H.R. 5771 — what changed
Tax Increase Prevention Act of 2014
From Placed on Calendar Senate to Enrolled Bill. 5 sections amended between Placed on Calendar Senate and Enrolled Bill.
Sec. 125 Extension of bonus depreciation
In general— Paragraph (2) of section 168(k) is amended—
by striking “January 1, 2015” in subparagraph (A)(iv) and inserting “January 1, 2016”, and
by striking “January 1, 2014” each place it appears and inserting “January 1, 2015”.
Special rule for Federal long-Term contracts— Clause (ii) of section 460(c)(6)(B) is amended by striking “January 1, 2014 (January 1, 2015” and inserting “January 1, 2015 (January 1, 2016”.
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Extension of election to To accelerate the AMT credit in lieu of bonus depreciation—
In general— Subclause (II) of section 168(k)(4)(D)(iii) is amended by striking “January 1, 2014” and inserting “January 1, 2015”.
Round 4 extension property— Paragraph (4) of section 168(k) is amended by adding at the end the following new subparagraph:
“(K) Special rules for round 4 extension property
“(i) In general—In the case of round 4 extension property, in applying this paragraph to any taxpayer—
“(I) the limitation described in subparagraph (B)(i) and the business credit increase amount under subparagraph (E)(iii) thereof shall not apply, and
“(II) the bonus depreciation amount, maximum amount, and maximum increase amount shall be computed separately from amounts computed with respect to eligible qualified property which is not round 4 extension property.
“(ii) Election
“(I) A taxpayer who has an election in effect under this paragraph for round 3 extension property shall be treated as having an election in effect for round 4 extension property unless the taxpayer elects to not have this paragraph apply to round 4 extension property.
“(II) A taxpayer who does not have an election in effect under this paragraph for round 3 extension property may elect to have this paragraph apply to round 4 extension property.
“(iii) Round 4 extension property—For purposes of this subparagraph, the term round 4 extension property means property which is eligible qualified property solely by reason of the extension of the application of the special allowance under paragraph (1) pursuant to the amendments made by section 125(a) of the Tax Increase Prevention Act of 2014 (and the application of such extension to this paragraph pursuant to the amendment made by section 125(c) of such Act).”
Conforming amendments—
The heading for subsection (k) of section 168 is amended by striking “January 1, 2014” and inserting “January 1, 2015”.
The heading for clause (ii) of section 168(k)(2)(B) is amended by striking “pre-January 1, 2014” and inserting “pre-January 1, 2015”.
Subparagraph (C) of section 168(n)(2) is amended by striking “January 1, 2014” and inserting “January 1, 2015”.
Subparagraph (D) of section 1400L(b)(2) is amended by striking “January 1, 2014” and inserting “January 1, 2015”.
Subparagraph (B) of section 1400N(d)(3) is amended by striking “January 1, 2014” and inserting “January 1, 2015”.
Effective date— The amendments made by this section shall apply to property placed in service after December 31, 2013, in taxable years ending after such date.
Sec. 160 Extension of excise tax credits relating to certain fuels
Excise tax credits and outlay payments for biodiesel and renewable diesel fuel mixtures—
Paragraph (6) of section 6426(c) is amended by striking “December 31, 2013” and inserting “December 31, 2014”.
Subparagraph (B) of section 6427(e)(6) is amended by striking “December 31, 2013” and inserting “December 31, 2014”.
Extension of alternative fuels excise tax credits—
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In general— Sections 6426(d)(5) and 6426(e)(3) are each amended by striking “December 31, 2013” and inserting “December 31, 2014”.
Outlay payments for alternative fuels— Subparagraph (C) of section 6427(e)(6) is amended by striking “December 31, 2013” and inserting “December 31, 2014”.
Extension of alternative fuels excise tax credits relating to liquefied hydrogen—
In general— Sections 6426(d)(5) and 6426(e)(3), as amended by subsection (b), are each amended by striking “(September 30, 2014 in the case of any sale or use involving liquefied hydrogen)”.
Outlay payments for alternative fuels— Paragraph (6) of section 6427(e) is amended—
by striking “except as provided in subparagraph (D), any” in subparagraph (C), as amended by this Act, and inserting “any”,
by striking the comma at the end of subparagraph (C) and inserting “, and”, and
by striking subparagraph (D) and redesignating subparagraph (E) as subparagraph (D).
Effective dates—
In general— Except as provided in paragraph (2), the amendments made by this section shall apply to fuel sold or used after December 31, 2013.
Liquefied hydrogen— The amendments made by subsection (c) shall apply to fuel sold or used after September 30, 2014.
Special rule for certain periods during 2014— 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 after December 31, 2013, and before the date of the enactment of this Act, and
any alternative fuel credit properly determined under section 6426(d) of such Code for such periods,
Section 1 Short title; etc
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Short title— This division may be cited as the “Achieving “Stephen Beck, Jr., Achieving a Better Life Experience Act of 2014” or the “ABLE “Stephen Beck, Jr., ABLE Act of 2014”.
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.
Sec. 105 Investment direction rule for 529 plans
Amendments relating to investment direction rule for 529 plans—
Paragraph (4) of section 529(b) is amended by striking “may not directly or indirectly” and all that follows and inserting “may, directly or indirectly, direct the investment of any contributions to the program (or any earnings thereon) no more than 2 times in any calendar year.”.
