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Technical Explanation of the Protecting Americans from Tax Hikes Act of 2015, House Amendment #2 to the Senate Amendment to H.R

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Technical Explanation of the Protecting Americans from Tax Hikes Act of 2015, House Amendment #2 to the Senate Amendment to H.R TECHNICAL EXPLANATION OF THE PROTECTING AMERICANS FROM TAX HIKES ACT OF 2015, HOUSE AMENDMENT #2 TO THE SENATE AMENDMENT TO H.R. 2029 (RULES COMMITTEE PRINT 114-40) Prepared by the Staff of the JOINT COMMITTEE ON TAXATION December 17, 2015 JCX-144-15 CONTENTS Page INTRODUCTION .......................................................................................................................... 1 TITLE I − EXTENDERS ............................................................................................................... 2 A. Permanent Extensions ......................................................................................................... 2 1. Reduced earnings threshold for additional child tax credit made permanent (sec. 101 of the bill and sec. 24 of the Code) ................................................................ 2 2. American opportunity tax credit made permanent (sec. 102 of the bill and sec. 25A of the Code).................................................................................................... 3 3. Modification of the earned income tax credit made permanent (sec. 103 of the bill and sec. 32 of the Code) ......................................................................................... 6 4. Extension and modification of deduction for certain expenses of elementary and secondary school teachers (sec. 104 of the bill and sec. 62(a)(2)(D) of the Code) ............................................................................................................................. 8 5. Extension of parity for exclusion from income for employer-provided mass transit and parking benefits (sec. 105 of the bill and 132(f) of the Code) .................... 9 6. Deduction for State and local sales taxes (sec. 106 of the bill and sec. 164 of the Code)................................................................................................................. 11 7. Special rule for qualified conservation contributions made permanent (sec. 111 of the bill and sec. 170(b) of the Code) ...................................................................... 12 8. Tax-free distributions from individual retirement plans for charitable purposes (sec. 112 of the bill and sec. 408(d)(8) of the Code) .................................................. 16 9. Extension and expansion of charitable deduction for contributions of food inventory (sec. 113 of the bill and sec. 170 of the Code) ........................................... 20 10. Extension of modification of tax treatment of certain payments to controlling exempt organizations (sec. 114 of the bill and sec. 512 of the Code) ........................ 23 11. Extension of basis adjustment to stock of S corporations making charitable contributions of property (sec. 115 of the bill and sec. 1367 of the Code) ................. 24 12. Extension and modification of research credit (sec. 121 of the bill and secs. 38 and 41 and new sec. 3111(f) of the Code) .................................................................. 25 13. Extension and modification of employer wage credit for employees who are active duty members of the uniformed services (sec. 122 of the bill and sec. 45P of the Code)................................................................................................................. 32 14. Extension of 15-year straight-line cost recovery for qualified leasehold improvements, qualified restaurant buildings and improvements, and qualified retail improvements (sec. 123 of the bill and sec. 168 of the Code)........................... 34 15. Extension and modification of increased expensing limitations and treatment of certain real property as section 179 property (sec. 124 of the bill and sec. 179 of the Code)................................................................................................................. 37 16. Extension of treatment of certain dividends of regulated investment companies (sec. 125 of the bill and sec. 871(k) of the Code) ..................................... 39 17. Extension of exclusion of 100 percent of gain on certain small business stock (sec. 126 of the bill and sec. 1202 of the Code) .......................................................... 40 i 18. Extension of reduction in S corporation recognition period for built-in gains tax (sec. 127 of the bill and sec. 1374 of the Code) .................................................... 41 19. Extension of subpart F exception for active financing income (sec. 128 of the bill and secs. 953 and 954 of the Code) ...................................................................... 44 20. Extension of temporary minimum low-income housing tax credit rate for non-Federally subsidized buildings (sec. 131 of the bill and sec. 42 of the Code) .... 46 21. Extension of military housing allowance exclusion for determining whether a tenant in certain counties is low-income (sec. 132 of the bill and sec. 42 of the Code) ........................................................................................................................... 47 22. Extension of RIC qualified investment entity treatment under FIRPTA (sec. 133 of the bill and secs. 897 and 1445 of the Code) .......................................... 49 B. Extensions Through 2019 ................................................................................................. 51 1. Extension of new markets tax credit (sec. 141 of the bill and sec. 45D of the Code) ........................................................................................................................... 51 2. Extension and modification of work opportunity tax credit (sec. 142 of the bill and secs. 51 and 52 of the Code) ................................................................................ 53 3. Extension and modification of bonus depreciation (sec. 143 of the bill and sec. 168(k) of the Code) .............................................................................................. 60 4. Extension of look-through treatment of payments between related controlled foreign corporations under foreign personal holding company rules (sec. 144 of the bill and sec. 954(c)(6) of the Code) .................................................................. 67 C. Extensions Through 2016 ................................................................................................. 69 1. Extension and modification of exclusion from gross income of discharges of acquisition indebtedness on principal residences (sec. 151 of the bill and sec. 108 of the Code)................................................................................................................. 69 2. Extension of mortgage insurance premiums treated as qualified residence interest (sec. 152 of the bill and sec. 163 of the Code) ............................................... 71 3. Extension of above-the-line deduction for qualified tuition and related expenses (sec. 153 of the bill and sec. 222 of the Code) ............................................................ 72 4. Extension of Indian employment tax credit (sec. 161 of the bill and sec. 45A of the Code)................................................................................................................. 73 5. Extension and modification of railroad track maintenance credit (sec. 162 of the bill and sec. 45G of the Code) .................................................................................... 74 6. Extension of mine rescue team training credit (sec. 163 of the bill and sec. 45N of the Code)................................................................................................................. 76 7. Extension of qualified zone academy bonds (sec. 164 of the bill and sec. 54E of the Code)................................................................................................................. 77 8. Extension of classification of certain race horses as three-year property (sec. 165 of the bill and sec. 168 of the Code) ............................................................ 79 9. Extension of seven-year recovery period for motorsports entertainment complexes (sec. 166 of the bill and sec. 168 of the Code).......................................... 80 10. Extension and modification of accelerated depreciation for business property on an Indian reservation (sec. 167 of the bill and sec. 168(j) of the Code) ................ 81 11. Extension of election to expense mine safety equipment (sec. 168 of the bill and sec. 179E of the Code) ................................................................................... 83 ii 12. Extension of special expensing rules for certain film and television productions; special expensing for live theatrical productions (sec. 169 of the bill and sec. 181 of the Code) ........................................................................... 84 13. Extension of deduction allowable with respect to income attributable to domestic production activities in Puerto Rico (sec. 170 of the bill and sec. 199 of the Code)................................................................................................................. 86 14. Extension and modification of empowerment zone tax incentives (sec. 171 of the bill and secs. 1391 and 1394 of the Code) ........................................................ 87 15. Extension of temporary increase in limit on cover over of rum excise taxes to Puerto Rico and the Virgin Islands (sec. 172 of the bill and sec. 7652(f) of the Code)................................................................................................................
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