S.Amdt. 4796

SA 4796. Mr. SANDERS submitted an amendment intended to be proposed
to amendment SA 4753 proposed by Mr. Reid (for himself and Mr.
McConnell) to the bill H.R. 4853, to amend the Internal Revenue Code of
1986 to extend the funding and expenditure authority of the Airport and
Airway Trust Fund, to amend title 49, United States Code, to extend
authorizations for the airport improvement program, and for other
purposes; which was ordered to lie on the table; as follows:

Strike all after the first word and insert the following:

1. SHORT TITLE; ETC.

(a) Short Title.--This Act may be cited as the ``Tax
Relief, Unemployment Insurance Reauthorization, and Job
Creation Act of 2010''.
(b) Amendment of 1986 Code.--Except as otherwise expressly
provided, whenever in this Act 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.
(c) Table of Contents.--The table of contents for this Act
is as follows:

Sec. 1. Short title; etc.

TITLE I--TEMPORARY EXTENSION OF TAX RELIEF

Sec. 101. Temporary extension of 2001 tax relief.
Sec. 102. Temporary extension of 2003 tax relief.
Sec. 103. Temporary extension of 2009 tax relief.

[[Page S8920]]

TITLE II--TEMPORARY EXTENSION OF INDIVIDUAL AMT RELIEF

Sec. 201. Temporary extension of increased alternative minimum tax
exemption amount.
Sec. 202. Temporary extension of alternative minimum tax relief for
nonrefundable personal credits.

TITLE III--RESPONSIBLE ESTATE TAX REFORM

Sec. 301. Short title.
Sec. 302. Reinstatement of estate tax; repeal of carryover basis.
Sec. 303. Modification of rates and maintenance of unified credit
against the estate tax.
Sec. 304. Modification of rules for value of certain farm, etc., real
property.
Sec. 305. Modification of estate tax rules with respect to land subject
to conservation easements.
Sec. 306. Consistent basis reporting between estate and person
acquiring property from decedent.
Sec. 307. Valuation rules for certain transfers of nonbusiness assets;
limitation on minority discounts.
Sec. 308. Required minimum 10-year term, etc., for grantor retained
annuity trusts.

TITLE IV--TEMPORARY EXTENSION OF INVESTMENT INCENTIVES

Sec. 401. Temporary extension of increased small business expensing.

TITLE V--TEMPORARY EXTENSION OF UNEMPLOYMENT INSURANCE AND RELATED
MATTERS

Sec. 501. Temporary extension of unemployment insurance provisions.
Sec. 502. Temporary modification of indicators under the extended
benefit program.
Sec. 503. Technical amendment relating to collection of unemployment
compensation debts.
Sec. 504. Technical correction relating to repeal of continued dumping
and subsidy offset.
Sec. 505. Additional extended unemployment benefits under the Railroad
Unemployment Insurance Act.

TITLE VI--EXTENSION OF MAKING WORK PAY CREDIT

Sec. 601. Making work pay credit.

TITLE VII--TEMPORARY EXTENSION OF CERTAIN EXPIRING PROVISIONS

Subtitle A--Energy

Sec. 701. Incentives for biodiesel and renewable diesel.
Sec. 702. New energy efficient home credit.
Sec. 703. Special rule for sales or dispositions to implement FERC or
State electric restructuring policy for qualified
electric utilities.
Sec. 704. Extension of grants for specified energy property in lieu of
tax credits.
Sec. 705. Extension of provisions related to alcohol used as fuel.
Sec. 706. Energy efficient appliance credit.
Sec. 707. Credit for nonbusiness energy property.
Sec. 708. Alternative fuel vehicle refueling property.

Subtitle B--Individual Tax Relief

Sec. 721. Deduction for certain expenses of elementary and secondary
school teachers.
Sec. 722. Deduction of State and local sales taxes.
Sec. 723. Contributions of capital gain real property made for
conservation purposes.
Sec. 724. Above-the-line deduction for qualified tuition and related
expenses.
Sec. 725. Tax-free distributions from individual retirement plans for
charitable purposes.
Sec. 726. Parity for exclusion from income for employer-provided mass
transit and parking benefits.
Sec. 727. Refunds disregarded in the administration of Federal programs
and federally assisted programs.

Subtitle C--Business Tax Relief

Sec. 731. Research credit.
Sec. 732. Indian employment tax credit.
Sec. 733. New markets tax credit.
Sec. 734. Railroad track maintenance credit.
Sec. 735. Mine rescue team training credit.
Sec. 736. Employer wage credit for employees who are active duty
members of the uniformed services.
Sec. 737. Accelerated depreciation for business property on an Indian
reservation.
Sec. 738. Enhanced charitable deduction for contributions of food
inventory.
Sec. 739. Enhanced charitable deduction for contributions of book
inventories to public schools.
Sec. 740. Enhanced charitable deduction for corporate contributions of
computer inventory for educational purposes.
Sec. 741. Election to expense mine safety equipment.
Sec. 742. Expensing of environmental remediation costs.
Sec. 743. Modification of tax treatment of certain payments to
controlling exempt organizations.
Sec. 744. Treatment of certain dividends of regulated investment
companies.
Sec. 745. RIC qualified investment entity treatment under FIRPTA.
Sec. 746. Exceptions for active financing income.
Sec. 747. Look-thru treatment of payments between related controlled
foreign corporations under foreign personal holding
company rules.
Sec. 748. Basis adjustment to stock of S corps making charitable
contributions of property.
Sec. 749. Empowerment zone tax incentives.
Sec. 750. Tax incentives for investment in the District of Columbia.
Sec. 751. Work opportunity credit.
Sec. 752. Qualified zone academy bonds.
Sec. 753. Mortgage insurance premiums.
Sec. 754. Temporary exclusion of 100 percent of gain on certain small
business stock.

Subtitle D--Temporary Disaster Relief Provisions

subpart a--new york liberty zone

Sec. 761. Tax-exempt bond financing.

subpart b--go zone

Sec. 762. Increase in rehabilitation credit.
Sec. 763. Low-income housing credit rules for buildings in GO zones.
Sec. 764. Tax-exempt bond financing.
Sec. 765. Bonus depreciation deduction applicable to the GO Zone.

TITLE VIII--BUDGETARY PROVISIONS

Sec. 801. Determination of budgetary effects.
Sec. 802. Emergency designations.

TITLE I--TEMPORARY EXTENSION OF TAX RELIEF

SEC. 101. TEMPORARY EXTENSION OF 2001 TAX RELIEF.

(a) Temporary Extension.--
(1) In general.--Section 901 of the Economic Growth and Tax
Relief Reconciliation Act of 2001 is amended by striking
``December 31, 2010'' both places it appears and inserting
``December 31, 2012''.
(2) Effective date.--The amendment made by this subsection
shall take effect as if included in the enactment of the
Economic Growth and Tax Relief Reconciliation Act of 2001.
(b) Application to Taxpayers With Income of $250,000 or
More.--
(1) Income tax rates.--
(A) 25- and 28- percent rate brackets made permanent.--
Paragraph (2) of section 1(i) is amended to read as follows:
``(2) 25- and 28- percent rate brackets.--The tables under
subsections (a), (b), (c), (d), and (e) shall be applied--
``(A) by substituting `25%' for `28%' each place it appears
(before the application of subparagraph (B)), and
``(B) by substituting `28%' for `31%' each place it
appears.''.
(B) 33-percent rate bracket.--Subsection (i) of section 1
is amended by redesignating paragraph (3) as paragraph (4)
and by inserting after paragraph (2) the following new
paragraph:
``(3) 33-percent rate bracket.--
``(A) In general.--In the case of taxable years beginning
after December 31, 2010--
``(i) the rate of tax under subsections (a), (b), (c), and
(d) on a taxpayer's taxable income in the fourth rate bracket
shall be 33 percent to the extent such income does not exceed
an amount equal to the excess of--

``(I) the applicable amount, over
``(II) the dollar amount at which such bracket begins, and

``(ii) the 36 percent rate of tax under such subsections
shall apply only to the taxpayer's taxable income in such
bracket in excess of the amount to which clause (i) applies.
``(B) Applicable amount.--For purposes of this paragraph,
the term `applicable amount' means the excess of--
``(i) the applicable threshold, over
``(ii) the sum of the following amounts in effect for the
taxable year:

``(I) the basic standard deduction (within the meaning of
section 63(c)(2)), and
``(II) the exemption amount (within the meaning of section
151(d)(1) (or, in the case of subsection (a), 2 such
exemption amounts).

``(C) Applicable threshold.--For purposes of this
paragraph, the term `applicable threshold' means--
``(i) $250,000 in the case of subsection (a),
``(ii) $200,000 in the case of subsections (b) and (c), and
``(iii) \1/2\ the amount applicable under clause (i) (after
adjustment, if any, under subparagraph (E)) in the case of
subsection (d).
``(D) Fourth rate bracket.--For purposes of this paragraph,
the term `fourth rate bracket' means the bracket which would
(determined without regard to this paragraph) be the 36-
percent rate bracket.
``(E) Inflation adjustment.--For purposes of this
paragraph, a rule similar to the rule of paragraph (1)(C)
shall apply with respect to taxable years beginning in
calendar years after 2010, applied by substituting `2008' for
`1992' in subsection (f)(3)(B).''.
(2) Phaseout of personal exemptions and itemized
deductions.--
(A) Overall limitation on itemized deductions.--Section 68
is amended--
(i) by striking ``the applicable amount'' the first place
it appears in subsection (a) and inserting ``the applicable
threshold in effect under section 1(i)(3)'',

[[Page S8921]]

(ii) by striking ``the applicable amount'' in subsection
(a)(1) and inserting ``such applicable threshold'',
(iii) by striking subsection (b) and redesignating
subsections (c), (d), and (e) as subsections (b), (c), and
(d), respectively, and
(iv) by striking subsections (f) and (g).
(B) Phaseout of deductions for personal exemptions.--
(i) In general.--Paragraph (3) of section 151(d) is
amended--

(I) by striking ``the threshold amount'' in subparagraphs
(A) and (B) and inserting ``the applicable threshold in
effect under section 1(i)(3)'',
(II) by striking subparagraph (C) and redesignating
subparagraph (D) as subparagraph (C), and
(III) by striking subparagraphs (E) and (F).

