[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[S. 1946 Placed on Calendar Senate (PCS)]
Calendar No. 198
114th CONGRESS
1st Session
S. 1946
[Report No. 114-118]
To amend the Internal Revenue Code of 1986 to extend certain expiring
provisions, and for other purposes.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
August 5, 2015
Mr. Hatch, from the Committee on Finance, reported the following
original bill; which was read twice and placed on the calendar
_______________________________________________________________________
A BILL
To amend the Internal Revenue Code of 1986 to extend certain expiring
provisions, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE, ETC.
(a) Short Title.--This Act may be cited as the ``Tax Relief
Extension Act of 2015''.
(b) Amendment of 1986 Code.--Except as otherwise expressly
provided, whenever in this Act an amendment or repeal is expressed in
terms of an amendment to, or repeal of, a section or other provision,
the reference shall be considered to be made to a section or other
provision of the Internal Revenue Code of 1986.
(c) Table of Contents.--The table of contents for this Act is as
follows:
Sec. 1. Short title, etc.
Sec. 2. Sense of the Senate.
TITLE I--PROVISIONS THAT EXPIRED IN 2014
Subtitle A--Individual Tax Extenders
Sec. 101. Extension and modification of deduction for certain expenses
of elementary and secondary school
teachers.
Sec. 102. Extension and modification of exclusion from gross income of
discharge of qualified principal residence
indebtedness.
Sec. 103. Extension of parity and modification of exclusion from income
for employer-provided mass transit and
parking benefits.
Sec. 104. Extension of mortgage insurance premiums treated as qualified
residence interest.
Sec. 105. Extension of deduction of State and local general sales
taxes.
Sec. 106. Extension of special rule for contributions of capital gain
real property made for conservation
purposes.
Sec. 107. Extension of above-the-line deduction for qualified tuition
and related expenses.
Sec. 108. Extension of tax-free distributions from individual
retirement plans for charitable purposes.
Subtitle B--Business Tax Extenders
Sec. 111. Extension and modification of research credit.
Sec. 112. Extension and modification of temporary minimum low-income
housing tax credit rate for non-federally
subsidized buildings.
Sec. 113. Extension of military housing allowance exclusion for
determining whether a tenant in certain
counties is low-income.
Sec. 114. Extension of Indian employment tax credit.
Sec. 115. Extension and modification of new markets tax credit.
Sec. 116. Extension and modification of railroad track maintenance
credit.
Sec. 117. Extension of mine rescue team training credit.
Sec. 118. Extension and modification of employer wage credit for
employees who are active duty members of
the uniformed services.
Sec. 119. Extension and modification of work opportunity tax credit.
Sec. 120. Extension and modification of qualified zone academy bonds.
Sec. 121. Extension of classification of certain race horses as 3-year
property.
Sec. 122. Extension of 15-year straight-line cost recovery for
qualified leasehold improvements, qualified
restaurant buildings and improvements, and
qualified retail improvements.
Sec. 123. Extension of 7-year recovery period for motorsports
entertainment complexes.
Sec. 124. Extension and modification of accelerated depreciation for
business property on an Indian reservation.
Sec. 125. Extension of bonus depreciation.
Sec. 126. Extension of enhanced charitable deduction for contributions
of food inventory.
Sec. 127. Extension and modification of increased expensing limitations
and treatment of certain real property as
section 179 property.
Sec. 128. Extension of election to expense mine safety equipment.
Sec. 129. Extension of special expensing rules for certain film and
television productions; special expensing
for live theatrical productions.
Sec. 130. Extension of deduction allowable with respect to income
attributable to domestic production
activities in Puerto Rico.
Sec. 131. Extension of modification of tax treatment of certain
payments to controlling exempt
organizations.
Sec. 132. Extension of treatment of certain dividends of regulated
investment companies.
Sec. 133. Extension of RIC qualified investment entity treatment under
FIRPTA.
Sec. 134. Extension of subpart F exception for active financing income.
Sec. 135. Extension of look-thru treatment of payments between related
controlled foreign corporations under
foreign personal holding company rules.
Sec. 136. Extension of temporary exclusion of 100 percent of gain on
certain small business stock.
Sec. 137. Extension of basis adjustment to stock of S corporations
making charitable contributions of
property.
Sec. 138. Extension of reduction in S-corporation recognition period
for built-in gains tax.
Sec. 139. Extension and modification of empowerment zone tax
incentives.
Sec. 140. Extension of temporary increase in limit on cover over of rum
excise taxes to Puerto Rico and the Virgin
Islands.
Sec. 141. Extension of American Samoa economic development credit.
Subtitle C--Energy Tax Extenders
Sec. 151. Extension and modification of credit for nonbusiness energy
property.
Sec. 152. Extension of credit for new qualified fuel cell motor
vehicles.
Sec. 153. Extension of credit for alternative fuel vehicle refueling
property.
Sec. 154. Extension of second generation biofuel producer credit.
Sec. 155. Extension and reform of biodiesel tax incentives.
Sec. 156. Extension of production credit for Indian coal facilities
placed in service before 2009.
Sec. 157. Extension of credits with respect to facilities producing
energy from certain renewable resources.
Sec. 158. Extension of credit for energy-efficient new homes.
Sec. 159. Extension of special allowance for second generation biofuel
plant property.
Sec. 160. Extension and modification of energy efficient commercial
buildings deduction.
Sec. 161. Extension of special rule for sales or dispositions to
implement FERC or State electric
restructuring policy for qualified electric
utilities.
Sec. 162. Extension of excise tax credits relating to alternative
fuels.
TITLE II--PROVISION THAT EXPIRED IN 2013
Sec. 201. Extension of credit for 2-wheeled plug-in electric vehicles.
TITLE III--REVENUE PROVISIONS
Sec. 301. Exclusion from gross income of certain clean coal power
grants to non-corporate taxpayers.
Sec. 302. Treatment of certain persons as employers with respect to
motion picture projects.
Sec. 303. Equalization of excise tax and credits with respect to
liquefied petroleum gas and liquefied
natural gas.
Sec. 304. Additional information on returns relating to mortgage
interest.
TITLE IV--BUDGETARY EFFECTS
Sec. 401. Budgetary effects.
SEC. 2. SENSE OF THE SENATE.
It is the sense of the Senate that--
(1) Congress should pursue a process of comprehensive tax
reform;
(2) Congress should endeavor, as part of such tax reform
process, to eliminate temporary provisions from the Internal
Revenue Code of 1986 by making permanent those provisions that
merit permanency and allowing others to expire; and
(3) a major focus of such tax reform process should be
fostering economic growth and lowering tax rates by broadening
the tax base.
TITLE I--PROVISIONS THAT EXPIRED IN 2014
Subtitle A--Individual Tax Extenders
SEC. 101. EXTENSION AND MODIFICATION OF DEDUCTION FOR CERTAIN EXPENSES
OF ELEMENTARY AND SECONDARY SCHOOL TEACHERS.
(a) In General.--Subparagraph (D) of section 62(a)(2) is amended by
striking ``or 2014'' and inserting ``2014, 2015, or 2016''.
(b) Adjustment for Inflation.--Subparagraph (D) of section
62(a)(2), as amended by subsection (a), is amended--
(1) by striking ``teachers.--In the case of'' and inserting
``teachers.--
``(i) In general.--In the case of'', and
(2) by adding at the end the following new clause:
``(ii) Adjustment for inflation.--In the
case of any taxable year beginning after 2014,
the $250 amount in clause (i) shall be
increased by an amount equal to--
``(I) such dollar amount,
multiplied by
``(II) the cost-of-living
adjustment determined under section
1(f)(3) for the calendar year in which
the taxable year begins, by
substituting `calendar year 2013' for
`calendar year 1992' in subparagraph
(B) thereof.
If any amount as increased under the preceding
sentence is not a multiple of $25, such amount
shall be rounded to the nearest multiple of
$25.''.
(c) Inclusion of Professional Development Expenses.--Clause (i) of
section 62(a)(2)(D), as amended by subsections (a) and (b), is amended
by striking the period at the end and inserting ``, and in connection
with professional development activities of such educator.''.
(d) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after December 31, 2014.
SEC. 102. EXTENSION AND MODIFICATION OF EXCLUSION FROM GROSS INCOME OF
DISCHARGE OF QUALIFIED PRINCIPAL RESIDENCE INDEBTEDNESS.
(a) Extension.--Subparagraph (E) of section 108(a)(1) is amended by
striking ``January 1, 2015'' and inserting ``January 1, 2017''.
(b) Modification.--Subparagraph (E) of section 108(a)(1), as
amended by subsection (a), is amended by striking ``discharged before''
and all that follows and inserting ``discharged--
``(i) before January 1, 2017, or
``(ii) subject to an arrangement that is
entered into and evidenced in writing before
January 1, 2017.''.
(c) Effective Date.--The amendments made by this section shall
apply to discharges of indebtedness after December 31, 2014.
SEC. 103. EXTENSION OF PARITY AND MODIFICATION OF EXCLUSION FROM INCOME
FOR EMPLOYER-PROVIDED MASS TRANSIT AND PARKING BENEFITS.
(a) Extension.--
(1) In general.--Paragraph (2) of section 132(f) is amended
by striking ``January 1, 2015'' and inserting ``January 1,
2017''.
(2) Effective date.--The amendment made by this subsection
shall apply to months after December 31, 2014.
(b) Use of a Bike Share Program as a Qualified Transportation
Fringe.--
(1) In general.--Section 132(f)(5)(F) is amended--
(A) in clause (i), by striking ``repair, and
storage, if such bicycle'' and inserting ``repair, and
storage (or use of a bike sharing program, in the case
of taxable years beginning before January 1, 2017), if
such bicycle or bike sharing program'', and
(B) in clause (iii)(I), by inserting ``or bike
sharing program'' after ``bicycle''.
(2) Effective date.--The amendments made by this subsection
shall apply to months after December 31, 2014.
SEC. 104. EXTENSION OF MORTGAGE INSURANCE PREMIUMS TREATED AS QUALIFIED
RESIDENCE INTEREST.
(a) In General.--Subclause (I) of section 163(h)(3)(E)(iv) is
amended by striking ``December 31, 2014'' and inserting ``December 31,
2016''.
(b) Effective Date.--The amendment made by this section shall apply
to amounts paid or accrued after December 31, 2014.
SEC. 105. EXTENSION OF DEDUCTION OF STATE AND LOCAL GENERAL SALES
TAXES.
(a) In General.--Subparagraph (I) of section 164(b)(5) is amended
by striking ``January 1, 2015'' and inserting ``January 1, 2017''.
(b) Effective Date.--The amendment made by this section shall apply
to taxable years beginning after December 31, 2014.
