S.Amdt. 4410
What it does: Adds SEC. __. REMOVAL OF CELLULAR TELEPHONES AND SIMILAR TELECOMMUNICATIONS EQUIPMENT FROM LISTED PROPERTY; PARTIAL ANNUITIZATION OFFSET wherever appropriate
Sen. John F. Kerry (D-MA)What it changes
1 change to H.R. 5297
Adds SEC. __. REMOVAL OF CELLULAR TELEPHONES AND SIMILAR TELECOMMUNICATIONS EQUIPMENT FROM LISTED PROPERTY; PARTIAL ANNUITIZATION OFFSET wherever appropriate
Adds a sectionInserted: SEC. __. REMOVAL OF CELLULAR TELEPHONES AND SIMILAR TELECOMMUNICATIONS EQUIPMENT FROM LISTED PROPERTY; PARTIAL ANNUITIZATION OFFSET.
Inserted: (a) Removal From Listed Property.--
Inserted: (1) In general.--Subparagraph (A) of section 280F(d)(4) of the Internal Revenue Code of 1986 (defining listed property) is amended by adding " 'and' " at the end of clause (iv), by striking clause (v), and by redesignating clause (vi) as clause (v).
Inserted: (2) Effective date.--The amendment made by this subsection shall apply to taxable years beginning after December 31, 2009.
Inserted: (b) Special Rules for Annuities Received From Only a Portion of a Contract.--
Inserted: (1) In general.--Subsection (a) of section 72 of the Internal Revenue Code of 1986 is amended to read as follows:
Inserted: "(a) General Rules for Annuities.--
Inserted: "(1) Income inclusion.--Except as otherwise provided in this chapter, gross income includes any amount received as an annuity (whether for a period certain or during one or more lives) under an annuity, endowment, or life insurance contract.
Inserted: "(2) Partial annuitization.--If any amount is received as an annuity for a period of 10 years or more or during one or more lives under any portion of an annuity, endowment, or life insurance contract--
Inserted: "(A) such portion shall be treated as a separate contract for purposes of this section,
Inserted: "(B) for purposes of applying subsections (b), (c), and (e), the investment in the contract shall be allocated pro rata between each portion of the contract from which amounts are received as an annuity and the portion of the contract from which amounts are not received as an annuity, and
Inserted: "(C) a separate annuity starting date under subsection (c)(4) shall be determined with respect to each portion of the contract from which amounts are received as an annuity.".
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Inserted: (2) Effective date.--The amendment made by this subsection shall apply to amounts received in taxable years beginning after December 31, 2010.
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Original wording
At the appropriate place, insert the following:
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As printed
SA 4410. Mr. KERRY (for himself and Mr. Ensign) submitted an amendment intended to be proposed by him to the bill H.R. 5297, to create the Small Business Lending Fund Program to direct the Secretary of the Treasury to make capital investments in eligible institutions in order to increase the availability of credit for small businesses, to amend the Internal Revenue Code of 1986 to provide tax incentives for small business job creation, and for other purposes; which was ordered to lie on the table; as follows:
At the appropriate place, insert the following:
SEC. __. REMOVAL OF CELLULAR TELEPHONES AND SIMILAR TELECOMMUNICATIONS EQUIPMENT FROM LISTED PROPERTY; PARTIAL ANNUITIZATION OFFSET.
(a) Removal From Listed Property.--
(1) In general.--Subparagraph (A) of section 280F(d)(4) of the Internal Revenue Code of 1986 (defining listed property) is amended by adding “ ‘and' ” at the end of clause (iv), by striking clause (v), and by redesignating clause (vi) as clause (v).
(2) Effective date.--The amendment made by this subsection shall apply to taxable years beginning after December 31, 2009.
(b) Special Rules for Annuities Received From Only a Portion of a Contract.--
(1) In general.--Subsection (a) of section 72 of the Internal Revenue Code of 1986 is amended to read as follows:
“(a) General Rules for Annuities.--
“(1) Income inclusion.--Except as otherwise provided in this chapter, gross income includes any amount received as an annuity (whether for a period certain or during one or more lives) under an annuity, endowment, or life insurance contract.
“(2) Partial annuitization.--If any amount is received as an annuity for a period of 10 years or more or during one or more lives under any portion of an annuity, endowment, or life insurance contract--
“(A) such portion shall be treated as a separate contract for purposes of this section,
“(B) for purposes of applying subsections (b), (c), and (e), the investment in the contract shall be allocated pro rata between each portion of the contract from which amounts are received as an annuity and the portion of the contract from which amounts are not received as an annuity, and
“(C) a separate annuity starting date under subsection (c)(4) shall be determined with respect to each portion of the contract from which amounts are received as an annuity.”.
(2) Effective date.--The amendment made by this subsection shall apply to amounts received in taxable years beginning after December 31, 2010.
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Senate amendment submitted
June 29, 2010