To provide for the extension of certain expiring provisions, and for other purposes.

1. Adds TITLE V--EXTENSIONS OF CERTAIN EXPIRING PROVISIONS at the in S.Amdt. 2686

   Adds a title

   Inserted: TITLE V--EXTENSIONS OF CERTAIN EXPIRING PROVISIONS

   Inserted: Subtitle A--Extensions SEC. 501. PARITY IN THE APPLICATION OF CERTAIN LIMITS TO MENTAL HEALTH BENEFITS.

   Inserted: (a) In General.--Section 9812(f) is amended--

   Inserted: (1) by striking "and" at the end of paragraph (1), and

   Inserted: (2) by striking paragraph (2) and inserting the following new paragraphs:

   Inserted: "(2) on or after January 1, 2004, and before the date of the enactment of the Jumpstart Our Business Strength (JOBS) Act, and

   Inserted: "(3) after December 31, 2005.".

   Inserted: (b) ERISA.--Section 712(f) of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1185a(f)) is amended by striking "on or after December 31, 2004" and inserting "after December 31, 2005".

   Inserted: (c) PHSA.--Section 2705(f) of the Public Health Service Act (42 U.S.C. 300gg-5(f)) is amended by striking "on or after December 31, 2004" and inserting "after December 31, 2005".

   Inserted: (d) Effective Dates.--

   Inserted: (1) Subsection (a).--The amendments made by subsection (a) shall apply to benefits for services furnished on or after December 31, 2003.

   Inserted: (2) Subsections (b) and (c).--The amendments made by subsections (b) and (c) shall apply to benefits for services furnished on or after December 31, 2004.

   Show 208 more inserted paragraphsShow less

   Inserted: SEC. 502. MODIFICATIONS TO WORK OPPORTUNITY CREDIT AND WELFARE-TO-WORK CREDIT.

   Inserted: (a) Extension of Credit.--

   Inserted: (1) Subparagraph (B) of section 51(c)(4) is amended by striking "December 31, 2003" and inserting "December 31, 2005".

   Inserted: (2) Subsection (f) of section 51A is amended by striking by striking "December 31, 2003" and inserting "December 31, 2005".

   Inserted: (b) Eligibility of Ex-Felons Determined Without Regard to Family Income.--Paragraph (4) of section 51(d) is amended by adding "and" at the end of subparagraph (A), by striking ", and" at the end of subparagraph (B) and inserting a period, and by striking all that follows subparagraph (B).

   Inserted: (c) Increase in Maximum Age for Eligibility of Food Stamp Recipients.--Clause (i) of section 51(d)(8)(A) is amended by striking "25" and inserting "40".

   Inserted: (d) Increase in Maximum Age for Designated Community residents.--

   Inserted: (1) In general.--Paragraph (5) of section 51(d) is amended to read as follows:

   Inserted: "(5) Designated community residents.--

   Inserted: "(A) In general.--The term 'designated community resident' means any individual who is certified by the designated local agency--

   Inserted: "(i) as having attained age 18 but not age 40 on the hiring date, and

   Inserted: "(ii) as having his principal place of abode within an empowerment zone, enterprise community, or renewal community.

   Inserted: "(B) Individual must continue to reside in zone or community.--In the case of a designated community resident, the term 'qualified wages' shall not include wages paid or incurred for services performed while the individual's principal place of abode is outside an empowerment zone, enterprise community, or renewal community."

   Inserted: (2) Conforming amendment.--Subparagraph (D) of section 51(d)(1) is amended to read as follows:

   Inserted: "(D) a designated community resident,".

   Inserted: (e) Clarification of Treatment of Individuals Under Individual Work Plans.--Subparagraph (B) of section 51(d)(6) (relating to vocational rehabilitation referral) is amended by striking "or" at the end of clause (i), by striking the period at the end of clause (ii) and inserting ", or", and by adding at the end the following new clause:

   Inserted: "(iii) an individual work plan developed and implemented by an employment network pursuant to subsection (g) of section 1148 of the Social Security Act with respect to which the requirements of such subsection are met."

   Inserted: (f) Effective Dates.--

   Inserted: (1) Extension of credits.--The amendments made by subsection (a) shall apply to individuals who begin work for the employer after December 31, 2003.

