H.R. 6049 would amend the Internal Revenue Code of 1986 to provide incentives for energy production and conservation, to extend certain expiring provisions, to provide individual income tax relief.

== Detailed Summary ==

<summary>
<b>(This measure has not been amended since it was reported to the House on May 20, 2008. The summaryEnergy Improvement and Extension Act of that version is repeated here.)</b>2008 - Amends the Internal Revenue Code to extend and modify expiring provisions related to energy production and conservation and to provide for revenue enhancements.

Renewable<b>Title I: Energy and Job Creation Act of 2008 -AmendsProduction Incentives</b> - <b>Subtitle A: Renewable</b> <b>Energy Incentives</b> - (Sec. 101) Extends the Internal Revenue Code to provide tax incentivescredit for energythe production of electricity from renewable resources: (1) through 2009 for wind and conservation, to extend expiring tax provisions,refined coal facilities; and to extend(2) through 2010 for closed and open-loop biomass, geothermal or solar energy, small irrigation power, landfill gas, trash combustion, and hydropower facilities. Modifies tax benefits to individualcredit rules for refined coal, trash, and business taxpayers. biomass facilities and for hydropower production.

<b>Title I: Energy Tax Incentives - Subtitle A: Energy Production Incentives - Part I: Renewable Energy Incentives - </b>(Sec. 101) Extends: (1) through 2009(Sec. 102) Includes marine and hydrokinetic renewable energy as a resource for purposes of the tax credit for producing electricity from qualified wind facilities; and (2) through 2011 the tax credits for producing electricity from closed and open-loop biomass, geothermal or solar energy, small irrigation power, municipal solid waste, trash combustion, and qualified hydropower. Imposes a limit on such tax credit based upon investment in renewable resource facilities placed in service after 2009 in lieu of the current phaseout provisions for such credit. Expands the definitions of and rules for &quot;open-loop biomass facility,&quot; &quot;qualified trash combustion facility,&quot; and &quot;nonhydroelectric dam&quot; for purposes of such credit.resources.

(Sec. 102) Includes marine and hydrokinetic renewable103) Extends through 2016 the energy astax credit for solar energy, fuel cell, and microturbine property. Allows a renewable resourcenew energy tax credit for purposes ofcombined heat and power system property. Increases to $1,500 the credit limitation for fuel cell property. Modifies energy tax credit rules to allow: (1) offsets of tax credit amounts against alternative minimum tax (AMT) liabilities; and (2) public utility property to qualify for producing electricity from renewable resources. such credit.

(Sec. 103) Extends through 2014 the104) Allows an energy tax credit through 2016 for solar energy, fuel cell, and microturbine property. Allows a newqualified small wind energy tax credit for combined heat and power system property. Increases to $1,500 the credit limitation for fuel cell property. ModifiesDefines &quot;qualified wind energy tax credit rules to allow: (1) offsetsproperty&quot; as property which uses a small wind turbine which has a nameplate capacity of tax credit amounts against alternative minimum tax (AMT) liabilities; and (2) public utility propertynot more than 100 kilowatts to qualify for such credit.generate electricity.

(Sec. 104) Extends through 2014 the105) Allows an energy tax credit through 2016 for residentialequipment which uses ground or ground water as a thermal energy efficient property. Increases to $4,000 the maximum dollar amount of such credit for solar electric property. Allows a credit for 30% of expenditures for wind turbines used to generate electricity in a residence andsource for geothermalheating or cooling (geothermal heat pumps.pump systems).

(Sec. 105)106) Extends deferral rulesthrough 2016 the tax credit for gain from sales or dispositions by qualifiedresidential energy efficient property. Eliminates the limitation on the tax credit for solar electric utilities made prior to January 1, 2010.property. Allows a residential energy tax credit for 30% of small wind energy and geothermal heat pump property expenditures.

(Sec. 106)107) Allows a new tax credit for investment in qualified new clean renewable energy bonds.bonds for capital expenditures for renewable energy facilities.