(ii) Conforming amendments.--Paragraph (4) of section
151(d) is amended--

(I) by striking subparagraph (B),
(II) by redesignating clauses (i) and (ii) of subparagraph
(A) as subparagraphs (A) and (B), respectively, and by
indenting such subparagraphs (as so redesignated)
accordingly, and
(III) by striking all that precedes ``in a calendar year
after 1989,'' and inserting the following:

``(4) Inflation adjustment.--In the case of any taxable
year beginning''.
(c) Effective Date.--Except as otherwise provided, the
amendments made by this section shall apply to taxable years
beginning after December 31, 2010.

SEC. 102. TEMPORARY EXTENSION OF 2003 TAX RELIEF.

(a) Extension.--
(1) In general.--Section 303 of the Jobs and Growth Tax
Relief Reconciliation Act of 2003 is amended by striking
``December 31, 2010'' and inserting ``December 31, 2012''.
(2) Effective date.--The amendment made by this subsection
shall take effect as if included in the enactment of the Jobs
and Growth Tax Relief Reconciliation Act of 2003.
(b) 20-percent Capital Gains Rate for Certain High Income
Individuals.--
(1) In general.--Paragraph (1) of section 1(h) is amended
by striking subparagraph (C), by redesignating subparagraphs
(D) and (E) as subparagraphs (E) and (F) and by inserting
after subparagraph (B) the following new subparagraphs:
``(C) 15 percent of the lesser of--
``(i) so much of the adjusted net capital gain (or, if
less, taxable income) as exceeds the amount on which a tax is
determined under subparagraph (B), or
``(ii) the excess (if any) of--

``(I) the amount of taxable income which would (without
regard to this paragraph) be taxed at a rate below 36
percent, over
``(II) the sum of the amounts on which a tax is determined
under subparagraphs (A) and (B),

``(D) 20 percent of the adjusted net capital gain (or, if
less, taxable income) in excess of the sum of the amounts on
which tax is determined under subparagraphs (B) and (C),''.
(2) Dividends.--Subparagraph (A) of section 1(h)(11) is
amended by striking ``qualified dividend income'' and
inserting ``so much of the qualified dividend income as does
not exceed the excess (if any) of--
``(i) the amount of taxable income which would (without
regard to this subsection) be taxed at a rate below 36
percent, over
``(ii) taxable income reduced by qualified dividend
income.''.
(3) Minimum tax.--Paragraph (3) of section 55(b) is amended
by striking subparagraph (C), by redesignating subparagraph
(D) as subparagraph (E), and by inserting after subparagraph
(B) the following new subparagraphs:
``(C) 15 percent of the lesser of--
``(i) so much of the adjusted net capital gain (or, if
less, taxable excess) as exceeds the amount on which tax is
determined under subparagraph (B), or
``(ii) the excess described in section 1(h)(1)(C)(ii), plus
``(D) 20 percent of the adjusted net capital gain (or, if
less, taxable excess) in excess of the sum of the amounts on
which tax is determined under subparagraphs (B) and (C),
plus''.
(c) Conforming Amendments.--
(1) The following provisions are each amended by striking
``15 percent'' and inserting ``20 percent'':
(A) Section 1445(e)(1).
(B) The second sentence of section 7518(g)(6)(A).
(C) Section 53511(f)(2) of title 46, United States Code.
(2) Sections 531 and 541 are each amended by striking ``15
percent of'' and inserting ``the produce of the highest rate
of tax under section 1(c) and''.
(3) Sections 1(h)(1)(B) and 55(b)(3)(B) are each amended by
striking ``5 percent (0 percent in the case of taxable years
beginning after 2007)'' and inserting ``0 percent''.
(4) Section 1445(e)(6) is amended by striking ``15 percent
(20 percent in the case of taxable years beginning after
December 31, 2010)'' and inserting ``20 percent''.
(d) Effective Dates.--
(1) In general.--Except as provided in otherwise provided,
the amendments made by subsections (b) and (c) shall apply to
taxable years beginning after December 31, 2010.
(2) Withholding.--The amendments made by paragraphs (1)(C)
and (3) of subsection (c) shall apply to amounts paid on or
after January 1, 2011.

SEC. 103. TEMPORARY EXTENSION OF 2009 TAX RELIEF.

(a) American Opportunity Tax Credit.--
(1) In general.--Section 25A(i) is amended by striking ``or
2010'' and inserting ``, 2010, 2011, or 2012''.
(2) Treatment of possessions.--Section 1004(c)(1) of the
American Recovery and Reinvestment Tax Act of 2009 is amended
by striking ``and 2010'' each place it appears and inserting
``, 2010, 2011, and 2012''.
(b) Child Tax Credit.--Section 24(d)(4) is amended--
(1) by striking ``2009 and 2010'' in the heading and
inserting ``2009, 2010, 2011, and 2012'', and
(2) by striking ``or 2010'' and inserting ``, 2010, 2011,
or 2012''.
(c) Earned Income Tax Credit.--Section 32(b)(3) is
amended--
(1) by striking ``2009 and 2010'' in the heading and
inserting ``2009, 2010, 2011, and 2012'', and
(2) by striking ``or 2010'' and inserting ``, 2010, 2011,
or 2012''.
(d) Effective Date.--The amendments made by this section
shall apply to taxable years beginning after December 31,
2010.

TITLE II--TEMPORARY EXTENSION OF INDIVIDUAL AMT RELIEF

SEC. 201. TEMPORARY EXTENSION OF INCREASED ALTERNATIVE
MINIMUM TAX EXEMPTION AMOUNT.

(a) In General.--Paragraph (1) of section 55(d) is
amended--
(1) by striking ``$70,950'' and all that follows through
``2009'' in subparagraph (A) and inserting ``$72,450 in the
case of taxable years beginning in 2010 and $74,450 in the
case of taxable years beginning in 2011'', and
(2) by striking ``$46,700'' and all that follows through
``2009'' in subparagraph (B) and inserting ``$47,450 in the
case of taxable years beginning in 2010 and $48,450 in the
case of taxable years beginning in 2011''.
(b) Effective Date.--The amendments made by this section
shall apply to taxable years beginning after December 31,
2009.
(c) Repeal of EGTRRA Sunset.--Title IX of the Economic
Growth and Tax Relief Reconciliation Act of 2001 (relating to
sunset of provisions of such Act) shall not apply to title
VII of such Act (relating to alternative minimum tax).

SEC. 202. TEMPORARY EXTENSION OF ALTERNATIVE MINIMUM TAX
RELIEF FOR NONREFUNDABLE PERSONAL CREDITS.

(a) In General.--Paragraph (2) of section 26(a) is
amended--
(1) by striking ``or 2009'' and inserting ``2009, 2010, or
2011'', and
(2) by striking ``2009'' in the heading thereof and
inserting ``2011''.
(b)  Effective Date.--The amendments made by this section
shall apply to taxable years beginning after December 31,
2009.

TITLE III--RESPONSIBLE ESTATE TAX REFORM

SEC. 301. SHORT TITLE.

This title may be cited as the ``Responsible Estate Tax
Act''.

SEC. 302. REINSTATEMENT OF ESTATE TAX; REPEAL OF CARRYOVER
BASIS.

(a) In General.--Each provision of law amended by subtitle
A or E of title V of the Economic Growth and Tax Relief
Reconciliation Act of 2001 is amended to read as such
provision would read if such subtitle had never been enacted.
(b) Conforming Amendment.--On and after January 1, 2011,
paragraph (1) of section 2505(a) of the Internal Revenue Code
of 1986 is amended to read as such paragraph would read if
section 521(b)(2) of the Economic Growth and Tax Relief
Reconciliation Act of 2001 had never been enacted.
(c) Special Election With Respect to Estates of Decedents
Dying in 2010.--Notwithstanding subsection (a), in the case
of an estate of a decedent dying after December 31, 2009, and
before January 1, 2011, the executor (within the meaning of
section 2203 of the Internal Revenue Code of 1986) may elect
to apply such Code as though the amendments made by
subsection (a) do not apply with respect to chapter 11 of
such Code and with respect to property acquired or passing
from such decedent (within the meaning of section 1014(b) of
such Code).  Such election shall be made at such time and in
such manner as the Secretary of the Treasury or the
Secretary's delegate shall provide. Such an election once
made shall be revocable only with the consent of the
Secretary of the Treasury or the Secretary's delegate. For
purposes of section 2652(a)(1) of such Code, the
determination of whether any property is subject to the tax
imposed by such chapter 11 shall be made without regard to
any election made under this subsection.
(d) Extension of Time for Performing Certain Acts.--
(1) Estate tax.--In the case of the estate of a decedent
dying after December 31, 2009, and before the date of the
enactment of this Act, the due date for--
(A) filing any return under section 6018 of the Internal
Revenue Code of 1986 (including any election required to be
made on such a return) as such section is in effect after the
date of the enactment of this Act without regard to any
election under subsection (c),
(B) making any payment of tax under chapter 11 of such
Code, and
(C) making any disclaimer described in section 2518(b) of
such Code of an interest in property passing by reason of the
death of such decedent,

shall not be earlier than the date which is 9 months after
the date of the enactment of this Act.

