How People Voted
44% For, 56% Against
505 votes cast
P.L. 111-205, The Unemployment Compensation Extension Act of 2010 (261 comments ↓ | 28 wiki edits: view article ↓)
- This item is from the 111th Congress (2009-2010) and is no longer current. Comments, voting, and wiki editing have been disabled, and the cost/savings estimate has been frozen.
H.R. 4213 would amend the Internal Revenue Code of 1986 to extend certain expiring provisions.
<b>(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)</b>
Tax Extenders Act of 2009 - <b>Title I: General Provisions - Subtitle A: Individual Tax Relief</b> - (Sec. 101) Amends the Internal Revenue Code to extend through 2010: (1) the taxpayer election to deduct state and local general sales taxes in lieu of state and local income taxes; (2) the standard tax deduction for state and local real property taxes; (3) the tax deduction from gross income for qualified tuition and related expenses; and (4) the tax deduction from gross income for certain expenses of elementary and secondary school teachers.
<b>Subtitle B: Business Tax Relief</b> - (Sec. 111) Extends through 2010: (1) the tax credit for increasing research activities; (2) the subpart F income exemption for income derived in the active conduct of a banking, financing, or insurance business; (3) the special tax rule for payments between related controlled foreign corporations; (4) accelerated depreciation for qualified leasehold, restaurant, and retail property, for motorsports entertainment complexes, and for farming business machinery and equipment; (5) the tax credit for railroad track maintenance expenditures; (6) the enhanced expensing allowance for certain film and television production costs; (7) expensing of environmental remediation costs; (8) the tax credit for mine rescue team training expenses; (9) the taxpayer election to expense advanced mine safety equipment expenditures; (10) the tax credit for differential wage payments to employees who are active duty members of the Uniformed Services; (11) tax rules relating to regulated investment company (RIC) dividends; (12) the special rule for RIC stock held in the estate of a nonresident non-citizen; (13) the tax treatment of RICs as qualified investment entities; and (14) the suspension of the taxable income limitation on percentage depletion for oil and natural gas produced from marginal properties.
<b>Subtitle C: Charitable Provisions</b> - (Sec. 131) Extends through 2010: (1) the tax deduction for charitable contributions of capital gain real property by individual taxpayers and certain corporate farmers and ranchers for conservation purposes; (2) the enhanced tax deduction for charitable contributions of food inventory and book inventories to public schools and for corporate contributions of computer technology and equipment for educational purposes; (3) penalty-free distributions from individual retirement accounts (IRAs) for charitable purposes; and (4) special tax rules for payments to controlling exempt organizations, exclusion of gain or loss from unrelated business taxable income from the sale or exchange of certain brownfield sites, and basis adjustment to stock of S corporations making charitable contributions.
<b>Subtitle D: Miscellaneous Provisions </b>- (Sec. 141) Extends through 2010: (1) the tax credit for employment of members of Indian tribes; (2) accelerated depreciation of property used for business purposes on an Indian reservation; (3) the tax deduction for income attributable to domestic production activities in Puerto Rico; (4) the limitation on the amount of distilled spirits tax covered (paid over) into the treasuries of Puerto Rico and the Virgin Islands; and (5) the tax credit for American Samoan economic development expenditures.<br>
<b>Title II: Community Assistance Provisions</b> - (Sec. 201) Extends through 2010 certain provisions relating to community development and assistance, including: (1) tax incentives in empowerment zones and renewal communities; (2) the new markets tax credit; (3) tax incentives for investment in the District of Columbia, the New York Liberty Zone, the Gulf Opportunity Zone, and low-income housing.
<b>Title III: Disaster Relief Provisions</b> - (Sec. 301) Extends through 2010 tax-related disaster relief provisions, including: (1) the tax deduction for personal casualty losses attributable to federally-declared disasters; (2) the expensing allowance for cleanup and other expenditures in disaster areas; (3) the five-year extended carryover period for net operating losses incurred in a disaster area; (4) waiver of mortgage revenue bond requirements for refinancing residences damaged or destroyed in a disaster area; and (5) expensing and accelerated depreciation of certain disaster assistance property.