<b>Part II: Carbon Mitigation Provisions</b> - (Sec. 111) Increases to 30% the investment tax credit rate for power generation projects using integrated gasification combined cycle and other advanced coal-based generation technology projects. IncreasesExtends through 2009 the maximum credit amounts allocable for such projectsauthority to $2.55 billion.issue clean renewable energy bonds.

(Sec. 112) Increases to 30%108) Includes steel industry fuel as a renewable resource for purposes of the investment tax credit rate for producing electricity from renewable resources. Defines &quot;steel industry fuel&quot; as fuel that: (1) is produced by liquefying coal gasification projects. Increases by $250 millionwaste sludge and distributing it on coal; and (2) is used as a feedstock for the aggregate credit amounts for coal gasification projects. manufacture of coke.

(Sec. 113)109) Extends through 2009 the excisedeferral of tax on coal until the earlier of January 1, 2019, or the day after the first December 31st after December 31, 2007,gain on which there is no balancesales of repayable advances madetransmission property by vertically-integrated electric utilities to independent transmission companies approved by the Black Lung Disability Trust Fund and no unpaid interest on such advances.Federal Energy Regulatory Commission (FERC).

(Sec. 114) Sets forth<b>Subtitle B: Carbon Mitigation and Coal Provisions</b> - (Sec. 111) Allows a special rule for refund claims of coal excise30% investment tax by certain coal producerscredit rate for advanced coal-based generation technology projects and exporters.increases the maximum credit amounts allocable for such projects to $2.55 billion.

(Sec. 115) Directs the Secretary of the Treasury to contract with the National Academy of SciencesAuthorizes additional carbon energy projects, including projects for a comprehensive review of Internal Revenue Code provisions that have the largest effects on carboncapture and other greenhouse gas emissions. Requires the Academy to report to Congress on the resultsand sequestration of such study not later than two years after the enactment of this Act. Authorizes appropriations.carbon dioxide.

<b>Subtitle B: Transportation(Sec. 112) Increases to 30% the investment tax credit rate for coal gasification projects and Domestic Fuel Security Provisions</b> - (Sec. 121) Includes cellulosic biofuel within the definition of biomass ethanol plant propertyaggregate credit amount for purposes of bonus depreciation. such projects.

(Sec. 122)113) Extends through 2009 income andthe excise tax credits for biodieselon coal until the earlier of December 31, 2018, or the day after the first December 31st after December 31, 2007, on which there is no balance of repayable advances made to the Black Lung Disability Trust Fund and renewable diesel used as fuel. Increasesno unpaid interest on such advances. Makes a one-time appropriation to the ratesTrust Fund to pay the difference between the market value of outstanding repayable advances (plus accrued interest), and the proceeds from the obligations issued by such credits.Trust Fund to the Secretary of the Treasury.

(Sec. 123) Disqualifies foreign-produced fuel that is used or sold114) Sets forth special rules for use outsiderefund claims of the United States for the income andcoal excise tax credits for alcohol, biodiesel, renewable diesel,by certain coal producers and alternative fuel production.exporters.

(Sec. 124)115) Allows a new tax credit for the production of qualified plug-in electric drive motor vehicles. Defines a &quot;qualified plug-in electric drive vehicle&quot; as a motor vehicle weighing less than 14,000 pounds that meets certain emission standards under the Clean Air Act and that is propelled to a significant extent by an electric motor that draws electricity from a rechargeable battery.carbon dioxide sequestration.

(Sec. 125) Allows an exclusion from the heavy truck excise tax116) Provides for idling reduction devices and advanced insulation used inthe treatment of certain heavy trucksincome and trailers.gains from industrial source carbon dioxide as qualifying income for publicly traded partnerships.

