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Thursday, October 2, 2008, 3:00 AM H.R. 1424: Bailout Bill, Part 10
13 transferred, and
14 ``(II) in the case of any stock for
15 which an average basis method is per-
16 missible under section 1012, in ac-
17 cordance with the broker's default
18 method unless the customer notifies
19 the broker that he elects another ac-
20 ceptable method under section 1012
21 with respect to the account in which
22 such stock is held.
23 ``(ii) EXCEPTION FOR WASH SALES.--
24 Except as otherwise provided by the Sec-
25 retary, the customer's adjusted basis shall
246
1 be determined without regard to section
2 1091 (relating to loss from wash sales of
3 stock or securities) unless the transactions
4 occur in the same account with respect to
5 identical securities.
6 ``(3) COVERED SECURITY.--For purposes of
7 this subsection--
8 ``(A) IN GENERAL.--The term `covered se-
9 curity' means any specified security acquired on
10 or after the applicable date if such security--
11 ``(i) was acquired through a trans-
12 action in the account in which such secu-
13 rity is held, or
14 ``(ii) was transferred to such account
15 from an account in which such security
16 was a covered security, but only if the
17 broker received a statement under section
18 6045A with respect to the transfer.
19 ``(B) SPECIFIED SECURITY.--The term
20 `specified security' means--
21 ``(i) any share of stock in a corpora-
22 tion,
23 ``(ii) any note, bond, debenture, or
24 other evidence of indebtedness,
247
1 ``(iii) any commodity, or contract or
2 derivative with respect to such commodity,
3 if the Secretary determines that adjusted
4 basis reporting is appropriate for purposes
5 of this subsection, and
6 ``(iv) any other financial instrument
7 with respect to which the Secretary deter-
8 mines that adjusted basis reporting is ap-
9 propriate for purposes of this subsection.
10 ``(C) APPLICABLE DATE.--The term `appli-
11 cable date' means--
12 ``(i) January 1, 2011, in the case of
13 any specified security which is stock in a
14 corporation (other than any stock de-
15 scribed in clause (ii)),
16 ``(ii) January 1, 2012, in the case of
17 any stock for which an average basis meth-
18 od is permissible under section 1012, and
19 ``(iii) January 1, 2013, or such later
20 date determined by the Secretary in the
21 case of any other specified security.
22 ``(4) TREATMENT OF S CORPORATIONS.--In the
23 case of the sale of a covered security acquired by an
24 S corporation (other than a financial institution)
25 after December 31, 2011, such S corporation shall
248
1 be treated in the same manner as a partnership for
2 purposes of this section.
3 ``(5) SPECIAL RULES FOR SHORT SALES.--In
4 the case of a short sale, reporting under this section
5 shall be made for the year in which such sale is
6 closed.''.
7 (2) BROKER INFORMATION REQUIRED WITH RE-
8 SPECT TO OPTIONS.--Section 6045, as amended by
9 subsection (a), is amended by adding at the end the
10 following new subsection:
11 ``(h) APPLICATION TO OPTIONS ON SECURITIES.--
12 ``(1) EXERCISE OF OPTION.--For purposes of
13 this section, if a covered security is acquired or dis-
14 posed of pursuant to the exercise of an option that
15 was granted or acquired in the same account as the
16 covered security, the amount received with respect to
17 the grant or paid with respect to the acquisition of
18 such option shall be treated as an adjustment to
19 gross proceeds or as an adjustment to basis, as the
20 case may be.
21 ``(2) LAPSE OR CLOSING TRANSACTION.--In the
22 case of the lapse (or closing transaction (as defined
23 in section 1234(b)(2)(A))) of an option on a speci-
24 fied security or the exercise of a cash-settled option
25 on a specified security, reporting under subsections
249
1 (a) and (g) with respect to such option shall be
2 made for the calendar year which includes the date
3 of such lapse, closing transaction, or exercise.
4 ``(3) PROSPECTIVE APPLICATION.--Paragraphs
5 (1) and (2) shall not apply to any option which is
6 granted or acquired before January 1, 2013.
