S.Amdt. 4469

1. Inserts new text wherever appropriate

   Inserts

   Inserted: TITLE --EXTENSION OF EXPIRING TAX PROVISIONS

   Inserted: SEC. -00. AMENDMENT OF 1986 CODE.

   Inserted: Except as otherwise expressly provided, whenever in this title an amendment or repeal is expressed in terms of an amendment to, or repeal of, a section or other provision, the reference shall be considered to be made to a section or other provision of the Internal Revenue Code of 1986.

   Inserted: Subtitle A--Individual Tax Provisions SEC. -01. NONBUSINESS ENERGY PROPERTY.

   Inserted: (a) Extension of Credit.--Section 25C(g) (relating to termination) is amended by striking "December 31, 2007" and inserting "December 31, 2008".

   Inserted: (b) Effective Date.--The amendment made by this section shall apply to property placed in service after December 31, 2007.

   Inserted: SEC. -02. ELECTION TO INCLUDE COMBAT PAY AS EARNED INCOME FOR PURPOSES OF THE EARNED INCOME CREDIT.

   Inserted: (a) In General.--Subclause (II) of section 32(c)(2)(B)(vi) (defining earned income) is amended by striking "January 1, 2008" and inserting "January 1, 2009".

   Inserted: (b) Conforming Amendment.--Paragraph (4) of section 6428, as amended by the Economic Stimulus Act of 2008, is amended to read as follows:

   Inserted: "(4) Earned income.--The term 'earned income' has the meaning set forth in section 32(c)(2) except that such term shall not include net earnings from self-employment which are not taken into account in computing taxable income.".

   Inserted: (c) Effective Date.--The amendments made by this section shall apply to taxable years ending after December 31, 2007.

   Inserted: SEC. -03. DEDUCTION FOR CERTAIN EXPENSES OF ELEMENTARY AND SECONDARY SCHOOL TEACHERS.

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   Inserted: (a) In General.--Subparagraph (D) of section 62(a)(2) (relating to certain expenses of elementary and secondary school teachers) is amended by striking "or 2007" and inserting "2007, or 2008".

   Inserted: (b) Effective Date.--The amendment made by this section shall apply to taxable years beginning after December 31, 2007.

   Inserted: SEC. -04. DISTRIBUTIONS FROM RETIREMENT PLANS TO INDIVIDUALS CALLED TO ACTIVE DUTY.

   Inserted: (a) In General.--Clause (iv) of section 72(t)(2)(G) is amended by striking "December 31, 2007" and inserting "January 1, 2009".

   Inserted: (b) Effective Date.--The amendment made by this section shall apply to individuals ordered or called to active duty on or after December 31, 2007.

   Inserted: SEC. -05. MODIFICATION OF MORTGAGE REVENUE BONDS FOR VETERANS.

   Inserted: (a) Qualified Mortgage Bonds Used To Finance Residences for Veterans Without Regard to First-Time Homebuyer Requirement.--Subparagraph (D) of section 143(d)(2) (relating to exceptions) is amended by inserting "and after the date of the enactment of the Foreclosure Prevention Act and before January 1, 2009" after "January 1, 2008".

   Inserted: (b) Effective Date.--The amendment made by this section shall apply to bonds issued after the date of the enactment of this Act.

   Inserted: SEC. -06. DEDUCTION FOR STATE AND LOCAL SALES TAXES.

   Inserted: (a) In General.--Subparagraph (I) of section 164(b)(5) is amended by striking "January 1, 2008" and inserting "January 1, 2009".

   Inserted: (b) Effective Date.--The amendment made by this section shall apply to taxable years beginning after December 31, 2007.

   Inserted: SEC. -07. ARCHER MSAS.

   Inserted: (a) In General.--Subsection (i) of section 220 (relating to limitation on number of taxpayers having Archer MSAs) is amended--

   Inserted: (1) by striking "2007" each place it appears in paragraphs (2) and (3)(B) and inserting "2008",

   Inserted: (2) by striking "2007" in the heading of paragraph (3)(B) and inserting "2008".

   Inserted: (b) Conforming Amendments.--Subsection (j) of section 220 is amended--

   Inserted: (1) by striking "or 2006" each place it appears in paragraph (2) and inserting "2006, or 2007",

   Inserted: (2) by striking "or 2006" in the heading for paragraph (2) and inserting "2006, or 2007", and

   Inserted: (3) by striking "and 2006" in paragraph (4) and inserting "2006, or 2007".