(Sec. 126) Revises tax incentives for investment in117) Directs the New York Liberty ZoneSecretary of the Treasury to repeal certain additional depreciation allowancescontract with the National Academy of Sciences for a comprehensive review of Internal Revenue Code provisions that have the largest effects on carbon and other greenhouse gas emissions and to allow a tax credit against payroll liabilitiesestimate the magnitude of New York Liberty Zone governmental units (i.e., New York State,those effects. Requires the CityAcademy to report to Congress on the results of New York, or any agencies or instrumentalities thereof) for expenditures involving transportation infrastructure projects in or connecting with such Zone.study not later than two years after the enactment of this Act. Authorizes appropriations.

(Sec. 127) Allows employees to exclude reimbursements<b>Title II: Transportation and Domestic Fuel Security Provisions</b> - (Sec. 201) Includes cellulosic biofuel within the definition of biomass ethanol plant property for bicycle commuting expenses from gross income.purposes of bonus depreciation.

(Sec. 128)202) Extends through 2010 the2009 income and excise tax creditcredits for installing nonhydrogen alternative fuel refueling property.biodiesel and renewable diesel used as fuel. Increases the raterates of the tax credit for alternative fuel refueling property expenditures from 30 to 50% and raises the dollar limit for commercial properties to $50,000.such credits.

<b>Subtitle C: Energy Conservation and Efficiency Provisions</b> - (Sec. 141) Authorizes(Sec. 203) Disqualifies foreign-produced fuel that is used or sold for use outside the issuance of qualified energy conservation bonds to finance local government conservation and greenhouse gas reduction projects. Imposes a national limitation of $3 billion onUnited States from the issuance of such bonds.income and excise tax credits for alcohol, biodiesel, and alternative fuel production.

(Sec. 142)204) Extends through 2009 the excise tax credit for nonbusiness energy property expenditures through 2008. Includes energy-efficient biomassalternative fuel stoves as property eligible forand fuel mixtures. Requires such tax credit.fuels to include compressed or liquefied biomass gas and to meet certain carbon capture requirements.

(Sec. 143) Extends the205) Allows a new tax deductioncredit for energy efficient commercial buildings through 2013.new qualified plug-in electric drive motor vehicles. Limits the amount of such credit based upon the gross vehicle weight rating of such vehicles. Terminates such credit after 2014.

(Sec. 144) Revises the amounts allowable under206) Allows an exclusion from the heavy truck excise tax credit for energy efficient appliances produced after 2007 (i.e., dish washers, clothes washers,idling reduction devices and refrigerators)advanced insulation used in certain heavy trucks and extends such credit through 2010. trailers.

(Sec. 145) Allows an accelerated 10-year recovery period for207) Extends through 2010 the depreciationtax credit for alternative fuel vehicle refueling property expenditures. Includes electricity as a clean-burning fuel for purposes of qualified smart electric meters and smart electric grid systems. such tax credit.

(Sec. 146) Extends through FY2012 the authority to issue tax-exempt bonds208) Provides for qualified green buildingthe treatment of certain income and sustainable design projects.gains from alcohol, biodiesel, and alternative fuels and mixtures as qualifying income for publicly traded partnerships.

<b>Title II: One-Year Extension of Temporary Provisions</b> - <b>Subtitle A: Extensions Primarily Affecting Individuals</b> - (Sec. 201)(Sec. 209) Extends through 2008: (1)2013 the taxpayer election to deduct state and local sales taxes in lieuexpense the costs of state and local income taxes; (2) the tax deductions for qualified tuition and related expenses and for certain expenses of elementary and secondary school teachers; (3) the exemption from withholding for interest-related and short-term capital gain dividends received from a regulated investment company; (4) tax-free distributions from individual retirement plans (IRAs) for individuals called or ordered to active military duty and for charitable purposes; (5) the election to include combat pay as earned income for purposes of the earned income tax credit; (6) authority for use of qualified mortgage bonds to finance residences for veterans; (7) special rules and definitions relating to regulated investment companies; and (8) the tax exclusion for amounts received under qualified group legal services plans.refinery property.

<b>Subtitle B: Extensions Primarily Affecting Businesses</b> - (Sec. 221)(Sec. 210) Extends through 2008 the tax credit for increasing research activities. Sets forth a special rule forsuspension of the computation of such tax credittaxable income limit on percentage depletion for taxable years in which it terminates.oil and natural gas produced from marginal properties.