7 ``(4) DEFINITIONS.--For purposes of this sub-
8 section, the terms `covered security' and `specified
9 security' shall have the meanings given such terms
10 in subsection (g)(3).''.
11 (3) EXTENSION OF PERIOD FOR STATEMENTS
12 SENT TO CUSTOMERS.--
13 (A) IN GENERAL.--Subsection (b) of sec-
14 tion 6045 is amended by striking ``January 31''
15 and inserting ``February 15''.
16 (B) STATEMENTS RELATED TO SUB-
17 STITUTE PAYMENTS.--Subsection (d) of section
18 6045 is amended--
19 (i) by striking ``at such time and'',
20 and
21 (ii) by inserting after ``other item.''
22 the following new sentence: ``The written
23 statement required under the preceding
24 sentence shall be furnished on or before
25 February 15 of the year following the cal-
250
1 endar year in which the payment was
2 made.''.
3 (C) OTHER STATEMENTS.--Subsection (b)
4 of section 6045 is amended by adding at the
5 end the following: ``In the case of a consolidated
6 reporting statement (as defined in regulations)
7 with respect to any customer, any statement
8 which would otherwise be required to be fur-
9 nished on or before January 31 of a calendar
10 year with respect to any item reportable to the
11 taxpayer shall instead be required to be fur-
12 nished on or before February 15 of such cal-
13 endar year if furnished with such consolidated
14 reporting statement.''.
15 (b) DETERMINATION OF BASIS OF CERTAIN SECURI-
16 TIES ON ACCOUNT BY ACCOUNT OR AVERAGE BASIS
17 METHOD.--Section 1012 is amended--
18 (1) by striking ``The basis of property'' and in-
19 serting the following:
20 ``(a) IN GENERAL.--The basis of property'',
21 (2) by striking ``The cost of real property'' and
22 inserting the following:
23 ``(b) SPECIAL RULE FOR APPORTIONED REAL ES-
24 TATE TAXES.--The cost of real property'', and
251
1 (3) by adding at the end the following new sub-
2 sections:
3 ``(c) DETERMINATIONS BY ACCOUNT.--
4 ``(1) IN GENERAL.--In the case of the sale, ex-
5 change, or other disposition of a specified security
6 on or after the applicable date, the conventions pre-
7 scribed by regulations under this section shall be ap-
8 plied on an account by account basis.
9 ``(2) APPLICATION TO CERTAIN FUNDS.--
10 ``(A) IN GENERAL.--Except as provided in
11 subparagraph (B), any stock for which an aver-
12 age basis method is permissible under section
13 1012 which is acquired before January 1, 2012,
14 shall be treated as a separate account from any
15 such stock acquired on or after such date.
16 ``(B) ELECTION FUND FOR TREATMENT AS
17 SINGLE ACCOUNT.--If a fund described in sub-
18 paragraph (A) elects to have this subparagraph
19 apply with respect to one or more of its stock-
20 holders--
21 ``(i) subparagraph (A) shall not apply
22 with respect to any stock in such fund held
23 by such stockholders, and
24 ``(ii) all stock in such fund which is
25 held by such stockholders shall be treated
252
1 as covered securities described in section
2 6045(g)(3) without regard to the date of
3 the acquisition of such stock.
4 A rule similar to the rule of the preceding sen-
5 tence shall apply with respect to a broker hold-
6 ing such stock as a nominee.
7 ``(3) DEFINITIONS.--For purposes of this sec-
8 tion, the terms `specified security' and `applicable
9 date' shall have the meaning given such terms in
10 section 6045(g).
11 ``(d) AVERAGE BASIS FOR STOCK ACQUIRED PURSU-
12 ANT TO A DIVIDEND REINVESTMENT PLAN.--
13 ``(1) IN GENERAL.--In the case of any stock ac-
14 quired after December 31, 2010, in connection with
15 a dividend reinvestment plan, the basis of such stock
16 while held as part of such plan shall be determined
17 using one of the methods which may be used for de-
18 termining the basis of stock in an open-end fund.
