US Codex
Bill
Notes

Title II — Business tax extenders

S. 1859 · 113th Congress · Dec 19, 2013 · Lineage

II Business tax extenders

Sec. 201 Extension of research credit

(a)
In general— Subparagraph (B) of section 41(h)(1) is amended by striking “December 31, 2013” and inserting “December 31, 2014”.
(b)
Conforming amendment— Subparagraph (D) of section 45C(b)(1) is amended by striking “December 31, 2013” and inserting “December 31, 2014”.
(c)
Effective date— The amendments made by this section shall apply to amounts paid or incurred after December 31, 2013.

Sec. 202 Extension of temporary minimum low-income tax credit rate for non-federally subsidized new buildings

(a)
In general— Subparagraph (A) of section 42(b)(2) is amended by striking “before January 1, 2014” and inserting “before January 1, 2015”.
(b)
Effective date— The amendment made by this section shall take effect on January 1, 2014.

Sec. 203 Extension of housing allowance exclusion for determining area median gross income for qualified residential rental project exempt facility bonds

(a)
In general— Subsection (b) of section 3005 of the Housing Assistance Tax Act of 2008 is amended by striking “January 1, 2014” each place it appears and inserting “January 1, 2015”.
(b)
Effective date— The amendment made by this section shall take effect as if included in the enactment of section 3005 of the Housing Assistance Tax Act of 2008.

Sec. 204 Extension of Indian employment tax credit

(a)
In general— Subsection (f) of section 45A is amended by striking “December 31, 2013” and inserting “December 31, 2014”.
(b)
Effective date— The amendment made by this section shall apply to taxable years beginning after December 31, 2013.

Sec. 205 Extension of new markets tax credit

(a)
In general— Subparagraph (G) of section 45D(f)(1) is amended by striking “and 2013” and inserting “2013, and 2014”.
(b)
Carryover of unused limitation— Paragraph (3) of section 45D(f) is amended by striking “2018” and inserting “2019”.
(c)
Effective date— The amendments made by this section shall apply to calendar years beginning after December 31, 2013.

Sec. 206 Extension of railroad track maintenance credit

(a)
In general— Subsection (f) of section 45G is amended by striking “January 1, 2014” and inserting “January 1, 2015”.
(b)
Effective date— The amendment made by this section shall apply to expenditures paid or incurred in taxable years beginning after December 31, 2013.

Sec. 207 Extension of mine rescue team training credit

(a)
In general— Subsection (e) of section 45N is amended by striking “December 31, 2013” and inserting “December 31, 2014”.
(b)
Effective date— The amendment made by this section shall apply to taxable years beginning after December 31, 2013.

Sec. 208 Extension of 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, 2013” and inserting “December 31, 2014”.
(b)
Effective date— The amendment made by this section shall apply to payments made after December 31, 2013.

Sec. 209 Extension of work opportunity tax credit

(a)
In general— Subparagraph (B) of section 51(c)(4) is amended by striking “December 31, 2013” and inserting “December 31, 2014”.
(b)
Effective date— The amendment made by this section shall apply to individuals who begin work for the employer after December 31, 2013.

Sec. 210 Extension of qualified zone academy bonds

(a)
Extension—
(1)
In general— Paragraph (1) of section 54E(c) is amended by striking “and 2013” and inserting “2013, and 2014”.
(2)
Effective date— The amendment made by this subsection shall apply to obligations issued after December 31, 2013.
(b)
Technical correction and conforming amendment—
(1)
In general— Clause (iii) of section 6431(f)(3)(A) is amended—
(A)
by striking “2011” and inserting “years after 2010”, and
(B)
by striking “of such allocation” and inserting “of any such allocation”.
(2)
Effective date— The amendments made by this subsection shall take effect as if included in section 310 of the American Taxpayer Relief Act of 2012.

Sec. 211 Extension of classification of certain race horses as 3-year property

(a)
In general— Clause (i) of section 168(e)(3)(A) is amended—
(1)
by striking “January 1, 2014” in subclause (I) and inserting “January 1, 2015”, and
(2)
by striking “December 31, 2013” in subclause (II) and inserting “December 31, 2014”.
(b)
Effective date— The amendments made by this section shall apply to property placed in service after December 31, 2013.

Sec. 212 Extension of 15-year straight-line cost recovery for qualified leasehold improvements, qualified restaurant buildings and improvements, and qualified retail improvements

(a)
In general— Clauses (iv), (v), and (ix) of section 168(e)(3)(E) are each amended by striking “January 1, 2014” and inserting “January 1, 2015”.
(b)
Effective date— The amendments made by this section shall apply to property placed in service after December 31, 2013.

Sec. 213 Extension of 7-year recovery period for motorsports entertainment complexes

(a)
In general— Subparagraph (D) of section 168(i)(15) is amended by striking “December 31, 2013” and inserting “December 31, 2014”.
(b)
Effective date— The amendment made by this section shall apply to property placed in service after December 31, 2013.