SEC. 106. EXTENSION OF SPECIAL RULE FOR CONTRIBUTIONS OF CAPITAL GAIN
REAL PROPERTY MADE FOR CONSERVATION PURPOSES.
(a) In General.--Clause (vi) of section 170(b)(1)(E) is amended by
striking ``December 31, 2014'' and inserting ``December 31, 2016''.
(b) Contributions by Certain Corporate Farmers and Ranchers.--
Clause (iii) of section 170(b)(2)(B) is amended by striking ``December
31, 2014'' and inserting ``December 31, 2016''.
(c) Effective Date.--The amendments made by this section shall
apply to contributions made in taxable years beginning after December
31, 2014.
SEC. 107. EXTENSION OF ABOVE-THE-LINE DEDUCTION FOR QUALIFIED TUITION
AND RELATED EXPENSES.
(a) In General.--Subsection (e) of section 222 is amended by
striking ``December 31, 2014'' and inserting ``December 31, 2016''.
(b) Effective Date.--The amendment made by this section shall apply
to taxable years beginning after December 31, 2014.
SEC. 108. EXTENSION OF TAX-FREE DISTRIBUTIONS FROM INDIVIDUAL
RETIREMENT PLANS FOR CHARITABLE PURPOSES.
(a) In General.--Subparagraph (F) of section 408(d)(8) is amended
by striking ``December 31, 2014'' and inserting ``December 31, 2016''.
(b) Effective Date.--The amendment made by this section shall apply
to distributions made in taxable years beginning after December 31,
2014.
Subtitle B--Business Tax Extenders
SEC. 111. EXTENSION AND MODIFICATION OF RESEARCH CREDIT.
(a) Extension.--
(1) In general.--Paragraph (1) of section 41(h) is amended
by striking ``December 31, 2014'' and inserting ``December 31,
2016''.
(2) Effective date.--The amendment made by this subsection
shall apply to amounts paid or incurred after December 31,
2014.
(b) Treatment of Research Credit for Certain Startup Companies.--
(1) In general.--Section 41 is amended by adding at the end
the following new subsection:
``(i) Treatment of Credit for Qualified Small Businesses.--
``(1) In general.--At the election of a qualified small
business for any taxable year, section 3111(f) shall apply to
the payroll tax credit portion of the credit otherwise
determined under subsection (a) for the taxable year and such
portion shall not be treated (other than for purposes of
section 280C) as a credit determined under subsection (a).
``(2) Payroll tax credit portion.--For purposes of this
subsection, the payroll tax credit portion of the credit
determined under subsection (a) with respect to any qualified
small business for any taxable year is the least of--
``(A) the amount specified in the election made
under this subsection,
``(B) the credit determined under subsection (a)
for the taxable year (determined before the application
of this subsection), or
``(C) in the case of a qualified small business
other than a partnership or S corporation, the amount
of the business credit carryforward under section 39
carried from the taxable year (determined before the
application of this subsection to the taxable year).
``(3) Qualified small business.--For purposes of this
subsection--
``(A) In general.--The term `qualified small
business' means, with respect to any taxable year--
``(i) a corporation or partnership, if--
``(I) the gross receipts (as
determined under the rules of section
448(c)(3), without regard to
subparagraph (A) thereof) of such
entity for the taxable year is less
than $5,000,000, and
``(II) such entity did not have
gross receipts (as so determined) for
any taxable year preceding the 5-
taxable-year period ending with such
taxable year, and
``(ii) any person (other than a corporation
or partnership) who meets the requirements of
subclauses (I) and (II) of clause (i),
determined--
``(I) by substituting `person' for
`entity' each place it appears, and
``(II) by only taking into account
the aggregate gross receipts received
by such person in carrying on all
trades or businesses of such person.
``(B) Limitation.--Such term shall not include an
organization which is exempt from taxation under
section 501.
``(4) Election.--
``(A) In general.--Any election under this
subsection for any taxable year--
``(i) shall specify the amount of the
credit to which such election applies,
``(ii) shall be made on or before the due
date (including extensions) of--
``(I) in the case of a qualified
small business which is a partnership,
the return required to be filed under
section 6031,
``(II) in the case of a qualified
small business which is an S
corporation, the return required to be
filed under section 6037, and
``(III) in the case of any other
qualified small business, the return of
tax for the taxable year, and
``(iii) may be revoked only with the
consent of the Secretary.
``(B) Limitations.--
``(i) Amount.--The amount specified in any
election made under this subsection shall not
exceed $250,000.
``(ii) Number of taxable years.--A person
may not make an election under this subsection
if such person (or any other person treated as
a single taxpayer with such person under
paragraph (5)(A)) has made an election under
this subsection for 5 or more preceding taxable
years.
``(C) Special rule for partnerships and s
corporations.--In the case of a qualified small
business which is a partnership or S corporation, the
election made under this subsection shall be made at
the entity level.
``(5) Aggregation rules.--
``(A) In general.--Except as provided in
subparagraph (B), all persons or entities treated as a
single taxpayer under subsection (f)(1) shall be
treated as a single taxpayer for purposes of this
subsection.
``(B) Special rules.--For purposes of this
subsection and section 3111(f)--
``(i) each of the persons treated as a
single taxpayer under subparagraph (A) may
separately make the election under paragraph
(1) for any taxable year, and
``(ii) the $250,000 amount under paragraph
(4)(B)(i) shall be allocated among all persons
treated as a single taxpayer under subparagraph
(A) in the same manner as under subparagraph
(A)(ii) or (B)(ii) of subsection (f)(1),
whichever is applicable.
``(6) Regulations.--The Secretary shall prescribe such
regulations as may be necessary to carry out the purposes of
this subsection, including--
``(A) regulations to prevent the avoidance of the
purposes of the limitations and aggregation rules under
this subsection through the use of successor companies
or other means,
``(B) regulations to minimize compliance and
record-keeping burdens under this subsection, and
``(C) regulations for recapturing the benefit of
credits determined under section 3111(f) in cases where
there is a subsequent adjustment to the payroll tax
credit portion of the credit determined under
subsection (a), including requiring amended income tax
returns in the cases where there is such an
adjustment.''.
(2) Credit allowed against fica taxes.--Section 3111 is
amended by adding at the end the following new subsection:
``(f) Credit for Research Expenditures of Qualified Small
Businesses.--
``(1) In general.--In the case of a taxpayer who has made
an election under section 41(i) for a taxable year, there shall
be allowed as a credit against the tax imposed by subsection
(a) for the first calendar quarter which begins after the date
on which the taxpayer files the return specified in section
41(i)(4)(A)(ii) an amount equal to the payroll tax credit
portion determined under section 41(i)(2).
``(2) Limitation.--The credit allowed by paragraph (1)
shall not exceed the tax imposed by subsection (a) for any
calendar quarter on the wages paid with respect to the
employment of all individuals in the employ of the employer.
``(3) Carryover of unused credit.--If the amount of the
credit under paragraph (1) exceeds the limitation of paragraph
(2) for any calendar quarter, such excess shall be carried to
the succeeding calendar quarter and allowed as a credit under
paragraph (1) for such quarter.
``(4) Deduction allowed for credited amounts.--The credit
allowed under paragraph (1) shall not be taken into account for
purposes of determining the amount of any deduction allowed
under chapter 1 for taxes imposed under subsection (a).''.
(3) Effective date.--The amendments made by this subsection
shall apply to credits determined for taxable years beginning
after December 31, 2014.
(c) Credit Allowed Against Alternative Minimum Tax.--
(1) In general.--Subparagraph (B) of section 38(c)(4) is
amended--
(A) by redesignating clauses (ii), (iii), (iv),
(v), (vi), (vii), (viii), and (ix) as clauses (iii),
(iv), (v), (vi), (vii), (viii), (ix), and (x),
respectively, and
(B) by inserting after clause (i) the following new
clause:
``(ii) the credit determined under section
41 with respect to an eligible small business
(as defined in paragraph (5)(C), after
application of rules similar to the rules of
paragraph (5)(D)),''.
(2) Effective date.--The amendments made by this subsection
shall apply to credits determined for taxable years beginning
after December 31, 2014, and to carrybacks of such credits.
SEC. 112. EXTENSION AND MODIFICATION OF TEMPORARY MINIMUM LOW-INCOME
HOUSING TAX CREDIT RATE FOR NON-FEDERALLY SUBSIDIZED
BUILDINGS.
(a) In General.--Subparagraph (A) of section 42(b)(2) is amended by
striking ``January 1, 2015'' and inserting ``January 1, 2017''.
(b) Temporary Minimum Credit Rate for Non-federally Subsidized
Existing Buildings.--Subsection (b) of section 42 is amended by
redesignating paragraph (3) as paragraph (4) and by inserting after
paragraph (2) the following new paragraph:
``(3) Temporary minimum credit rate for non-federally
subsidized existing buildings.--In the case of any existing
building--
``(A) which is placed in service by the taxpayer
after the date of the enactment of the Tax Relief
Extension Act of 2015 with respect to housing credit
dollar amount allocations made before January 1, 2017,
and
``(B) which is not federally subsidized for the
taxable year,
the applicable percentage shall not be less than 4 percent.''.
(c) Effective Date.--The amendments made by this section shall take
effect on January 1, 2015.
SEC. 113. EXTENSION OF MILITARY HOUSING ALLOWANCE EXCLUSION FOR
DETERMINING WHETHER A TENANT IN CERTAIN COUNTIES IS LOW-
INCOME.
(a) In General.--Subsection (b) of section 3005 of the Housing
Assistance Tax Act of 2008 is amended by striking ``January 1, 2015''
each place it appears and inserting ``January 1, 2017''.
(b) Effective Date.--The amendments made by this section shall take
effect as if included in the enactment of section 3005 of the Housing
Assistance Tax Act of 2008.
SEC. 114. EXTENSION OF INDIAN EMPLOYMENT TAX CREDIT.
(a) In General.--Subsection (f) of section 45A is amended by
striking ``December 31, 2014'' and inserting ``December 31, 2016''.
(b) Effective Date.--The amendment made by this section shall apply
to taxable years beginning after December 31, 2014.
SEC. 115. EXTENSION AND MODIFICATION OF NEW MARKETS TAX CREDIT.
(a) In General.--Paragraph (1) of section 45D(f) is amended by
striking the period at the end of subparagraph (G) and inserting ``,
and'' and by adding at the end the following new subparagraph:
``(H) $3,940,000,000 for 2015 and 2016.''.
(b) Carryover of Unused Limitation.--Paragraph (3) of section
45D(f) is amended by striking ``2019'' and inserting ``2021''.
(c) Effective Date.--The amendments made by this section shall
apply to calendar years beginning after December 31, 2014.