   Inserted: (2) Modifications.--The amendments made by subsections (b), (c), (d), and (e) shall apply to individuals who begin work for the employer after December 31, 2004.

   Inserted: SEC. 503. CONSOLIDATION OF WORK OPPORTUNITY CREDIT WITH WELFARE-TO-WORK CREDIT.

   Inserted: (a) In General.--Paragraph (1) of section 51(d) is amended by striking "or" at the end of subparagraph (G), by striking the period at the end of subparagraph (H) and inserting ", or", and by adding at the end the following new subparagraph:

   Inserted: "(I) a long-term family assistance recipient."

   Inserted: (b) Long-Term Family Assistance Recipient.--Subsection (d) of section 51 is amended by redesignating paragraphs (10) through (12) as paragraphs (11) through (13), respectively, and by inserting after paragraph (9) the following new paragraph:

   Inserted: "(10) Long-term family assistance recipient.--The term 'long-term family assistance recipient' means any individual who is certified by the designated local agency--

   Inserted: "(A) as being a member of a family receiving assistance under a IV-A program (as defined in paragraph (2)(B)) for at least the 18-month period ending on the hiring date,

   Inserted: "(B)(i) as being a member of a family receiving such assistance for 18 months beginning after August 5, 1997, and

   Inserted: "(ii) as having a hiring date which is not more than 2 years after the end of the earliest such 18-month period, or

   Inserted: "(C)(i) as being a member of a family which ceased to be eligible for such assistance by reason of any limitation imposed by Federal or State law on the maximum period such assistance is payable to a family, and

   Inserted: "(ii) as having a hiring date which is not more than 2 years after the date of such cessation."

   Inserted: (c) Increased Credit for Employment of Long-Term Family Assistance Recipients.--Section 51 is amended by inserting after subsection (d) the following new subsection:

   Inserted: "(e) Credit for Second-Year Wages for Employment of Long-Term Family Assistance Recipients.--

   Inserted: "(1) In general.--With respect to the employment of a long-term family assistance recipient--

   Inserted: "(A) the amount of the work opportunity credit determined under this section for the taxable year shall include 50 percent of the qualified second-year wages for such year, and

   Inserted: "(B) in lieu of applying subsection (b)(3), the amount of the qualified first-year wages, and the amount of qualified second-year wages, which may be taken into account with respect to such a recipient shall not exceed $10,000 per year.

   Inserted: "(2) Qualified second-year wages.--For purposes of this subsection, the term 'qualified second-year wages' means qualified wages--

   Inserted: "(A) which are paid to a long-term family assistance recipient, and

   Inserted: "(B) which are attributable to service rendered during the 1-year period beginning on the day after the last day of the 1-year period with respect to such recipient determined under subsection (b)(2).

   Inserted: "(3) Special rules for agricultural and railway labor.--If such recipient is an employee to whom subparagraph (A) or (B) of subsection (h)(1) applies, rules similar to the rules of such subparagraphs shall apply except that--

   Inserted: "(A) such subparagraph (A) shall be applied by substituting '$10,000' for '$6,000', and

   Inserted: "(B) such subparagraph (B) shall be applied by substituting '$833.33' for '$500'."

   Inserted: (d) Repeal of Separate Welfare-to-Work Credit.--

   Inserted: (1) In general.--Section 51A is hereby repealed.

   Inserted: (2) Clerical amendment.--The table of sections for subpart F of part IV of subchapter A of chapter 1 is amended by striking the item relating to section 51A.

   Inserted: (e) Effective Date.--The amendments made by this section shall apply to individuals who begin work for the employer after December 31, 2004.

   Inserted: SEC. 504. QUALIFIED ZONE ACADEMY BONDS.

   Inserted: (a) In General.--Paragraph (1) of section 1397E(e) is amended by striking "and 2003" and inserting "2003, 2004, and 2005".

   Inserted: (b) Effective Date.--The amendment made by subsection (a) shall apply to obligations issued after December 31, 2003.

   Inserted: SEC. 505. COVER OVER OF TAX ON DISTILLED SPIRITS.

   Inserted: (a) In General.--Paragraph (1) of section 7652(f) is amended by striking "January 1, 2004" and inserting "January 1, 2006".