Sec. 214 Extension of accelerated depreciation for business property on an Indian reservation

(a)
In general— Paragraph (8) of section 168(j) is amended by striking “December 31, 2013” and inserting “December 31, 2014”.
(b)
Effective date— The amendment made by this section shall apply to property placed in service after December 31, 2013.

Sec. 215 Extension of bonus depreciation

(a)
In general— Paragraph (2) of section 168(k) is amended—
(1)
by striking “January 1, 2015” in subparagraph (A)(iv) and inserting “January 1, 2016”, and
(2)
by striking “January 1, 2014” each place it appears and inserting “January 1, 2015”.
(b)
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”.
(c)
Extension of election To accelerate the AMT credit in lieu of bonus depreciation—
(1)
In general— Subclause (II) of section 168(k)(4)(D)(iii) is amended by striking “2014” and inserting “2015”.
(2)
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, this paragraph shall be applied without regard to—

“(I) the limitation described in subparagraph (B)(i) thereof, and

“(II) the business credit increase amount under subparagraph (E)(iii) thereof.

“(ii) Taxpayers previously electing acceleration—In the case of a taxpayer who made the election under subparagraph (A) for its first taxable year ending after March 31, 2008, a taxpayer who made the election under subparagraph (H)(ii) for its first taxable year ending after December 31, 2008, a taxpayer who made the election under subparagraph (I)(iii) for its first taxable year ending after December 31, 2010, or a taxpayer who made the election under subparagraph (J)(iii) for its first taxable year ending after December 31, 2012—

“(I) the taxpayer may elect not to have this paragraph apply to round 4 extension property, but

“(II) if the taxpayer does not make the election under subclause (I), in applying this paragraph to the taxpayer the bonus depreciation amount, maximum amount, and maximum increase amount shall be computed and applied to eligible qualified property which is round 4 extension property.

“(iii) Taxpayers not previously electing acceleration—In the case of a taxpayer who neither made the election under subparagraph (A) for its first taxable year ending after March 31, 2008, nor made the election under subparagraph (H)(ii) for its first taxable year ending after December 31, 2008, nor made the election under subparagraph (I)(iii) for its first taxable year ending after December 31, 2010, nor made the election under subparagraph (J)(iii) for its first taxable year ending after December 31, 2012—

“(I) the taxpayer may elect to have this paragraph apply to its first taxable year ending after December 31, 2013, and each subsequent taxable year, and

“(II) if the taxpayer makes the election under subclause (I), this paragraph shall only apply to eligible qualified property which is round 4 extension property.

“(iv) 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 215(a) of the Tax Extenders Act of 2013 (and the application of such extension to this paragraph pursuant to the amendment made by section 215(c) of such Act).”

(d)
Conforming amendments—
(1)
The heading for subsection (k) of section 168 is amended by striking “January 1, 2014” and inserting “January 1, 2015”.
(2)
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”.
(3)
Subparagraph (C) of section 168(n)(2) is amended by striking “January 1, 2014” and inserting “January 1, 2015”.
(4)
Subparagraph (D) of section 1400L(b)(2) is amended by striking “January 1, 2014” and inserting “January 1, 2015”.
(5)
Subparagraph (B) of section 1400N(d)(3) is amended by striking “January 1, 2014” and inserting “January 1, 2015”.
(e)
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. 216 Extension of 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, 2013” and inserting “December 31, 2014”.
(b)
Effective date— The amendment made by this section shall apply to contributions made after December 31, 2013.

Sec. 217 Extension of increased expensing limitations and treatment of certain real property as section 179 property

(a)
In general—
(1)
Dollar limitation— Section 179(b)(1) is amended—
(A)
by striking “or 2013” in subparagraph (B) and inserting “2013, or 2014”, and
(B)
by striking “2013” in subparagraph (C) and inserting “2014”.
(2)
Reduction in limitation— Section 179(b)(2) is amended—
(A)
by striking “or 2013” in subparagraph (B) and inserting “2013, or 2014”, and
(B)
by striking “2013” in subparagraph (C) and inserting “2014”.
(b)
Computer software— Section 179(d)(1)(A)(ii) is amended by striking “2014” and inserting “2015”.
(c)
Election— Section 179(c)(2) is amended by striking “2014” and inserting “2015”.
(d)
Special rules for treatment of qualified real property—
(1)
In general— Section 179(f)(1) is amended by striking “or 2013” and inserting “2013, or 2014”.
(2)
Carryover limitation—
(A)
In general— Section 179(f)(4) is amended by striking “2013” each place it appears and inserting “2014”.
(B)
Conforming amendment— The heading of subparagraph (C) of section 179(f)(4) is amended by striking “2011 and 2012” and inserting “2011, 2012, and 2013”.
(e)
Effective date— The amendments made by this section shall apply to taxable years beginning after December 31, 2013.