SEC. 116. EXTENSION AND MODIFICATION OF RAILROAD TRACK MAINTENANCE
CREDIT.
(a) In General.--Subsection (f) of section 45G is amended by
striking ``January 1, 2015'' and inserting ``January 1, 2017''.
(b) Expenditures.--Subsection (d) of section 45G is amended by
striking ``January 1, 2005,'' and inserting ``January 1, 2015 (January
1, 2005, in the case of expenditures in taxable years beginning after
December 31, 2004, and before January 1, 2015)''.
(c) Effective Date.--The amendments made by this section shall
apply to expenditures paid or incurred in taxable years beginning after
December 31, 2014.
SEC. 117. EXTENSION OF MINE RESCUE TEAM TRAINING CREDIT.
(a) In General.--Subsection (e) of section 45N is amended by
striking ``December 31, 2014'' and inserting ``December 31, 2016''.
(b) Effective Date.--The amendment made by this section shall apply
to taxable years beginning after December 31, 2014.
SEC. 118. EXTENSION AND MODIFICATION OF EMPLOYER WAGE CREDIT FOR
EMPLOYEES WHO ARE ACTIVE DUTY MEMBERS OF THE UNIFORMED
SERVICES.
(a) In General.--Subsection (f) of section 45P is amended by
striking ``December 31, 2014'' and inserting ``December 31, 2016''.
(b) Applicability to All Employers.--
(1) In general.--Subsection (a) of section 45P is amended
by striking ``, in the case of an eligible small business
employer''.
(2) Conforming amendment.--Paragraph (3) of section 45P(b)
is amended to read as follows:
``(3) Controlled groups.--All persons treated as a single
employer under subsection (b), (c), (m), or (o) of section 414
shall be treated as a single employer.''.
(c) Expansion to 100 Percent of Eligible Differential Wage
Payments.--Subsection (a) of section 45P is amended by striking ``20
percent of the sum'' and inserting ``the sum''.
(d) Effective Date.--The amendments made by this section shall
apply to payments made after December 31, 2014.
SEC. 119. EXTENSION AND MODIFICATION OF WORK OPPORTUNITY TAX CREDIT.
(a) In General.--Paragraph (4) of section 51(c) is amended by
striking ``December 31, 2014'' and inserting ``December 31, 2016''.
(b) Credit for Hiring Long-term Unemployment Recipients.--
(1) In general.--Paragraph (1) of section 51(d) is amended
by striking ``or'' at the end of subparagraph (H), by striking
the period at the end of subparagraph (I) and inserting ``,
or'', and by adding at the end the following new subparagraph:
``(J) a qualified long-term unemployment
recipient.''.
(2) Qualified long-term unemployment recipient.--Subsection
(d) of section 51 is amended by adding at the end the following
new paragraph:
``(15) Qualified long-term unemployment recipient.--The
term `qualified long-term unemployment recipient' means any
individual who is certified by the designated local agency as
being in a period of unemployment which--
``(A) is not less than 27 consecutive weeks, and
``(B) includes a period in which the individual was
receiving unemployment compensation under State or
Federal law.''.
(c) Effective Date.--The amendments made by this section shall
apply to individuals who begin work for the employer after December 31,
2014.
SEC. 120. EXTENSION AND MODIFICATION OF QUALIFIED ZONE ACADEMY BONDS.
(a) Extension.--Paragraph (1) of section 54E(c) is amended by
striking ``and 2014'' and inserting ``2014, 2015, and 2016''.
(b) Reduction of Private Business Contribution Requirement.--
Subsection (b) of section 54E is amended by striking ``10 percent'' and
inserting ``5 percent''.
(c) Effective Date.--The amendments made by this section shall
apply to obligations issued after December 31, 2014.
SEC. 121. EXTENSION OF CLASSIFICATION OF CERTAIN RACE HORSES AS 3-YEAR
PROPERTY.
(a) In General.--Clause (i) of section 168(e)(3)(A) is amended--
(1) by striking ``January 1, 2015'' in subclause (I) and
inserting ``January 1, 2017'', and
(2) by striking ``December 31, 2014'' in subclause (II) and
inserting ``December 31, 2016''.
(b) Effective Date.--The amendments made by this section shall
apply to property placed in service after December 31, 2014.
SEC. 122. EXTENSION OF 15-YEAR STRAIGHT-LINE COST RECOVERY FOR
QUALIFIED LEASEHOLD IMPROVEMENTS, QUALIFIED RESTAURANT
BUILDINGS AND IMPROVEMENTS, AND QUALIFIED RETAIL
IMPROVEMENTS.
(a) In General.--Clauses (iv), (v), and (ix) of section
168(e)(3)(E) are each amended by striking ``January 1, 2015'' and
inserting ``January 1, 2017''.
(b) Effective Date.--The amendments made by this section shall
apply to property placed in service after December 31, 2014.
SEC. 123. EXTENSION OF 7-YEAR RECOVERY PERIOD FOR MOTORSPORTS
ENTERTAINMENT COMPLEXES.
(a) In General.--Subparagraph (D) of section 168(i)(15) is amended
by striking ``December 31, 2014'' and inserting ``December 31, 2016''.
(b) Effective Date.--The amendment made by this section shall apply
to property placed in service after December 31, 2014.
SEC. 124. EXTENSION AND MODIFICATION OF ACCELERATED DEPRECIATION FOR
BUSINESS PROPERTY ON AN INDIAN RESERVATION.
(a) In General.--Paragraph (8) of section 168(j) is amended by
striking ``December 31, 2014'' and inserting ``December 31, 2016''.
(b) Election to Have Special Rules Not Apply.--Subsection (j) of
section 168 is amended by redesignating paragraph (8), as amended by
subsection (a), as paragraph (9), and by inserting after paragraph (7)
the following new paragraph:
``(8) Election out.--If a taxpayer makes an election under
this paragraph with respect to any class of property for any
taxable year, this subsection shall not apply to all property
in such class placed in service during such taxable year. Such
election, once made, shall be irrevocable.''.
(c) Effective Date.--The amendments made by this section shall
apply to property placed in service after December 31, 2014.
SEC. 125. EXTENSION OF BONUS DEPRECIATION.
(a) In General.--Paragraph (2) of section 168(k) is amended--
(1) by striking ``January 1, 2016'' in subparagraph (A)(iv)
and inserting ``January 1, 2018'', and
(2) by striking ``January 1, 2015'' each place it appears
and inserting ``January 1, 2017''.
(b) Special Rule for Federal Long-Term Contracts.--Clause (ii) of
section 460(c)(6)(B) is amended by striking ``January 1, 2015 (January
1, 2016'' and inserting ``January 1, 2017 (January 1, 2018''.
(c) Extension of Election To Accelerate the AMT Credit in Lieu of
Bonus Depreciation.--
(1) In general.--Subclause (II) of section
168(k)(4)(D)(iii) is amended by striking ``January 1, 2015''
and inserting ``January 1, 2017''.
(2) Round 5 extension property.--Paragraph (4) of section
168(k) is amended by adding at the end the following new
subparagraph:
``(L) Special rules for round 5 extension
property.--
``(i) In general.--In the case of round 5
extension property, in applying this paragraph
to any taxpayer--
``(I) the limitation described in
subparagraph (B)(i) and the business
credit increase amount under
subparagraph (E)(iii) thereof shall not
apply, and
``(II) the bonus depreciation
amount, maximum amount, and maximum
increase amount shall be computed
separately from amounts computed with
respect to eligible qualified property
which is not round 5 extension
property.
``(ii) Election.--
``(I) A taxpayer who has an
election in effect under this paragraph
for round 4 extension property shall be
treated as having an election in effect
for round 5 extension property unless
the taxpayer elects to not have this
paragraph apply to round 5 extension
property.
``(II) A taxpayer who does not have
an election in effect under this
paragraph for round 4 extension
property may elect to have this
paragraph apply to round 5 extension
property.
``(iii) Round 5 extension property.--For
purposes of this subparagraph, the term `round
5 extension property' means property which is
eligible qualified property solely by reason of
the extension of the application of the special
allowance under paragraph (1) pursuant to the
amendments made by section 125(a) of the Tax
Relief Extension Act of 2015 (and the
application of such extension to this paragraph
pursuant to the amendment made by section
125(c) of such Act).''.
(d) Conforming Amendments.--
(1) The heading for subsection (k) of section 168 is
amended by striking ``January 1, 2015'' and inserting ``January
1, 2017''.
(2) The heading for clause (ii) of section 168(k)(2)(B) is
amended by striking ``pre-january 1, 2015'' and inserting
``pre-january 1, 2017''.
(3) Subparagraph (C) of section 168(n)(2) is amended by
striking ``January 1, 2015'' and inserting ``January 1, 2017''.
(4) Subparagraph (D) of section 1400L(b)(2) is amended by
striking ``January 1, 2015'' and inserting ``January 1, 2017''.
(5) Subparagraph (B) of section 1400N(d)(3) is amended by
striking ``January 1, 2015'' and inserting ``January 1, 2017''.
(e) Effective Date.--The amendments made by this section shall
apply to property placed in service after December 31, 2014, in taxable
years ending after such date.
SEC. 126. EXTENSION OF ENHANCED CHARITABLE DEDUCTION FOR CONTRIBUTIONS
OF FOOD INVENTORY.
(a) In General.--Clause (iv) of section 170(e)(3)(C) is amended by
striking ``December 31, 2014'' and inserting ``December 31, 2016''.
(b) Effective Date.--The amendment made by this section shall apply
to contributions made after December 31, 2014.
SEC. 127. EXTENSION AND MODIFICATION OF INCREASED EXPENSING LIMITATIONS
AND TREATMENT OF CERTAIN REAL PROPERTY AS SECTION 179
PROPERTY.
(a) In General.--
(1) Dollar limitation.--Section 179(b)(1) is amended--
(A) by striking ``2015'' in subparagraph (B) and
inserting ``2017'', and
(B) by striking ``2014'' in subparagraph (C) and
inserting ``2016''.
(2) Reduction in limitation.--Section 179(b)(2) is
amended--
(A) by striking ``2015'' in subparagraph (B) and
inserting ``2017'', and
(B) by striking ``2014'' in subparagraph (C) and
inserting ``2016''.
(b) Computer Software.--Section 179(d)(1)(A)(ii) is amended by
striking ``2015'' and inserting ``2017''.
(c) Election.--Section 179(c)(2) is amended by striking ``2015''
and inserting ``2017''.
(d) Special Rules for Treatment of Qualified Real Property.--
(1) In general.--Section 179(f)(1) is amended by striking
``2015'' and inserting ``2017''.
(2) Carryover limitation.--
(A) In general.--Section 179(f)(4) is amended by
striking ``2014'' each place it appears and inserting
``2016''.