   Inserted: (b) Effective Date.--The amendment made by subsection (a) shall apply to articles brought into the United States after December 31, 2003.

   Inserted: SEC. 506. DEDUCTION FOR CORPORATE DONATIONS OF SCIENTIFIC PROPERTY AND COMPUTER TECHNOLOGY.

   Inserted: (a) Scientific Property Used for Research.--

   Inserted: (1) In general.--Clause (ii) of section 170(e)(4)(B) (defining qualified research contributions) is amended by inserting "or assembled" after "constructed".

   Inserted: (2) Conforming amendment.--Clause (iii) of section 170(e)(4)(B) is amended by inserting "or assembling" after "construction".

   Inserted: (b) Computer Technology and Equipment for Educational Purposes.--

   Inserted: (1) In general.--Clause (ii) of section 170(e)(6)(B) is amended by inserting "or assembled" after "constructed" and "or assembling" after "construction".

   Inserted: (2) Special rule extended.--Section 170(e)(6)(G) is amended by striking "2003" and inserting "2005".

   Inserted: (3) Conforming amendments.--Subparagraph (D) of section 170(e)(6) is amended by inserting "or assembled" after "constructed" and "or assembling" after "construction".

   Inserted: (c) Effective Date.--The amendments made by this section shall apply to contributions made in taxable years beginning after December 31, 2003.

   Inserted: SEC. 507. DEDUCTION FOR CERTAIN EXPENSES OF SCHOOL TEACHERS.

   Inserted: (a) In General.--Subparagraph (D) of section 62(a)(2) is amended by striking "or 2003" and inserting ", 2003, 2004, or 2005".

   Inserted: (b) Effective Date.--The amendment made by subsection (a) shall apply to expenses paid or incurred in taxable years beginning after December 31, 2003.

   Inserted: SEC. 508. EXPENSING OF ENVIRONMENTAL REMEDIATION COSTS.

   Inserted: (a) Extension of Termination Date.--Subsection (h) of section 198 is amended by striking "December 31, 2003" and inserting "December 31, 2005".

   Inserted: (b) Effective Date.--The amendment made by subsection (a) shall apply to expenditures paid or incurred after December 31, 2003.

   Inserted: SEC. 509. EXPANSION OF CERTAIN NEW YORK LIBERTY ZONE BENEFITS.

   Inserted: (a) Extension of Tax-Exempt Bond Financing.--Subparagraph (D) of section 1400L(d)(2) is amended by striking "2005" and inserting "2006".

   Inserted: (b) Clarification of Bonds Eligible for Advance Refunding.--Section 1400L(e)(2)(B) (relating to bonds described) is amended by striking ", or" and inserting "or the Municipal Assistance Corporation, or".

   Inserted: (c) Election Out Technical Amendment.--Subsection (c) of section 1400L is amended by adding at the end the following new paragraph:

   Inserted: "(5) Election out.--For purposes of this subsection, rules similar to the rules of section 168(k)(2)(C)(iii) shall apply.".

   Inserted: (d) Effective date.--The amendments made by subsections (b) and (c) shall take effect as if included in the amendments made by section 301 of the Job Creation and Worker Assistance Act of 2002.

   Inserted: SEC. 510. TEMPORARY SPECIAL RULES FOR TAXATION OF LIFE INSURANCE COMPANIES.

   Inserted: (a) In General.--Subsection (j) of section 809 is amended by striking "or 2003" and inserting "2003, 2004, or 2005".

   Inserted: (b) Effective Date.--The amendment made by subsection (a) shall apply to taxable years beginning after December 31, 2003.

   Inserted: SEC. 511. TAX INCENTIVES FOR INVESTMENT IN THE DISTRICT OF COLUMBIA.

   Inserted: (a) Designation of Zone.--Subsection (f) of section 1400 is amended by striking "December 31, 2003" both places it appears and inserting "December 31, 2005".

   Inserted: (b) Tax-Exempt Economic Development Bonds.--Subsection (b) of section 1400A is amended by striking "December 31, 2003" and inserting "December 31, 2005".

   Inserted: (c) Zero Percent Capital Gains Rate.--

   Inserted: (1) In general.--Subsection (b) of section 1400B is amended by striking "January 1, 2004" each place it appears and inserting "January 1, 2006".