19 ``(2) TREATMENT AFTER TRANSFER.--In the
20 case of the transfer to another account of stock to
21 which paragraph (1) applies, such stock shall have
22 a cost basis in such other account equal to its basis
23 in the dividend reinvestment plan immediately before
24 such transfer (properly adjusted for any fees or
253
1 other charges taken into account in connection with
2 such transfer).
3 ``(3) SEPARATE ACCOUNTS; ELECTION FOR
4 TREATMENT AS SINGLE ACCOUNT.--Rules similar to
5 the rules of subsection (c)(2) shall apply for pur-
6 poses of this subsection.
7 ``(4) DIVIDEND REINVESTMENT PLAN.--For
8 purposes of this subsection--
9 ``(A) IN GENERAL.--The term `dividend re-
10 investment plan' means any arrangement under
11 which dividends on any stock are reinvested in
12 stock identical to the stock with respect to
13 which the dividends are paid.
14 ``(B) INITIAL STOCK ACQUISITION TREAT-
15 ED AS ACQUIRED IN CONNECTION WITH
16 PLAN.--Stock shall be treated as acquired in
17 connection with a dividend reinvestment plan if
18 such stock is acquired pursuant to such plan or
19 if the dividends paid on such stock are subject
20 to such plan.''.
21 (c) INFORMATION BY TRANSFERORS TO AID BRO-
22 KERS.--
23 (1) IN GENERAL.--Subpart B of part III of
24 subchapter A of chapter 61 is amended by inserting
25 after section 6045 the following new section:
254
1 ``SEC. 6045A. INFORMATION REQUIRED IN CONNECTION
2 WITH TRANSFERS OF COVERED SECURITIES
3 TO BROKERS.
4 ``(a) FURNISHING OF INFORMATION.--Every applica-
5 ble person which transfers to a broker (as defined in sec-
6 tion 6045(c)(1)) a security which is a covered security (as
7 defined in section 6045(g)(3)) in the hands of such appli-
8 cable person shall furnish to such broker a written state-
9 ment in such manner and setting forth such information
10 as the Secretary may by regulations prescribe for purposes
11 of enabling such broker to meet the requirements of sec-
12 tion 6045(g).
13 ``(b) APPLICABLE PERSON.--For purposes of sub-
14 section (a), the term `applicable person' means--
15 ``(1) any broker (as defined in section
16 6045(c)(1)), and
17 ``(2) any other person as provided by the Sec-
18 retary in regulations.
19 ``(c) TIME FOR FURNISHING STATEMENT.--Except
20 as otherwise provided by the Secretary, any statement re-
21 quired by subsection (a) shall be furnished not later than
22 15 days after the date of the transfer described in such
23 subsection.''.
24 (2) ASSESSABLE PENALTIES.--Paragraph (2)
25 of section 6724(d), as amended by the Housing As-
26 sistance Tax Act of 2008, is amended by redesig-
255
1 nating subparagraphs (I) through (DD) as subpara-
2 graphs (J) through (EE), respectively, and by in-
3 serting after subparagraph (H) the following new
4 subparagraph:
5 ``(I) section 6045A (relating to information
6 required in connection with transfers of covered
7 securities to brokers),''.
8 (3) CLERICAL AMENDMENT.--The table of sec-
9 tions for subpart B of part III of subchapter A of
10 chapter 61 is amended by inserting after the item
11 relating to section 6045 the following new item:
``Sec. 6045A. Information required in connection with transfers of covered se-
curities to brokers.''.
12 (d) ADDITIONAL ISSUER INFORMATION TO AID BRO-
13 KERS.--
14 (1) IN GENERAL.--Subpart B of part III of
15 subchapter A of chapter 61, as amended by sub-
16 section (b), is amended by inserting after section
17 6045A the following new section:
18 ``SEC. 6045B. RETURNS RELATING TO ACTIONS AFFECTING
19 BASIS OF SPECIFIED SECURITIES.
20 ``(a) IN GENERAL.--According to the forms or regu-
21 lations prescribed by the Secretary, any issuer of a speci-
22 fied security shall make a return setting forth--
256
1 ``(1) a description of any organizational action
2 which affects the basis of such specified security of
3 such issuer,
4 ``(2) the quantitative effect on the basis of such
5 specified security resulting from such action, and
6 ``(3) such other information as the Secretary
7 may prescribe.