(B) Conforming amendment.--The heading of
subparagraph (C) of section 179(f)(4) is amended by
striking ``and 2013'' and inserting ``2013, 2014, and
2015''.
(e) Adjustment for Inflation.--Subsection (b) of section 179 is
amended by adding at the end the following new paragraph:
``(6) Inflation adjustment.--
``(A) In general.--In the case of any taxable year
beginning after 2014, the $500,000 amount in paragraph
(1)(B) and the $2,000,000 amount in paragraph (2)(B)
shall each be increased by an amount equal to--
``(i) such dollar amount, multiplied by
``(ii) the cost-of-living adjustment
determined under section 1(f)(3) for the
calendar year in which the taxable year begins,
by substituting `calendar year 2013' for
`calendar year 1992' in subparagraph (B)
thereof.
``(B) Rounding.--
``(i) Dollar limitation.--If the amount in
paragraph (1)(B) as increased under
subparagraph (A) is not a multiple of $1,000,
such amount shall be rounded to the nearest
multiple of $1,000.
``(ii) Phaseout amount.--If the amount in
paragraph (2)(B) as increased under
subparagraph (A) is not a multiple of $10,000,
such amount shall be rounded to the nearest
multiple of $10,000.''.
(f) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after December 31, 2014.
SEC. 128. EXTENSION OF ELECTION TO EXPENSE MINE SAFETY EQUIPMENT.
(a) In General.--Subsection (g) of section 179E is amended by
striking ``December 31, 2014'' and inserting ``December 31, 2016''.
(b) Effective Date.--The amendment made by this section shall apply
to property placed in service after December 31, 2014.
SEC. 129. EXTENSION OF SPECIAL EXPENSING RULES FOR CERTAIN FILM AND
TELEVISION PRODUCTIONS; SPECIAL EXPENSING FOR LIVE
THEATRICAL PRODUCTIONS.
(a) In General.--Subsection (f) of section 181 is amended by
striking ``December 31, 2014'' and inserting ``December 31, 2016''.
(b) Application to Live Productions.--
(1) In general.--Paragraph (1) of section 181(a) is amended
by inserting ``, and any qualified live theatrical
production,'' after ``any qualified film or television
production''.
(2) Conforming amendments.--Section 181 is amended--
(A) by inserting ``or any qualified live theatrical
production'' after ``qualified film or television
production'' each place it appears in subsections
(a)(2), (b), and (c)(1),
(B) by inserting ``or qualified live theatrical
productions'' after ``qualified film or television
productions'' in subsection (f), and
(C) by inserting ``and live theatrical'' after
``film and television'' in the heading.
(3) Clerical amendment.--The item relating to section 181
in the table of sections for part VI of subchapter B of chapter
1 is amended to read as follows:
``Sec. 181. Treatment of certain qualified film and television and live
theatrical productions.''.
(c) Qualified Live Theatrical Production.--Section 181 is amended--
(1) by redesignating subsections (e) and (f), as amended by
subsections (a) and (b), as subsections (f) and (g),
respectively, and
(2) by inserting after subsection (d) the following new
subsection:
``(e) Qualified Live Theatrical Production.--For purposes of this
section--
``(1) In general.--The term `qualified live theatrical
production' means any production described in paragraph (2) if
75 percent of the total compensation of the production is
qualified compensation (as defined in subsection (d)(3)).
``(2) Production.--
``(A) In general.--A production is described in
this paragraph if such production is a live staged
production of a play (with or without music) which is
derived from a written book or script and is produced
or presented by a taxable entity in any venue which has
an audience capacity of not more than 3,000 or a series
of venues the majority of which have an audience
capacity of not more than 3,000.
``(B) Touring companies, etc.--In the case of
multiple live staged productions--
``(i) for which the election under this
section would be allowable to the same
taxpayer, and
``(ii) which are--
``(I) separate phases of a
production, or
``(II) separate simultaneous
stagings of the same production in
different geographical locations (not
including multiple performance
locations of any one touring
production),
each such live staged production shall be treated as a
separate production.
``(C) Phase.--For purposes of subparagraph (B), the
term `phase' with respect to any qualified live
theatrical production refers to each of the following,
but only if each of the following is treated by the
taxpayer as a separate activity for all purposes of
this title:
``(i) The initial staging of a live
theatrical production.
``(ii) Subsequent additional stagings or
touring of such production which are produced
by the same producer as the initial staging.
``(D) Seasonal productions.--
``(i) In general.--In the case of a live
staged production not described in subparagraph
(B) which is produced or presented by a taxable
entity for not more than 10 weeks of the
taxable year, subparagraph (A) shall be applied
by substituting `6,500' for `3,000'.
``(ii) Short taxable years.--For purposes
of clause (i), in the case of any taxable year
of less than 12 months, the number of weeks for
which a production is produced or presented
shall be annualized by multiplying the number
of weeks the production is produced or
presented during such taxable year by 12 and
dividing the result by the number of months in
such taxable year.
``(E) Exception.--A production is not described in
this paragraph if such production includes or consists
of any performance of conduct described in section
2257(h)(1) of title 18, United States Code.''.
(d) Effective Dates.--
(1) In general.--The amendments made by this section shall
apply to productions commencing after December 31, 2014.
(2) Commencement.--For purposes of paragraph (1), the date
on which a qualified live theatrical production commences is
the date of the first public performance of such production for
a paying audience.
SEC. 130. EXTENSION OF DEDUCTION ALLOWABLE WITH RESPECT TO INCOME
ATTRIBUTABLE TO DOMESTIC PRODUCTION ACTIVITIES IN PUERTO
RICO.
(a) In General.--Subparagraph (C) of section 199(d)(8) is amended--
(1) by striking ``first 9 taxable years'' and inserting
``first 11 taxable years'', and
(2) by striking ``January 1, 2015'' and inserting ``January
1, 2017''.
(b) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after December 31, 2014.
SEC. 131. EXTENSION OF MODIFICATION OF TAX TREATMENT OF CERTAIN
PAYMENTS TO CONTROLLING EXEMPT ORGANIZATIONS.
(a) In General.--Clause (iv) of section 512(b)(13)(E) is amended by
striking ``December 31, 2014'' and inserting ``December 31, 2016''.
(b) Effective Date.--The amendment made by this section shall apply
to payments received or accrued after December 31, 2014.
SEC. 132. EXTENSION OF TREATMENT OF CERTAIN DIVIDENDS OF REGULATED
INVESTMENT COMPANIES.
(a) In General.--Paragraphs (1)(C)(v) and (2)(C)(v) of section
871(k) are each amended by striking ``December 31, 2014'' and inserting
``December 31, 2016''.
(b) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after December 31, 2014.
SEC. 133. EXTENSION OF RIC QUALIFIED INVESTMENT ENTITY TREATMENT UNDER
FIRPTA.
(a) In General.--Clause (ii) of section 897(h)(4)(A) is amended by
striking ``December 31, 2014'' and inserting ``December 31, 2016''.
(b) Effective Date.--
(1) In general.--The amendment made by this section shall
take effect on January 1, 2015. Notwithstanding the preceding
sentence, such amendment shall not apply with respect to the
withholding requirement under section 1445 of the Internal
Revenue Code of 1986 for any payment made before the date of
the enactment of this Act.
(2) Amounts withheld on or before date of enactment.--In
the case of a regulated investment company--
(A) which makes a distribution after December 31,
2014, and before the date of the enactment of this Act,
and
(B) which would (but for the second sentence of
paragraph (1)) have been required to withhold with
respect to such distribution under section 1445 of such
Code,
such investment company shall not be liable to any person to
whom such distribution was made for any amount so withheld and
paid over to the Secretary of the Treasury.
SEC. 134. EXTENSION OF SUBPART F EXCEPTION FOR ACTIVE FINANCING INCOME.
(a) Exempt Insurance Income.--Paragraph (10) of section 953(e) is
amended--
(1) by striking ``January 1, 2015'' and inserting ``January
1, 2017'', and
(2) by striking ``December 31, 2014'' and inserting
``December 31, 2016''.
(b) Special Rule for Income Derived in the Active Conduct of
Banking, Financing, or Similar Businesses.--Paragraph (9) of section
954(h) is amended by striking ``January 1, 2015'' and inserting
``January 1, 2017''.
(c) Effective Date.--The amendments made by this section shall
apply to taxable years of foreign corporations beginning after December
31, 2014, and to taxable years of United States shareholders with or
within which any such taxable year of such foreign corporation ends.
SEC. 135. EXTENSION OF LOOK-THRU TREATMENT OF PAYMENTS BETWEEN RELATED
CONTROLLED FOREIGN CORPORATIONS UNDER FOREIGN PERSONAL
HOLDING COMPANY RULES.
(a) In General.--Subparagraph (C) of section 954(c)(6) is amended
by striking ``January 1, 2015'' and inserting ``January 1, 2017''.
(b) Effective Date.--The amendment made by this section shall apply
to taxable years of foreign corporations beginning after December 31,
2014, and to taxable years of United States shareholders with or within
which such taxable years of foreign corporations end.
SEC. 136. EXTENSION OF TEMPORARY EXCLUSION OF 100 PERCENT OF GAIN ON
CERTAIN SMALL BUSINESS STOCK.
(a) In General.--Paragraph (4) of section 1202(a) is amended--
(1) by striking ``January 1, 2015'' and inserting ``January
1, 2017'', and
(2) by striking ``and 2014'' in the heading and inserting
``2014, 2015, and 2016''.
(b) Effective Date.--The amendments made by this section shall
apply to stock acquired after December 31, 2014.
SEC. 137. EXTENSION OF BASIS ADJUSTMENT TO STOCK OF S CORPORATIONS
MAKING CHARITABLE CONTRIBUTIONS OF PROPERTY.
(a) In General.--Paragraph (2) of section 1367(a) is amended by
striking ``December 31, 2014'' and inserting ``December 31, 2016''.
(b) Effective Date.--The amendment made by this section shall apply
to contributions made in taxable years beginning after December 31,
2014.
SEC. 138. EXTENSION OF REDUCTION IN S-CORPORATION RECOGNITION PERIOD
FOR BUILT-IN GAINS TAX.
(a) In General.--Subparagraph (C) of section 1374(d)(7) is
amended--
(1) by striking ``or 2014'' and inserting ``2014, 2015, or
2016'', and
(2) by striking ``and 2014'' in the heading and inserting
``2014, 2015, and 2016''.
(b) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after December 31, 2014.
SEC. 139. EXTENSION AND MODIFICATION OF EMPOWERMENT ZONE TAX
INCENTIVES.
(a) In General.--
(1) Extension.--Clause (i) of section 1391(d)(1)(A) is
amended by striking ``December 31, 2014'' and inserting
``December 31, 2016''.