   Inserted: (c) Effective Date.--The amendments made by this section shall apply to calendar years beginning after December 31, 2007.

   Inserted: SEC. -08. DEDUCTION OF QUALIFIED TUITION AND RELATED EXPENSES.

   Inserted: (a) In General.--Subsection (e) of section 222 (relating to termination) is amended by striking "December 31, 2007" and inserting "December 31, 2008".

   Inserted: (b) Effective Date.--The amendment made by this section shall apply to taxable years beginning after December 31, 2007.

   Inserted: SEC. -09. TAX-FREE DISTRIBUTIONS FROM INDIVIDUAL RETIREMENT PLANS FOR CHARITABLE PURPOSES.

   Inserted: (a) In General.--Subparagraph (F) of section 408(d)(8) (relating to termination) is amended by striking "December 31, 2007" and inserting "December 31, 2008".

   Inserted: (b) Effective Date.--The amendment made by this section shall apply to distributions made in taxable years beginning after December 31, 2007.

   Inserted: SEC. -10. STOCK IN RIC FOR PURPOSES OF DETERMINING ESTATES OF NONRESIDENTS NOT CITIZENS.

   Inserted: (a) In General.--Paragraph (3) of section 2105(d) (relating to stock in a RIC) is amended by striking "December 31, 2007" and inserting "December 31, 2008".

   Inserted: (b) Effective Date.--The amendment made by this section shall apply to decedents dying after December 31, 2007.

   Inserted: Subtitle B--Business Tax Provisions SEC. -11. RESEARCH ACTIVITIES.

   Inserted: (a) In General.--Section 41(h) (relating to termination) is amended by striking "December 31, 2007" and inserting "December 31, 2008" in paragraph (1)(B).

   Inserted: (b) Effective Date.--The amendment made by this section shall apply to amounts paid or incurred after December 31, 2007.

   Inserted: SEC. -12. INDIAN EMPLOYMENT CREDIT.

   Inserted: (a) In General.--Subsection (f) of section 45A (relating to termination) is amended by striking "December 31, 2007" and inserting "December 31, 2008".

   Inserted: (b) Effective Date.--The amendment made by this section shall apply to taxable years beginning after December 31, 2007.

   Inserted: SEC. -13. RAILROAD TRACK MAINTENANCE.

   Inserted: (a) In General.--Subsection (f) of section 45G (relating to application of section) is amended by striking "January 1, 2008" and inserting "January 1, 2009".

   Inserted: (b) Effective Date.--The amendment made by this section shall apply to expenditures paid or incurred during taxable years beginning after December 31, 2007.

   Inserted: SEC. -14. PRODUCTION OF FUEL FROM A NONCONVENTIONAL SOURCE AT CERTAIN FACILITIES.

   Inserted: (a) In General.--Subsection (f)(1)(B) of section 45K (relating to extension for certain facilities) is amended by striking "January 1, 2008" and inserting "January 1, 2009".

   Inserted: (b) Effective Date.--The amendment made by this section shall apply to fuels produced and sold after December 31, 2007.

   Inserted: SEC. -15. ENERGY EFFICIENT APPLIANCES.

   Inserted: (a) In General.--Subsection (b) of section 45M (relating to applicable amount) is amended by striking "calendar year 2006 or 2007" each place it appears in paragraphs (1)(A)(i), (1)(B)(i), (1)(C)(ii)(I), and (1)(C)(iii)(I), and inserting "calendar year 2006, 2007, or 2008".

   Inserted: (b) Restart of Credit Limitation.--Paragraph (1) of section 45M(e) (relating to aggregate credit amount allowed) is amended by inserting "beginning after December 31, 2007" after "for all prior taxable years".

   Inserted: (c) Effective Date.--The amendments made by this section shall apply to appliances produced after December 31, 2007.

   Inserted: SEC. -16. 15-YEAR STRAIGHT-LINE COST RECOVERY FOR QUALIFIED LEASEHOLD IMPROVEMENTS AND QUALIFIED RESTAURANT IMPROVEMENTS.

   Inserted: (a) In General.--Clauses (iv) and (v) of section 168(e)(3)(E) (relating to 15-year property) are each amended by striking "January 1, 2008" and inserting "January 1, 2009".