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The heading of paragraph (4) of section 529(b)is 529(b) is amended by striking “No” and inserting “Limited”.
Effective date— The amendments made by this section shall apply to taxable years beginning after December 31, 2014.
Sec. 208 Inflation adjustment for certain civil penalties under the Internal Revenue Code of 1986
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Failure to To file tax return or pay tax— Section 6651 is amended by adding at the end the following new subsection:
“(i) Adjustment for inflation
“(1) In general—In the case of any return required to be filed in a calendar year beginning after 2014, the $135 dollar amount under subsection (a) shall be increased by such dollar amount multiplied by the cost-of-living adjustment determined under section 1(f)(3) determined by substituting “calendar year 2013” for “calendar year 1992” in subparagraph (B) thereof.
“(2) Rounding—If any amount adjusted under paragraph (1) is not a multiple of $5, such amount shall be rounded to the next lowest multiple of $5.”
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Failure to To file certain information returns, registration statements, etc—ETC—
In general— Section 6652(c) is amended by adding at the end the following new paragraph:
“(6) Adjustment for inflation
“(A) In general—In the case of any failure relating to a return required to be filed in a calendar year beginning after 2014, each of the dollar amounts under paragraphs (1), (2), and (3) shall be increased by such dollar amount multiplied by the cost-of-living adjustment determined under section 1(f)(3) determined by substituting “calendar year 2013” for “calendar year 1992” in subparagraph (B) thereof.
“(B) Rounding—If any amount adjusted under subparagraph (A)—
“(i) is not less than $5,000 and is not a multiple of $500, such amount shall be rounded to the next lowest multiple of $500, and
“(ii) is not described in clause (i) and is not a multiple of $5, such amount shall be rounded to the next lowest multiple of $5.”
Conforming amendments—
The last sentence of section 6652(c)(1)(A) is amended by striking “the first sentence of this subparagraph shall be applied by substituting “$100” for “$20” and” and inserting “in applying the first sentence of this subparagraph, the amount of the penalty for each day during which a failure continues shall be $100 in lieu of the amount otherwise specified, and”.
Section 6652(c)(2)(C)(ii) is amended by striking “the first sentence of paragraph (1)(A)” and all that follows and inserting “in applying the first sentence of paragraph (1)(A), the amount of the penalty for each day during which a failure continues shall be $100 in lieu of the amount otherwise specified, and in lieu of applying the second sentence of paragraph (1)(A), the maximum penalty under paragraph (1)(A) shall not exceed $50,000, and”.
Other assessable penalties with respect to the preparation of tax returns for other persons— Section 6695 is amended by adding at the end the following new subsection:
“(h) Adjustment for inflation
“(1) In general—In the case of any failure relating to a return or claim for refund filed in a calendar year beginning after 2014, each of the dollar amounts under subsections (a), (b), (c), (d), (e), (f), and (g) shall be increased by such dollar amount multiplied by the cost-of-living adjustment determined under section 1(f)(3) determined by substituting “calendar year 2013” for “calendar year 1992” in subparagraph (B) thereof.
“(2) Rounding—If any amount adjusted under subparagraph (A)—
“(A) is not less than $5,000 and is not a multiple of $500, such amount shall be rounded to the next lowest multiple of $500, and
“(B) is not described in clause (i) and is not a multiple of $5, such amount shall be rounded to the next lowest multiple of $5.”
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Failure to To file partnership return— Section 6698 is amended by adding at the end the following new subsection:
“(e) Adjustment for inflation
“(1) In general—In the case of any return required to be filed in a calendar year beginning after 2014, the $195 dollar amount under subsection (b)(1) shall be increased by such dollar amount multiplied by the cost-of-living adjustment determined under section 1(f)(3) determined by substituting “calendar year 2013” for “calendar year 1992” in subparagraph (B) thereof.
“(2) Rounding—If any amount adjusted under paragraph (1) is not a multiple of $5, such amount shall be rounded to the next lowest multiple of $5.”
changed
Failure to To file S corporation return— Section 6699 is amended by adding at the end the following new subsection:
“(e) Adjustment for inflation
“(1) In general—In the case of any return required to be filed in a calendar year beginning after 2014, the $195 dollar amount under subsection (b)(1) shall be increased by such dollar amount multiplied by the cost-of-living adjustment determined under section 1(f)(3) determined by substituting “calendar year 2013” for “calendar year 1992” in subparagraph (B) thereof.
“(2) Rounding—If any amount adjusted under paragraph (1) is not a multiple of $5, such amount shall be rounded to the next lowest multiple of $5.”
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Failure to To file correct information returns— Section 6721(f)(1) is amended by striking “For each fifth calendar year beginning after 2012” and inserting “In the case of any failure relating to a return required to be filed in a calendar year beginning after 2014”.
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Failure to To furnish correct payee statements— Section 6722(f)(1) is amended by striking “For each fifth calendar year beginning after 2012” and inserting “In the case of any failure relating to a statement required to be furnished in a calendar year beginning after 2014”.
Effective date— The amendments made by this section shall apply to returns required to be filed after December 31, 2014.