(2) Treatment of certain termination dates specified in
nominations.--In the case of a designation of an empowerment
zone the nomination for which included a termination date which
is contemporaneous with the date specified in subparagraph
(A)(i) of section 1391(d)(1) of the Internal Revenue Code of
1986 (as in effect before the enactment of this Act),
subparagraph (B) of such section shall not apply with respect
to such designation if, after the date of the enactment of this
section, the entity which made such nomination amends the
nomination to provide for a new termination date in such manner
as the Secretary of the Treasury (or the Secretary's designee)
may provide.
(3) Effective date.--The amendment made by this subsection
shall apply to periods after December 31, 2014.
(b) Modification.--Clause (i) of section 1394(b)(3)(B) is amended--
(1) by striking ``References'' and inserting the following:
``(I) In general.--Except as
provided in subclause (II),
references'', and
(2) by adding at the end the following new subclause:
``(II) Special rule for employee
residence test.--For purposes of
subsection (b)(6) and (c)(5) of section
1397C, an employee shall be treated as
a resident of an empowerment zone if
such employee is a resident of an
empowerment zone, an enterprise
community, or a qualified low-income
community within an applicable
nominating jurisdiction.''.
(c) Definitions.--
(1) Qualified low-income community.--Paragraph (3) of
section 1394(b) is amended by redesignating subparagraphs (C)
and (D) as subparagraphs (D) and (E), respectively, and by
inserting after subparagraph (B) the following new
subparagraph:
``(C) Qualified low-income community.--For purposes
of subparagraph (B)--
``(i) In general.--The term `qualified low-
income community' means any population census
tract if--
``(I) the poverty rate for such
tract is at least 20 percent, or
``(II) the median family income for
such tract does not exceed 80 percent
of statewide median family income (or,
in the case of a tract located within a
metropolitan area, metropolitan area
median family income if greater).
Subclause (II) shall be applied using
possessionwide median family income in the case
of census tracts located within a possession of
the United States.
``(ii) Targeted populations.--The Secretary
shall prescribe regulations under which 1 or
more targeted populations (within the meaning
of section 103(20) of the Riegle Community
Development and Regulatory Improvement Act of
1994) may be treated as qualified low-income
communities.
``(iii) Areas not within census tracts.--In
the case of an area which is not tracted for
population census tracts, the equivalent county
divisions (as defined by the Bureau of the
Census for purposes of defining poverty areas)
shall be used for purposes of determining
poverty rates and median family income.
``(iv) Modification of income requirement
for census tracts within high migration rural
counties.--
``(I) In general.--In the case of a
population census tract located within
a high migration rural county, clause
(i)(II) shall be applied to areas not
located within a metropolitan area by
substituting `85 percent' for `80
percent'.
``(II) High migration rural
county.--For purposes of this clause,
the term `high migration rural county'
means any county which, during the 20-
year period ending with the year in
which the most recent census was
conducted, has a net out-migration of
inhabitants from the county of at least
10 percent of the population of the
county at the beginning of such
period.''.
(2) Applicable nominating jurisdiction.--Subparagraph (D)
of section 1394(b)(3), as redesignated by paragraph (1), is
amended by adding at the end the following new clause:
``(iii) Applicable nominating
jurisdiction.--The term `applicable nominating
jurisdiction' means, with respect to any
empowerment zone or enterprise community, any
local government that nominated such community
for designation under section 1391.''.
(d) Conforming Amendments.--
(1) Clause (iii) of section 1394(b)(3)(B) is amended by
striking ``or an enterprise community'' and inserting ``, an
enterprise community, or a qualified low-income community
within an applicable nominating jurisdiction''.
(2) Subparagraph (D) of section 1394(b)(3), as redesignated
by subsection (c)(1), is amended by striking ``Definitions''
and inserting ``Other definitions''.
(e) Effective Date.--The amendments made by subsections (b), (c),
and (d) shall apply to bonds issued before, on, or after the date of
the enactment of this Act and not redeemed before the date of the
enactment of this Act.
SEC. 140. EXTENSION OF TEMPORARY INCREASE IN LIMIT ON COVER OVER OF RUM
EXCISE TAXES TO PUERTO RICO AND THE VIRGIN ISLANDS.
(a) In General.--Paragraph (1) of section 7652(f) is amended by
striking ``January 1, 2015'' and inserting ``January 1, 2017''.
(b) Effective Date.--The amendment made by this section shall apply
to distilled spirits brought into the United States after December 31,
2014.
SEC. 141. EXTENSION OF AMERICAN SAMOA ECONOMIC DEVELOPMENT CREDIT.
(a) In General.--Subsection (d) of section 119 of division A of the
Tax Relief and Health Care Act of 2006 is amended--
(1) by striking ``January 1, 2015'' each place it appears
and inserting ``January 1, 2017'',
(2) by striking ``first 9 taxable years'' in paragraph (1)
and inserting ``first 11 taxable years'', and
(3) by striking ``first 3 taxable years'' in paragraph (2)
and inserting ``first 5 taxable years''.
(b) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after December 31, 2014.
Subtitle C--Energy Tax Extenders
SEC. 151. EXTENSION AND MODIFICATION OF CREDIT FOR NONBUSINESS ENERGY
PROPERTY.
(a) In General.--Paragraph (2) of section 25C(g) is amended by
striking ``December 31, 2014'' and inserting ``December 31, 2016''.
(b) Updated Energy Star Requirements for Windows, Doors, Skylights,
and Roofing.--
(1) In general.--Paragraph (1) of section 25C(c) is amended
by striking ``which meets'' and all that follows through
``requirements)''.
(2) Energy efficient building envelope component.--
Subsection (c) of section 25C is amended by redesignating
paragraphs (2) and (3) as paragraphs (3) and (4), respectively,
and by inserting after paragraph (1) the following new
paragraph:
``(2) Energy efficient building envelope component.--The
term `energy efficient building envelope component' means a
building envelope component which meets--
``(A) applicable Energy Star program requirements,
in the case of a roof or roof products,
``(B) version 6.0 Energy Star program requirements,
in the case of an exterior window, a skylight, or an
exterior door, and
``(C) the prescriptive criteria for such component
established by the 2009 International Energy
Conservation Code, as such Code (including supplements)
is in effect on the date of the enactment of the
American Recovery and Reinvestment Tax Act of 2009, in
the case of any other component.''.
(3) Conforming amendment.--Subparagraph (D) of section
25C(c)(3), as so redesignated, is amended to read as follows:
``(D) any roof or roof products which are installed
on a dwelling unit and are specifically and primarily
designed to reduce the heat gain of such dwelling
unit.''.
(c) Separate Standards for Tankless and Storage Water Heaters.--
(1) In general.--Subparagraph (D) of section 25C(d)(3) is
amended by striking ``which has either'' and all that follows
and inserting ``which has either--
``(i) in the case of a storage water
heater, an energy factor of at least 0.80 or a
thermal efficiency of at least 90 percent, and
``(ii) in the case of any other water
heater, an energy factor of at least 0.90 or a
thermal efficiency of at least 90 percent,
and''.
(2) Storage water heaters.--Paragraph (3) of section 25C(d)
is amended by adding at the end the following flush sentence:
``For purposes of subparagraph (D)(i), the term `storage water
heater' means a water heater that has a water storage capacity
of more than 20 gallons but not more than 55 gallons.''.
(d) Modification of Testing Standards for Biomass Stoves.--
Subparagraph (E) of section 25C(d)(3) is amended by inserting before
the period the following: ``, when tested using the higher heating
value of the fuel and in accordance with the Canadian Standards
Administration B415.1 test protocol''.
(e) Separate Standard for Oil Hot Water Boilers.--Paragraph (4) of
section 25C(d) is amended by striking ``95'' and inserting ``95 (90 in
the case of an oil hot water boiler)''.
(f) Installation Costs for Qualified Energy Efficiency
Improvements.--Paragraph (1) of subsection (c) of section 25C is
amended by adding at the end the following flush sentence:
``Such term includes expenditures for labor costs properly
allocable to the onsite preparation, assembly, or original
installation of the component.''.
(g) Effective Date.--The amendments made by this section shall
apply to property placed in service after December 31, 2014.
SEC. 152. EXTENSION OF CREDIT FOR NEW QUALIFIED FUEL CELL MOTOR
VEHICLES.
(a) In General.--Paragraph (1) of section 30B(k) is amended by
striking ``December 31, 2014'' and inserting ``December 31, 2016''.
(b) Effective Date.--The amendment made by this section shall apply
to property purchased after December 31, 2014.
SEC. 153. EXTENSION OF CREDIT FOR ALTERNATIVE FUEL VEHICLE REFUELING
PROPERTY.
(a) In General.--Subsection (g) of section 30C is amended by
striking ``December 31, 2014'' and inserting ``December 31, 2016''.
(b) Effective Date.--The amendment made by this section shall apply
to property placed in service after December 31, 2014.
SEC. 154. EXTENSION OF SECOND GENERATION BIOFUEL PRODUCER CREDIT.
(a) In General.--Clause (i) of section 40(b)(6)(J) is amended by
striking ``January 1, 2015'' and inserting ``January 1, 2017''.
(b) Effective Date.--The amendment made by this subsection shall
apply to qualified second generation biofuel production after December
31, 2014.
SEC. 155. EXTENSION AND REFORM OF BIODIESEL TAX INCENTIVES.
(a) Income Tax Credit.--
(1) Extension.--
(A) Credits for biodiesel and renewable diesel used
as fuel.--Subsection (g) of section 40A is amended by
striking ``December 31, 2014'' and inserting ``December
31, 2016''.
(B) Effective date.--The amendment made by this
paragraph shall apply to fuel sold or used after
December 31, 2014.
(2) Reform of income tax credit.--
(A) In general.--So much of section 40A as precedes
subsection (c) is amended to read as follows:
``SEC. 40A. BIODIESEL FUELS CREDIT.
``(a) In General.--For purposes of section 38, in the case of an
eligible taxpayer, the biodiesel fuels credit determined under this
section for the taxable year is $1.00 for each gallon of biodiesel
produced by the taxpayer which during the taxable year--
``(1) is sold by the producer of such biodiesel to another
person--
``(A) for use by such other person's trade or
business as a fuel or in the production of a biodiesel
mixture (other than casual off-farm production), or
``(B) who sells such biodiesel at retail to another
person and places such biodiesel in the fuel tank of
such other person, or
``(2) is used by such producer for any purpose described in
paragraph (1).
``(b) Increased Credit for Small Producers.--
``(1) In general.--In the case of any eligible small
biodiesel producer, subsection (a) shall be applied by
increasing the dollar amount contained therein by 10 cents.