Extends through 2008 other business-related tax provisions, including: (1) the tax credits for Indian employment and railroad track maintenance; (2) accelerated depreciation for qualified leasehold and restaurant improvements, for motorsports racing track facilities, and for business property on Indian reservations; (3) the expensing allowance for environmental remediation costs; (4) the tax deduction for income attributable(Sec. 211) Allows employees to domestic production activities in Puerto Rico; (5) the special ruleexclude reimbursements for the tax treatment of certain payments to tax-exempt organizations by a controlled subsidiary; (6) the authority for issuance of qualified zone academy bonds; (7) tax incentives for investment in the District of Columbia, including tax-exempt economic development bonds and a first-time homebuyer tax credit; (8) the economic development credit for American Samoa; (9) the special rules for charitable contributions of food and book inventories; (10) the increased tax deduction for corporate contributions of computer equipment and technology for educational purposes; (11) the special rule relating to reductions in the basis of S corporation stock for charitable contributions of property; and (12) work opportunity tax credit eligibility for Hurricane Katrina employees (through August 28, 2008).bicycle commuting expenses from gross income.

Extends through 2009: (1) the<b>Title III: Energy Conservation and Efficiency Provisions</b> - (Sec. 301) Allows a new markets tax credit; (2) the Subpart F income exemptioncredit for active financing income; and (3) expensing ofinvestment in qualified filmenergy conservation bonds for capital expenditures to reduce energy consumption in public buildings, implement green community programs, develop alternative and renewable energy sources, and television production costs.promote mass commuting facilities.

<b>Subtitle C: Other Extensions</b> - (Sec. 251) Makes permanent(Sec. 302) Extends through 2009 the authoritytax credit for the Internal Revenue Service (IRS) to disclosenonbusiness energy property expenditures. Includes energy-efficient biomass fuel stoves as property eligible for such tax return information related to terrorist activities. credit. Modifies tax credit standards for water heaters, geothermal heat pumps, and energy efficiency improvements.

(Sec. 252) Makes permanent303) Extends through 2013 the authoritytax deduction for the IRS to conduct undercover operations. energy efficient commercial buildings.

(Sec. 253) Makes permanent304) Extends through 2009 the authority for disclosure of tax return information to the Department of Veterans Affairs (VA)credit for veterans benefit determinations. residential energy efficiency improvements.

(Sec. 254) Extends through 2008305) Modifies the increased payment ($10.50 to $13.25 per proof gallon) of distilled spirits excise tax to the Treasuries of Puerto Rico and the Virgin Islands.credit amounts for energy efficient household appliances produced after 2007.

(Sec. 255) Extends through 2008 parity requirements applicable to mental health benefits offered by group health plans.306) Allows an accelerated 10-year recovery period for the depreciation of qualified smart electric meters and smart electric grid systems.

<b>Title III: Additional Tax Relief - Subtitle A: Individual Tax Relief </b>- (Sec. 301) Allows individual taxpayers an additional standard tax deduction in 2008 for state and local real property taxes. Limits(Sec. 307) Extends through FY2012 the amount of such deductionauthority to $350 ($700issue tax-exempt bonds for married individuals filing a joint tax return).qualified green building and sustainable design projects.

(Sec. 302) Lowers in 2008 (from $10,000 to $8,500) the earned income threshold amount308) Allows a 50% depreciation allowance for determining the refundable portion of the child tax credit.reuse and recycling property used to collect, distribute, or recycle certain materials, including scrap, fibers, and metals.

(Sec. 303) Increases<b>Title IV: Revenue Provisions</b> - Sec. 401) Reduces by 3% the alternative minimum tax (AMT) refundable credit amountdeduction for individuals who have long-term unused minimum tax credits from prior taxable years. Abates any underpayment of taxincome attributable to the application of special AMT rulesdomestic production activities for the treatment of incentive stock options.taxpayers with income derived from activities related to oil, gas, or any primary products thereof.

