S.Amdt. 2932
What it does: Adds SEC. __. CREDIT FOR INVESTMENT IN TECHNOLOGY TO MAKE MOTION PICTURES MORE ACCESSIBLE TO THE HEARING IMPAIRED on page 179, line 25
Sen. Mark Dayton (D-MN)What it changes
1 change to S. 1637
Adds SEC. __. CREDIT FOR INVESTMENT IN TECHNOLOGY TO MAKE MOTION PICTURES MORE ACCESSIBLE TO THE HEARING IMPAIRED on page 179, line 25
Adds a sectionPrinted pageInserted: SEC. __. CREDIT FOR INVESTMENT IN TECHNOLOGY TO MAKE MOTION PICTURES MORE ACCESSIBLE TO THE HEARING IMPAIRED.
Inserted: (a) In General.--
Inserted: (1) Allowance of credit.--Subpart D of part IV of subchapter A of chapter 1 (relating to business related credits) is amended by adding at the end the following new section:
Inserted: "SEC. 45G. EXPENDITURES TO PROVIDE ACCESS TO MOTION PICTURES FOR HEARING IMPAIRED INDIVIDUALS.
Inserted: "(a) General Rule.--For purposes of section 38, in the case of an eligible taxpayer, the motion picture accessibility credit for any taxable year shall be an amount equal to 90 percent of the qualified expenditures made by the eligible taxpayer during the taxable year.
Inserted: "(b) Eligible Taxpayer.--For purposes of this section, the term 'eligible taxpayer' means a taxpayer who is in the business of--
Inserted: "(1) showing motion pictures to the public, or
Inserted: "(2) producing such motion pictures.
Inserted: "(c) Qualified Expenditures.--For purposes of this section, the term 'qualified expenditures' means amounts paid or incurred by the taxpayer for the purpose of making motion pictures accessible to hearing impaired individuals.
Inserted: "(d) Basis Adjustment.--For purposes of this subtitle, if a credit is allowed under this section with respect to any property, the basis of such property shall be reduced by the amount of the credit so allowed.
Inserted: "(e) No Double Benefit.--In the case of the credit determined under this section, no deduction or credit shall be allowed for such amount under any other provision of this chapter.".
Inserted: (2) Conforming amendments.--
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Inserted: (A) Section 38(b) (relating to general business credit) is amended by striking "plus" at the end of paragraph (14), by striking the period at the end of paragraph (15) and inserting ", plus", and by adding at the end the following new paragraph:
Inserted: "(16) the motion picture accessibility credit determined under section 45G(a).".
Inserted: (B) Subsection (a) of section 1016, as amended by this Act, is amended by striking "and" at the end of paragraph (28), by striking the period at the end of paragraph (29) and inserting ", and", and by adding at the end the following new paragraph:
Inserted: "(30) in the case of property with respect to which a credit was allowed under section 45G, to the extent provided in section 45G(d).".
Inserted: (b) Limitation on Carryback.--Section 39(d) (relating to transition rules) is amended by adding at the end the following new paragraph:
Inserted: "(14) No carryback of motion picture accessibility credit before effective date.--No portion of the unused business credit for any taxable year which is attributable to the motion picture accessibility credit determined under section 45G may be carried to a taxable year beginning before January 1, 2004.".
Inserted: (c) Clerical Amendment.--The table of sections for subpart D of part IV of subchapter A of chapter 1 is amended by inserting after the item relating to section 45F the following new item:
Inserted: "Sec. 45G. Expenditures to provide access to motion pictures for hearing impaired individuals.".
Inserted: (d) Effective Date.--The amendments made by this section shall apply to taxable years beginning after December 31, 2003.
Original wording
On page 179, after line 25, add the following:
Read automatically from the Congressional Record. Check the original before relying on it.
As printed
SA 2932. Mr. DAYTON submitted an amendment intended to be proposed by him to the bill S. 1637, to amend the Internal Revenue Code of 1986 to comply with the World Trade Organization rulings on the FSC/ETI benefit in a manner that preserves jobs and production activities in the United States, to reform and simplify the international taxation rules of the United States, and for other purposes; which was ordered to lie on the table; as follows;
On page 179, after line 25, add the following:
SEC. __. CREDIT FOR INVESTMENT IN TECHNOLOGY TO MAKE MOTION PICTURES MORE ACCESSIBLE TO THE HEARING IMPAIRED.
(a) In General.--
(1) Allowance of credit.--Subpart D of part IV of subchapter A of chapter 1 (relating to business related credits) is amended by adding at the end the following new section:
“SEC. 45G. EXPENDITURES TO PROVIDE ACCESS TO MOTION PICTURES FOR HEARING IMPAIRED INDIVIDUALS.
“(a) General Rule.--For purposes of section 38, in the case of an eligible taxpayer, the motion picture accessibility credit for any taxable year shall be an amount equal to 90 percent of the qualified expenditures made by the eligible taxpayer during the taxable year.
“(b) Eligible Taxpayer.--For purposes of this section, the term ‘eligible taxpayer' means a taxpayer who is in the business of--
“(1) showing motion pictures to the public, or
“(2) producing such motion pictures.
“(c) Qualified Expenditures.--For purposes of this section, the term ‘qualified expenditures' means amounts paid or incurred by the taxpayer for the purpose of making motion pictures accessible to hearing impaired individuals.
“(d) Basis Adjustment.--For purposes of this subtitle, if a credit is allowed under this section with respect to any property, the basis of such property shall be reduced by the amount of the credit so allowed.
“(e) No Double Benefit.--In the case of the credit determined under this section, no deduction or credit shall be allowed for such amount under any other provision of this chapter.”.
(2) Conforming amendments.--
(A) Section 38(b) (relating to general business credit) is amended by striking “plus” at the end of paragraph (14), by striking the period at the end of paragraph (15) and inserting “, plus”, and by adding at the end the following new paragraph:
“(16) the motion picture accessibility credit determined under section 45G(a).”.
(B) Subsection (a) of section 1016, as amended by this Act, is amended by striking “and” at the end of paragraph (28), by striking the period at the end of paragraph (29) and inserting “, and”, and by adding at the end the following new paragraph:
“(30) in the case of property with respect to which a credit was allowed under section 45G, to the extent provided in section 45G(d).”.
(b) Limitation on Carryback.--Section 39(d) (relating to transition rules) is amended by adding at the end the following new paragraph:
“(14) No carryback of motion picture accessibility credit before effective date.--No portion of the unused business credit for any taxable year which is attributable to the motion picture accessibility credit determined under section 45G may be carried to a taxable year beginning before January 1, 2004.”.
(c) Clerical Amendment.--The table of sections for subpart D of part IV of subchapter A of chapter 1 is amended by inserting after the item relating to section 45F the following new item:
“Sec. 45G. Expenditures to provide access to motion pictures for hearing impaired individuals.”.
(d) Effective Date.--The amendments made by this section shall apply to taxable years beginning after December 31, 2003.
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Senate amendment submitted
March 24, 2004