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Job Creation and Tax Cut Act of 2010

Job Creation and Tax Cut Act of 2010

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Published by: SugarcaneBlog on Sep 16, 2010
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10/31/2011

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MCG10558 S.L.C.
111
TH
CONGRESS2
D
S
ESSION
 
S.
 ll 
To extend expiring provisions and for other purposes.
IN THE SENATE OF THE UNITED STATES
 llllllllll 
Mr. B
 AUCUS
introduced the following bill; which was read twice and referredto the Committee on
 llllllllll 
A BILL
To extend expiring provisions and for other purposes.
 Be it enacted by the Senate and House of Representa-
1
tives of the United States of America in Congress assembled,
2
SECTION 1. SHORT TITLE; AMENDMENT OF 1986 CODE;
3
TABLE OF CONTENTS.
4
(a) S
HORT
T
ITLE
.—This Act may be cited as the
5
‘‘Job Creation and Tax Cut Act of 2010’’.
6
(b) A 
MENDMENT OF
1986 C
ODE
.—Except as other-
7
 wise expressly provided, whenever in titles I, II, and IV 
8
of this Act an amendment or repeal is expressed in terms
9
of an amendment to, or repeal of, a section or other provi-
10
sion, the reference shall be considered to be made to a
11
 
2
MCG10558 S.L.C.
section or other provision of the Internal Revenue Code
1
of 1986.
2
(c) T
 ABLE OF
C
ONTENTS
.—The table of contents for
3
this Act is as follows:
4
Sec.1.Short title; amendment of 1986 Code; table of contents.TITLE I—INFRASTRUCTURE INCENTIVESSec.101.Extension of Build America Bonds.Sec.102.Exempt-facility bonds for sewage and water supply facilities.Sec.103.Extension of exemption from alternative minimum tax treatment forcertain tax-exempt bonds.Sec.104.Extension and additional allocations of recovery zone bond authority.Sec.105.Allowance of new markets tax credit against alternative minimumtax.Sec.106.Extension of tax-exempt eligibility for loans guaranteed by Federalhome loan banks.Sec.107.Extension of temporary small issuer rules for allocation of tax-exemptinterest expense by financial institutions.TITLE II—EXTENSION OF EXPIRING PROVISIONSSubtitle A—Energy Sec.201.Alternative motor vehicle credit for new qualified hybrid motor vehi-cles other than passenger automobiles and light trucks.Sec.202.Incentives for biodiesel and renewable diesel.Sec.203.Credit for electricity produced at certain open-loop biomass facilities.Sec.204.Extension and modification of credit for steel industry fuel.Sec.205.Credit for producing fuel from coke or coke gas.Sec.206.New energy efficient home credit.Sec.207.Excise tax credits and outlay payments for alternative fuel and alter-native fuel mixtures.Sec.208.Special rule for sales or dispositions to implement FERC or Stateelectric restructuring policy for qualified electric utilities.Sec.209.Suspension of limitation on percentage depletion for oil and gas frommarginal wells.Sec.210.Direct payment of energy efficient appliances tax credit.Sec.211.Modification of standards for windows, doors, and skylights with re-spect to the credit for nonbusiness energy property.Subtitle B—Individual Tax Relief PART I—M
ISCELLANEOUS
P
ROVISIONS
 Sec.221.Deduction for certain expenses of elementary and secondary schoolteachers.Sec.222.Additional standard deduction for State and local real property taxes.Sec.223.Deduction of State and local sales taxes.Sec.224.Contributions of capital gain real property made for conservation pur-poses.Sec.225.Above-the-line deduction for qualified tuition and related expenses.
 
3
MCG10558 S.L.C.Sec.226.Tax-free distributions from individual retirement plans for charitablepurposes.Sec.227.Look-thru of certain regulated investment company stock in deter-mining gross estate of nonresidents.PART II—L
OW 
-
INCOME
H
OUSING
C
REDITS
 Sec.231.Election for direct payment of low-income housing credit for 2010.Sec.232.Low-income housing grant election.Subtitle C—Business Tax Relief Sec.241.Research credit.Sec.242.Indian employment tax credit.Sec.243.New markets tax credit.Sec.244.Railroad track maintenance credit.Sec.245.Mine rescue team training credit.Sec.246.Employer wage credit for employees who are active duty members of the uniformed services.Sec.247.5-year depreciation for farming business machinery and equipment.Sec.248.15-year straight-line cost recovery for qualified leasehold improve-ments, qualified restaurant buildings and improvements, andqualified retail improvements.Sec.249.7-year recovery period for motorsports entertainment complexes.Sec.250.Accelerated depreciation for business property on an Indian reserva-tion.Sec.251.Enhanced charitable deduction for contributions of food inventory.Sec.252.Enhanced charitable deduction for contributions of book inventoriesto public schools.Sec.253.Enhanced charitable deduction for corporate contributions of com-puter inventory for educational purposes.Sec.254.Election to expense mine safety equipment.Sec.255.Special expensing rules for certain film and television productions.Sec.256.Expensing of environmental remediation costs.Sec.257.Deduction allowable with respect to income attributable to domesticproduction activities in Puerto Rico.Sec.258.Modification of tax treatment of certain payments to controlling ex-empt organizations.Sec.259.Exclusion of gain or loss on sale or exchange of certain brownfieldsites from unrelated business income.Sec.260.Timber REIT modernization.Sec.261.Treatment of certain dividends of regulated investment companies.Sec.262.RIC qualified investment entity treatment under FIRPTA.Sec.263.Exceptions for active financing income.Sec.264.Look-thru treatment of payments between related controlled foreigncorporations under foreign personal holding company rules.Sec.265.Basis adjustment to stock of S corps making charitable contributionsof property.Sec.266.Empowerment zone tax incentives.Sec.267.Tax incentives for investment in the District of Columbia.Sec.268.Renewal community tax incentives.Sec.269.Temporary increase in limit on cover over of rum excise taxes toPuerto Rico and the Virgin Islands.Sec.270.Payment to American Samoa in lieu of extension of economic develop-ment credit.

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