S.Amdt. 1861

1. Adds TITLE _--SMALL BUSINESS TAX EXTENDERS at the end of the bill

   Adds a title

   In H.R. 3606 · Placed on Calendar Senate

   Passed the House of Representatives March 8, 2012.

   Inserted: TITLE _--SMALL BUSINESS TAX EXTENDERS

   Inserted: SEC. _01. SHORT TITLE; REFERENCES.

   Inserted: (a) Short Title.--This title may be cited as the "Small Business Tax Extenders Act of 2012".

   Inserted: (b) References.--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: SEC. _02. EXTENSION OF TEMPORARY EXCLUSION OF 100 PERCENT OF GAIN ON CERTAIN SMALL BUSINESS STOCK.

   Inserted: (a) In General.--Paragraph (4) of section 1202(a) is amended--

   Inserted: (1) by striking "January 1, 2012" and inserting "January 1, 2013", and

   Inserted: (2) by striking "and 2011" and inserting ", 2011, and 2012" in the heading thereof.

   Inserted: (b) Effective Date.--The amendments made by this section shall apply to stock acquired after December 31, 2011.

   Inserted: SEC. _03. EXTENSION OF 5-YEAR CARRYBACK OF GENERAL BUSINESS CREDITS OF ELIGIBLE SMALL BUSINESSES.

   Inserted: (a) In General.--Subparagraph (A) of section 39(a)(4) is amended by inserting ", 2011, or 2012" after "2010".

   Inserted: (b) Effective Date.--The amendment made by this section shall apply to credits determined in taxable years beginning after December 31, 2010.

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   Inserted: SEC. _04. EXTENSION OF ALTERNATIVE MINIMUM TAX RULES FOR GENERAL BUSINESS CREDITS OF ELIGIBLE SMALL BUSINESSES.

   Inserted: (a) In General.--Subparagraph (A) of section 38(c)(5) is amended by inserting ", 2011, or 2012" after "2010".

   Inserted: (b) Effective Date.--The amendments made by this section shall apply to credits determined in taxable years beginning after December 31, 2010, and to carrybacks of such credits.

   Inserted: SEC. _05. EXTENSION OF REDUCTION IN RECOGNITION PERIOD FOR BUILT-IN GAINS TAX.

   Inserted: (a) In General.--Clause (ii) of section 1374(d)(7)(B) of the Internal Revenue Code of 1986 is amended by inserting "or 2012" after "2011".

   Inserted: (b) Conforming Amendment.--The heading for section 1374(d)(7)(B) is amended by striking "and 2011" and inserting "2011, and 2012".

   Inserted: (c) Technical Amendment.--Subparagraph (B) of section 1374(d)(7) of such Code is amended by striking "The preceding sentence" and inserting the following: "For purposes of applying this subparagraph to an installment sale, each portion of such installment sale shall be treated as a sale occurring in the taxable year in which the first portion of such installment sale occurred. This subparagraph".

   Inserted: (d) Effective Date.--The amendments made by this section shall apply to taxable years beginning after December 31, 2011.

   Inserted: SEC. _06. EXTENSION OF INCREASED EXPENSING LIMITATIONS AND TREATMENT OF CERTAIN REAL PROPERTY AS SECTION 179 PROPERTY.

   Inserted: (a) In General.--Section 179(b) is amended--

   Inserted: (1) by striking "2010 or 2011" each place it appears in paragraph (1)(B) and (2)(B) and inserting "2010, 2011, or 2012",

   Inserted: (2) by striking "2012" each place it appears in paragraph (1)(C) and (2)(C) and inserting "2013", and

   Inserted: (3) by striking "2012" each place it appears in paragraph (1)(D) and (2)(D) and inserting "2013".

   Inserted: (b) Inflation Adjustment.--Subparagraph (A) of section 179(b)(6) is amended by striking "2012" and inserting "2013".

   Inserted: (c) Computer Software.--Section 179(d)(1)(A)(ii) is amended by striking "2013" and inserting "2014".

   Inserted: (d) Election.--Section 179(c)(2) is amended by striking "2013" and inserting "2014".

   Inserted: (e) Special Rules for Treatment of Qualified Real Property.--Section 179(f)(1) is amended by striking "2010 or 2011" and inserting "2010, 2011, or 2012".

   Inserted: (f) Effective Date.--The amendments made by this section shall apply to taxable years beginning after December 31, 2011.

   Inserted: SEC. _07. EXTENSION OF SPECIAL RULE FOR LONG-TERM CONTRACT ACCOUNTING.

   Inserted: (a) In General.--Clause (ii) of section 460(c)(6)(B) is amended by striking "January 1, 2011 (January 1, 2012" and inserting "January 1, 2013 (January 1, 2014".

   Inserted: (b) Effective Date.--The amendment made by this section shall apply to property placed in service after December 31, 2010.

   Inserted: SEC. _08. EXTENSION OF INCREASED AMOUNT ALLOWED AS A DEDUCTION FOR START-UP EXPENDITURES.

   Inserted: (a) In General.--Paragraph (3) of section 195(b) is amended--

   Inserted: (1) by inserting ", 2001, or 2012" after "2010", and

   Inserted: (2) by inserting "2011, and 2012" in the heading thereof.

   Inserted: (b) Effective Date.--The amendments made by this section shall apply to amounts paid or incurred in taxable years beginning after December 31, 2010.

   Inserted: SEC. _09. EXTENSION OF ALLOWANCE OF DEDUCTION FOR HEALTH INSURANCE IN COMPUTING SELF-EMPLOYMENT TAXES.

   Inserted: (a) In General.--Paragraph (4) of section 162(l) is amended by striking "December 31, 2010" and inserting "December 31, 2012".

   Inserted: (b) Effective Date.--The amendment made by this section shall apply to taxable years beginning after December 31, 2010.

   Original wording

   At the end, add the following:

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As printed