<b>Subtitle B: Business Related Provisions </b>- (Sec. 311) Allows attorneys a tax deduction in(Sec. 402) Revises the current taxable year for reimbursable expensestax treatment of foreign oil and court costs which they pay or incur in connection with contingency fee cases.gas extraction income and foreign oil related income for purposes of the foreign tax credit.

(Sec. 312) Modifies rules relating to403) Includes within the expensingreporting requirements of film and television production costs.investment brokers the adjusted basis of any publicly traded security owned by customers of such brokers.

<b>Subtitle C: Modification(Sec. 404) Extends through 2009 the 0.2% Federal Unemployment Tax Act (FUTA) surtax.

(Sec. 405) Increases the Oil Spill Liability Trust Fund financing rate and extends such rate through 2017.

<b>Division B: Tax Extenders and Alternative Minimum Tax Relief</b> - Tax Extenders and Alternative Minimum Tax Relief Act of Penalty2008 - <b>Title I: Alternative Minimum Tax Relief</b> - (Sec. 101) Amends the Internal Revenue Code to extend through 2008 for individual taxpayers: (1) the offset of nonrefundable personal tax credits against regular and alternative minimum tax (AMT) liability; and (2) the increased AMT exemption amounts.

Increases the AMT refundable credit amount for individuals who have long-term unused minimum tax credits from prior taxable years. Abates any underpayment of tax attributable to the application of special AMT rules for the treatment of incentive stock options.

<b>Title II: Extension of Individual Tax Provisions</b> - (Sec. 201) Extends through 2009: (1) the tax deduction for state and local sales taxes in lieu of state and local income taxes; (2) the tax deduction for qualified tuition and related expenses; (3) the tax deduction for certain expenses of elementary and secondary school teachers; (4) the additional standard tax deduction from gross income for real property taxes; (5) tax-free distributions from individual retirement plans for charitable purposes; (6) the exemption from withholding of tax of interest-related and short-term capital gain dividends received from a regulated investment company (RIC) and the special rule for RIC stock held in the estate of a nonresidents; and (7) the inclusion of a RIC within the definition of &quot;qualified investment entity&quot; for income tax purposes.

<b>Title III: Extension of Business Tax Provisions</b> - (Sec. 301) Extends through 2009: (1) the tax credit for increasing research activities; (2) the new markets tax credit; (3) the subpart F income exemption for active financing income; (4) special rules for related controlled foreign corporations and for the tax treatment of certain payments to tax-exempt organizations by a controlled subsidiary; (5) accelerated depreciation for qualified leasehold and restaurant improvements and for certain improvements to retail space; (6) the special rule for reductions in the basis of S corporation stock for charitable contributions of property; (7) the increase in alcohol excise taxes payable to Puerto Rico and the Virgin Islands; (8) the economic development credit for American Samoa; (9) tax incentives for mine rescue team training and advanced mine safety equipment; (10) the tax deduction for income attributable to domestic production activities in Puerto Rico; (11) issuance authority for qualified zone academy bonds; (12) the Indian employment tax credit; (13) accelerated depreciation of business property on UnderstatementIndian reservations and of Taxpayer's Liabilitymotorsports racing track facilities; (14) the tax credit for railroad track maintenance; (15) expensing allowances for environmental remediation costs; (16) work opportunity tax credit eligibility for Hurricane Katrina employees (through August 28, 2009); (17) the increased rehabilitation tax credit for property in the Gulf Opportunity (GO) Zone; (18) the tax deduction for corporate contributions of computer technology and equipment for educational purposes; (19) tax incentives for investment in the District of Columbia; and (20) the expanded tax deductions for charitable contributions of food and book inventories by noncorporate taxpayers.

(Sec. 325) Extends through 2014: (1) the suspension of tariff duties on certain wool products; and (2) the Wool Research, Promotion, and Development Trust Fund.