``(2) Limitation.--Paragraph (1) shall only apply with
respect to the first 15,000,000 gallons of biodiesel produced
by any eligible small biodiesel producer during any taxable
year.''.
(B) Definitions and special rules.--Section 40A(d)
is amended by striking all that follows paragraph (1)
and inserting the following
``(2) Eligible taxpayer.--
``(A) In general.--The term `eligible taxpayer'
means, with respect to any gallon of biodiesel, the
producer of such gallon if such producer has paid the
tax imposed by section 4081 on such biodiesel.
``(B) Special rule for eligible discretionary
blenders.--For purposes of this section (other than
subsection (b)), an eligible discretionary blender
shall be treated as the producer of any gallon of
biodiesel which is used to make a qualified biodiesel
mixture if--
``(i) the producer of such biodiesel
(determined without regard to this
subparagraph)--
``(I) did not pay the tax imposed
under section 4081 with respect to such
gallon, and
``(II) assigns the credit allowed
under this section to the eligible
discretionary blender in such form and
manner as provided by the Secretary,
and
``(ii) such eligible discretionary blender
pays the tax imposed under section 4081 with
respect to such gallon.
For purposes of the preceding sentence, an eligible
discretionary blender shall be treated as producing a
gallon of biodiesel in the taxable year in which the
sale or use of the qualified biodiesel mixture occurs.
``(C) Eligible discretionary blender.--For purposes
of subparagraph (B), the term `eligible discretionary
blender' means any person who--
``(i) is registered under section 4101 as a
blender of qualified biodiesel mixtures, and
``(ii) has used 10,000,000 or more gallons
of biodiesel in the production of qualified
biodiesel mixtures in the preceding taxable
year.
``(3) Biodiesel mixture; qualified biodiesel mixture.--
``(A) Biodiesel mixture.--The term `biodiesel
mixture' means a mixture consists of biodiesel and
diesel fuel (as defined in section 4083(a)(3)),
determined without regard to any use of kerosene.
``(B) Qualified biodiesel mixture.--
``(i) In general.--The term `qualified
biodiesel mixture' means a biodiesel mixture
which is produced by an eligible discretionary
blender and--
``(I) sold by such eligible
discretionary blender to any person for
use as a fuel, or
``(II) used by such eligible
discretionary blender as a fuel.
``(ii) Sale or use must be in trade or
business, etc.--A biodiesel mixture shall not
be treated as a qualified biodiesel mixture
unless the sale or use described in clause (i)
is in a trade or business of the eligible
discretionary blender.
``(4) Biodiesel not used for a qualified purpose.--If--
``(A) any credit was determined with respect to any
biodiesel under this section, and
``(B) any person uses such biodiesel for a purpose
not described in subsection (a),
then there is hereby imposed on such person a tax equal to the
product of the rate applicable under subsection (a) and the
number of gallons of such biodiesel.
``(5) Pass-thru in the case of estates and trusts.--Under
regulations prescribed by the Secretary, rules similar to the
rules of subsection (d) of section 52 shall apply.
``(6) Limitation to biodiesel with connection to the united
states.--No credit shall be determined under subsection (a)
with respect to biodiesel unless such biodiesel is produced in
the United States. For purposes of this paragraph, the term
`United States' includes any possession of the United
States.''.
(C) Rules for small biodiesel producers.--
(i) In general.--Section 40A(e) is
amended--
(I) by striking ``agri-biodiesel''
each place it appears in paragraphs (1)
and (5)(A) and inserting ``biodiesel'',
(II) by striking ``subsection
(b)(4)(C)'' each place it appears in
paragraphs (2) and (3) and inserting
``subsection (b)(2)'', and
(III) by striking ``subsection
(a)(3)'' each place it appears in
paragraphs (5)(A), (6)(A)(i), and
(6)(B)(i) and inserting ``subsection
(b)''.
(ii) The heading for subsection (e) of
section 40A is amended by striking ``Agri-
biodiesel'' and inserting ``Biodiesel''.
(iii) The headings for paragraphs (1) and
(6) of section 40A(e) are each amended by
striking ``agri-biodiesel'' and inserting
``biodiesel''.
(D) Conforming amendments related to renewable
diesel.--Section 40A(f) is amended--
(i) by striking ``Subsection (b)(4)'' and
inserting ``Subsection (b)'', and
(ii) by striking paragraph (4) and
inserting the following:
``(4) Certain aviation fuel.--Except as provided in the
last 3 sentences of paragraph (2), the term `renewable diesel'
shall include fuel derived from biomass which meets the
requirements of a Department of Defense specification for
military jet fuel or an American Society of Testing and
Materials specification for aviation turbine fuel.''.
(E) Registration of eligible discretionary
blenders.--Section 4101(a)(1) is amended--
(i) by striking ``and'' before ``every
person producing second generation biofuel'',
and
(ii) by inserting ``, and every person
producing qualified biodiesel mixtures (as
defined in section 40A(d)(3))'' after ``section
40(b)(6)(E)) in excess of 10,000,000 gallons
per year''.
(F) Clerical amendment.--The table of sections for
subpart D of part IV of subchapter A of chapter 1 is
amended by striking the item relating to section 40A
and inserting the following new item:
``Sec. 40A. Biodiesel fuels credit.''.
(G) Effective date.--The amendments made by this
paragraph shall apply to fuel sold or used after
December 31, 2015.
(b) Excise Tax Incentives.--
(1) Extension.--
(A) In general.--Paragraph (6) of section 6426(c)
is amended by striking ``December 31, 2014'' and
inserting ``December 31, 2016''.
(B) Payments.--Subparagraph (B) of section
6427(e)(6) is amended by striking ``December 31, 2014''
and inserting ``December 31, 2016''.
(C) Effective date.--The amendments made by this
paragraph shall apply to fuel sold or used after
December 31, 2014.
(D) Special rule for certain periods during 2015.--
Notwithstanding any other provision of law, in the case
of any biodiesel mixture credit properly determined
under section 6426(c) of the Internal Revenue Code of
1986 for periods after December 31, 2014, and on or
before the last day of the first calendar quarter
ending after the date of the enactment of this Act,
such credit shall be allowed, and any refund or payment
attributable to such credit (including any payment
under section 6427(e) of such Code) shall be made, only
in such manner as the Secretary of the Treasury (or the
Secretary's delegate) shall provide. Such Secretary
shall issue guidance within 30 days after the date of
the enactment of this Act providing for a one-time
submission of claims covering periods described in the
preceding sentence. Such guidance shall provide for a
180-day period for the submission of such claims (in
such manner as prescribed by such Secretary) to begin
not later than 30 days after such guidance is issued.
Such claims shall be paid by such Secretary not later
than 60 days after receipt. If such Secretary has not
paid pursuant to a claim filed under this subsection
within 60 days after the date of the filing of such
claim, the claim shall be paid with interest from such
date determined by using the overpayment rate and
method under section 6621 of such Code.
(2) Reform of excise tax credit.--
(A) In general.--Subsection (c) of section 6426 is
amended--
(i) by striking all that precedes paragraph
(6) and inserting the following:
``(c) Biodiesel Production Credit.--
``(1) In general.--For purposes of this section, in the
case of an eligible taxpayer, the biodiesel production credit
is $1.00 for each gallon of biodiesel produced by the taxpayer
and which--
``(A) is sold by such producer to another person--
``(i) for use by such other person's trade
or business as a fuel or in the production of a
biodiesel mixture (other than casual off-farm
production), or
``(ii) who sells such biodiesel at retail
to another person and places such biodiesel in
the fuel tank of such other person, or
``(B) is used by such producer for any purpose
described in subparagraph (A).
``(2) Special rule for eligible discretionary blenders.--
For purposes of this subsection and section 6427(e)(3), an
eligible discretionary blender shall be treated as the producer
of any gallon of biodiesel which is used to make a qualified
biodiesel mixture if--
``(A) the producer of such biodiesel (determined
without regard to this subparagraph)--
``(i) did not pay the tax imposed under
section 4081 with respect to such gallon, and
``(ii) assigns the credit allowed under
this section to the eligible discretionary
blender in such form and manner as provided by
the Secretary, and
``(B) such eligible discretionary blender pays the
tax imposed under section 4081 with respect to such
gallon.
For purposes of the preceding sentence, an eligible
discretionary blender shall not be treated as producing a
gallon of biodiesel before the date on which the sale or use of
the qualified biodiesel mixture occurs.
``(3) Definitions.--Any term used in this subsection which
is also used in section 40A shall have the meaning given such
term by section 40A.'', and
(ii) by redesignating paragraph (6), as
amended by paragraph (1)(A), as paragraph (4).
(B) Producer registration requirement.--Subsection
(a) of section 6426 is amended by striking
``subsections (d) and (e)'' in the flush sentence at
the end and inserting ``subsections (c), (d), and
(e)''.
(C) Recapture.--
(i) In general.--Subsection (f) of section
6426 is amended--
(I) by striking ``or biodiesel''
each place it appears in subparagraphs
(A) and (B)(i) of paragraph (1),
(II) by striking ``or biodiesel
mixture'' in paragraph (1)(A), and
(III) by redesignating paragraph
(2) as paragraph (3) and by inserting
after paragraph (1) the following new
paragraph:
``(2) Biodiesel.--If any credit was determined under this
section or paid pursuant to section 6427(e) with respect to the
production of any biodiesel and any person uses such biodiesel
for a purpose not described in subsection (c)(1), then there is
hereby imposed on such person a tax equal to $1 for each gallon
of such biodiesel.''.
(ii) Conforming amendments.--
(I) Paragraph (3) of section
6426(f), as redesignated by clause
(i)(III), is amended by inserting ``or
(2)'' after ``paragraph (1)''.
(II) The heading for paragraph (1)
of section 6426(f) is amended by
striking ``Imposition of tax'' and
inserting ``In general''.
(D) Limitation.--Section 6426(i) is amended--
(i) in paragraph (2)--
(I) by striking ``biodiesel or'',
and
(II) by striking ``Biodiesel and''
in the heading, and
(ii) by inserting after paragraph (2) the
following new paragraph:
``(3) Biodiesel.--No credit shall be determined under this
section with respect to biodiesel unless such biodiesel is
produced in the United States.''.
(E) Clerical amendments.--
(i) The heading of section 6426 is amended
by striking ``alcohol fuel, biodiesel, and
alternative fuel mixtures'' and inserting
``alcohol fuel mixtures, biodiesel production,
and alternative fuel mixtures''.
(ii) The item relating to section 6426 in
the table of sections for subchapter B of
chapter 65 is amended by striking ``alcohol
fuel, biodiesel, and alternative fuel
mixtures'' and inserting ``alcohol fuel
mixtures, biodiesel production, and alternative
fuel mixtures''.