   Inserted: (2) Conforming amendments.--

   Inserted: (A) Section 1400B(e)(2) is amended--

   Inserted: (i) by striking "December 31, 2008" and inserting "December 31, 2010", and

   Inserted: (ii) by striking "2008" in the heading and inserting "2010".

   Inserted: (B) Section 1400B(g)(2) is amended by striking "December 31, 2008" and inserting "December 31, 2010".

   Inserted: (C) Section 1400F(d) is amended by striking "December 31, 2008" and inserting "December 31, 2010".

   Inserted: (d) First-Time Homebuyer Credit.--Subsection (i) of section 1400C is amended by striking "January 1, 2004" and inserting "January 1, 2006".

   Inserted: (e) Effective Dates.--

   Inserted: (1) In general.--Except as provided in paragraph (2), the amendments made by this section shall take effect on January 1, 2004.

   Inserted: (2) Tax-exempt economic development bonds.--The amendment made by subsection (b) shall apply to obligations issued after the date of the enactment of this Act.

   Inserted: SEC. 512. COMBINED EMPLOYMENT TAX REPORTING PROGRAM.

   Inserted: (a) In General.--Paragraph (1) of section 976(b) of the Taxpayer Relief Act of 1997 is amended by striking "the State of Montana for a period ending with the date which is 5 years after the date of the enactment of this Act" and inserting "any State".

   Inserted: (b) Effective Date.--The amendment made by subsection (a) shall apply to disclosures on or after the date of the enactment of this Act.

   Inserted: SEC. 513. ALLOWANCE OF NONREFUNDABLE PERSONAL CREDITS AGAINST REGULAR AND MINIMUM TAX LIABILITY.

   Inserted: (a) In General.--Paragraph (2) of section 26(a) is amended--

   Inserted: (1) by striking "rule for 2000, 2001, 2002, and 2003.--" and inserting "rule for taxable years 2000 through 2004.--", and

   Inserted: (2) by striking "or 2003" and inserting "2003, or 2004".

   Inserted: (b) Conforming Provisions.--

   Inserted: (1) Section 904(h) is amended by striking "or 2003" and inserting "2003, or 2004".

   Inserted: (2) The amendments made by sections 201(b), 202(f), and 618(b) of the Economic Growth and Tax Relief Reconciliation Act of 2001 shall not apply to taxable years beginning during 2004.

   Inserted: (c) Effective Date.--The amendments made by this section shall apply to taxable years beginning after December 31, 2003.

   Inserted: SEC. 514. CREDIT FOR ELECTRICITY PRODUCED FROM CERTAIN RENEWABLE RESOURCES.

   Inserted: (a) In General.--Subparagraphs (A), (B), and (C) of section 45(c)(3) are each amended by striking "January 1, 2004" and inserting "January 1, 2005".

   Inserted: (b) Effective Date.--The amendments made by subsection (a) shall apply to facilities placed in service after December 31, 2003.

   Inserted: SEC. 515. TAXABLE INCOME LIMIT ON PERCENTAGE DEPLETION FOR OIL AND NATURAL GAS PRODUCED FROM MARGINAL PROPERTIES.

   Inserted: (a) In General.--Subparagraph (H) of section 613A(c)(6) is amended by striking "January 1, 2004" and inserting "January 1, 2005".

   Inserted: (b) Effective Date.--The amendment made by subsection (a) shall apply to taxable years beginning after December 31, 2003.

   Inserted: SEC. 516. INDIAN EMPLOYMENT TAX CREDIT.

   Inserted: Section 45A(f) (relating to termination) is amended by striking "December 31, 2004" and inserting "December 31, 2005".

   Inserted: SEC. 517. ACCELERATED DEPRECIATION FOR BUSINESS PROPERTY ON INDIAN RESERVATION.

   Inserted: Section 168(j)(8) (relating to termination) is amended by striking "December 31, 2004" and inserting "December 31, 2005".

   Inserted: SEC. 518. DISCLOSURE OF RETURN INFORMATION RELATING TO STUDENT LOANS.

   Inserted: Section 6103(l)(13)(D) (relating to termination) is amended by striking "December 31, 2004" and inserting "December 31, 2005".

   Inserted: SEC. 519. EXTENSION OF TRANSFERS OF EXCESS PENSION ASSETS TO RETIREE HEALTH ACCOUNTS.