8 ``(b) TIME FOR FILING RETURN.--Any return re-
9 quired by subsection (a) shall be filed not later than the
10 earlier of--
11 ``(1) 45 days after the date of the action de-
12 scribed in subsection (a), or
13 ``(2) January 15 of the year following the cal-
14 endar year during which such action occurred.
15 ``(c) STATEMENTS TO BE FURNISHED TO HOLDERS
16 OF SPECIFIED SECURITIES OR THEIR NOMINEES.--Ac-
17 cording to the forms or regulations prescribed by the Sec-
18 retary, every person required to make a return under sub-
19 section (a) with respect to a specified security shall furnish
20 to the nominee with respect to the specified security (or
21 certificate holder if there is no nominee) a written state-
22 ment showing--
23 ``(1) the name, address, and phone number of
24 the information contact of the person required to
25 make such return,
257
1 ``(2) the information required to be shown on
2 such return with respect to such security, and
3 ``(3) such other information as the Secretary
4 may prescribe.
5 The written statement required under the preceding sen-
6 tence shall be furnished to the holder on or before January
7 15 of the year following the calendar year during which
8 the action described in subsection (a) occurred.
9 ``(d) SPECIFIED SECURITY.--For purposes of this
10 section, the term `specified security' has the meaning given
11 such term by section 6045(g)(3)(B). No return shall be
12 required under this section with respect to actions de-
13 scribed in subsection (a) with respect to a specified secu-
14 rity which occur before the applicable date (as defined in
15 section 6045(g)(3)(C)) with respect to such security.
16 ``(e) PUBLIC REPORTING IN LIEU OF RETURN.--The
17 Secretary may waive the requirements under subsections
18 (a) and (c) with respect to a specified security, if the per-
19 son required to make the return under subsection (a)
20 makes publicly available, in such form and manner as the
21 Secretary determines necessary to carry out the purposes
22 of this section--
23 ``(1) the name, address, phone number, and
24 email address of the information contact of such
25 person, and
258
1 ``(2) the information described in paragraphs
2 (1), (2), and (3) of subsection (a).''.
3 (2) ASSESSABLE PENALTIES.--
4 (A) Subparagraph (B) of section
5 6724(d)(1), as amended by the Housing Assist-
6 ance Tax Act of 2008, is amended by redesig-
7 nating clause (iv) and each of the clauses which
8 follow as clauses (v) through (xxiii), respec-
9 tively, and by inserting after clause (iii) the fol-
10 lowing new clause:
11 ``(iv) section 6045B(a) (relating to re-
12 turns relating to actions affecting basis of
13 specified securities),''.
14 (B) Paragraph (2) of section 6724(d), as
15 amended by the Housing Assistance Tax Act of
16 2008 and by subsection (c)(2), is amended by
17 redesignating subparagraphs (J) through (EE)
18 as subparagraphs (K) through (FF), respec-
19 tively, and by inserting after subparagraph (I)
20 the following new subparagraph:
21 ``(J) subsections (c) and (e) of section
22 6045B (relating to returns relating to actions
23 affecting basis of specified securities),''.
24 (3) CLERICAL AMENDMENT.--The table of sec-
25 tions for subpart B of part III of subchapter A of
259
1 chapter 61, as amended by subsection (b)(3), is
2 amended by inserting after the item relating to sec-
3 tion 6045A the following new item:
``Sec. 6045B. Returns relating to actions affecting basis of specified securi-
ties.''.
4 (e) EFFECTIVE DATE.--
5 (1) IN GENERAL.--Except as otherwise pro-
6 vided in this subsection, the amendments made by
7 this section shall take effect on January 1, 2011.
8 (2) EXTENSION OF PERIOD FOR STATEMENTS
9 SENT TO CUSTOMERS.--The amendments made by
10 subsection (a)(3) shall apply to statements required
11 to be furnished after December 31, 2008.