   Inserted: (b) Effective Date.--The amendments made by this section shall apply to property placed in service after December 31, 2007.

   Inserted: SEC. -17. SEVEN-YEAR COST RECOVERY PERIOD FOR MOTORSPORTS RACING TRACK FACILITY.

   Inserted: (a) In General.--Subparagraph (D) of section 168(i)(15) (relating to termination) is amended by striking "December 31, 2007" and inserting "December 31, 2008".

   Inserted: (b) Effective Date.--The amendment made by this section shall apply to property placed in service after December 31, 2007.

   Inserted: SEC. -18. ACCELERATED DEPRECIATION FOR BUSINESS PROPERTY ON INDIAN RESERVATION.

   Inserted: (a) In General.--Paragraph (8) of section 168(j) (relating to termination) is amended by striking "December 31, 2007" and inserting "December 31, 2008".

   Inserted: (b) Effective Date.--The amendment made by this section shall apply to property placed in service after December 31, 2007.

   Inserted: SEC. -19. QUALIFIED CONSERVATION CONTRIBUTIONS.

   Inserted: (a) In General.--Clause (vi) of section 170(b)(1)(E) (relating to termination) is amended by striking "December 31, 2007" and inserting "December 31, 2008".

   Inserted: (b) Contributions by Corporate Farmers and Ranchers.--Clause (iii) of section 170(b)(2)(B) (relating to termination) is amended by striking "December 31, 2007" and inserting "December 31, 2008".

   Inserted: (c) Effective Date.--The amendments made by this section shall apply to contributions made in taxable years beginning after December 31, 2007.

   Inserted: SEC. -20. ENHANCED CHARITABLE DEDUCTION FOR CONTRIBUTIONS OF FOOD INVENTORY.

   Inserted: (a) In General.--Clause (iv) of section 170(e)(3)(C) (relating to termination) is amended by striking "December 31, 2007" and inserting "December 31, 2008".

   Inserted: (b) Effective Date.--The amendment made by this section shall apply to contributions made after December 31, 2007.

   Inserted: SEC. -21. ENHANCED CHARITABLE DEDUCTION FOR CONTRIBUTIONS OF BOOK INVENTORY.

   Inserted: (a) In General.--Clause (iv) of section 170(e)(3)(D) (relating to termination) is amended by striking "December 31, 2007" and inserting "December 31, 2008".

   Inserted: (b) Clerical Amendment.--Clause (iii) of section 170(e)(3)(D) (relating to certification by donee) is amended by inserting "of books" after "to any contribution".

   Inserted: (c) Effective Date.--The amendments made by this section shall apply to contributions made after December 31, 2007.

   Inserted: SEC. -22. ENHANCED CHARITABLE DEDUCTION FOR CORPORATE CONTRIBUTIONS OF COMPUTER EQUIPMENT FOR EDUCATIONAL PURPOSES.

   Inserted: (a) In General.--Subparagraph (G) of section 170(e)(6) (relating to termination) is amended by striking "December 31, 2007" and inserting "December 31, 2008".

   Inserted: (b) Effective Date.--The amendment made by this section shall apply to contributions made after December 31, 2007.

   Inserted: SEC. -23. EXPENSING OF ENVIRONMENTAL REMEDIATION COSTS.

   Inserted: (a) In General.--Subsection (h) of section 198 (relating to termination) is amended by striking "December 31, 2007" and inserting "December 31, 2008".

   Inserted: (b) Effective Date.--The amendment made by this section shall apply to expenditures paid or incurred after December 31, 2007.

   Inserted: SEC. -24. DEDUCTION ALLOWABLE WITH RESPECT TO INCOME ATTRIBUTABLE TO DOMESTIC PRODUCTION ACTIVITIES IN PUERTO RICO.

   Inserted: (a) In General.--Subparagraph (C) of section 199(d)(8) (relating to termination) is amended--

   Inserted: (1) by striking "first 2 taxable years" and inserting "first 3 taxable years", and

   Inserted: (2) by striking "January 1, 2008" and inserting "January 1, 2009".

   Inserted: (b) Effective Date.--The amendments made by this section shall apply to taxable years beginning after December 31, 2007.

   Inserted: SEC. -25. SPECIAL RULE FOR SALES OR DISPOSITIONS TO IMPLEMENT FERC OR STATE ELECTRIC RESTRUCTURING POLICY.