[[Page S8922]]

(2) Generation-skipping tax.--In the case of any
generation-skipping transfer made after December 31, 2009,
and before the date of the enactment of this Act, the due
date for filing any return under section 2662 of the Internal
Revenue Code of 1986 (including any election required to be
made on such a return) shall not be earlier than the date
which is 9 months after the date of the enactment of this
Act.
(e) Effective Date.--Except as otherwise provided in this
section, the amendments made by this section shall apply to
estates of decedents dying, and transfers made, after
December 31, 2009.

SEC. 303. MODIFICATION OF RATES AND MAINTENANCE OF UNIFIED
CREDIT AGAINST THE ESTATE TAX.

(a) Modification of Rates.--
(1) In general.--The table in paragraph (1) of section
2001(c) is amended by striking the last 6 rows and inserting
the following:

``Over $750,000 but not over $3,500,000...  $248,300 plus 39 percent of
the excess of such amount
over $750,000
Over $3,500,000 but not over $10,000,000..  $1,320,800 plus 45 percent
of the excess of such
amount over $3,500,000
Over $10,000,000 but not over $50,000,000.  $4,245,800 plus 50 percent
of the excess of the excess
of such amount over
$10,000,000''.
Over $50,000,000..........................  $24,245,800 plus 55 percent
of the excess of such
amount over $50,000,000''.

(2) Surtax on wealthy estates.--Paragraph (2) of section
2001(c) is amended to read as follows:
``(2) Surtax on estates over $500,000,000.--Notwithstanding
paragraph (1), if the amount with respect to which the
tentative tax to be computed is over $500,000,000, the rate
of tax otherwise in effect under this subsection with respect
to the amount in excess of $500,000,000 shall be increased by
10 percentage points.''.
(b) Extension of 2009 Applicable Credit Amount.--The table
in subsection (c) of section 2010 (relating to applicable
credit amount) is amended by inserting ``and thereafter''
after ``2009''.
(c) Effective Date.--The amendments made by this section
shall apply to estates of decedents dying, and gifts made,
after December 31, 2009.

SEC. 304. MODIFICATION OF RULES FOR VALUE OF CERTAIN FARM,
ETC., REAL PROPERTY.

(a) In General.--Paragraph (2) of section 2032A(a) is
amended by striking ``$750,000'' and inserting
``$3,000,000''.
(b) Inflation Adjustment.--Paragraph (3) of section
2032A(a) is amended--
(1) by striking ``1998'' and inserting ``2009'',
(2) by striking ``$750,000'' and inserting ``$3,000,000''
in subparagraph (A), and
(3) by striking ``calendar year 1997'' and inserting
``calendar year 2008'' in subparagraph (B).
(c) Effective Date.--The amendments made by this section
shall apply to estates of decedents dying, and gifts made,
after December 31, 2009.

SEC. 305. MODIFICATION OF ESTATE TAX RULES WITH RESPECT TO
LAND SUBJECT TO CONSERVATION EASEMENTS.

(a) Modification of Exclusion Limitation.--The table in
paragraph (3) of section 2031(c) is amended--
(1) by striking ``or thereafter'' in the last row and
inserting ``through 2009'', and
(2) by adding at the end the following row:

``2010 and thereafter...................................   $2,000,000''.

(b) Modification of Applicable Percentage.--Paragraph (2)
of section 2031(c) is amended by striking ``40 percent'' and
inserting ``60 percent''.
(c) Effective Date.--The amendments made by this section
shall apply to estates of decedents dying after December 31,
2009.

SEC. 306. CONSISTENT BASIS REPORTING BETWEEN ESTATE AND
PERSON ACQUIRING PROPERTY FROM DECEDENT.

(a) Consistent Use of Basis.--
(1) Property acquired from a decedent.--Section 1014 is
amended by adding at the end the following new subsection:
``(f) Basis Must Be Consistent With Estate Tax Value.--
``(1) In general.--For purposes of this section, the value
used to determine the basis of any interest in property in
the hands of the person acquiring such property shall not
exceed the value of such interest as finally determined for
purposes of chapter 11.
``(2) Special rule where no final determination.--In any
case in which the value of property has not been finally
determined under chapter 11 and there has been a statement
furnished under section 6035(a), the value used to determine
the basis of any interest in property in the hands of the
person acquiring such property shall not exceed the amount
reported on the statement furnished under section 6035(a).
``(3) Regulations.--The Secretary may by regulations
provide exceptions to the application of this subsection.''.
(2) Property acquired by gifts and transfers in trust.--
Section 1015 is amended by adding at the end the following
new subsection:
``(f) Basis Must Be Consistent With Gift Tax Value.--
``(1) In general.--For purposes of this section, the fair
market value of any interest in property at the time of the
gift of that interest shall not exceed the value of such
interest as finally determined for purposes of chapter 12.
``(2) Special rule where no final determination.--In any
case in which the value of property has not been finally
determined under chapter 12 and there has been a statement
furnished under section 6035(b), the fair market value of any
interest in property at the time of the gift of that interest
shall not exceed the amount reported on the statement
furnished under section 6035(b).
``(3) Regulations.--The Secretary may by regulations
provide exceptions to the application of this subsection.''.
(b) Information Reporting.--
(1) In general.--Subpart A of part III of subchapter A of
chapter 61 is amended by inserting after section 6034A the
following new section:

``SEC. 6035. BASIS INFORMATION TO PERSONS ACQUIRING PROPERTY
FROM DECEDENT OR BY GIFT.

``(a) Information With Respect to Property Acquired From
Decedents.--
``(1) In general.--The executor of any estate required to
file a return under section 6018(a) shall furnish to the
Secretary and to each person acquiring any interest in
property included in the decedent's gross estate for Federal
estate tax purposes a statement identifying the value of each
interest in such property as reported on such return and such
other information with respect to such interest as the
Secretary may prescribe.
``(2) Statements by beneficiaries.--Each person required to
file a return under section 6018(b) shall furnish to the
Secretary and to each other person who holds a legal or
beneficial interest in the property to which such return
relates a statement identifying the information described in
paragraph (1).
``(3) Time for furnishing statement.--
``(A) In general.--Each statement required to be furnished
under paragraph (1) or (2) shall be furnished at such time as
the Secretary may prescribe, but in no case at a time later
than the earlier of--
``(i) the date which is 30 days after the date on which the
return under section 6018 was required to be filed (including
extensions, if any), or
``(ii) the date which is 30 days after the date such return
is filed.
``(B) Adjustments.--In any case in which there is an
adjustment to the information required to be included on a
statement filed under paragraph (1) or (2) after such
statement has been filed, a supplemental statement under such
paragraph shall be filed not later than the date which is 30
days after such adjustment is made.
``(b) Information With Respect to Property Acquired by
Gift.--
``(1) In general.--Each person making a transfer by gift
who is required to file a return under section 6019 with
respect to such transfer shall furnish to the Secretary and
to each person acquiring any interest in property by reason
of such transfer a statement identifying the fair market
value of each interest in such property as reported on such
return and such other information with respect to such
interest as the Secretary may prescribe.
``(2) Time for furnishing statement.--
``(A) In general.--Each statement required to be furnished
under paragraph (1) shall be furnished at such time as the
Secretary may prescribe, but in no case at a time later than
the earlier of--
``(i) the date which is 30 days after the date on which the
return under section 6019 was required to be filed (including
extensions, if any), or
``(ii) the date which is 30 days after the date such return
is filed.
``(B) Adjustments.--In any case in which there is an
adjustment to the information required to be included on a
statement filed under paragraph (1) after such statement has
been filed, a supplemental statement under such paragraph
shall be filed not later than the date which is 30 days after
such adjustment is made.
``(c) Regulations.--The Secretary shall prescribe such
regulations as necessary to carry out this section, including
regulations relating to--
``(1) applying this section to property with regard to
which no estate or gift tax return is required to be filed,
and
``(2) situations in which the surviving joint tenant or
other recipient may have better information than the executor
regarding the basis or fair market value of the property.''.
(2) Penalty for failure to file.--
(A) Return.--Section 6724(d)(1) is amended by striking
``and'' at the end of subparagraph (B), by striking the
period at the end of subparagraph (C) and inserting ``,
and'', and by adding at the end the following new
subparagraph:
``(D) any statement required to be filed with the Secretary
under section 6035.''.

[[Page S8923]]

(B) Statement.--Section 6724(d)(2) is amended by striking
``or'' at the end of subparagraph (GG), by striking the
period at the end of subparagraph (HH) and inserting ``,
or'', and by adding at the end the following new
subparagraph:
``(II) section 6035 (other than a statement described in
paragraph (1)(D)).''.
(3) Clerical amendment.--The table of sections for subpart
A of part III of subchapter A of chapter 61 is amended by
inserting after the item relating to section 6034A the
following new item:

``Sec. 6035. Basis information to persons acquiring property from
decedent or by gift.''.
(c) Penalty for Inconsistent Reporting.--
(1) In general.--Subsection (b) of section 6662 is amended
by inserting after paragraph (7) the following new paragraph:
``(8) Any inconsistent estate or gift basis.''.
(2) Inconsistent basis reporting.--Section 6662 is amended
by adding at the end the following new subsection:
``(k) Inconsistent Estate or Gift Basis Reporting.--For
purposes of this section, the term `inconsistent estate or
gift basis' means--
``(1) in the case of property acquired from a decedent, a
basis determination with respect to such property which is
not consistent with the requirements of section 1014(f), and
``(2) in the case of property acquired by gift, a basis
determination with respect to such property which is not
consistent with the requirements of section 1015(f).''.
(d) Effective Date.--The amendments made by this section
shall apply to transfers for which returns are filed after
the date of the enactment of this Act.

