggregate
11 amount as was recharacterized under
12 this paragraph for preceding taxable
13 years beginning after December 31,
14 2008.
15 ``(D) FOREIGN OIL AND GAS LOSS DE-
16 FINED.--
17 ``(i) IN GENERAL.--For purposes of
18 this paragraph, the term `foreign oil and
19 gas loss' means the amount by which--
20 ``(I) the gross income for the tax-
21 able year from sources without the
22 United States and its possessions
23 (whether or not the taxpayer chooses
24 the benefits of this subpart for such
25 taxable year) taken into account in
241
1 determining the combined foreign oil
2 and gas income for such year, is ex-
3 ceeded by
4 ``(II) the sum of the deductions
5 properly apportioned or allocated
6 thereto.
7 ``(ii) NET OPERATING LOSS DEDUC-
8 TION NOT TAKEN INTO ACCOUNT.--For
9 purposes of clause (i), the net operating
10 loss deduction allowable for the taxable
11 year under section 172(a) shall not be
12 taken into account.
13 ``(iii) EXPROPRIATION AND CASUALTY
14 LOSSES NOT TAKEN INTO ACCOUNT.--For
15 purposes of clause (i), there shall not be
16 taken into account--
17 ``(I) any foreign expropriation
18 loss (as defined in section 172(h) (as
19 in effect on the day before the date of
20 the enactment of the Revenue Rec-
21 onciliation Act of 1990)) for the tax-
22 able year, or
23 ``(II) any loss for the taxable
24 year which arises from fire, storm,
242
1 shipwreck, or other casualty, or from
2 theft,
3 to the extent such loss is not compensated
4 for by insurance or otherwise.
5 ``(iv) FOREIGN OIL EXTRACTION
6 LOSS.--For purposes of subparagraph
7 (B)(ii)(I), foreign oil extraction losses shall
8 be determined under this paragraph as in
9 effect on the day before the date of the en-
10 actment of the Energy Improvement and
11 Extension Act of 2008.''.
12 (c) CARRYBACK AND CARRYOVER OF DISALLOWED
13 CREDITS.--Section 907(f) (relating to carryback and car-
14 ryover of disallowed credits) is amended--
15 (1) by striking ``oil and gas extraction taxes''
16 each place it appears and inserting ``foreign oil and
17 gas taxes'', and
18 (2) by adding at the end the following new
19 paragraph:
20 ``(4) TRANSITION RULES FOR PRE-2009 AND
21 2009 DISALLOWED CREDITS.--
22 ``(A) PRE-2009 CREDITS.--In the case of
23 any unused credit year beginning before Janu-
24 ary 1, 2009, this subsection shall be applied to
25 any unused oil and gas extraction taxes carried
243
1 from such unused credit year to a year begin-
2 ning after December 31, 2008--
3 ``(i) by substituting `oil and gas ex-
4 traction taxes' for `foreign oil and gas
5 taxes' each place it appears in paragraphs
6 (1), (2), and (3), and
7 ``(ii) by computing, for purposes of
8 paragraph (2)(A), the limitation under
9 subparagraph (A) for the year to which
10 such taxes are carried by substituting `for-
11 eign oil and gas extraction income' for `for-
12 eign oil and gas income' in subsection (a).
13 ``(B) 2009 CREDITS.--In the case of any
14 unused credit year beginning in 2009, the
15 amendments made to this subsection by the En-
16 ergy Improvement and Extension Act of 2008
17 shall be treated as being in effect for any pre-
18 ceding year beginning before January 1, 2009,
19 solely for purposes of determining how much of
20 the unused foreign oil and gas taxes for such
21 unused credit year may be deemed paid or ac-
22 crued in such preceding year.''.
23 (d) CONFORMING AMENDMENT.--Section 6501(i) is
24 amended by striking ``oil and gas extraction taxes'' and
25 inserting ``foreign oil and gas taxes''.
244
1 (e) EFFECTIVE DATE.--The amendments made by
2 this section shall apply to taxable years beginning after
3 December 31, 2008.
4 SEC. 403. BROKER REPORTING OF CUSTOMER'S BASIS IN
5 SECURITIES TRANSACTIONS.
6 (a) IN GENERAL.--
7 (1) BROKER REPORTING FOR SECURITIES
8 TRANSACTIONS.--Section 6045 is amended by add-
9 ing at the end the following new subsection:
10 ``(g) ADDITIONAL INFORMATION REQUIRED IN THE
11 CASE OF SECURITIES TRANSACTIONS, ETC.--
12 ``(1) IN GENERAL.--If a broker is otherwise re-
13 quired to make a return under subsection (a) with
14 respect to the gross proceeds of the sale of a covered
15 security, the broker shall include in such return the
16 information described in paragraph (2).
17 ``(2) ADDITIONAL INFORMATION REQUIRED.--
18 ``(A) IN GENERAL.--The information re-
19 quired under paragraph (1) to be shown on a
20 return with respect to a covered security of a
21 customer shall include the customer's adjusted
22 basis in such security and whether any gain or
23 loss with respect to such security is long-term
24 or short-term (within the meaning of section
25 1222).
245
1 ``(B) DETERMINATION OF ADJUSTED
2 BASIS.--For purposes of subparagraph (A)--
3 ``(i) IN GENERAL.--The customer's
4 adjusted basis shall be determined--
5 ``(I) in the case of any security
6 (other than any stock for which an av-
7 erage basis method is permissible
8 under section 1012), in accordance
9 with the first-in first-out method un-
10 less the customer notifies the broker
11 by means of making an adequate
12 identification of the stock sold or
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