   Inserted: (a) Amendment of Internal Revenue Code of 1986.--Paragraph (5) of section 420(b) (relating to expiration) is amended by striking "December 31, 2005" and inserting "December 31, 2013".

   Inserted: (b) Amendments of ERISA.--

   Inserted: (1) Section 101(e)(3) of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1021(e)(3)) is amended by striking "Tax Relief Extension Act of 1999" and inserting "Jumpstart Our Business Strength (JOBS) Act".

   Inserted: (2) Section 403(c)(1) of such Act (29 U.S.C. 1103(c)(1)) is amended by striking "Tax Relief Extension Act of 1999" and inserting "Jumpstart Our Business Strength (JOBS) Act".

   Inserted: (3) Paragraph (13) of section 408(b) of such Act (29 U.S.C. 1108(b)(3)) is amended--

   Inserted: (A) by striking "January 1, 2006" and inserting "January 1, 2014", and

   Inserted: (B) by striking "Tax Relief Extension Act of 1999" and inserting "Jumpstart Our Business Strength (JOBS) Act".

   Inserted: (c) Minimum Cost Requirements.--

   Inserted: (1) In general.--Section 420(c)(3)(E) is amended by adding at the end the following new clause:

   Inserted: "(ii) Insignificant cost reductions permitted.--

   Inserted: "(I) In general.--An eligible employer shall not be treated as failing to meet the requirements of this paragraph for any taxable year if, in lieu of any reduction of retiree health coverage permitted under the regulations prescribed under clause (i), the employer reduces applicable employer cost by an amount not in excess of the reduction in costs which would have occurred if the employer had made the maximum permissible reduction in retiree health coverage under such regulations. In applying such regulations to any subsequent taxable year, any reduction in applicable employer cost under this clause shall be treated as if it were an equivalent reduction in retiree health coverage.

   Inserted: "(II) Eligible employer.--For purposes of subclause (I), an employer shall be treated as an eligible employer for any taxable year if, for the preceding taxable year, the qualified current retiree health liabilities of the employer were at least 5 percent of the gross receipts of the employer. For purposes of this subclause, the rules of paragraphs (2), (3)(B), and (3)(C) of section 448(c) shall apply in determining the amount of an employer's gross receipts."

   Inserted: (2) Conforming amendment.--Section 420(c)(3)(E) is amended by striking "The Secretary" and inserting:

   Inserted: "(i) In general.--The Secretary".

   Inserted: (3) Effective date.--The amendments made by this subsection shall apply to taxable years ending after the date of the enactment of this Act.

   Inserted: SEC. 520. ELIMINATION OF PHASEOUT OF CREDIT FOR QUALIFIED ELECTRIC VEHICLES.

   Inserted: (a) In General.--Section 30(b) is amended by striking paragraph (2) and by redesignating paragraph (3) as paragraph (2).

   Inserted: (b) Conforming Amendments.--

   Inserted: (1) Section 53(d)(1)(B)(iii) is amended by striking "section 30(b)(3)(B)" and inserting "section 30(b)(2)(B)".

   Inserted: (2) Section 55(c)(2) is amended by striking "30(b)(3)" and inserting "30(b)(2)".

   Inserted: (c) Effective Date.--The amendments made by this section shall apply to property placed in service after December 31, 2003.

   Inserted: SEC. 521. ELIMINATION OF PHASEOUT FOR DEDUCTION FOR CLEAN-FUEL VEHICLE PROPERTY.

   Inserted: (a) In General.--Paragraph (1) of section 179A(b) is amended to read as follows:

   Inserted: "(1) Qualified clean-fuel vehicle property.--The cost which may be taken into account under subsection (a)(1)(A) with respect to any motor vehicle shall not exceed--

   Inserted: "(A) in the case of a motor vehicle not described in subparagraph (B) or (C), $2,000,

   Inserted: "(B) in the case of any truck or van with a gross vehicle weight rating greater than 10,000 pounds but not greater than 26,000 pounds, $5,000, or

   Inserted: "(C) $50,000 in the case of--

   Inserted: "(i) a truck or van with a gross vehicle weight rating greater than 26,000 pounds, or

   Inserted: "(ii) any bus which has a seating capacity of at least 20 adults (not including the driver).".