SEC. 307. VALUATION RULES FOR CERTAIN TRANSFERS OF
NONBUSINESS ASSETS; LIMITATION ON MINORITY
DISCOUNTS.

(a) In General.--Section 2031 (relating to definition of
gross estate) is amended by redesignating subsection (d) as
subsection (f) and by inserting after subsection (c) the
following new subsections:
``(d) Valuation Rules for Certain Transfers of Nonbusiness
Assets.--For purposes of this chapter and chapter 12--
``(1) In general.--In the case of the transfer of any
interest in an entity other than an interest which is
actively traded (within the meaning of section 1092)--
``(A) the value of any nonbusiness assets held by the
entity with respect to such interest shall be determined as
if the transferor had transferred such assets directly to the
transferee (and no valuation discount shall be allowed with
respect to such nonbusiness assets), and
``(B) such nonbusiness assets shall not be taken into
account in determining the value of the interest in the
entity.
``(2) Nonbusiness assets.--For purposes of this
subsection--
``(A) In general.--The term `nonbusiness asset' means any
asset which is not used in the active conduct of 1 or more
trades or businesses.
``(B) Treatment of certain passive assets.--Except as
provided in subparagraph (C), a passive asset shall not be
treated for purposes of subparagraph (A) as used in the
active conduct of a trade or business unless--
``(i) the asset is property described in paragraph (1) or
(4) of section 1221(a) or is a hedge with respect to such
property, or
``(ii) the asset is real property used in the active
conduct of 1 or more real property trades or businesses
(within the meaning of section 469(c)(7)(C)) in which the
transferor materially participates and with respect to which
the transferor meets the requirements of section
469(c)(7)(B)(ii).

For purposes of clause (ii), material participation shall be
determined under the rules of section 469(h), except that
section 469(h)(3) shall be applied without regard to the
limitation to farming activity.
``(C) Exception for working capital.--Any asset (including
a passive asset) which is held as a part of the reasonably
required working capital needs of a trade or business shall
be treated as used in the active conduct of a trade or
business.
``(3) Passive asset.--For purposes of this subsection, the
term `passive asset' means any--
``(A) cash or cash equivalents,
``(B) except to the extent provided by the Secretary, stock
in a corporation or any other equity, profits, or capital
interest in any entity,
``(C) evidence of indebtedness, option, forward or futures
contract, notional principal contract, or derivative,
``(D) asset described in clause (iii), (iv), or (v) of
section 351(e)(1)(B),
``(E) annuity,
``(F) real property used in 1 or more real property trades
or businesses (as defined in section 469(c)(7)(C)),
``(G) asset (other than a patent, trademark, or copyright)
which produces royalty income,
``(H) commodity,
``(I) collectible (within the meaning of section 401(m)),
or
``(J) any other asset specified in regulations prescribed
by the Secretary.
``(4) Look-thru rules.--
``(A) In general.--If a nonbusiness asset of an entity
consists of a 10-percent interest in any other entity, this
subsection shall be applied by disregarding the 10-percent
interest and by treating the entity as holding directly its
ratable share of the assets of the other entity. This
subparagraph shall be applied successively to any 10-percent
interest of such other entity in any other entity.
``(B) 10-percent interest.--The term `10-percent interest'
means--
``(i) in the case of an interest in a corporation,
ownership of at least 10 percent (by vote or value) of the
stock in such corporation,
``(ii) in the case of an interest in a partnership,
ownership of at least 10 percent of the capital or profits
interest in the partnership, and
``(iii) in any other case, ownership of at least 10 percent
of the beneficial interests in the entity.
``(5) Coordination with subsection (b).--Subsection (b)
shall apply after the application of this subsection.
``(e) Limitation on Minority Discounts.--For purposes of
this chapter and chapter 12, in the case of the transfer of
any interest in an entity other than an interest which is
actively traded (within the meaning of section 1092), no
discount shall be allowed by reason of the fact that the
transferee does not have control of such entity if the
transferee and members of the family (as defined in section
2032A(e)(2)) of the transferee have control of such
entity.''.
(b) Effective Date.--The amendments made by this section
shall apply to transfers after the date of the enactment of
this Act.

SEC. 308. REQUIRED MINIMUM 10-YEAR TERM, ETC., FOR GRANTOR
RETAINED ANNUITY TRUSTS.

(a) In General.--Subsection (b) of section 2702 is
amended--
(1) by redesignating paragraphs (1), (2), and (3) as
subparagraphs (A), (B), and (C), respectively, and by moving
such subparagraphs (as so redesignated) 2 ems to the right;
(2) by striking ``For purposes of'' and inserting the
following:
``(1) In general.--For purposes of'';
(3) by striking ``paragraph (1) or (2)'' in paragraph
(1)(C) (as so redesignated) and inserting ``subparagraph (A)
or (B)''; and
(4) by adding at the end the following new paragraph:
``(2) Additional requirements with respect to grantor
retained annuities.--For purposes of subsection (a), in the
case of an interest described in paragraph (1)(A) (determined
without regard to this paragraph) which is retained by the
transferor, such interest shall be treated as described in
such paragraph only if--
``(A) the right to receive the fixed amounts referred to in
such paragraph is for a term of not less than 10 years,
``(B) such fixed amounts, when determined on an annual
basis, do not decrease relative to any prior year during the
first 10 years of the term referred to in subparagraph (A),
and
``(C) the remainder interest has a value greater than zero
determined as of the time of the transfer.''.
(b) Effective Date.--The amendments made by this section
shall apply to transfers made after the date of the enactment
of this Act.

TITLE IV--TEMPORARY EXTENSION OF INVESTMENT INCENTIVES

SEC. 401. TEMPORARY EXTENSION OF INCREASED SMALL BUSINESS
EXPENSING.

(a) Dollar Limitation.--Section 179(b)(1) is amended by
striking ``and'' at the end of subparagraph (B) and by
striking subparagraph (C) and inserting the following new
subparagraphs:
``(C) $125,000 in the case of taxable years beginning in
2012, and
``(D) $25,000 in the case of taxable years beginning after
2012.''.
(b) Reduction in Limitation.--Section 179(b)(2) is amended
by striking ``and'' at the end of subparagraph (B) and by
striking subparagraph (C) and inserting the following new
subparagraphs:
``(C) $500,000 in the case of taxable years beginning in
2012, and
``(D) $200,000 in the case of taxable years beginning after
2012.''.
(c) Inflation Adjustment.--Subsection (b) of section 179 is
amended by adding at the end the following new paragraph:
``(6) Inflation adjustment.--
``(A) In general.--In the case of any taxable year
beginning in calendar year 2012, the $125,000 and $500,000
amounts in paragraphs (1)(C) and (2)(C) shall each be
increased by an amount equal to--
``(i) such dollar amount, multiplied by
``(ii) the cost-of-living adjustment determined under
section 1(f)(3) for the calendar year in which the taxable
year begins, by substituting `calendar year 2006' for
`calendar year 1992' in subparagraph (B) thereof.
``(B) Rounding.--
``(i) Dollar limitation.--If the amount in paragraph (1) as
increased under subparagraph (A) is not a multiple of $1,000,
such amount shall be rounded to the nearest multiple of
$1,000.
``(ii) Phaseout amount.--If the amount in paragraph (2) as
increased under subparagraph (A) is not a multiple of
$10,000, such amount shall be rounded to the nearest multiple
of $10,000.''.
(d) Computer Software.--Section 179(d)(1)(A)(ii) is amended
by striking ``2012'' and inserting ``2013''.
(e) Conforming Amendment.--Section 179(c)(2) is amended by
striking ``2012'' and inserting ``2013''.
(f) Effective Date.--The amendments made by this section
shall apply to taxable years beginning after December 31,
2011.

[[Page S8924]]

TITLE V--TEMPORARY EXTENSION OF UNEMPLOYMENT INSURANCE AND RELATED
MATTERS

SEC. 501. TEMPORARY EXTENSION OF UNEMPLOYMENT INSURANCE
PROVISIONS.

(a) In General.--(1) Section 4007 of the Supplemental
Appropriations Act, 2008 (Public Law 110-252; 26 U.S.C. 3304
note) is amended--
(A) by striking ``November 30, 2010'' each place it appears
and inserting ``January 3, 2012'';
(B) in the heading for subsection (b)(2), by striking
``november 30, 2010'' and inserting ``january 3, 2012''; and
(C) in subsection (b)(3), by striking ``April 30, 2011''
and inserting ``June 9, 2012''.
(2) Section 2005 of the Assistance for Unemployed Workers
and Struggling Families Act, as contained in Public Law 111-5
(26 U.S.C. 3304 note; 123 Stat. 444), is amended--
(A) by striking ``December 1, 2010'' each place it appears
and inserting ``January 4, 2012''; and
(B) in subsection (c), by striking ``May 1, 2011'' and
inserting ``June 11, 2012''.
(3) Section 5 of the Unemployment Compensation Extension
Act of 2008 (Public Law 110-449; 26 U.S.C. 3304 note) is
amended by striking ``April 30, 2011'' and inserting ``June
10, 2012''.
(b) Funding.--Section 4004(e)(1) of the Supplemental
Appropriations Act, 2008 (Public Law 110-252; 26 U.S.C. 3304
note) is amended--
(1) in subparagraph (E), by striking ``and'' at the end;
and
(2) by inserting after subparagraph (F) the following:
``(G) the amendments made by section 501(a)(1) of the Tax
Relief, Unemployment Insurance Reauthorization, and Job
Creation Act of 2010; and''.
(c) Effective Date.--The amendments made by this section
shall take effect as if included in the enactment of the
Unemployment Compensation Extension Act of 2010 (Public Law
111-205).