12 SEC. 404. 0.2 PERCENT FUTA SURTAX.
13 (a) IN GENERAL.--Section 3301 (relating to rate of
14 tax) is amended--
15 (1) by striking ``through 2008'' in paragraph
16 (1) and inserting ``through 2009'', and
17 (2) by striking ``calendar year 2009'' in para-
18 graph (2) and inserting ``calendar year 2010''.
19 (b) EFFECTIVE DATE.--The amendments made by
20 this section shall apply to wages paid after December 31,
21 2008.
22 SEC. 405. INCREASE AND EXTENSION OF OIL SPILL LIABIL-
23 ITY TRUST FUND TAX.
24 (a) INCREASE IN RATE.--
260
1 (1) IN GENERAL.--Section 4611(c)(2)(B) (re-
2 lating to rates) is amended by striking ``is 5 cents
3 a barrel.'' and inserting ``is--
4 ``(i) in the case of crude oil received
5 or petroleum products entered before Jan-
6 uary 1, 2017, 8 cents a barrel, and
7 ``(ii) in the case of crude oil received
8 or petroleum products entered after De-
9 cember 31, 2016, 9 cents a barrel.''.
10 (2) EFFECTIVE DATE.--The amendment made
11 by this subsection shall apply on and after the first
12 day of the first calendar quarter beginning more
13 than 60 days after the date of the enactment of this
14 Act.
15 (b) EXTENSION.--
16 (1) IN GENERAL.--Section 4611(f) (relating to
17 application of Oil Spill Liability Trust Fund financ-
18 ing rate) is amended by striking paragraphs (2) and
19 (3) and inserting the following new paragraph:
20 ``(2) TERMINATION.--The Oil Spill Liability
21 Trust Fund financing rate shall not apply after De-
22 cember 31, 2017.''.
23 (2) CONFORMING AMENDMENT.--Section
24 4611(f)(1) is amended by striking ``paragraphs (2)
25 and (3)'' and inserting ``paragraph (2)''.
261
1 (3) EFFECTIVE DATE.--The amendments made
2 by this subsection shall take effect on the date of the
3 enactment of this Act.
4 DIVISION C--TAX EXTENDERS
5 AND ALTERNATIVE MINIMUM
6 TAX RELIEF
7 SECTION 1. SHORT TITLE; AMENDMENT OF 1986 CODE;
8 TABLE OF CONTENTS.
9 (a) SHORT TITLE.--This division may be cited as the
10 ``Tax Extenders and Alternative Minimum Tax Relief Act
11 of 2008''.
12 (b) AMENDMENT OF 1986 CODE.--Except as other-
13 wise expressly provided, whenever in this division an
14 amendment or repeal is expressed in terms of an amend-
15 ment to, or repeal of, a section or other provision, the ref-
16 erence shall be considered to be made to a section or other
17 provision of the Internal Revenue Code of 1986.
18 (c) TABLE OF CONTENTS.--The table of contents of
19 this division is as follows:
Sec. 1. Short title; amendment of 1986 Code; table of contents.
TITLE I--ALTERNATIVE MINIMUM TAX RELIEF
Sec. 101. Extension of alternative minimum tax relief for nonrefundable per-
sonal credits.
Sec. 102. Extension of increased alternative minimum tax exemption amount.
Sec. 103. Increase of AMT refundable credit amount for individuals with long-
term unused credits for prior year minimum tax liability, etc.
TITLE II--EXTENSION OF INDIVIDUAL TAX PROVISIONS
Sec. 201. Deduction for State and local sales taxes.
Sec. 202. Deduction of qualified tuition and related expenses.
262
Sec. 203. Deduction for certain expenses of elementary and secondary school
teachers.
Sec. 204. Additional standard deduction for real property taxes for non-
itemizers.
Sec. 205. Tax-free distributions from individual retirement plans for charitable
purposes.
Sec. 206. Treatment of certain dividends of regulated investment companies.
Sec. 207. Stock in RIC for purposes of determining estates of nonresidents not
citizens.
Sec. 208. Qualified investment entities.
