US Codex
Pub. L.
Notes

Title VIII — Offsets

114th Congress · Approved Jun 29, 2015 · 129 Stat. 362

TITLE VIII Offsets

SEC. 801. Customs User Fees Extension.

(a)
In General.— Section 13031(j)(3)(A) of the Consolidated Omnibus Budget Reconciliation Act of 1985 (19 U.S.C. 58c(j)(3)(A)) is amended by striking “ September 30, 2024” and inserting “ July 7, 2025”.
(b)
Rate for Merchandise Processing Fees.— Section 503 of the United States–Korea Free Trade Agreement Implementation Act (Public Law 112–41; 125 Stat. 460) is amended by striking “ June 30, 2021” and inserting “ June 30, 2025”.

SEC. 802. Additional Customs User Fees Extension.

(a)
In General.— Section 13031(j)(3) of the Consolidated Omnibus Budget Reconciliation Act of 1985 (19 U.S.C. 58c(j)(3)) is amended—
(1)
in subparagraph (B)(i), by striking “ September 30, 2024” and inserting “ September 30, 2025”; and
(2)
by adding at the end the following:

“(D) Fees may be charged under paragraphs (9) and (10) of subsection (a) during the period beginning on July 29, 2025, and ending on September 30, 2025.”

(b)
Rate for Merchandise Processing Fees.— Section 503 of the United States–Korea Free Trade Agreement Implementation Act (Public Law 112–41; 125 Stat. 460) is amended by adding at the end the following:

“(c) Further Additional Period.—For the period beginning on July 15, 2025, and ending on September 30, 2025, section 13031(a)(9) of the Consolidated Omnibus Budget Reconciliation Act of 1985 (19 U.S.C. 58c(a)(9)) shall be applied and administered—

“(1) in subparagraph (A), by substituting ‘0.3464’ for ‘0.21’; and

“(2) in subparagraph (B)(i), by substituting ‘0.3464’ for ‘0.21’.”

SEC. 803. Time for Payment of Corporate Estimated Taxes.

Notwithstanding section 6655 of the Internal Revenue Code of 1986, in the case of a corporation with assets of not less than $1,000,000,000 (determined as of the end of the preceding taxable year)—
(1)
the amount of any required installment of corporate estimated tax which is otherwise due in July, August, or September of 2020 shall be increased by 8 percent of such amount (determined without regard to any increase in such amount not contained in such Code); and
(2)
the amount of the next required installment after an installment referred to in paragraph (1) shall be appropriately reduced to reflect the amount of the increase by reason of such paragraph.

SEC. 804. Payee Statement Required to Claim Certain Education Tax Benefits.

(a)
American Opportunity Credit, Hope Scholarship Credit, and Lifetime Learning Credit.—
(1)
In general.— Section 25A(g) of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph:

“(8) Payee statement requirement.—Except as otherwise provided by the Secretary, no credit shall be allowed under this section unless the taxpayer receives a statement furnished under section 6050S(d) which contains all of the information required by paragraph (2) thereof.”

(2)
Statement received by dependent.— Section 25A(g)(3) of such Code 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) a statement described in paragraph (8) and received by such individual shall be treated as received by the taxpayer.”

(b)
Deduction for Qualified Tuition and Related Expenses.— Section 222(d) of such Code is amended by redesignating paragraph (6) as paragraph (7), and by inserting after paragraph (5) the following new paragraph:

“(6) Payee statement requirement.—

“(A) In general.—Except as otherwise provided by the Secretary, no deduction shall be allowed under subsection (a) unless the taxpayer receives a statement furnished under section 6050S(d) which contains all of the information required by paragraph (2) thereof.

“(B) Statement received by dependent.—The receipt of the statement referred to in subparagraph (A) by an individual described in subsection (c)(3) shall be treated for purposes of subparagraph (A) as received by the taxpayer.”

(c)
Information Required To Be Provided on Payee Statement.— Section 6050S(d)(2) of such Code is amended to read as follows:

“(2) the information required by subsection (b)(2).”

(d)
Effective Date.— The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.

SEC. 805. Special Rule for Educational Institutions Unable to Collect Tins of Individuals with Respect to Higher Education Tuition and Related Expenses.

(a)
In General.— Section 6724 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection:

“(f) Special Rule for Returns of Educational Institutions Related to Higher Education Tuition and Related Expenses.—No penalty shall be imposed under section 6721 or 6722 solely by reason of failing to provide the TIN of an individual on a return or statement required by section 6050S(a)(1) if the eligible educational institution required to make such return contemporaneously makes a true and accurate certification under penalty of perjury (and in such form and manner as may be prescribed by the Secretary) that it has complied with standards promulgated by the Secretary for obtaining such individual’s TIN.”

(b)
Effective Date.— The amendments made by this section shall apply to returns required to be made, and statements required to be furnished, after December 31, 2015.

SEC. 806. Penalty for Failure to File Correct Information Returns and Provide Payee Statements.