SEC. 502. TEMPORARY MODIFICATION OF INDICATORS UNDER THE
EXTENDED BENEFIT PROGRAM.

(a) Indicator.--Section 203(d) of the Federal-State
Extended Unemployment Compensation Act of 1970 (26 U.S.C.
3304 note) is amended, in the flush matter following
paragraph (2), by inserting after the first sentence the
following sentence: ``Effective with respect to compensation
for weeks of unemployment beginning after the date of
enactment of the Tax Relief, Unemployment Insurance
Reauthorization, and Job Creation Act of 2010 (or, if later,
the date established pursuant to State law), and ending on or
before December 31, 2011, the State may by law provide that
the determination of whether there has been a state `on' or
`off' indicator beginning or ending any extended benefit
period shall be made under this subsection as if the word
`two' were `three' in subparagraph (1)(A).''.
(b) Alternative Trigger.--Section 203(f) of the Federal-
State Extended Unemployment Compensation Act of 1970 (26
U.S.C. 3304 note) is amended--
(1) by redesignating paragraph (2) as paragraph (3); and
(2) by inserting after paragraph (1) the following new
paragraph:
``(2) Effective with respect to compensation for weeks of
unemployment beginning after the date of enactment of the Tax
Relief, Unemployment Insurance Reauthorization, and Job
Creation Act of 2010 (or, if later, the date established
pursuant to State law), and ending on or before December 31,
2011, the State may by law provide that the determination of
whether there has been a state `on' or `off' indicator
beginning or ending any extended benefit period shall be made
under this subsection as if the word `either' were `any', the
word ``both'' were `all', and the figure `2' were `3' in
clause (1)(A)(ii).''.

SEC. 503. TECHNICAL AMENDMENT RELATING TO COLLECTION OF
UNEMPLOYMENT COMPENSATION DEBTS.

(a) In General.--Section 6402(f)(3)(C), as amended by
section 801 of the Claims Resolution Act of 2010, is amended
by striking ``is not a covered unemployment compensation
debt'' and inserting ``is a covered unemployment compensation
debt''.
(b) Effective Date.--The amendment made by subsection (a)
shall take effect as if included in section 801 of the Claims
Resolution Act of 2010.

SEC. 504. TECHNICAL CORRECTION RELATING TO REPEAL OF
CONTINUED DUMPING AND SUBSIDY OFFSET.

(a) In General.--Section 822(2)(A) of the Claims Resolution
Act of 2010 is amended by striking ``or'' and inserting
``and''.
(b) Effective Date.--The amendment made by subsection (a)
shall take effect as if included in the provisions of the
Claims Resolution Act of 2010.

SEC. 505. ADDITIONAL EXTENDED UNEMPLOYMENT BENEFITS UNDER THE
RAILROAD UNEMPLOYMENT INSURANCE ACT.

(a) Extension.--Section 2(c)(2)(D)(iii) of the Railroad
Unemployment Insurance Act, as added by section 2006 of the
American Recovery and Reinvestment Act of 2009 (Public Law
111-5) and as amended by section 9 of the Worker,
Homeownership, and Business Assistance Act of 2009 (Public
Law 111-92), is amended--
(1) by striking ``June 30, 2010'' and inserting ``June 30,
2011''; and
(2) by striking ``December 31, 2010'' and inserting
``December 31, 2011''.
(b) Clarification on Authority to Use Funds.--Funds
appropriated under either the first or second sentence of
clause (iv) of section 2(c)(2)(D) of the Railroad
Unemployment Insurance Act shall be available to cover the
cost of additional extended unemployment benefits provided
under such section 2(c)(2)(D) by reason of the amendments
made by subsection (a) as well as to cover the cost of such
benefits provided under such section 2(c)(2)(D), as in effect
on the day before the date of the enactment of this Act.

TITLE VI--EXTENSION OF MAKING WORK PAY CREDIT

SEC. 601. MAKING WORK PAY CREDIT.

(a) In General.--Section 36A(e) is amended by striking
``December 31, 2010'' and inserting ``December 31, 2011''.
(b) Treatment of Possessions.--Section 1001(b)(1) of the
American Recovery and Reinvestment Tax Act of 2009 is amended
by striking ``2009 and 2010'' both places it appears and
inserting ``2009, 2010, and 2011''.
(c) Effective Date.--The amendments made by this section
shall apply to taxable years beginning after December 31,
2010.

TITLE VII--TEMPORARY EXTENSION OF CERTAIN EXPIRING PROVISIONS

Subtitle A--Energy

SEC. 701. INCENTIVES FOR BIODIESEL AND RENEWABLE DIESEL.

(a) Credits for Biodiesel and Renewable Diesel Used as
Fuel.--Subsection (g) of section 40A is amended by striking
``December 31, 2009'' and inserting ``December 31, 2011''.
(b) Excise Tax Credits and Outlay Payments for Biodiesel
and Renewable Diesel Fuel Mixtures.--
(1) Paragraph (6) of section 6426(c) is amended by striking
``December 31, 2009'' and inserting ``December 31, 2011''.
(2) Subparagraph (B) of section 6427(e)(6) is amended by
striking ``December 31, 2009'' and inserting ``December 31,
2011''.
(c) Special Rule for 2010.--Notwithstanding any other
provision of law, in the case of any biodiesel mixture credit
properly determined under section 6426(c) of the Internal
Revenue Code of 1986 for periods during 2010, such credit
shall be allowed, and any refund or payment attributable to
such credit (including any payment under section 6427(e) of
such Code) shall be made, only in such manner as the
Secretary of the Treasury (or the Secretary's delegate) shall
provide. Such Secretary shall issue guidance within 30 days
after the date of the enactment of this Act providing for a
one-time submission of claims covering periods during 2010.
Such guidance shall provide for a 180-day period for the
submission of such claims (in such manner as prescribed by
such Secretary) to begin not later than 30 days after such
guidance is issued. Such claims shall be paid by such
Secretary not later than 60 days after receipt. If such
Secretary has not paid pursuant to a claim filed under this
subsection within 60 days after the date of the filing of
such claim, the claim shall be paid with interest from such
date determined by using the overpayment rate and method
under section 6621 of such Code.
(d) Effective Date.--The amendments made by this section
shall apply to fuel sold or used after December 31, 2009.

SEC. 702. NEW ENERGY EFFICIENT HOME CREDIT.

(a) In General.--Subsection (g) of section 45L is amended
by striking ``December 31, 2009'' and inserting ``December
31, 2011''.
(b) Effective Date.--The amendment made by this section
shall apply to homes acquired after December 31, 2009.

SEC. 703. SPECIAL RULE FOR SALES OR DISPOSITIONS TO IMPLEMENT
FERC OR STATE ELECTRIC RESTRUCTURING POLICY FOR
QUALIFIED ELECTRIC UTILITIES.

(a) In General.--Paragraph (3) of section 451(i) is amended
by striking ``January 1, 2010'' and inserting ``January 1,
2012''.
(b) Effective Date.--The amendment made by this section
shall apply to dispositions after December 31, 2009.

SEC. 704. EXTENSION OF GRANTS FOR SPECIFIED ENERGY PROPERTY
IN LIEU OF TAX CREDITS.

(a) In General.--Subsection (a) of section 1603 of division
B of the American Recovery and Reinvestment Act of 2009 is
amended--
(1) in paragraph (1), by striking ``2009 or 2010'' and
inserting ``2009, 2010, or 2011'', and
(2) in paragraph (2)--
(A) by striking ``after 2010'' and inserting ``after
2011'', and
(B) by striking ``2009 or 2010'' and inserting ``2009,
2010, or 2011''.
(b) Conforming Amendment.--Subsection (j) of section 1603
of division B of such Act is amended by striking ``2011'' and
inserting ``2012''.

SEC. 705. EXTENSION OF PROVISIONS RELATED TO ALCOHOL USED AS
FUEL.

(a) Extension of Income Tax Credit for Alcohol Used as
Fuel.--
(1) In general.--Paragraph (1) of section 40(e) is
amended--
(A) by striking ``December 31, 2010'' in subparagraph (A)
and inserting ``December 31, 2011'', and
(B) by striking ``January 1, 2011'' in subparagraph (B) and
inserting ``January 1, 2012''.
(2) Reduced amount for ethanol blenders.--Subsection (h) of
section 40 is amended by striking ``2010'' both places it
appears and inserting ``2011''.
(3) Effective date.--The amendments made by this subsection
shall apply to periods after December 31, 2010.
(b) Extension of Excise Tax Credit for Alcohol Used as
Fuel.--

[[Page S8925]]

(1) In general.--Paragraph (6) of section 6426(b) is
amended by striking ``December 31, 2010'' and inserting
``December 31, 2011''.
(2) Effective date.--The amendment made by this subsection
shall apply to periods after December 31, 2010.
(c) Extension of Payment for Alcohol Fuel Mixture.--
(1) In general.--Subparagraph (A) of section 6427(e)(6) is
amended by striking ``December 31, 2010'' and inserting
``December 31, 2011''.
(2) Effective date.--The amendment made by this subsection
shall apply to sales and uses after December 31, 2010.
(d) Extension of Additional Duties on Ethanol.--
(1) In general.--Headings 9901.00.50 and 9901.00.52 of the
Harmonized Tariff Schedule of the United States are each
amended in the effective period column by striking ``1/1/
2011'' and inserting ``1/1/2012''.
(2) Effective date.--The amendments made by this subsection
shall take effect on January 1, 2011.