<b>Title IV: Extension of Tax Return Preparer</b>Administration Provisions</b> - (Sec. 321)401) Makes permanent the authority of the Internal Revenue Service (IRS) to: (1) conduct undercover operations; and (2) disclose tax return information related to terrorist activities.

<b>Title V: Additional Tax Relief and Other Tax Provisions - Subtitle A: General Provisions -</b> (Sec. 501) Lowers in 2008 (from $10,000 to $8,500) the earned income threshold amount for determining the refundable portion of the child tax credit.

(Sec. 502) Amends Internal Revenue Code provisions relating to the tax deduction for domestic film and television productions to: (1) include within the income base for such deduction compensation for services performed in the United States by actors, production personnel, directors, and producers and any copyrights, trademarks, or other intangibles with respect to a film production; and (2) allow a deduction for partners or S corporation shareholders who own at least a 20% interest in a film project.

(Sec. 503) Exempts from the excise tax on bows and arrows certain shafts consisting of all natural wood that after assembly measure 5/16 of an inch or less in diameter and that are not suitable for use with bows that would otherwise be subject to such tax (having a peak draw weight of 30 pounds or more).

(Sec. 504) Allows taxpayers who are plaintiffs in the civil action <i>In re Exxon Valdez</i>, No. 89-095-CV (HRH) (Consolidated) (D. Alaska), or their heirs or dependents, to: (1) elect to average, for income tax purposes, income received in settlement of such civil action; and (2) make a limited contribution of such settlement income to certain tax-exempt retirement plans in the year such income is received.

(Sec. 505) Allows accelerated depreciation (i.e., five-year recovery period) for certain farming business machinery or equipment placed in service before January 1, 2010.

(Sec. 506) Modifies the standards for imposing penalties on tax return preparers for understatements of tax to require: (1) substantial authority for a position with respect to an item on a tax return if such position was not disclosed with the return; and (2) a reasonable basis for a position that was disclosed with the return.

Requires tax return preparers to have a reasonable belief that a position with respect to a tax shelter or a reportable transaction (a transaction having a potential for tax avoidance or evasion) will more likely than not be sustained on its merits.

<b>Subtitle D: ExtensionB: Paul Wellstone and ExpansionPete Domenici Mental Health Parity and Addiction Equity Act of Certain GO Zone Incentives</b>2008 - (Sec. 331) Allows taxpayers who claimed</b>Paul Wellstone and Pete Domenici Mental Health Parity and Addiction Equity Act of 2008<b> - </b>(Sec. 512) - Amends the Employee Retirement Income Security Act of 1974 (ERISA), the Public Health Service Act, and the Internal Revenue Code to require a casualty loss deductiongroup health plan that provides both medical and surgical benefits and mental health or substance use disorder benefits to ensure that: (1) the financial requirements, such as deductibles and copayments, applicable to such mental health or substance use disorder benefits are no more restrictive than the predominant financial requirements applied to substantially all medical and surgical benefits covered by the plan; (2) there are no separate cost sharing requirements that are applicable only with respect to mental health or substance use disorder benefits; (3) the treatment limitations applicable to such mental health or substance use disorder benefits are no more restrictive than the predominant treatment limitations applied to substantially all medical and surgical benefits covered by the plan; and (4) there are no separate treatment limitations that are applicable only with respect to mental health or substance use disorder benefits.

Requires the criteria for damagemedical necessity determinations and the reason for any denial of reimbursement or payment for services made under the plan with respect to a personal residence causedmental health or substance use disorder benefits to be made available by Hurricanes Katrina, Rita,the plan administrator.

Requires the plan to provide out-of network coverage for mental health or Wilmasubstance use disorder benefits if the plan provides coverage for medical or surgical benefits provided by out-of network providers.

Exempts from the requirements of this Act a group health plan if the application of this Act results in an increase for the plan year of the actual total costs of coverage with respect to medical and who subsequentlysurgical benefits and mental health and substance use disorder benefits by an amount that exceeds 2% for the first plan year and 1% for each subsequent plan year. Requires determinations as to increases in actual costs under a plan to be made and certified by a qualified and licensed actuary.