   Inserted: (b) Effective Date.--The amendment made by subsection (a) shall apply to property placed in service after December 31, 2003.

   Inserted: Subtitle B--Revenue Provisions SEC. 531. DONATIONS OF MOTOR VEHICLES, BOATS, AND AIRPLANES.

   Inserted: (a) In General.--Subsection (f) of section 170 (relating to disallowance of deduction in certain cases and special rules) is amended by adding at the end the following new paragraph:

   Inserted: "(11) Contributions of used motor vehicles, boats, and airplanes.--

   Inserted: "(A) In general.--In the case of a contribution of a qualified vehicle in excess of $500--

   Inserted: "(i) paragraph (8) shall not apply and no deduction shall be allowed under subsection (a) for such contribution unless the taxpayer substantiates the contribution by a contemporaneous written acknowledgement of the contribution by the donee organization that meets the requirements of subparagraph (B) and includes the acknowledgement with the taxpayer's return of tax which includes the deduction, and

   Inserted: "(ii) if the organization sells the vehicle without any significant intervening use or material improvement of such vehicle by the organization, the amount of the deduction allowed under subsection (a) shall not exceed the gross proceeds received from such sale.

   Inserted: "(B) Content of acknowledgement.--An acknowledgement meets the requirements of this subparagraph if it includes the following information:

   Inserted: "(i) The name and taxpayer identification number of the donor.

   Inserted: "(ii) The vehicle identification number or similar number.

   Inserted: "(iii) In the case of a qualified vehicle sold by the donee organization--

   Inserted: "(I) a certification that the vehicle was sold in an arm's length transaction between unrelated parties,

   Inserted: "(II) the gross proceeds from the sale, and

   Inserted: "(III) the amount of such gross proceeds is the deductible amount.

   Inserted: "(iv) In the case of a qualified vehicle to which subparagraph (A)(ii) does not apply--

   Inserted: "(I) a certification of the intended use or material improvement of the vehicle and the intended duration of such use, and

   Inserted: "(II) a certification that the vehicle would not be transferred in exchange for money, other property, or services before completion of such use or improvement.

   Inserted: "(C) Contemporaneous.--For purposes of subparagraph (A), an acknowledgement shall be considered to be contemporaneous if the donee organization provides it within 30 days of--

   Inserted: "(i) the sale of the qualified vehicle, or

   Inserted: "(ii) in the case of an acknowledgement including a certification described in subparagraph (B)(iv), the contribution of the qualified vehicle.

   Inserted: "(D) Information to secretary.--A donee organization required to provide an acknowledgement under this paragraph shall provide to the Secretary the information contained in the acknowledgement. Such information shall be provided at such time and in such manner as the Secretary may prescribe.

   Inserted: "(E) Qualified vehicle.--For purposes of this paragraph, the term 'qualified vehicle' means any--

   Inserted: "(i) self-propelled vehicle manufactured primarily for use on public streets, roads, and highways,

   Inserted: "(ii) boat, or

   Inserted: "(iii) airplane. Such term shall not include any property which is described in section 1221(a)(1).

   Inserted: "(F) Regulations or other guidance.--The Secretary shall prescribe such regulations or other guidance as may be necessary to carry out the purposes of this paragraph.".

   Inserted: (b) Penalty for Fraudulent Acknowledgments.--

   Inserted: (1) In general.--Part I of subchapter B of chapter 68 (relating to assessable penalties) is amended adding at the end the following new section:

   Inserted: "SEC. 6717. FRAUDULENT ACKNOWLEDGMENTS WITH RESPECT TO DONATIONS OF MOTOR VEHICLES, BOATS, AND AIRPLANES.

   Inserted: "Any donee organization required under section 170(f)(11)(A) to furnish a contemporaneous written acknowledgment to a donor which knowingly furnishes a false or fraudulent acknowledgment, or which knowingly fails to furnish such acknowledgment in the manner, at the time, and showing the information required under section 170(f)(11), or regulations prescribed thereunder, shall for each such act, or for each such failure, be subject to a penalty equal to--

   Inserted: "(1) in the case of an acknowledgment with respect to a qualified vehicle to which section 170(f)(11)(A)(ii) applies, the greater of the value of the tax benefit to the donor or the gross proceeds from the sale of such vehicle, and

   Inserted: "(2) in the case of an acknowledgment with respect to any other qualified vehicle to which section 170(f)(11) applies, the greater of the value of the tax benefit to the donor or $5,000.".