(a)
In General.— Section 6721(a)(1) of the Internal Revenue Code of 1986 is amended—
(1)
by striking “ $100” and inserting “ $250”; and
(2)
by striking “ $1,500,000” and inserting “ $3,000,000”.
(b)
Reduction Where Correction in Specified Period.—
(1)
Correction within 30 days.— Section 6721(b)(1) of such Code is amended—
(A)
by striking “ $30” and inserting “ $50”;
(B)
by striking “ $100” and inserting “ $250”; and
(C)
by striking “ $250,000” and inserting “ $500,000”.
(2)
Failures corrected on or before august 1.— Section 6721(b)(2) of such Code is amended—
(A)
by striking “ $60” and inserting “ $100”;
(B)
by striking “ $100” (prior to amendment by subparagraph (A)) and inserting “ $250”; and
(C)
by striking “ $500,000” and inserting “ $1,500,000”.
(c)
Lower Limitation for Persons With Gross Receipts of Not More Than $5,000,000.— Section 6721(d)(1) of such Code is amended—
(1)
in subparagraph (A)—
(A)
by striking “ $500,000” and inserting “ $1,000,000”; and
(B)
by striking “ $1,500,000” and inserting “ $3,000,000”;
(2)
in subparagraph (B)—
(A)
by striking “ $75,000” and inserting “ $175,000”; and
(B)
by striking “ $250,000” and inserting “ $500,000”; and
(3)
in subparagraph (C)—
(A)
by striking “ $200,000” and inserting “ $500,000”; and
(B)
by striking “ $500,000” (prior to amendment by subparagraph (A)) and inserting “ $1,500,000”.
(d)
Penalty in Case of Intentional Disregard.— Section 6721(e) of such Code is amended—
(1)
by striking “ $250” in paragraph (2) and inserting “ $500”; and
(2)
by striking “ $1,500,000” in paragraph (3)(A) and inserting “ $3,000,000”.
(e)
Failure To Furnish Correct Payee Statements.—
(1)
In general.— Section 6722(a)(1) of such Code is amended—
(A)
by striking “ $100” and inserting “ $250”; and
(B)
by striking “ $1,500,000” and inserting “ $3,000,000”.
(2)
Reduction where correction in specified period.—
(A)
Correction within 30 days.— Section 6722(b)(1) of such Code is amended—
(i)
by striking “ $30” and inserting “ $50”;
(ii)
by striking “ $100” and inserting “ $250”; and
(iii)
by striking “ $250,000” and inserting “ $500,000”.
(B)
Failures corrected on or before august 1.— Section 6722(b)(2) of such Code is amended—
(i)
by striking “ $60” and inserting “ $100”;
(ii)
by striking “ $100” (prior to amendment by clause (i)) and inserting “ $250”; and
(iii)
by striking “ $500,000” and inserting “ $1,500,000”.
(3)
Lower limitation for persons with gross receipts of not more than $5,000,000.— Section 6722(d)(1) of such Code is amended—
(A)
in subparagraph (A)—
(i)
by striking “ $500,000” and inserting “ $1,000,000”; and
(ii)
by striking “ $1,500,000” and inserting “ $3,000,000”;
(B)
in subparagraph (B)—
(i)
by striking “ $75,000” and inserting “ $175,000”; and
(ii)
by striking “ $250,000” and inserting “ $500,000”; and
(C)
in subparagraph (C)—
(i)
by striking “ $200,000” and inserting “ $500,000”; and
(ii)
by striking “ $500,000” (prior to amendment by subparagraph (A)) and inserting “ $1,500,000”.
(4)
Penalty in case of intentional disregard.— Section 6722(e) of such Code is amended—
(A)
by striking “ $250” in paragraph (2) and inserting “ $500”; and
(B)
by striking “ $1,500,000” in paragraph (3)(A) and inserting “ $3,000,000”.
(f)
Effective Date.— The amendments made by this section shall apply with respect to returns and statements required to be filed after December 31, 2015.

SEC. 807. Child Tax Credit Not Refundable for Taxpayers Electing to Exclude Foreign Earned Income from Tax.

(a)
In General.— Section 24(d) of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph:

“(5) Exception for taxpayers excluding foreign earned income.—Paragraph (1) shall not apply to any taxpayer for any taxable year if such taxpayer elects to exclude any amount from gross income under section 911 for such taxable year.”

(b)
Effective Date.— The amendment made by this section shall apply to taxable years beginning after December 31, 2014.

SEC. 808. Coverage and Payment for Renal Dialysis Services for Individuals with Acute Kidney Injury.

(a)
Coverage.— Section 1861(s)(2)(F) of the Social Security Act (42 U.S.C. 1395x(s)(2)(F)) is amended by inserting before the semicolon the following: “ , including such renal dialysis services furnished on or after January 1, 2017, by a renal dialysis facility or provider of services paid under section 1881(b)(14) to an individual with acute kidney injury (as defined in section 1834(r)(2))”.
(b)
Payment.— Section 1834 of the Social Security Act (42 U.S.C. 1395m) is amended by adding at the end the following new subsection:

“(r) Payment for Renal Dialysis Services for Individuals With Acute Kidney Injury.—

“(1) Payment rate.—In the case of renal dialysis services (as defined in subparagraph (B) of section 1881(b)(14)) furnished under this part by a renal dialysis facility or provider of services paid under such section during a year (beginning with 2017) to an individual with acute kidney injury (as defined in paragraph (2)), the amount of payment under this part for such services shall be the base rate for renal dialysis services determined for such year under such section, as adjusted by any applicable geographic adjustment factor applied under subparagraph (D)(iv)(II) of such section and may be adjusted by the Secretary (on a budget neutral basis for payments under this paragraph) by any other adjustment factor under subparagraph (D) of such section.

“(2) Individual with acute kidney injury defined.—In this subsection, the term ‘individual with acute kidney injury’ means an individual who has acute loss of renal function and does not receive renal dialysis services for which payment is made under section 1881(b)(14).”