Sec. 9. Amendments relating to American Recovery and Reinvestment Tax Act of 2009
1,168 words·~5 min read·
/bill/113/hr/5528/ih/section-9·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
1003 Paragraph
(4)of section 24(d) is amended to read as follows: In the case of any taxable year beginning after 2008 and before 2018, paragraph (1)(B)(i) shall be applied by substituting $3,000 for $10,000 . . 1004 Paragraph
(3)of section 25A(i) is amended by striking Subsection (f)(1)(A) shall be applied and inserting For purposes of determining the Hope Scholarship Credit, subsection (f)(1)(A) shall be applied . 1008 Paragraph
(6)of section 164(b) is amended by striking subparagraph
(E)and by redesignating subparagraphs
(F)and
(G)as subparagraphs
(E)and (F), respectively. Subparagraphs
(E)and
(F)of section 164(b)(6), as so redesignated, are each amended by striking This paragraph and inserting Subsection (a)(6) . 1104 Subparagraph
(A)of section 48(d)(3) is amended by inserting or alternative minimum taxable income after includible in the gross income . 1141 Subsection
(f)of section 30D is amended— by inserting (determined without regard to subsection (c)) before the period at the end of paragraph (1), and by inserting (determined without regard to subsection (c)) before the period at the end of paragraph (2). Paragraph
(3)of section 30D(f) is amended by adding at the end the following: For purposes of subsection (c), property to which this paragraph applies shall be treated as of a character subject to an allowance for depreciation. . 1142 Subsection
(b)of section 38 is amended by striking plus at the end of paragraph (35), by redesignating paragraph
(36)as paragraph (37), and by inserting after paragraph
(35)the following new paragraph: the portion of the qualified plug-in electric vehicle credit to which section 30(c)(1) applies, plus . Subsection
(e)of section 30 is amended— by inserting (determined without regard to subsection (c)) before the period at the end of paragraph (1), and by inserting (determined without regard to subsection (c)) before the period at the end of paragraph (2). Paragraph
(3)of section 30(e) is amended by adding at the end the following: For purposes of subsection (c), property to which this paragraph applies shall be treated as of a character subject to an allowance for depreciation. . 1302 Paragraph
(3)of section 48C(b) is amended by inserting as the qualified investment after The amount which is treated . 1541 Paragraph
(2)of section 853A(a) is amended by inserting (determined after the application of this section) before the comma at the end. Subsection
(a)of section 853A is amended— by striking with respect to credits and inserting with respect to some or all of the credits , and by inserting (determined without regard to this section and sections 54(c), 54A(c)(1), 54AA(c)(1), and 1397E(c)) after credits allowable . Subsection
(b)of section 853A is amended to read as follows: If the election provided in subsection
(a)is in effect with respect to any credits for any taxable year— the regulated investment company— shall not be allowed such credits, shall include in gross income (as interest) for such taxable year the amount which would have been so included with respect to such credits had the application of this section not been elected, shall include in earnings and profits the amount so included in gross income, and shall be treated as making one or more distributions of money with respect to its stock equal to the amount of such credits on the date or dates (on or after the applicable date for any such credit) during such taxable year (or following the close of the taxable year pursuant to section 855) selected by the company, and each shareholder of such investment company shall— be treated as receiving such shareholder’s proportionate share of any distribution of money which is treated as made by such investment company under paragraph (1)(D), and be allowed credits against the tax imposed by this chapter equal to the amount of such distribution, subject to the provisions of this title applicable to the credit involved. . Subsection
(c)of section 853A is amended to read as follows: The amount treated as a distribution of money received by a shareholder under subsection (b)(2)(A) (and as credits allowed to such shareholder under subsection (b)(2)(B)) shall not exceed the amount so reported by the regulated investment company in a written statement furnished to such shareholder. . Clause
(ii)of section 853A(e)(1)(A) is amended by inserting other than a qualified bond described in section 54AA(g) after as defined in section 54AA(d)) . 2202 Subparagraph
(A)of section 2202(b)(1) of division B of the American Recovery and Reinvestment Act of 2009 is amended by inserting political subdivision of a State, after any State, . Section 2202 of division B of the American Recovery and Reinvestment Act of 2009 is amended by adding at the end the following new subsection: The Secretary of the Treasury shall pay to each possession of the United States with a mirror code tax system amounts equal to the loss to that possession by reason of credits allowed under subsection
(a)with respect to taxable years beginning in 2009. Such amounts shall be determined by the Secretary of the Treasury based on information provided by the government of the respective possession. No credit shall be allowed against United States income taxes for any taxable year under this section to any person to whom a credit is allowed against taxes imposed by the possession by reason of the credit allowed under subsection
(a)for such taxable year. For purposes of this subsection, the term possession of the United States includes the Commonwealth of the Northern Mariana Islands. For purposes of this subsection, the term mirror code tax system means, with respect to any possession of the United States, the income tax system of such possession if the income tax liability of the residents of such possession under such system is determined by reference to the income tax laws of the United States as if such possession were the United States. For purposes of section 1324(b)(2) of title 31, United States Code, the payments under this subsection shall be treated in the same manner as a refund due from the credit allowed under section 36A of the Internal Revenue Code of 1986 (as added by this Act). . 1131 Paragraph
(2)of section 45Q(d) is amended by striking Administrator of the Environmental Protection Agency and all that follows through shall establish and inserting Administrator of the Environmental Protection Agency, the Secretary of Energy, and the Secretary of the Interior, shall establish . 1141 Paragraph
(37)of section 1016(a) is amended by striking section 30D(e)(4) and inserting section 30D(f)(1) . 3001 Subparagraph
(A)of section 3001(a)(14) of the American Recovery and Reinvestment Act of 2009 is amended by striking is amended by redesignating paragraph
(9)as paragraph
(10)and inserting , as amended by this Act, is amended by redesignating paragraphs
(9)and
(10)as paragraphs
(10)and (11), respectively, . The amendments made by this section shall take effect as if included in the provisions of the American Recovery and Reinvestment Tax Act of 2009 to which they relate.