SEC. 706. ENERGY EFFICIENT APPLIANCE CREDIT.

(a) Dishwashers.--Paragraph (1) of section 45M(b) is
amended by striking ``and'' at the end of subparagraph (A),
by striking the period at the end of subparagraph (B) and
inserting a comma, and by adding at the end the following new
subparagraphs:
``(C) $25 in the case of a dishwasher which is manufactured
in calendar year 2011 and which uses no more than 307
kilowatt hours per year and 5.0 gallons per cycle (5.5
gallons per cycle for dishwashers designed for greater than
12 place settings),
``(D) $50 in the case of a dishwasher which is manufactured
in calendar year 2011 and which uses no more than 295
kilowatt hours per year and 4.25 gallons per cycle (4.75
gallons per cycle for dishwashers designed for greater than
12 place settings), and
``(E) $75 in the case of a dishwasher which is manufactured
in calendar year 2011 and which uses no more than 280
kilowatt hours per year and 4 gallons per cycle (4.5 gallons
per cycle for dishwashers designed for greater than 12 place
settings).''.
(b) Clothes Washers.--Paragraph (2) of section 45M(b) is
amended by striking ``and'' at the end of subparagraph (C),
by striking the period at the end of subparagraph (D) and
inserting a comma, and by adding at the end the following new
subparagraphs:
``(E) $175 in the case of a top-loading clothes washer
manufactured in calendar year 2011 which meets or exceeds a
2.2 modified energy factor and does not exceed a 4.5 water
consumption factor, and
``(F) $225 in the case of a clothes washer manufactured in
calendar year 2011--
``(i) which is a top-loading clothes washer and which meets
or exceeds a 2.4 modified energy factor and does not exceed a
4.2 water consumption factor, or
``(ii) which is a front-loading clothes washer and which
meets or exceeds a 2.8 modified energy factor and does not
exceed a 3.5 water consumption factor.''.
(c) Refrigerators.--Paragraph (3) of section 45M(b) is
amended by striking ``and'' at the end of subparagraph (C),
by striking the period at the end of subparagraph (D) and
inserting a comma, and by adding at the end the following new
subparagraphs:
``(E) $150 in the case of a refrigerator manufactured in
calendar year 2011 which consumes at least 30 percent less
energy than the 2001 energy conservation standards, and
``(F) $200 in the case of a refrigerator manufactured in
calendar year 2011 which consumes at least 35 percent less
energy than the 2001 energy conservation standards.''.
(d) Rebasing of Limitations.--
(1) In general.--Paragraph (1) of section 45M(e) is
amended--
(A) by striking ``$75,000,000'' and inserting
``$25,000,000'', and
(B) by striking ``December 31, 2007'' and inserting
``December 31, 2010''.
(2) Exception for certain refrigerators and clothes
washers.--Paragraph (2) of section 45M(e) is amended--
(A) by striking ``subsection (b)(3)(D)'' and inserting
``subsection (b)(3)(F)'', and
(B) by striking ``subsection (b)(2)(D)'' and inserting
``subsection (b)(2)(F)''.
(3) Gross receipts limitation.--Paragraph (3) of section
45M(e) is amended by striking ``2 percent'' and inserting ``4
percent''.
(e) Effective Dates.--
(1) In general.--The amendments made by subsections (a),
(b), and (c) shall apply to appliances produced after
December 31, 2010.
(2) Limitations.--The amendments made by subsection (d)
shall apply to taxable years beginning after December 31,
2010.

SEC. 707. CREDIT FOR NONBUSINESS ENERGY PROPERTY.

(a) Extension.--Section 25C(g)(2) is amended by striking
``2010'' and inserting ``2011''.
(b) Return to Pre-ARRA Limitations and Standards.--
(1) In general.--Subsections (a) and (b) of section 25C are
amended to read as follows:
``(a) Allowance of Credit.--In the case of an individual,
there shall be allowed as a credit against the tax imposed by
this chapter for the taxable year an amount equal to the sum
of--
``(1) 10 percent of the amount paid or incurred by the
taxpayer for qualified energy efficiency improvements
installed during such taxable year, and
``(2) the amount of the residential energy property
expenditures paid or incurred by the taxpayer during such
taxable year.
``(b) Limitations.--
``(1) Lifetime limitation.--The credit allowed under this
section with respect to any taxpayer for any taxable year
shall not exceed the excess (if any) of $500 over the
aggregate credits allowed under this section with respect to
such taxpayer for all prior taxable years ending after
December 31, 2005.
``(2) Windows.--In the case of amounts paid or incurred for
components described in subsection (c)(2)(B) by any taxpayer
for any taxable year, the credit allowed under this section
with respect to such amounts for such year shall not exceed
the excess (if any) of $200 over the aggregate credits
allowed under this section with respect to such amounts for
all prior taxable years ending after December 31, 2005.
``(3) Limitation on residential energy property
expenditures.--The amount of the credit allowed under this
section by reason of subsection (a)(2) shall not exceed--
``(A) $50 for any advanced main air circulating fan,
``(B) $150 for any qualified natural gas, propane, or oil
furnace or hot water boiler, and
``(C) $300 for any item of energy-efficient building
property.''.
(2) Modification of standards.--
(A) In general.--Paragraph (1) of section 25C(c) is amended
by striking ``2000'' and all that follows through ``this
section'' and inserting ``2009 International Energy
Conservation Code, as such Code (including supplements) is in
effect on the date of the enactment of the American Recovery
and Reinvestment Tax Act of 2009''.
(B) Wood stoves.--Subparagraph (E) of section 25C(d)(3) is
amended by striking ``, as measured using a lower heating
value''.
(C)  Oil furnaces and hot water boilers.--
(i) In general.--Paragraph (4) of section 25C(d) is amended
to read as follows:
``(4) Qualified natural gas, propane, or oil furnace or hot
water boiler.--The term `qualified natural gas, propane, or
oil furnace or hot water boiler' means a natural gas,
propane, or oil furnace or hot water boiler which achieves an
annual fuel utilization efficiency rate of not less than
95.''.
(ii) Conforming amendment.--Clause (ii) of section
25C(d)(2)(A) is amended to read as follows:
``(ii) a qualified natural gas, propane, or oil furnace or
hot water boiler, or''.
(D) Exterior windows, doors, and skylights.--
(i) In general.--Subsection (c) of section 25C is amended
by striking paragraph (4).
(ii) Application of energy star standards.--Paragraph (1)
of section 25C(c) is amended by inserting ``an exterior
window, a skylight, an exterior door,'' after ``in the case
of'' in the matter preceding subparagraph (A).
(E) Insulation.--Subparagraph (A) of section 25C(c)(2) is
amended by striking ``and meets the prescriptive criteria for
such material or system established by the 2009 International
Energy Conservation Code, as such Code (including
supplements) is in effect on the date of the enactment of the
American Recovery and Reinvestment Tax Act of 2009''.
(3) Subsidized energy financing.--Subsection (e) of section
25C is amended by adding at the end the following new
paragraph:
``(3) Property financed by subsidized energy financing.--
For purposes of determining the amount of expenditures made
by any individual with respect to any property, there shall
not be taken into account expenditures which are made from
subsidized energy financing (as defined in section
48(a)(4)(C)).''.
(c) Effective Date.--The amendments made by this section
shall apply to property placed in service after December 31,
2010.

SEC. 708. ALTERNATIVE FUEL VEHICLE REFUELING PROPERTY.

(a) Extension of Credit.--Paragraph (2) of section 30C(g)
is amended by striking ``December 31, 2010'' and inserting
``December 31, 2011.''.
(b) Effective Date.--The amendment made by this section
shall apply to property placed in service after December 31,
2010.

Subtitle B--Individual Tax Relief

SEC. 721. DEDUCTION FOR CERTAIN EXPENSES OF ELEMENTARY AND
SECONDARY SCHOOL TEACHERS.

(a) In General.--Subparagraph (D) of section 62(a)(2) is
amended by striking ``or 2009'' and inserting ``2009, 2010,
or 2011''.
(b) Effective Date.--The amendment made by this section
shall apply to taxable years beginning after December 31,
2009.

SEC. 722. DEDUCTION OF STATE AND LOCAL SALES TAXES.

(a) In General.--Subparagraph (I) of section 164(b)(5) is
amended by striking ``January 1, 2010'' and inserting
``January 1, 2012''.
(b) Effective Date.--The amendment made by this section
shall apply to taxable years beginning after December 31,
2009.

SEC. 723. CONTRIBUTIONS OF CAPITAL GAIN REAL PROPERTY MADE
FOR CONSERVATION PURPOSES.

(a) In General.--Clause (vi) of section 170(b)(1)(E) is
amended by striking ``December 31, 2009'' and inserting
``December 31, 2011''.
(b) Contributions by Certain Corporate Farmers and
Ranchers.--Clause (iii) of section 170(b)(2)(B) is amended by
striking ``December 31, 2009'' and inserting ``December 31,
2011''.
(c) Effective Date.--The amendments made by this section
shall apply to contributions made in taxable years beginning
after December 31, 2009.

[[Page S8926]]

SEC. 724. ABOVE-THE-LINE DEDUCTION FOR QUALIFIED TUITION AND
RELATED EXPENSES.

(a) In General.--Subsection (e) of section 222 is amended
by striking ``December 31, 2009'' and inserting ``December
31, 2011''.
(b) Effective Date.--The amendment made by this section
shall apply to taxable years beginning after December 31,
2009.