(F) Effective date.--The amendments made by this
paragraph shall apply to fuel sold or used after
December 31, 2015.
(3) Reform of excise payments of credit.--
(A) In general.--Subsection (e) of section 6427, as
amended by paragraph (1)(B), is amended--
(i) by striking ``or the biodiesel mixture
credit'' in paragraph (1),
(ii) by redesignating paragraphs (3)
through (6) as paragraphs (4) through (7),
respectively, and by inserting after paragraph
(2) the following new paragraph:
``(3) Biodiesel production credit.--If any person produces
biodiesel and sells or uses such biodiesel as provided in
section 6426(c)(1), the Secretary shall pay (without interest)
to such person an amount equal to the biodiesel production
credit with respect to such biodiesel.'',
(iii) by striking ``paragraph (1) or (2)''
each place it appears in paragraphs (4) and
(6), as redesignated by paragraph (2), and
inserting ``paragraph (1), (2), or (3)'',
(iv) by striking ``alternative fuel'' each
place it appears in paragraphs (4) and (6), as
redesignated by paragraph (2), and inserting
``fuel'', and
(v) by striking ``biodiesel mixture (as
defined in section 6426(c)(3))'' in paragraph
(7)(B), as so redesignated, and inserting
``biodiesel (within the meaning of section
40A)''.
(B) Effective date.--The amendments made by this
paragraph shall apply to fuel sold or used after
December 31, 2015.
(c) Treatment of Biodiesel as a Taxable Fuel.--
(1) In general.--
(A) Taxable fuel includes biodiesel.--Paragraph (1)
of section 4083(a) is amended by striking ``and'' at
the end of subparagraph (B), by striking the period at
the end of subparagraph (C) and inserting ``, and'',
and by adding at the end the following new
subparagraph:
``(D) biodiesel.''.
(B) Biodiesel defined.--Subsection (a) of section
4083 is amended by adding at the end the following new
paragraph:
``(4) Biodiesel.--The term `biodiesel' has the meaning
given such term under section 40A(d)(1), determined without
regard to the last sentence thereof.''.
(2) Biodiesel production facilities treated as
refineries.--
(A) In general.--Subsection (a) of section 4081 is
amended by adding at the end the following new
paragraph:
``(5) Biodiesel production facilities and blending
facilities treated as refineries.--For purposes of this part--
``(A) any facility which is used to produce
biodiesel, and
``(B) any biodiesel blending facility,
shall be treated as a refinery with respect to biodiesel.''.
(B) Biodiesel blending facility defined.--Section
4083 is amended by adding at the end the following new
subsection:
``(e) Biodiesel Blending Facility.--For purposes of this subpart,
the term `biodiesel blending facility' means any facility that is
operated by an eligible discretionary blender (as defined in section
40A(d)(2)(C)).''.
(C) Bulk transfers.--Subparagraph (B) of section
4081(a)(1) is amended by adding at the end the
following new clause:
``(iii) Special rules for biodiesel.--The
tax imposed by this paragraph shall not apply
to the removal or entry of biodiesel to any
refinery or terminal if the person removing or
entering the biodiesel and the operator of the
refinery or terminal are registered under
section 4101.''.
(3) Rate of tax.--Subparagraph (A)(iii) of section
4081(a)(2) is amended by striking ``diesel fuel or kerosene''
and inserting ``diesel fuel, kerosene, or biodiesel''.
(4) Exemptions.--
(A) In general.--Section 4082 is amended by
striking ``diesel fuel and kerosene'' each place it
appears in subsections (a), (c), and (g) and inserting
``diesel fuel, kerosene, and biodiesel''.
(B) Conforming amendment.--Subparagraph (A) of
section 4082(d)(1) is amended by inserting
``biodiesel,'' after ``diesel fuel,''.
(5) Other conforming amendments.--
(A) The heading for paragraph (1) of section
4041(a) is amended by striking ``diesel fuel and
kerosene'' and inserting ``diesel fuel, kerosene, and
biodiesel''.
(B) Paragraph (2) of section 6416(b) is amended by
striking ``diesel fuel or kerosene'' and inserting
``diesel fuel, kerosene, or biodiesel''.
(C) Section 6427(l) is amended--
(i) by striking ``diesel fuel or kerosene''
each place it appears in paragraph (1) and
(5)(A) and inserting ``diesel fuel, kerosene,
or biodiesel'',
(ii) by striking ``Diesel Fuel and
Kerosene'' in the heading and inserting
``Diesel Fuel, Kerosene, and Biodiesel'', and
(iii) by striking ``diesel fuel or
kerosene'' in the heading of paragraph (5) and
inserting ``diesel fuel, kerosene, or
biodiesel''.
(D) Section 6715(c)(1) is amended by striking
``diesel fuel or kerosene'' and inserting ``diesel
fuel, kerosene, or biodiesel''.
(6) Effective date.--The amendments made by this subsection
shall apply to biodiesel sold or used after December 31, 2015.
SEC. 156. EXTENSION OF PRODUCTION CREDIT FOR INDIAN COAL FACILITIES
PLACED IN SERVICE BEFORE 2009.
(a) In General.--Subparagraph (A) of section 45(e)(10) is amended
by striking ``9-year period'' each place it appears and inserting ``11-
year period''.
(b) Effective Date.--The amendment made by this section shall apply
to coal produced after December 31, 2014.
SEC. 157. EXTENSION OF CREDITS WITH RESPECT TO FACILITIES PRODUCING
ENERGY FROM CERTAIN RENEWABLE RESOURCES.
(a) In General.--The following provisions of section 45(d) are each
amended by striking ``January 1, 2015'' each place it appears and
inserting ``January 1, 2017'':
(1) Paragraph (1).
(2) Paragraph (2)(A).
(3) Paragraph (3)(A).
(4) Paragraph (4)(B).
(5) Paragraph (6).
(6) Paragraph (7).
(7) Paragraph (9).
(8) Paragraph (11)(B).
(b) Extension of Election to Treat Qualified Facilities as Energy
Property.--Clause (ii) of section 48(a)(5)(C) is amended by striking
``January 1, 2015'' and inserting ``January 1, 2017''.
(c) Effective Dates.--The amendments made by this section shall
take effect on January 1, 2015.
SEC. 158. EXTENSION OF CREDIT FOR ENERGY-EFFICIENT NEW HOMES.
(a) In General.--Subsection (g) of section 45L is amended by
striking ``December 31, 2014'' and inserting ``December 31, 2016''.
(b) Effective Date.--The amendment made by this section shall apply
to homes acquired after December 31, 2014.
SEC. 159. EXTENSION OF SPECIAL ALLOWANCE FOR SECOND GENERATION BIOFUEL
PLANT PROPERTY.
(a) In General.--Subparagraph (D) of section 168(l)(2) is amended
by striking ``January 1, 2015'' and inserting ``January 1, 2017''.
(b) Effective Date.--The amendment made by this section shall apply
to property placed in service after December 31, 2014.
SEC. 160. EXTENSION AND MODIFICATION OF ENERGY EFFICIENT COMMERCIAL
BUILDINGS DEDUCTION.
(a) In General.--Subsection (h) of section 179D is amended by
striking ``December 31, 2014'' and inserting ``December 31, 2016''.
(b) Allocations to Indian Tribal Governments.--Paragraph (4) of
section 179D(d) is amended by striking ``or local'' and inserting
``local, or Indian tribal''.
(c) Allocations to Certain Nonprofit Organizations.--
(1) In general.--Paragraph (4) of section 179D(d), as
amended by subsection (b), is amended by inserting ``, or by an
organization that is described in section 501(c)(3) and exempt
from tax under section 501(a)'' after ``political subdivision
thereof''.
(2) Clerical amendment.--The heading of paragraph (4) of
section 179D(d) is amended by inserting ``and property held by
certain non-profits'' after ``public property''.
(d) Updated ASHRAE Standards for 2016.--
(1) In general.--Paragraph (1) of section 179D(c) is
amended by striking ``Standard 90.1-2001'' each place it
appears and inserting ``Standard 90.1-2007''.
(2) Conforming amendments.--
(A) Paragraph (2) of section 179D(c) is amended to
read as follows:
``(2) Standard 90.1-2007.--The term `Standard 90.1-2007'
means Standard 90.1-2007 of the American Society of Heating,
Refrigerating, and Air Conditioning Engineers and the
Illuminating Engineering Society of North America (as in effect
on the day before the date of the adoption of Standard 90.1-
2010 of such Societies).''.
(B) Subsection (f) of section 179D is amended by
striking ``Standard 90.1-2001'' each place it appears
in paragraphs (1) and (2)(C)(i) and inserting
``Standard 90.1-2007''.
(C) Paragraph (1) of section 179D(f) is amended--
(i) by striking ``Table 9.3.1.1'' and
inserting ``Table 9.5.1'', and
(ii) by striking ``Table 9.3.1.2'' and
inserting ``Table 9.6.1''.
(3) Effective date.--The amendments made by this subsection
shall apply to property placed in service after December 31,
2015.
(e) Effective Date.--Except as provided in subsection (d)(3), the
amendments made by this section shall apply to property placed in
service after December 31, 2014.
SEC. 161. EXTENSION OF SPECIAL RULE FOR SALES OR DISPOSITIONS TO
IMPLEMENT FERC OR STATE ELECTRIC RESTRUCTURING POLICY FOR
QUALIFIED ELECTRIC UTILITIES.
(a) In General.--Paragraph (3) of section 451(i) is amended by
striking ``January 1, 2015'' and inserting ``January 1, 2017''.
(b) Effective Date.--The amendment made by this section shall apply
to dispositions after December 31, 2014.
SEC. 162. EXTENSION OF EXCISE TAX CREDITS RELATING TO ALTERNATIVE
FUELS.
(a) Extension of Alternative Fuels Excise Tax Credits.--
(1) In general.--Sections 6426(d)(5) and 6426(e)(3) are
each amended by striking ``December 31, 2014'' and inserting
``December 31, 2016''.
(2) Outlay payments for alternative fuels.--Subparagraph
(C) of section 6427(e)(7), as redesignated by section
155(b)(3)(A)(ii), is amended by striking ``December 31, 2014''
and inserting ``December 31, 2016''.
(b) Effective Date.--The amendments made by this section shall
apply to fuel sold or used after December 31, 2014.
(c) Special Rule for Certain Periods During 2015.--Notwithstanding
any other provision of law, in the case of any alternative fuel credit
properly determined under section 6426(d) of such Code for such
periods, such credit shall be allowed, and any refund or payment
attributable to such credit (including any payment under section
6427(e) of such Code) shall be made, only in such manner as the
Secretary of the Treasury (or the Secretary's delegate) shall provide.