TITLE III--EXTENSION OF BUSINESS TAX PROVISIONS
Sec. 301. Extension and modification of research credit.
Sec. 302. New markets tax credit.
Sec. 303. Subpart F exception for active financing income.
Sec. 304. Extension of look-thru rule for related controlled foreign corporations.
Sec. 305. Extension of 15-year straight-line cost recovery for qualified leasehold
improvements and qualified restaurant improvements; 15-year
straight-line cost recovery for certain improvements to retail
space.
Sec. 306. Modification of tax treatment of certain payments to controlling ex-
empt organizations.
Sec. 307. Basis adjustment to stock of S corporations making charitable con-
tributions of property.
Sec. 308. Increase in limit on cover over of rum excise tax to Puerto Rico and
the Virgin Islands.
Sec. 309. Extension of economic development credit for American Samoa.
Sec. 310. Extension of mine rescue team training credit.
Sec. 311. Extension of election to expense advanced mine safety equipment.
Sec. 312. Deduction allowable with respect to income attributable to domestic
production activities in Puerto Rico.
Sec. 313. Qualified zone academy bonds.
Sec. 314. Indian employment credit.
Sec. 315. Accelerated depreciation for business property on Indian reservations.
Sec. 316. Railroad track maintenance.
Sec. 317. Seven-year cost recovery period for motorsports racing track facility.
Sec. 318. Expensing of environmental remediation costs.
Sec. 319. Extension of work opportunity tax credit for Hurricane Katrina em-
ployees.
Sec. 320. Extension of increased rehabilitation credit for structures in the Gulf
Opportunity Zone.
Sec. 321. Enhanced deduction for qualified computer contributions.
Sec. 322. Tax incentives for investment in the District of Columbia.
Sec. 323. Enhanced charitable deductions for contributions of food inventory.
Sec. 324. Extension of enhanced charitable deduction for contributions of book
inventory.
Sec. 325. Extension and modification of duty suspension on wool products; wool
research fund; wool duty refunds.
TITLE IV--EXTENSION OF TAX ADMINISTRATION PROVISIONS
Sec. 401. Permanent authority for undercover operations.
Sec. 402. Permanent authority for disclosure of information relating to terrorist
activities.
263
TITLE V--ADDITIONAL TAX RELIEF AND OTHER TAX
PROVISIONS
Subtitle A--General Provisions
Sec. 501. $8,500 income threshold used to calculate refundable portion of child
tax credit.
Sec. 502. Provisions related to film and television productions.
Sec. 503. Exemption from excise tax for certain wooden arrows designed for
use by children.
Sec. 504. Income averaging for amounts received in connection with the Exxon
Valdez litigation.
Sec. 505. Certain farming business machinery and equipment treated as 5-year
property.
Sec. 506. Modification of penalty on understatement of taxpayer's liability by
tax return preparer.
Subtitle B--Paul Wellstone and Pete Domenici Mental Health Parity and
Addiction Equity Act of 2008
Sec. 511. Short title.
Sec. 512. Mental health parity.
TITLE VI--OTHER PROVISIONS
Sec. 601. Secure rural schools and community self-determination program.
Sec. 602. Transfer to abandoned mine reclamation fund.
TITLE VII--DISASTER RELIEF
Subtitle A--Heartland and Hurricane Ike Disaster Relief
Sec. 701. Short title.
Sec. 702. Temporary tax relief for areas damaged by 2008 Midwestern severe
storms, tornados, and flooding.
Sec. 703. Reporting requirements relating to disaster relief contributions.
Sec. 704. Temporary tax-exempt bond financing and low-income housing tax re-
lief for areas damaged by Hurricane Ike.
Subtitle B--National Disaster Relief
Sec. 706.
Losses attributable to federally declared disasters.
Sec. 707.
Expensing of Qualified Disaster Expenses.
Sec. 708.
Net operating losses attributable to federally declared disasters.
Sec. 709.
Waiver of certain mortgage revenue bond requirements following fed-
erally declared disasters.
Sec. 710. Special depreciation allowance for qualified disaster property.
Sec. 711. Increased expensing for qualified disaster assistance property.