Requires determinations for such an exemption to be made after such plan has complied with this Act for the first six months of the plan year.

Sets forth requirements for notifications of exemptions under this Act, including notification of the Secretary of Health and Human Services, the appropriate state agencies, and participants and beneficiaries in the plan.

Authorizes the Secretary and the appropriate state agency to audit the books and records of a group health plan relating to an exemption.

Directs the Secretary to: (1) report to the appropriate congressional committees on compliance of group health plans with the requirements of this Act; and (2) publish guidance and information concerning the requirements of this Act and provide assistance concerning such requirements and the continued operation of applicable state law.

Requires the Comptroller General to report to Congress on the specific rates, patterns, and trends in coverage and exclusion of specific mental health and substance use disorder diagnoses by health plans and health insurance.

<b>Title VI: Other Provisions - </b>(Sec. 601) Revises the provisions of the Secure Rural Schools and Community Self-Determination Act of 2000.

Provides for: (1) calculating payments to eligible states, counties, and territories for FY2008-FY2011 and; (2) the making of transition payments for FY2008-FY2010 to California, Louisiana, Oregon, Pennsylvania, South Carolina, South Dakota, Texas, and Washington. Sets forth distribution, election, and expenditure rules.

Permits eligible electing counties to expend a portion of funds received for the protection, restoration, and enhancement of fish and wildlife habitat, and other consistent resource objectives upon project approval.

Sets forth requirements for a grant as compensationmerchantable timber contracting pilot program.

Revises provisions concerning resource advisory committees and the use and availability of project funds for projects submitted by such damagecommittees. Terminates authority to fileinitiate projects on September 30, 2011.

Revises provisions for the use of county funds for certain projects. Requires certification by participating counties that county funds have been expended only for authorized uses. Terminates authority to initiate such projects on September 30, 2011.

Authorizes appropriations for FY2008-FY2011 to carry out the Secure Rural Schools and Community Self-Determination Act of 2000.

Amends the Act of May 23, 1908, and the Weeks Law to prescribe that an amended tax returnamount equal to disallow the casualty loss deduction without paymentannual average of 25% of all amounts received for the applicable fiscal year and each of the preceding six fiscal years from each national forest (under current law, 25% of all moneys received during any tax penalty. Waives deadlinesfiscal year) be paid at the end of such year to eligible states and counties for starting construction for propertythe benefit of public schools and public roads in which such forests are situated.

Amends federal law regarding payment in lieu of taxes to provide, for FY2008-FY2012, for each county or other eligible unit of local government to be entitled to payment for entitlement land (certain land owned by the U.S. government).

(Sec. 602) Amends the Surface Mining Control and Reclamation Act of 1977 to require the transfer of $9 million on October 1, 2010, to the United Mine Workers of America Combined Benefit Fund to provide for refunds of certain health benefit premiums, death benefit premiums, and unassigned beneficiaries premiums.

<b>Title VII: Disaster Relief - Subtitle A: Heartland and Hurricane Ike Disaster Relief - </b>Heartland Disaster Tax Relief Act of 2008<b> - </b> Makes certain provisions of the Internal Revenue Code providing tax benefits to residents of the Gulf Opportunity (GO) Zone eligibleand the Hurricane Katrina disaster areas, including provisions for bonus depreciation. Includes Colberttax-exempt bond financing, the low-income housing tax credit, an increased rehabilitation tax credit, education and Dallas Countieshousing tax benefits, employee retention tax credits, and tax-exempt bond financing, applicable to residents of the Midwestern disaster area on a similar basis. Defines &quot;Midwestern disaster area&quot; as an area in Alabamawhich a major disaster has been declared by the President on or after May 20, 2008, and before August 1, 2008, under the Robert T. Stafford Disaster Relief and Emergency Assistance Act by reason of severe storms, tornados, or flooding occurring in any of the states of Arkansas, Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Nebraska, and Wisconsin.