   Inserted: (a) In General.--Paragraph (3) of section 451(i) (relating to qualifying electric transmission transaction) is amended by striking "January 1, 2008" and inserting "January 1, 2009".

   Inserted: (b) Effective Date.--The amendment made by this section shall apply to transactions occurring after December 31, 2007.

   Inserted: SEC. -26. MODIFICATION OF TAX TREATMENT OF CERTAIN PAYMENTS TO CONTROLLING EXEMPT ORGANIZATIONS.

   Inserted: (a) In General.--Clause (iv) of section 512(b)(13)(E) (relating to termination) is amended by striking "December 31, 2007" and inserting "December 31, 2008".

   Inserted: (b) Effective Date.--The amendment made by this section shall apply to payments received or accrued after December 31, 2007.

   Inserted: SEC. -27. SUSPENSION OF TAXABLE INCOME LIMIT WITH RESPECT TO MARGINAL WELLS.

   Inserted: (a) In General.--Subparagraph (H) of section 613A(c)(6) (relating to temporary suspension of taxable income limit with respect to marginal production) is amended by striking "January 1, 2008" and inserting "January 1, 2009".

   Inserted: (b) Effective Date.--The amendment made by this section shall apply to taxable years beginning after December 31, 2007.

   Inserted: SEC. -28. TREATMENT OF CERTAIN DIVIDENDS OF REGULATED INVESTMENT COMPANIES.

   Inserted: (a) Interest-Related Dividends.--Subparagraph (C) of section 871(k)(1) (defining interest-related dividend) is amended by striking "December 31, 2007" and inserting "December 31, 2008".

   Inserted: (b) Short-Term Capital Gain Dividends.--Subparagraph (C) of section 871(k)(2) (defining short-term capital gain dividend) is amended by striking "December 31, 2007" and inserting "December 31, 2008".

   Inserted: (c) Disposition of Investment in United States Real Property.--Clause (ii) of section 897(h)(4)(A) (relating to termination) is amended by striking "December 31, 2007" and inserting "December 31, 2008".

   Inserted: (d) Effective Date.--The amendments made by this section shall apply to dividends with respect to taxable years of regulated investment companies beginning after December 31, 2007.

   Inserted: SEC. -29. BASIS ADJUSTMENT TO STOCK OF S CORPORATIONS MAKING CHARITABLE CONTRIBUTIONS OF PROPERTY.

   Inserted: (a) In General.--The last sentence of section 1367(a)(2) (relating to decreases in basis) is amended by striking "December 31, 2007" and inserting "December 31, 2008".

   Inserted: (b) Effective Date.--The amendment made by this section shall apply to contributions made in taxable years beginning after December 31, 2007.

   Inserted: SEC. -30. EXTENSION OF QUALIFIED ZONE ACADEMY BONDS.

   Inserted: (a) In General.--Paragraph (1) of section 1397E(e) is amended by striking "and 2007" and inserting "2007, and 2008".

   Inserted: (b) Effective Date.--The amendment made by this section shall apply to obligations issued after the date of the enactment of this Act.

   Inserted: SEC. -31. TAX INCENTIVES FOR INVESTMENT IN THE DISTRICT OF COLUMBIA.

   Inserted: (a) Designation of D.C. Enterprise Zone.--Subsection (f) of section 1400 (relating to time for which designation applicable) is amended by striking "December 31, 2007" each place it appears in paragraphs (1) and (2) and inserting "December 31, 2008".

   Inserted: (b) Tax-Exempt D.C. Empowerment Zone Bonds.--Subsection (b) of section 1400A (relating to period of applicability) is amended by inserting ", and after the date of the enactment of the Foreclosure Prevention Act and before January 1, 2009" after "December 31, 2007".

   Inserted: (c) Acquisition Date for Eligibility for Zero-Percent Capital Gains Rate for Investment in D.C..--Subsection (b) of section 1400B (relating to D.C. zone asset) is amended by striking "January 1, 2008" each place it appears in paragraphs (2)(A)(i), (3)(A), (4)(A)(i), and (4)(B)(i)(I) and inserting "January 1, 2009".

   Inserted: (d) Tax Credit for First-Time D.C. Homebuyers.--Subsection (i) of section 1400C (relating to application of section) is amended by striking "January 1, 2008" and inserting "January 1, 2009".

