S.Amdt. 4547
What it does: Adds SEC. ___. REDUCTION IN CORPORATE RATE FOR QUALIFIED TIMBER GAIN wherever appropriate
Sen. Blanche L. Lincoln (D-AR)What it changes
1 change to H.R. 5297
Adds SEC. ___. REDUCTION IN CORPORATE RATE FOR QUALIFIED TIMBER GAIN wherever appropriate
Adds a sectionInserted: SEC. ___. REDUCTION IN CORPORATE RATE FOR QUALIFIED TIMBER GAIN.
Inserted: (a) In General.--Paragraph (1) of section 1201(b) of the Internal Revenue Code of 1986 is amended by striking "ending" and all that follows through "such date".
Inserted: (b) Conforming Amendment.--Paragraph (3) of section 1201(b) of the Internal Revenue Code of 1986 is amended to read as follows:
Inserted: "(3) Application of subsection.--The qualified timber gain for any taxable year shall not exceed the qualified timber gain which would be determined by not taking into account any portion of such taxable year after December 31, 2010.".
Inserted: (c) Effective Date.--The amendments made by this section shall apply to taxable years ending after May 22, 2009.
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Original wording
At the appropriate place, insert the following:
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As printed
SA 4547. Mrs. LINCOLN (for herself and Mr. Cornyn) submitted an amendment intended to be proposed by her 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. ___. REDUCTION IN CORPORATE RATE FOR QUALIFIED TIMBER GAIN.
(a) In General.--Paragraph (1) of section 1201(b) of the Internal Revenue Code of 1986 is amended by striking “ending” and all that follows through “such date”.
(b) Conforming Amendment.--Paragraph (3) of section 1201(b) of the Internal Revenue Code of 1986 is amended to read as follows:
“(3) Application of subsection.--The qualified timber gain for any taxable year shall not exceed the qualified timber gain which would be determined by not taking into account any portion of such taxable year after December 31, 2010.”.
(c) Effective Date.--The amendments made by this section shall apply to taxable years ending after May 22, 2009.
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Senate amendment submitted
July 28, 2010