SEC. 725. TAX-FREE DISTRIBUTIONS FROM INDIVIDUAL RETIREMENT
PLANS FOR CHARITABLE PURPOSES.

(a) In General.--Subparagraph (F) of section 408(d)(8) is
amended by striking ``December 31, 2009'' and inserting
``December 31, 2011''.
(b) Effective Date; Special Rule.--
(1) Effective date.--The amendment made by this section
shall apply to distributions made in taxable years beginning
after December 31, 2009.
(2) Special rule.--For purposes of subsections (a)(6),
(b)(3), and (d)(8) of section 408 of the Internal Revenue
Code of 1986, at the election of the taxpayer (at such time
and in such manner as prescribed by the Secretary of the
Treasury) any qualified charitable distribution made after
December 31, 2010, and before February 1, 2011, shall be
deemed to have been made on December 31, 2010.

SEC. 726. PARITY FOR EXCLUSION FROM INCOME FOR EMPLOYER-
PROVIDED MASS TRANSIT AND PARKING BENEFITS.

(a) In General.--Paragraph (2) of section 132(f) is amended
by striking ``January 1, 2011'' and inserting ``January 1,
2012''.
(b) Effective Date.--The amendment made by this section
shall apply to months after December 31, 2010.

SEC. 727. REFUNDS DISREGARDED IN THE ADMINISTRATION OF
FEDERAL PROGRAMS AND FEDERALLY ASSISTED
PROGRAMS.

(a) In General.--Subchapter A of chapter 65 is amended by
adding at the end the following new section:

``SEC. 6409. REFUNDS DISREGARDED IN THE ADMINISTRATION OF
FEDERAL PROGRAMS AND FEDERALLY ASSISTED
PROGRAMS.

``(a) In General.--Notwithstanding any other provision of
law, any refund (or advance payment with respect to a
refundable credit) made to any individual under this title
shall not be taken into account as income, and shall not be
taken into account as resources for a period of 12 months
from receipt, for purposes of determining the eligibility of
such individual (or any other individual) for benefits or
assistance (or the amount or extent of benefits or
assistance) under any Federal program or under any State or
local program financed in whole or in part with Federal
funds.
``(b) Termination.--Subsection (a) shall not apply to any
amount received after December 31, 2012.''.
(b) Clerical Amendment.--The table of sections for such
subchapter is amended by adding at the end the following new
item:

``Sec. 6409. Refunds disregarded in the administration of Federal
programs and federally assisted programs.''.

(c) Effective Date.--The amendments made by this section
shall apply to amounts received after December 31, 2009.

Subtitle C--Business Tax Relief

SEC. 731. RESEARCH CREDIT.

(a) In General.--Subparagraph (B) of section 41(h)(1) is
amended by striking ``December 31, 2009'' and inserting
``December 31, 2011''.
(b) Conforming Amendment.--Subparagraph (D) of section
45C(b)(1) is amended by striking ``December 31, 2009'' and
inserting ``December 31, 2011''.
(c) Effective Date.--The amendments made by this section
shall apply to amounts paid or incurred after December 31,
2009.

SEC. 732. INDIAN EMPLOYMENT TAX CREDIT.

(a) In General.--Subsection (f) of section 45A is amended
by striking ``December 31, 2009'' and inserting ``December
31, 2011''.
(b) Effective Date.--The amendment made by this section
shall apply to taxable years beginning after December 31,
2009.

SEC. 733. NEW MARKETS TAX CREDIT.

(a) In General.--Paragraph (1) of section 45D(f) is
amended--
(1) by striking ``and'' at the end of subparagraph (E),
(2) by striking the period at the end of subparagraph (F),
and
(3) by adding at the end the following new subparagraph:
``(G) $3,500,000,000 for 2010 and 2011.''.
(b) Conforming Amendment.--Paragraph (3) of section 45D(f)
is amended by striking ``2014'' and inserting ``2016''.
(c) Effective Date.--The amendments made by this section
shall apply to calendar years beginning after 2009.

SEC. 734. RAILROAD TRACK MAINTENANCE CREDIT.

(a) In General.--Subsection (f) of section 45G is amended
by striking ``January 1, 2010'' and inserting ``January 1,
2012''.
(b) Effective Date.--The amendment made by this section
shall apply to expenditures paid or incurred in taxable years
beginning after December 31, 2009.

SEC. 735. MINE RESCUE TEAM TRAINING CREDIT.

(a) In General.--Subsection (e) of section 45N is amended
by striking ``December 31, 2009'' and inserting ``December
31, 2011''.
(b) Effective Date.--The amendment made by this section
shall apply to taxable years beginning after December 31,
2009.

SEC. 736. EMPLOYER WAGE CREDIT FOR EMPLOYEES WHO ARE ACTIVE
DUTY MEMBERS OF THE UNIFORMED SERVICES.

(a) In General.--Subsection (f) of section 45P is amended
by striking ``December 31, 2009'' and inserting ``December
31, 2011''.
(b) Effective Date.--The amendment made by this section
shall apply to payments made after December 31, 2009.

SEC. 737. ACCELERATED DEPRECIATION FOR BUSINESS PROPERTY ON
AN INDIAN RESERVATION.

(a) In General.--Paragraph (8) of section 168(j) is amended
by striking ``December 31, 2009'' and inserting ``December
31, 2011''.
(b) Effective Date.--The amendment made by this section
shall apply to property placed in service after December 31,
2009.

SEC. 738. ENHANCED CHARITABLE DEDUCTION FOR CONTRIBUTIONS OF
FOOD INVENTORY.

(a) In General.--Clause (iv) of section 170(e)(3)(C) is
amended by striking ``December 31, 2009'' and inserting
``December 31, 2011''.
(b) Effective Date.--The amendment made by this section
shall apply to contributions made after December 31, 2009.

SEC. 739. ENHANCED CHARITABLE DEDUCTION FOR CONTRIBUTIONS OF
BOOK INVENTORIES TO PUBLIC SCHOOLS.

(a) In General.--Clause (iv) of section 170(e)(3)(D) is
amended by striking ``December 31, 2009'' and inserting
``December 31, 2011''.
(b) Effective Date.--The amendment made by this section
shall apply to contributions made after December 31, 2009.

SEC. 740. ENHANCED CHARITABLE DEDUCTION FOR CORPORATE
CONTRIBUTIONS OF COMPUTER INVENTORY FOR
EDUCATIONAL PURPOSES.

(a) In General.--Subparagraph (G) of section 170(e)(6) is
amended by striking ``December 31, 2009'' and inserting
``December 31, 2011''.
(b) Effective Date.--The amendment made by this section
shall apply to contributions made in taxable years beginning
after December 31, 2009.

SEC. 741. ELECTION TO EXPENSE MINE SAFETY EQUIPMENT.

(a) In General.--Subsection (g) of section 179E is amended
by striking ``December 31, 2009'' and inserting ``December
31, 2011''.
(b) Effective Date.--The amendment made by this section
shall apply to property placed in service after December 31,
2009.

SEC. 742. EXPENSING OF ENVIRONMENTAL REMEDIATION COSTS.

(a) In General.--Subsection (h) of section 198 is amended
by striking ``December 31, 2009'' and inserting ``December
31, 2011''.
(b) Effective Date.--The amendment made by this section
shall apply to expenditures paid or incurred after December
31, 2009.

SEC. 743. MODIFICATION OF TAX TREATMENT OF CERTAIN PAYMENTS
TO CONTROLLING EXEMPT ORGANIZATIONS.

(a) In General.--Clause (iv) of section 512(b)(13)(E) is
amended by striking ``December 31, 2009'' and inserting
``December 31, 2011''.
(b) Effective Date.--The amendment made by this section
shall apply to payments received or accrued after December
31, 2009.

SEC. 744. TREATMENT OF CERTAIN DIVIDENDS OF REGULATED
INVESTMENT COMPANIES.

(a) In General.--Paragraphs (1)(C) and (2)(C) of section
871(k) are each amended by striking ``December 31, 2009'' and
inserting ``December 31, 2011''.
(b) Effective Date.--The amendments made by this section
shall apply to taxable years beginning after December 31,
2009.

SEC. 745. RIC QUALIFIED INVESTMENT ENTITY TREATMENT UNDER
FIRPTA.

(a) In General.--Clause (ii) of section 897(h)(4)(A) is
amended by striking ``December 31, 2009'' and inserting
``December 31, 2011''.
(b) Effective Date.--
(1) In general.--The amendment made by subsection (a) shall
take effect on January 1, 2010. Notwithstanding the preceding
sentence, such amendment shall not apply with respect to the
withholding requirement under section 1445 of the Internal
Revenue Code of 1986 for any payment made before the date of
the enactment of this Act.
(2) Amounts withheld on or before date of enactment.--In
the case of a regulated investment company--
(A) which makes a distribution after December 31, 2009, and
before the date of the enactment of this Act; and
(B) which would (but for the second sentence of paragraph
(1)) have been required to withhold with respect to such
distribution under section 1445 of such Code,

such investment company shall not be liable to any person to
whom such distribution was made for any amount so withheld
and paid over to the Secretary of the Treasury.

SEC. 746. EXCEPTIONS FOR ACTIVE FINANCING INCOME.

(a) In General.--Sections 953(e)(10) and 954(h)(9) are each
amended by striking ``January 1, 2010'' and inserting
``January 1, 2012''.
(b) Conforming Amendment.--Section 953(e)(10) is amended by
striking ``December 31, 2009'' and inserting ``December 31,
2011''.
(c) Effective Date.--The amendments made by this section
shall apply to taxable years of foreign corporations
beginning after December 31, 2009, and to taxable years of
United States shareholders with or within which any such
taxable year of such foreign corporation ends.