<b>Title IV: Energy Provisions</b> - (Sec. 401) Extends through 2010 energy conservation and production provisions, including: (1) the tax credits for biodiesel and renewable diesel used as fuel; (2) the alternative motor vehicle tax credit for large hybrid vehicles; (3) the alternative fuel excise tax credit for natural gas and liquefied petroleum gas; and (4) tax rules relating to sales required to implement federal and state restructuring policy for qualified electric utilities.
<b>Title V: Foreign Account Tax Compliance - Subtitle A: Increased Disclosure of Beneficial Owners </b>- (Sec. 501) Revises and adds reporting and other requirements relating to income from assets held abroad, including by: (1) requiring foreign financial and nonfinancial institutions to withhold 30% of payments made to such institutions by U.S. individuals unless such institutions agree to disclose the identity of such individuals and report on their bank transactions; and (2) denying a tax deduction for interest on non-registered bonds issued outside the United States.
<b>Subtitle B: Under Reporting With Respect to Foreign Assets</b> - (Sec. 511) Requires any individual who holds more than $50,000 in a depository or custodial account maintained by a foreign financial institution to report on any such account.
(Sec. 512) Imposes an enhanced tax penalty for underpayments attributable to undisclosed foreign financial assets.
(Sec. 513) Extends the limitation period for assessment of underpayments with respect to assets held outside the United States.
<b>Subtitle C: Other Disclosure Provisions</b> - (Sec. 521) Requires U.S. shareholders of a passive foreign investment company to file annual informational returns.
(Sec. 522) Allows the Secretary of the Treasury to require certain financial institutions to file returns related to withholding on transactions involving foreign persons on magnetic media (currently, electronic filing is required only for taxpayers filing at least 250 returns).
<b>Subtitle D: Provisions Related to Foreign Trusts</b> - (Sec. 531) Deems a foreign trust as having a United States beneficiary if such beneficiary's interest in the trust is contingent on a future event or such beneficiary directly or indirectly transfers property to such trust or uses trust property without paying compensation to the trust. Imposes reporting requirements on owners of foreign trusts and sets forth tax penalties for failure to report on transfers to and distributions from such trusts.
<b>Subtitle E: Substitute Dividends and Dividend Equivalent Payments received by Foreign Persons treated as Dividends</b> - (Sec. 541) Treats a dividend equivalent payment as a dividend from a source within the United States for purposes of taxation of income from foreign sources and tax withholding rules applicable to foreign persons.
<b>Title VI: Other Revenue Provisions - Subtitle A: Partnership Interests Held by Partners Providing Services </b>- Sets forth rules for the tax treatment of partnership interests transferred in connection with the performance of services, including by: (1) establishing a fair market value standard for transfers of such partnership interests; (2) treating as ordinary income or loss net income or loss from an investment services partnership interest; (3) including income and loss from an investment services partnership interest for purposes of determining net earnings from self-employment; (4) applying the rule treating gain from sales between related persons as ordinary income to certain partnership interests; (5) exempting income from investment services partnership interests from treatment as qualifying income of publicly traded partnerships; and (6) increasing tax penalties for underpayments of tax attributable to property transferred for investment management services.
Defines "investment services partnership interest" as any interest in a partnership held by a person who provides services to a partnership by: (1) advising the partnership about investing in, purchasing, or selling specified assets; (2) managing, acquiring, or disposing of specified assets; or (3) arranging financing with respect to acquiring specified assets.
<b>Subtitle B: Time for Payment of Corporate Estimated Taxes</b> - (Sec. 611) Increases by an additional 26.5% in the third quarter of 2014 the required estimated tax payments for corporations with assets of not less than $1 billion.
<b>Subtitle C: Tax Expenditure Study</b> - Requires the Chief of Staff of the Joint Committee on Taxation, in consultation with the Comptroller General, to submit to the House Ways and Means Committee and the Senate Finance Committee, not later than November 30, 2010, a report on each tax expenditure extended by this Act. Specifies the required content of such report, including a description of the intended purpose of each such tax expenditure, the direct and indirect beneficiaries of such expenditures, and their cost effectiveness. Requires the Chief of Staff to ensure, at a minimum, that a report on tax expenditures relating to business tax relief and energy provisions is completed by November 30, 2010.
Status of the Legislation
Latest Major Action: 7/22/2010: On motion that the House agree to the Senate amendment to the House amendment to the Senate amendment Agreed to by the Yeas and Nays: 272 - 152 (Roll no. 463).
Points in Favor
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