   Inserted: (e) Effective Date.--The amendments made by this section shall apply to transactions after December 31, 2007.

   Inserted: Subtitle C--Excise Tax Provisions SEC. -41. INCREASE IN LIMIT ON COVER OVER OF RUM EXCISE TAX TO PUERTO RICO AND THE VIRGIN ISLANDS.

   Inserted: (a) In General.--Paragraph (1) of section 7652(f) is amended by inserting ", and after the date of the enactment of the Foreclosure Prevention Act and before January 1, 2009" after "January 1, 2008".

   Inserted: (b) Effective Date.--The amendment made by this section shall apply to distilled spirits brought into the United States after the date of the enactment of this Act.

   Inserted: SEC. -42. PARITY IN THE APPLICATION OF CERTAIN LIMITS TO MENTAL HEALTH BENEFITS.

   Inserted: (a) In General.--Subsection (f) of section 9812 (relating to application of section) is amended--

   Inserted: (1) by striking "and" at the end of paragraph (2),

   Inserted: (2) by striking the period at the end of paragraph (3) and inserting ", and before the date of the enactment of the Foreclosure Prevention Act", and

   Inserted: (3) by adding at the end the following new paragraph:

   Inserted: "(4) after December 31, 2008.".

   Inserted: (b) Amendment to the Employee Retirement Income Security Act of 1974.--Section 712(f) of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1185a(f)) is amended by inserting ", and before the date of the enactment of the Foreclosure Prevention Act, and after December 31, 2008" after "December 31, 2007".

   Inserted: (c) Amendment to the Public Health Service Act.--Section 2705(f) of the Public Health Service Act (42 U.S.C. 300gg-5(f)) is amended by inserting ", and before the date of the enactment of the Foreclosure Prevention Act, and after December 31, 2008" after "December 31, 2006".

   Inserted: (d) Effective Date.--The amendments made by this section shall apply to benefits for services furnished on or after the date of the enactment of this Act.

   Inserted: SEC. -43. EXTENSION OF ECONOMIC DEVELOPMENT CREDIT FOR AMERICAN SAMOA.

   Inserted: (a) In General.--Subsection (d) of section 119 of division A of the Tax Relief and Health Care Act of 2006 is amended--

   Inserted: (1) by striking "first two taxable years" and inserting "first 3 taxable years", and

   Inserted: (2) by striking "January 1, 2008" and inserting "January 1, 2009".

   Inserted: (b) Effective Date.--The amendments made by this section shall apply to taxable years beginning after December 31, 2007.

   Inserted: Subtitle D--Tax Administration Provisions SEC. -51. DISCLOSURES TO FACILITATE COMBINED EMPLOYMENT TAX REPORTING.

   Inserted: (a) In General.--Subparagraph (B) of section 6103(d)(5) (relating to termination) is amended by striking "December 31, 2007" and inserting "December 31, 2008".

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

   Inserted: SEC. -52. DISCLOSURE OF RETURN INFORMATION TO APPRISE APPROPRIATE OFFICIALS OF TERRORIST ACTIVITIES.

   Inserted: (a) In General.--Clause (iv) of section 6103(i)(3)(C) (relating to termination) is amended by striking "December 31, 2007" and inserting "December 31, 2008".

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

   Inserted: SEC. -53. DISCLOSURE UPON REQUEST OF INFORMATION RELATING TO TERRORIST ACTIVITIES.

   Inserted: (a) In General.--Subparagraph (E) of section 6103(i)(7) (relating to termination) is amended by striking "December 31, 2007" and inserting "December 31, 2008".

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

   Inserted: SEC. -54. DISCLOSURE OF RETURN INFORMATION TO CARRY OUT INCOME CONTINGENT REPAYMENT OF STUDENT LOANS.

   Inserted: (a) In General.--Subparagraph (D) of section 6103(l)(13) (relating to termination) is amended by striking "December 31, 2007" and inserting "December 31, 2008".

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

   Inserted: SEC. -55. AUTHORITY FOR UNDERCOVER OPERATIONS.

   Inserted: (a) In General.--Paragraph (6) of section 7608(c) (relating to application of section) is amended by striking "January 1, 2008" each place it appears and inserting "January 1, 2009".

   Inserted: (b) Effective Date.--The amendments made by this section shall apply to operations conducted after the date of the enactment of this Act.

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