[[Page S8927]]

SEC. 747. LOOK-THRU TREATMENT OF PAYMENTS BETWEEN RELATED
CONTROLLED FOREIGN CORPORATIONS UNDER FOREIGN
PERSONAL HOLDING COMPANY RULES.

(a) In General.--Subparagraph (C) of section 954(c)(6) is
amended by striking ``January 1, 2010'' and inserting
``January 1, 2012''.
(b) Effective Date.--The amendment made by this section
shall apply to taxable years of foreign corporations
beginning after December 31, 2009, and to taxable years of
United States shareholders with or within which any such
taxable year of such foreign corporation ends.

SEC. 748. BASIS ADJUSTMENT TO STOCK OF S CORPS MAKING
CHARITABLE CONTRIBUTIONS OF PROPERTY.

(a) In General.--Paragraph (2) of section 1367(a) is
amended by striking ``December 31, 2009'' and inserting
``December 31, 2011''.
(b) Effective Date.--The amendment made by this section
shall apply to contributions made in taxable years beginning
after December 31, 2009.

SEC. 749. EMPOWERMENT ZONE TAX INCENTIVES.

(a) In General.--Section 1391 is amended--
(1) by striking ``December 31, 2009'' in subsection
(d)(1)(A)(i) and inserting ``December 31, 2011''; and
(2) by striking the last sentence of subsection (h)(2).
(b) Increased Exclusion of Gain on Stock of Empowerment
Zone Businesses.--Subparagraph (C) of section 1202(a)(2) is
amended--
(1) by striking ``December 31, 2014'' and inserting
``December 31, 2016''; and
(2) by striking ``2014'' in the heading and inserting
``2016''.
(c) Treatment of Certain Termination Dates Specified in
Nominations.--In the case of a designation of an empowerment
zone the nomination for which included a termination date
which is contemporaneous with the date specified in
subparagraph (A)(i) of section 1391(d)(1) of the Internal
Revenue Code of 1986 (as in effect before the enactment of
this Act), subparagraph (B) of such section shall not apply
with respect to such designation if, after the date of the
enactment of this section, the entity which made such
nomination amends the nomination to provide for a new
termination date in such manner as the Secretary of the
Treasury (or the Secretary's designee) may provide.
(d) Effective Date.--The amendments made by this section
shall apply to periods after December 31, 2009.

SEC. 750. TAX INCENTIVES FOR INVESTMENT IN THE DISTRICT OF
COLUMBIA.

(a) In General.--Subsection (f) of section 1400 is amended
by striking ``December 31, 2009'' each place it appears and
inserting ``December 31, 2011''.
(b) Tax-exempt DC Empowerment Zone Bonds.--Subsection (b)
of section 1400A is amended by striking ``December 31, 2009''
and inserting ``December 31, 2011''.
(c) Zero-percent Capital Gains Rate.--
(1) Acquisition date.--Paragraphs (2)(A)(i), (3)(A),
(4)(A)(i), and (4)(B)(i)(I) of section 1400B(b) are each
amended by striking ``January 1, 2010'' and inserting
``January 1, 2012''.
(2) Limitation on period of gains.--
(A) In general.--Paragraph (2) of section 1400B(e) is
amended--
(i) by striking ``December 31, 2014'' and inserting
``December 31, 2016''; and
(ii) by striking ``2014'' in the heading and inserting
``2016''.
(B) Partnerships and s-corps.--Paragraph (2) of section
1400B(g) is amended by striking ``December 31, 2014'' and
inserting ``December 31, 2016''.
(d) First-time Homebuyer Credit.--Subsection (i) of section
1400C is amended by striking ``January 1, 2010'' and
inserting ``January 1, 2012''.
(e) Effective Dates.--
(1) In general.--Except as otherwise provided in this
subsection, the amendments made by this section shall apply
to periods after December 31, 2009.
(2) Tax-exempt dc empowerment zone bonds.--The amendment
made by subsection (b) shall apply to bonds issued after
December 31, 2009.
(3) Acquisition dates for zero-percent capital gains
rate.--The amendments made by subsection (c) shall apply to
property acquired or substantially improved after December
31, 2009.
(4) Homebuyer credit.--The amendment made by subsection (d)
shall apply to homes purchased after December 31, 2009.

SEC. 751. WORK OPPORTUNITY CREDIT.

(a) In General.--Subparagraph (B) of section 51(c)(4) is
amended by striking ``August 31, 2011'' and inserting
``December 31, 2011''.
(b) Effective Date.--The amendment made by this section
shall apply to individuals who begin work for the employer
after the date of the enactment of this Act.

SEC. 752. QUALIFIED ZONE ACADEMY BONDS.

(a) In General.--Section 54E(c)(1) is amended--
(1) by striking ``2008 and'' and inserting ``2008,'', and
(2) by inserting ``and $400,000,000 for 2011'' after
``2010,''.
(b) Repeal of Refundable Credit for QZABs.--Paragraph (3)
of section 6431(f) is amended by inserting ``determined
without regard to any allocation relating to the national
zone academy bond limitation for 2011 or any carryforward of
such allocation'' after ``54E)'' in subparagraph (A)(iii).
(c) Effective Date.--The amendments made by this section
shall apply to obligations issued after December 31, 2010.

SEC. 753. MORTGAGE INSURANCE PREMIUMS.

(a) In General.--Clause (iv) of section 163(h)(3)(E) is
amended by striking ``December 31, 2010'' and inserting
``December 31, 2011''.
(b) Effective Date.--The amendment made by this section
shall apply to amounts paid or accrued after December 31,
2010.

SEC. 754. TEMPORARY EXCLUSION OF 100 PERCENT OF GAIN ON
CERTAIN SMALL BUSINESS STOCK.

(a) In General.--Paragraph (4) of section 1202(a) is
amended--
(1) by striking ``January 1, 2011'' and inserting ``January
1, 2012'', and
(2) by inserting ``and 2011'' after ``2010'' in the heading
thereof.
(b) Effective Date.--The amendments made by this section
shall apply to stock acquired after December 31, 2010.

Subtitle D--Temporary Disaster Relief Provisions

PART

Subpart A--New York Liberty Zone

SEC. 761. TAX-EXEMPT BOND FINANCING.

(a) In General.--Subparagraph (D) of section 1400L(d)(2) is
amended by striking ``January 1, 2010'' and inserting
``January 1, 2012''.
(b) Effective Date.--The amendment made by this section
shall apply to bonds issued after December 31, 2009.

Subpart B--GO Zone

SEC. 762. INCREASE IN REHABILITATION CREDIT.

(a) In General.--Subsection (h) of section 1400N is amended
by striking ``December 31, 2009'' and inserting ``December
31, 2011''.
(b) Effective Date.--The amendment made by this section
shall apply to amounts paid or incurred after December 31,
2009.

SEC. 763. LOW-INCOME HOUSING CREDIT RULES FOR BUILDINGS IN GO
ZONES.

Section 1400N(c)(5) is amended by striking ``January 1,
2011'' and inserting ``January 1, 2012''.

SEC. 764. TAX-EXEMPT BOND FINANCING.

(a) In General.--Paragraphs (2)(D) and (7)(C) of section
1400N(a) are each amended by striking ``January 1, 2011'' and
inserting ``January 1, 2012''.
(b) Conforming Amendments.--Sections 702(d)(1) and 704(a)
of the Heartland Disaster Tax Relief Act of 2008 are each
amended by striking ``January 1, 2011'' each place it appears
and inserting ``January 1, 2012''.

SEC. 765. BONUS DEPRECIATION DEDUCTION APPLICABLE TO THE GO
ZONE.

(a) In General.--Paragraph (6) of section 1400N(d) is
amended--
(1) by striking ``December 31, 2010'' both places it
appears in subparagraph (B) and inserting ``December 31,
2011'', and
(2) by striking ``January 1, 2010'' in the heading and the
text of subparagraph (D) and inserting ``January 1, 2012''.
(b) Effective Date.--The amendment made by this section
shall apply to property placed in service after December 31,
2009.

TITLE VIII--BUDGETARY PROVISIONS

SEC. 801. DETERMINATION OF BUDGETARY EFFECTS.

The budgetary effects of this Act, for the purpose of
complying with the Statutory Pay-As-You-Go Act of 2010, shall
be determined by reference to the latest statement titled
``Budgetary Effects of PAYGO Legislation'' for this Act,
jointly submitted for printing in the Congressional Record by
the Chairmen of the House and Senate Budget Committees,
provided that such statement has been submitted prior to the
vote on passage in the House acting first on this conference
report or amendment between the Houses.

SEC. 802. EMERGENCY DESIGNATIONS.

(a) Statutory Paygo.--This Act is designated as an
emergency requirement pursuant to section 4(g) of the
Statutory Pay-As-You-Go Act of 2010 (Public Law 111-139; 2
U.S.C. 933(g)) except to the extent that the budgetary
effects of this Act are determined to be subject to the
current policy adjustments under sections 4(c) and 7 of the
Statutory Pay-As-You-Go Act.
(b) Senate.--In the Senate, this Act is designated as an
emergency requirement pursuant to section 403(a) of S. Con.
Res. 13 (111th Congress), the concurrent resolution on the
budget for fiscal year 2010.
(c) House of Representatives.--In the House of
Representatives, every provision of this Act is expressly
designated as an emergency for purposes of pay-as-you-go
principles except to the extent that any such provision is
subject to the current policy adjustments under section 4(c)
of the Statutory Pay-As-You-Go Act of 2010.
______