To repeal the expansion of information reporting requirements under the Patient Protection and Affordable Care Act, and for other purposes.

SA 28. Mr. LEVIN (for himself, Mr. Inouye, Mr. Leahy, Mr. Sanders,
Mr. Rockefeller, Mrs. Feinstein, and Mrs. Shaheen) proposed an
amendment to the bill S. 223, to modernize the air traffic control
system, improve the safety, reliability, and availability of
transportation by air in the United States, provide modernization of
the air traffic control system, reauthorize the Federal Aviation
Administration, and for other purposes; as follows:

On page 335, after line 20, insert the following:

TITLE XI--ADDITIONAL PROVISIONS

SEC. 1101. REPEAL OF EXPANSION OF INFORMATION REPORTING
REQUIREMENTS.

Section 9006 of the Patient Protection and Affordable Care
Act, and the amendments made thereby, are hereby repealed;
and the Internal Revenue Code of 1986 shall be applied as if
such section, and amendments, had never been enacted.

SEC. 1102. DENIAL OF DEDUCTION FOR MAJOR INTEGRATED OIL
COMPANIES FOR INCOME ATTRIBUTABLE TO DOMESTIC
PRODUCTION OF OIL, GAS, OR PRIMARY PRODUCTS
THEREOF.

(a) In General.--Subparagraph (B) of section 199(c)(4) of
the Internal Revenue Code of 1986 is amended by striking
``or'' at the end of clause (ii), by striking the period at
the end of clause (iii) and inserting ``, or'', and by
inserting after clause (iii) the following new clause:
``(iv) in the case of a taxpayer which is a major
integrated oil company (as defined in section 167(h)(5)(B)),
oil related qualified production activities (within the
meaning of subsection (d)(9)(B)).''.
(b) Conforming Amendment.--Section 199(d)(9)(A) of the
Internal Revenue Code of 1986 is amended by inserting
``(other than a major integrated oil company (as defined in
section 167(h)(5)(B))'' after ``taxpayer''.
(c) Effective Date.--The amendments made by this section
shall apply to taxable years beginning after December 31,
2010.

SEC. 1103. MODIFICATIONS OF FOREIGN TAX CREDIT RULES
APPLICABLE TO DUAL CAPACITY TAXPAYERS.

(a) In General.--Section 901 of the Internal Revenue Code
of 1986 (relating to credit for taxes of foreign countries
and of possessions of the United States) is amended by
redesignating subsection (n) as subsection (o) and by
inserting after subsection (m) the following new subsection:
``(n) Special Rules Relating To Dual Capacity Taxpayers.--
``(1) General rule.--Notwithstanding any other provision of
this chapter, any amount paid or accrued by a dual capacity
taxpayer to a foreign country or possession of the United
States for any period with respect to combined foreign oil
and gas income (as defined in section 907(b)(1)) shall not be
considered a tax to the extent such amount exceeds the amount
(determined in accordance with regulations) which would have
been required to be paid if the taxpayer were not a dual
capacity taxpayer.
``(2) Dual capacity taxpayer.--For purposes of this
subsection, the term `dual capacity taxpayer' means, with
respect to any foreign country or possession of the United
States, a person who--
``(A) is subject to a levy of such country or possession,
and
``(B) receives (or will receive) directly or indirectly a
specific economic benefit (as determined in accordance with
regulations) from such country or possession.''.
(b) Effective Date.--
(1) In general.--The amendments made by this section shall
apply to taxes paid or accrued in taxable years beginning
after December 31, 2010.
(2) Contrary treaty obligations upheld.--The amendments
made by this section shall not apply to the extent contrary
to any treaty obligation of the United States.

SEC. 1104. RULES RELATING TO FOREIGN OIL AND GAS INCOME.

(a) Separate Basket for Foreign Tax Credit.--Paragraph (1)
of section 904(d) of the Internal Revenue Code of 1986 is
amended by striking ``and'' at the end of subparagraph (A),
by striking the period at the end of subparagraph (B) and
inserting ``, and'', and by adding at the end the following:
``(C) combined foreign oil and gas income (as defined in
section 907(b)(1)).''
(b) Coordination.--Section 904(d)(2) of the Internal
Revenue Code of 1986 is amended by redesignating
subparagraphs (J) and (K) as subparagraphs (K) and (L) and by
inserting after subparagraph (I) the following:
``(J) Coordination with combined foreign oil and gas
income.--For purposes of this section, passive category
income and general category income shall not include combined
foreign oil and gas income (as defined in section
907(b)(1)).''
(c) Conforming Amendments.--
(1) Section 907(a) of the Internal Revenue Code of 1986 is
hereby repealed.
(2) Section 907(c)(4) of such Code is hereby repealed.
(3) Section 907(f) of such Code is hereby repealed.
(d) Effective Dates.--
(1) In general.--The amendments made by this section shall
apply to taxable years beginning after December 31, 2010.
(2) Transitional rules.--
(A) Carryovers.--Any unused foreign oil and gas taxes which
under section 907(f) of the Internal Revenue Code of 1986 (as
in effect before the amendment made by subsection (c)(3))
would have been allowable as a carryover to the taxpayer's
first taxable year beginning after December 31, 2010 (without
regard to the limitation of paragraph (2) of such section
907(f) for first taxable year) shall be allowed as carryovers
under section 904(c) of such Code in the same manner as if
such taxes were unused taxes under such section 904(c) with
respect to foreign oil and gas extraction income.
(B) Losses.--The amendment made by subsection (c)(2) shall
not apply to foreign oil and gas extraction losses arising in
taxable years beginning on or before the date of the
enactment of this Act.

SEC. 1105. REQUIRED MINIMUM 10-YEAR TERM, ETC., FOR GRANTOR
RETAINED ANNUITY TRUSTS.

(a) In General.--Subsection (b) of section 2702 of the
Internal Revenue Code of 1986 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)

[[Page S490]]

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.
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