Sec. 712. Coordination with Heartland disaster relief.
TITLE VIII--SPENDING REDUCTIONS AND APPROPRIATE
REVENUE RAISERS FOR NEW TAX RELIEF POLICY
Sec. 801. Nonqualified deferred compensation from certain tax indifferent par-
ties.
264
1 TITLE I--ALTERNATIVE
2 MINIMUM TAX RELIEF
3 SEC. 101. EXTENSION OF ALTERNATIVE MINIMUM TAX RE-
4 LIEF FOR NONREFUNDABLE PERSONAL
5 CREDITS.
6 (a) IN GENERAL.--Paragraph (2) of section 26(a)
7 (relating to special rule for taxable years 2000 through
8 2007) is amended--
9 (1) by striking ``or 2007'' and inserting ``2007,
10 or 2008'', and
11 (2) by striking ``2007'' in the heading thereof
12 and inserting ``2008''.
13 (b) EFFECTIVE DATE.--The amendments made by
14 this section shall apply to taxable years beginning after
15 December 31, 2007.
16 SEC. 102. EXTENSION OF INCREASED ALTERNATIVE MIN-
17 IMUM TAX EXEMPTION AMOUNT.
18 (a) IN GENERAL.--Paragraph (1) of section 55(d)
19 (relating to exemption amount) is amended--
20 (1) by striking ``($66,250 in the case of taxable
21 years beginning in 2007)'' in subparagraph (A) and
22 inserting ``($69,950 in the case of taxable years be-
23 ginning in 2008)'', and
24 (2) by striking ``($44,350 in the case of taxable
25 years beginning in 2007)'' in subparagraph (B) and
265
1 inserting ``($46,200 in the case of taxable years be-
2 ginning in 2008)''.
3 (b) EFFECTIVE DATE.--The amendments made by
4 this section shall apply to taxable years beginning after
5 December 31, 2007.
6 SEC. 103. INCREASE OF AMT REFUNDABLE CREDIT
7 AMOUNT FOR INDIVIDUALS WITH LONG-
8 TERM UNUSED CREDITS FOR PRIOR YEAR
9 MINIMUM TAX LIABILITY, ETC.
10 (a) IN GENERAL.--Paragraph (2) of section 53(e) is
11 amended to read as follows:
12 ``(2) AMT REFUNDABLE CREDIT AMOUNT.--
13 For purposes of paragraph (1), the term `AMT re-
14 fundable credit amount' means, with respect to any
15 taxable year, the amount (not in excess of the long-
16 term unused minimum tax credit for such taxable
17 year) equal to the greater of--
18 ``(A) 50 percent of the long-term unused
19 minimum tax credit for such taxable year, or
20 ``(B) the amount (if any) of the AMT re-
21 fundable credit amount determined under this
22 paragraph for the taxpayer's preceding taxable
23 year (determined without regard to subsection
24 (f)(2)).''.
266
1 (b) TREATMENT OF CERTAIN UNDERPAYMENTS, IN-
2 TEREST, AND PENALTIES ATTRIBUTABLE TO THE TREAT-
3 MENT OF INCENTIVE STOCK OPTIONS.--Section 53 is
4 amended by adding at the end the following new sub-
5 section:
6 ``(f) TREATMENT OF CERTAIN UNDERPAYMENTS, IN-
7 TEREST, AND PENALTIES ATTRIBUTABLE TO THE TREAT-
8 MENT OF INCENTIVE STOCK OPTIONS.--
9 ``(1) ABATEMENT.--Any underpayment of tax
10 outstanding on the date of the enactment of this
11 subsection which is attributable to the application of
12 section 56(b)(3) for any taxable year ending before
13 January 1, 2008, and any interest or penalty with
14 respect to such underpayment which is outstanding
15 on such date of enactment, is hereby abated. The
16 amount determined under subsection (b)(1) shall not
17 include any tax abated under the preceding sentence.