(Sec. 703) Includes within the GO Zone for purposesreporting requirements of tax-exempt public charities information about disaster relief activities and contributions received for those purposes.

(Sec. 704) Extends through 2010 tax-exempt bond financing.financing and low-income housing tax credit benefits to the Hurricane Ike disaster area. Defines the &quot;Hurricane Ike disaster area&quot; as an area in Texas or Louisiana that was declared a major disaster area by the President by reason of Hurricane Ike and that was determined by the President to warrant federal assistance.

<b>Subtitle B: National Disaster Relief</b> - (Sec. 706) Waives the 10% adjusted gross income limitation on personal casualty losses for losses sustained from a federally declared disaster occurring before January 1, 2010. Defines &quot;federally declared disaster&quot; as any disaster determined by the President to warrant federal assistance under the Robert T. Stafford Relief and Emergency Assistance Act.

Increases the standard tax deduction by a taxpayer's net disaster loss (i.e., personal casualty losses in a disaster area over personal casualty gains).

Increases until December 31, 2009, the threshold for deductible casualty losses from $100 to $500.

(Sec. 707) Allows the expensing of business-related costs incurred due to a federally declared disaster for: (1) the abatement or control of hazardous substances; (2) removal of debris or demolition of damaged structures; or (3) repair of damaged property.

(Sec. 708) Provides for a five-year carryback period for net operating losses attributable to a federally declared disaster. Allows such losses as a deduction in computing alternative minimum taxable income.

<b>Title IV: Revenue Provisions</b> - (Sec. 401) Requires the inclusion in gross income(Sec. 709) Modifies certain mortgage revenue bond requirements for income tax purposes of employee compensation deferred under a nonqualified deferred compensation plan of a nonqualified entity when there is no substantial risk of forfeiture of the rights to such compensation. Defines &quot;nonqualified entity&quot; as any foreign corporation unless substantially all of its income is: (1) effectively connected with a tradeprincipal residences damaged or businessdestroyed in the United States; or (2) subject to a comprehensive foreign income tax. Includes certain partnerships within such definition.federally declared disaster occurring before January 1, 2010.

(Sec. 402) Delays until 2019710) Allows accelerated depreciation and increases the application of special rulesexpensing allowance for the worldwide allocation of interest for purposes of computing the limitation on the foreign tax credit. qualified disaster assistance property. Defines &quot;qualified disaster assistance property&quot; to include nonresidential real or residential rental property in a federally declared disaster area.

(Sec. 403) Amends<b>Title VIII: Spending Reductions and Appropriate Revenue Raisers for New Tax Relief Policy</b> - (Sec. 801) Requires the Tax Increase Prevention and Reconciliation Actinclusion in gross income for income tax purposes of employee compensation deferred under a nonqualified deferred compensation plan of a nonqualified entity when there is no substantial risk of forfeiture of 2005 to: (1) repeal the adjustmentrights to the estimated tax liabilitysuch compensation. Defines &quot;nonqualified entity&quot; as any foreign corporation unless substantially all of corporationsits income is: (1) effectively connected with at least $1 billiona trade or business in assets for the third quarter of 2012; andUnited States; or (2) increase the estimated tax payments ofsubject to a comprehensive foreign income tax. Includes certain partnerships within such corporations in the third quarter of 2013 by 37.75%.definition.
</summary>

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== Status of the Legislation ==

<status>
Latest Major Action: 6/6/2008: Senate floor actions. Status: Cloture motion on the motion9/23/2008: Passed/agreed to proceed to the measure presented in Senate. Status: Passed Senate with an amendment by Yea-Nay. 93 - 2. Record Vote Number: 205.
</status>

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== Points in Favor ==

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== Points Against ==

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== See also ==
* http://en.wikipedia.org/wiki/Internal_Revenue_Code
* http://www.opencongress.org/bill/110-h6049/show
* http://waysandmeans.house.gov/media/pdf/110/bill.pdf :Text