Sec. 218 Extension of election to expense mine safety equipment

(a)
In general— Subsection (g) of section 179E is amended by striking “December 31, 2013” and inserting “December 31, 2014”.
(b)
Effective date— The amendment made by this section shall apply to property placed in service after December 31, 2013.

Sec. 219 Extension of special expensing rules for certain film and television productions

(a)
In general— Subsection (f) of section 181 is amended by striking “December 31, 2013” and inserting “December 31, 2014”.
(b)
Effective date— The amendment made by this section shall apply to productions commencing after December 31, 2013.

Sec. 220 Extension of deduction allowable with respect to income attributable to domestic production activities in Puerto Rico

(a)
In general— Subparagraph (C) of section 199(d)(8) is amended—
(1)
by striking “first 8 taxable years” and inserting “first 9 taxable years”, and
(2)
by striking “January 1, 2014” and inserting “January 1, 2015”.
(b)
Effective date— The amendments made by this section shall apply to taxable years beginning after December 31, 2013.

Sec. 221 Extension of 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, 2013” and inserting “December 31, 2014”.
(b)
Effective date— The amendment made by this section shall apply to payments received or accrued after December 31, 2013.

Sec. 222 Extension of treatment of certain dividends of regulated investment companies

(a)
In general— Paragraphs (1)(C)(v) and (2)(C)(v) of section 871(k) are each amended by striking “December 31, 2013” and inserting “December 31, 2014”.
(b)
Effective date— The amendments made by this section shall apply to taxable years beginning after December 31, 2013.

Sec. 223 Extension of RIC qualified investment entity treatment under FIRPTA

(a)
In general— Clause (ii) of section 897(h)(4)(A) is amended by striking “December 31, 2013” and inserting “December 31, 2014”.
(b)
Effective date— The amendment made by this section shall take effect on January 1, 2014.

Sec. 224 Extension of subpart F exception for active financing income

(a)
Exempt insurance income— Paragraph (10) of section 953(e) is amended—
(1)
by striking “January 1, 2014” and inserting “January 1, 2015”, and
(2)
by striking “December 31, 2013” and inserting “December 31, 2014”.
(b)
Special rule for income derived in the active conduct of banking, financing, or similar businesses— Paragraph (9) of section 954(h) is amended by striking “January 1, 2014” and inserting “January 1, 2015”.
(c)
Effective date— The amendments made by this section shall apply to taxable years of foreign corporations beginning after December 31, 2013, and to taxable years of United States shareholders with or within which any such taxable year of such foreign corporation ends.

Sec. 225 Extension of 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, 2014” and inserting “January 1, 2015”.
(b)
Effective date— The amendment made by this section shall apply to taxable years of foreign corporations beginning after December 31, 2013, and to taxable years of United States shareholders with or within which such taxable years of foreign corporations end.

Sec. 226 Extension of 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, 2014” and inserting “January 1, 2015”, and
(2)
by striking “and 2013” in the heading and inserting “2013, and 2014”.
(b)
Effective date— The amendments made by this section shall apply to stock acquired after December 31, 2013.

Sec. 227 Extension of basis adjustment to stock of S corporations making charitable contributions of property

(a)
In general— Paragraph (2) of section 1367(a) is amended by striking “December 31, 2013” and inserting “December 31, 2014”.
(b)
Effective date— The amendment made by this section shall apply to contributions made in taxable years beginning after December 31, 2013.

Sec. 228 Extension of reduction in S-corporation recognition period for built-in gains tax

(a)
In general— Subparagraph (C) of section 1374(d)(7) is amended—
(1)
by striking “2012 or 2013” and inserting “2012, 2013, or 2014”, and
(2)
by striking “2012 and 2013” in the heading and inserting “2012, 2013, and 2014”.
(b)
Effective date— The amendments made by this section shall apply to taxable years beginning after December 31, 2013.

Sec. 229 Extension of empowerment zone tax incentives

(a)
In general— Clause (i) of section 1391(d)(1)(A) is amended by striking “December 31, 2013” and inserting “December 31, 2014”.
(b)
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.
(c)
Effective date— The amendment made by this section shall apply to periods after December 31, 2013.

Sec. 230 Extension of temporary increase in limit on cover over of rum excise taxes to Puerto Rico and the Virgin Islands

(a)
In general— Paragraph (1) of section 7652(f) is amended by striking “January 1, 2014” and inserting “January 1, 2015”.
(b)
Effective date— The amendment made by this section shall apply to distilled spirits brought into the United States after December 31, 2013.

Sec. 231 Extension of American Samoa economic development credit

(a)
In general— Subsection (d) of section 119 of division A of the Tax Relief and Health Care Act of 2006 is amended—
(1)
by striking “January 1, 2014” each place it appears and inserting “January 1, 2015”,
(2)
by striking “first 8 taxable years” in paragraph (1) and inserting “first 9 taxable years”, and
(3)
by striking “first 2 taxable years” in paragraph (2) and inserting “first 3 taxable years”.
(b)
Effective date— The amendments made by this section shall apply to taxable years beginning after December 31, 2013.