   Inserted: (2) Conforming amendment.--The table of sections for part I of subchapter B of chapter 68 is amended by adding at the end the following new item:

   Inserted: "Sec. 6717. Fraudulent acknowledgments with respect to donations of motor vehicles, boats, and airplanes.".

   Inserted: (c) Effective Date.--The amendments made by this section shall apply to contributions after June 30, 2004.

   Inserted: SEC. 532. CHANGE IN EFFECTIVE DATE.

   Inserted: Section 476(c) of this Act is amended by striking "December 31, 2003" and inserting "November 18, 2003".

   Inserted: SEC. 533. ADDITION OF VACCINES AGAINST INFLUENZA TO LIST OF TAXABLE VACCINES.

   Inserted: (a) In General.--Section 4132(a)(1) (defining taxable vaccine) is amended adding at the end the following new subparagraph:

   Inserted: "(M) Any trivalent vaccine against influenza.".

   Inserted: (b) Conforming Amendment.--Section 9510(c)(1)(A) is amended by striking "October 18, 2000" and inserting "the date of the enactment of the Jumpstart Our Business Strength (JOBS) Act".

   Inserted: (b) Effective Date.--

   Inserted: (1) Sales, etc.--The amendment made by this section shall apply to sales and uses on or after the later of--

   Inserted: (A) the first day of the first month which begins more than 4 weeks after the date of the enactment of this Act, or

   Inserted: (B) the date on which the Secretary of Health and Human Services lists any vaccine against influenza for purposes of compensation for any vaccine-related injury or death through the Vaccine Injury Compensation Trust Fund.

   Inserted: (2) Deliveries.--For purposes of paragraph (1) and section 4131 of the Internal Revenue Code of 1986, in the case of sales on or before the effective date described in such paragraph for which delivery is made after such date, the delivery date shall be considered the sale date.

   Inserted: SEC. 534. TREATMENT OF CONTINGENT PAYMENT CONVERTIBLE DEBT INSTRUMENTS.

   Inserted: (a) In General.--Section 1275(d) (relating to regulation authority) is amended--

   Inserted: (1) by striking "The Secretary" and inserting the following:

   Inserted: "(1) In general.--The Secretary", and

   Inserted: (2) by adding at the end the following new paragraph:

   Inserted: "(2) Treatment of contingent payment convertible debt.--

   Inserted: "(A) In general.--In the case of a debt instrument which--

   Inserted: "(i) is convertible into stock of the issuing corporation, or a corporation in control of, or controlled by, the issuing corporation, and

   Inserted: "(ii) provides for contingent payments, any regulations which require original issue discount to be determined by reference to the comparable yield of a noncontingent debt instrument also shall require that such comparable yield be determined by reference to a noncontingent debt instrument which is convertible into stock.

   Inserted: "(B) Special rules.-- For purposes of subparagraph (A)--

   Inserted: "(i) the comparable yield shall be determined without taking into account the yield resulting from the conversion of a debt instrument into stock, and

   Inserted: "(ii) the term 'control' has the meaning given such term by section 368(c).".

   Inserted: (b) Cross Reference.--Section 163(e)(6) (relating to cross references) is amended by adding at the end the following:

   Inserted: "For the treatment of contingent payment convertible debt, see section 175(d)(2).".

   Inserted: (c) Effective Date.--The amendments made by this section shall apply to debt instruments issued after the date of the enactment of this Act.

   Inserted: SEC. 535. MODIFICATION OF CONTINUING LEVY ON PAYMENTS TO FEDERAL VENDERS.

   Inserted: (a) In General.--Section 6331(h) (relating to continuing levy on certain payments) is amended by adding at the end the following new paragraph:

   Inserted: "(3) Increase in levy for certain payments.--Paragraph (1) shall be applied by substituting '100 percent' for '15 percent' in the case of any specified payment due to a vendor of goods or services sold or leased to the Federal Government.".

   Inserted: (b) Effective Date.--The amendment made by this section shall take effect on the date of the enactment of this Act.

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