18 ``(2) INCREASE IN CREDIT FOR CERTAIN INTER-
19 EST AND PENALTIES ALREADY PAID.--The AMT re-
20 fundable credit amount, and the minimum tax credit
21 determined under subsection (b), for the taxpayer's
22 first 2 taxable years beginning after December 31,
23 2007, shall each be increased by 50 percent of the
24 aggregate amount of the interest and penalties
25 which were paid by the taxpayer before the date of
267
1 the enactment of this subsection and which would
2 (but for such payment) have been abated under
3 paragraph (1).''.
4 (c) EFFECTIVE DATE.--
5 (1) IN GENERAL.--Except as provided in para-
6 graph (2), the amendments made by this section
7 shall apply to taxable years beginning after Decem-
8 ber 31, 2007.
9 (2) ABATEMENT.--Section 53(f)(1), as added
10 by subsection (b), shall take effect on the date of the
11 enactment of this Act.
12 TITLE II--EXTENSION OF
13 INDIVIDUAL TAX PROVISIONS
14 SEC. 201. DEDUCTION FOR STATE AND LOCAL SALES
15 TAXES.
16 (a) IN GENERAL.--Subparagraph (I) of section
17 164(b)(5) is amended by striking ``January 1, 2008'' and
18 inserting ``January 1, 2010''.
19 (b) EFFECTIVE DATE.--The amendment made by
20 this section shall apply to taxable years beginning after
21 December 31, 2007.
268
1 SEC. 202. DEDUCTION OF QUALIFIED TUITION AND RE-
2 LATED EXPENSES.
3 (a) IN GENERAL.--Subsection (e) of section 222 (re-
4 lating to termination) is amended by striking ``December
5 31, 2007'' and inserting ``December 31, 2009''.
6 (b) EFFECTIVE DATE.--The amendment made by
7 this section shall apply to taxable years beginning after
8 December 31, 2007.
9 SEC. 203. DEDUCTION FOR CERTAIN EXPENSES OF ELE-
10 MENTARY AND SECONDARY SCHOOL TEACH-
11 ERS.
12 (a) IN GENERAL.--Subparagraph (D) of section
13 62(a)(2) (relating to certain expenses of elementary and
14 secondary school teachers) is amended by striking ``or
15 2007'' and inserting ``2007, 2008, or 2009''.
16 (b) EFFECTIVE DATE.--The amendment made by
17 subsection (a) shall apply to taxable years beginning after
18 December 31, 2007.
19 SEC. 204. ADDITIONAL STANDARD DEDUCTION FOR REAL
20 PROPERTY TAXES FOR NONITEMIZERS.
21 (a) IN GENERAL.--Subparagraph (C) of section
22 63(c)(1), as added by the Housing Assistance Tax Act of
23 2008, is amended by inserting ``or 2009'' after ``2008''.
24 (b) EFFECTIVE DATE.--The amendment made by
25 this section shall apply to taxable years beginning after
26 December 31, 2008.
269
1 SEC. 205. TAX-FREE DISTRIBUTIONS FROM INDIVIDUAL RE-
2 TIREMENT PLANS FOR CHARITABLE PUR-
3 POSES.
4 (a) IN GENERAL.--Subparagraph (F) of section
5 408(d)(8) (relating to termination) is amended by striking
6 ``December 31, 2007'' and inserting ``December 31,
7 2009''.
8 (b) EFFECTIVE DATE.--The amendment made by
9 this section shall apply to distributions made in taxable
10 years beginning after December 31, 2007.
11 SEC. 206. TREATMENT OF CERTAIN DIVIDENDS OF REGU-
12 LATED INVESTMENT COMPANIES.
13 (a) INTEREST-RELATED DIVIDENDS.--Subpara-
14 graph (C) of section 871(k)(1) (defining interest-related
15 dividend) is amended by striking ``December 31, 2007''
16 and inserting ``December 31, 2009''.
17 (b) SHORT-TERM CAPITAL GAIN DIVIDENDS.--Sub-
18 paragraph (C) of section 871(k)(2) (defining short-term
19 capital gain dividend) is amended by striking ``December
20 31, 2007'' and inserting ``December 31, 2009''.
21 (c) EFFECTIVE DATE.--The amendments made by
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