Such Secretary shall issue guidance within 30 days after the date of
the enactment of this Act providing for a one-time submission of claims
covering periods described in the preceding sentence. Such guidance
shall provide for a 180-day period for the submission of such claims
(in such manner as prescribed by such Secretary) to begin not later
than 30 days after such guidance is issued. Such claims shall be paid
by such Secretary not later than 60 days after receipt. If such
Secretary has not paid pursuant to a claim filed under this subsection
within 60 days after the date of the filing of such claim, the claim
shall be paid with interest from such date determined by using the
overpayment rate and method under section 6621 of such Code.
TITLE II--PROVISION THAT EXPIRED IN 2013
SEC. 201. EXTENSION OF CREDIT FOR 2-WHEELED PLUG-IN ELECTRIC VEHICLES.
(a) In General.--Subparagraph (E) of section 30D(g)(3) is amended
by striking ``acquired'' and all that follows and inserting
``acquired--
``(i) after December 31, 2011, and before
January 1, 2014, and
``(ii) in the case of a vehicle that has 2
wheels--
``(I) during the period described
in clause (i), or
``(II) after December 31, 2014, and
before January 1, 2017.''.
(b) Effective Date.--The amendment made by this section shall apply
to vehicles acquired after December 31, 2014.
TITLE III--REVENUE PROVISIONS
SEC. 301. EXCLUSION FROM GROSS INCOME OF CERTAIN CLEAN COAL POWER
GRANTS TO NON-CORPORATE TAXPAYERS.
(a) General Rule.--In the case of an eligible taxpayer other than a
corporation, gross income for purposes of the Internal Revenue Code of
1986 shall not include any amount received under section 402 of the
Energy Policy Act of 2005.
(b) Reduction in Basis.--The basis of any property subject to the
allowance for depreciation under the Internal Revenue Code of 1986
which is acquired with any amount to which subsection (a) applies
during the 12-month period beginning on the day such amount is received
shall be reduced by an amount equal to such amount. The excess (if any)
of such amount over the amount of the reduction under the preceding
sentence shall be applied to the reduction (as of the last day of the
period specified in the preceding sentence) of the basis of any other
property held by the taxpayer. The particular properties to which the
reductions required by this subsection are allocated shall be
determined by the Secretary of the Treasury (or the Secretary's
delegate) under regulations similar to the regulations under section
362(c)(2) of such Code.
(c) Limitation to Amounts Which Would Be Contributions to
Capital.--Subsection (a) shall not apply to any amount unless such
amount, if received by a corporation, would be excluded from gross
income under section 118 of the Internal Revenue Code of 1986.
(d) Eligible Taxpayer.--For purposes of this section, with respect
to any amount received under section 402 of the Energy Policy Act of
2005, the term ``eligible taxpayer'' means a taxpayer that makes a
payment to the Secretary of the Treasury (or the Secretary's delegate)
equal to 1.18 percent of the amount so received. Such payment shall be
made at such time and in such manner as such Secretary (or the
Secretary's delegate) shall prescribe. In the case of a partnership,
such Secretary (or the Secretary's delegate) shall prescribe
regulations to determine the allocation of such payment amount among
the partners.
(e) Effective Date.--This section shall apply to amounts received
under section 402 of the Energy Policy Act of 2005 in taxable years
beginning after December 31, 2011.
SEC. 302. TREATMENT OF CERTAIN PERSONS AS EMPLOYERS WITH RESPECT TO
MOTION PICTURE PROJECTS.
(a) In General.--Chapter 25 (relating to general provisions
relating to employment taxes) is amended by adding at the end the
following new section:
``SEC. 3512. TREATMENT OF CERTAIN PERSONS AS EMPLOYERS WITH RESPECT TO
MOTION PICTURE PROJECTS.
``(a) In General.--For purposes of sections 3121(a)(1) and
3306(b)(1), remuneration paid to a motion picture project worker by a
motion picture project employer during a calendar year shall be treated
as remuneration paid with respect to employment of such worker by such
employer during the calendar year. The identity of such employer for
such purposes shall be determined as set forth in this section and
without regard to the usual common law rules applicable in determining
the employer-employee relationship.
``(b) Definitions.--For purposes of this section--
``(1) Motion picture project employer.--The term `motion
picture project employer' means any person if--
``(A) such person (directly or through
affiliates)--
``(i) is a party to a written contract
covering the services of motion picture project
workers with respect to motion picture projects
in the course of a client's trade or business,
``(ii) is contractually obligated to pay
remuneration to the motion picture project
workers without regard to payment or
reimbursement by any other person,
``(iii) controls the payment (within the
meaning of section 3401(d)(1)) of remuneration
to the motion picture project workers and pays
such remuneration from its own account or
accounts,
``(iv) is a signatory to one or more
collective bargaining agreements with a labor
organization (as defined in 29 U.S.C. 152(5))
that represents motion picture project workers,
and
``(v) has treated substantially all motion
picture project workers that such person pays
as employees and not as independent contractors
during such calendar year for purposes of
determining employment taxes under this
subtitle, and
``(B) at least 80 percent of all remuneration (to
which section 3121 applies) paid by such person in such
calendar year is paid to motion picture project
workers.
``(2) Motion picture project worker.--The term `motion
picture project worker' means any individual who provides
services on motion picture projects for clients who are not
affiliated with the motion picture project employer.
``(3) Motion picture project.--The term `motion picture
project' means the production of any property described in
section 168(f)(3). Such term does not include property with
respect to which records are required to be maintained under
section 2257 of title 18, United States Code.
``(4) Affiliate; affiliated.--A person shall be treated as
an affiliate of, or affiliated with, another person if such
persons are treated as a single employer under subsection (b)
or (c) of section 414.''.
(b) Clerical Amendment.--The table of sections for such chapter 25
is amended by adding at the end the following new item:
``Sec. 3512. Treatment of certain persons as employers with respect to
motion picture projects.''.
(c) Effective Date.--The amendments made by this section shall
apply to remuneration paid after December 31, 2015.
(d) No Inference.--Nothing in the amendments made by this section
shall be construed to create any inference on the law before the date
of the enactment of this Act.
SEC. 303. EQUALIZATION OF EXCISE TAX AND CREDITS WITH RESPECT TO
LIQUEFIED PETROLEUM GAS AND LIQUEFIED NATURAL GAS.
(a) Liquefied Petroleum Gas.--
(1) In general.--Subparagraph (B) of section 4041(a)(2) is
amended by striking ``and'' at the end of clause (i), by
redesignating clause (ii) as clause (iii), and by inserting
after clause (i) the following new clause:
``(ii) in the case of liquefied petroleum
gas, 18.3 cents per energy equivalent of a
gallon of gasoline, and''.
(2) Energy equivalent of a gallon of gasoline.--Paragraph
(2) of section 4041(a) is amended by adding at the end the
following:
``(C) Energy equivalent of a gallon of gasoline.--
For purposes of this paragraph, the term energy
equivalent of a gallon of gasoline means, with respect
to a liquefied petroleum gas fuel, the amount of such
fuel having a Btu content of 115,400 (lower heating
value).''.
(b) Liquefied Natural Gas.--
(1) In general.--Subparagraph (B) of section 4041(a)(2), as
amended by subsection (a)(1), is amended by striking ``and'' at
the end of clause (ii), by striking the period at the end of
clause (iii) and inserting ``, and'' and by inserting after
clause (iii) the following new clause:
``(iv) in the case of liquefied natural
gas, 24.3 cents per energy equivalent of a
gallon of diesel.''.
(2) Energy equivalent of a gallon of diesel.--Paragraph (2)
of section 4041(a), as amended by subsection (a)(2), is amended
by adding at the end the following:
``(D) Energy equivalent of a gallon of diesel.--For
purposes of this paragraph, the term energy equivalent
of a gallon of diesel means, with respect to a
liquefied natural gas fuel, the amount of such fuel
having a Btu content of 128,700 (lower heating
value).''.
(3) Conforming amendments.--Section 4041(a)(2)(B)(iii), as
redesignated by subsection (a)(1), is amended--
(A) by striking ``liquefied natural gas,'', and
(B) by striking ``peat), and'' and inserting
``peat) and''.
(c) Credits.--Section 6426 is amended by adding at the end the
following new subsection:
``(j) Energy Equivalency Determinations for Liquefied Petroleum Gas
and Liquefied Natural Gas.--For purposes of determining any credit
under this section, any reference to the number of gallons of an
alternative fuel or the gasoline gallon equivalent of such a fuel shall
be treated as a reference to--
``(1) in the case of liquefied petroleum gas, the energy
equivalent of a gallon of gasoline, as defined in section
4041(a)(2)(C), and
``(2) in the case of liquefied natural gas, the energy
equivalent of a gallon of diesel, as defined in section
4041(a)(2)(D).''.
(d) Effective Date.--The amendments made by this section shall
apply to fuel sold or used after December 31, 2014.
SEC. 304. ADDITIONAL INFORMATION ON RETURNS RELATING TO MORTGAGE
INTEREST.
(a) In General.--Paragraph (2) of section 6050H(b) is amended by
striking ``and'' at the end of subparagraph (C), by redesignating
subparagraph (D) as subparagraph (G), and by inserting after
subparagraph (C) the following new subparagraphs:
``(D) the amount of outstanding principal on the
mortgage at the beginning of the calendar year,
``(E) the address of the property securing such
mortgage,
``(F) the date of the origination of such mortgage,
and''.
(b) Payee Statements.--Subsection (d) of section 6050H is amended
by striking ``and'' at the end of paragraph (1), by striking the period
at the end of paragraph (2) and inserting ``, and'', and by inserting
after paragraph (2) the following new paragraph:
``(3) the information required to be included on the return
under subparagraphs (D), (E), and (F) of subsection (b)(2).''.
(c) Effective Date.--The amendments made by this section shall
apply to returns and statements the due date for which (determined
without regard to extensions) is after December 31, 2016.
TITLE IV--BUDGETARY EFFECTS
SEC. 401. BUDGETARY EFFECTS.
(a) Paygo Scorecard.--The budgetary effects of this Act shall not
be entered on either PAYGO scorecard maintained pursuant to section
4(d) of the Statutory Pay-As-You-Go Act of 2010.
(b) Senate Paygo Scorecard.--The budgetary effects of this Act
shall not be entered on any PAYGO scorecard maintained for purposes of
section 201 of S. Con. Res. 21 (110th Congress).
Calendar No. 198
114th CONGRESS
1st Session
S. 1946
[Report No. 114-118]
_______________________________________________________________________
A BILL
To amend the Internal Revenue Code of 1986 to extend certain expiring
provisions, and for other purposes.
_______________________________________________________________________
August 5, 2015
Read twice and placed on the calendar
