Home > 106th Congressional Bills > S. 1985 (is) To amend the Internal Revenue Code of 1986 to lower the adjusted gross income threshold for deductible disaster casualty losses to 5 percent, to make such deduction an above-the-line deduction, and to allow an election to take such deduction...

S. 1985 (is) To amend the Internal Revenue Code of 1986 to lower the adjusted gross income threshold for deductible disaster casualty losses to 5 percent, to make such deduction an above-the-line deduction, and to allow an election to take such deduction...


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108th CONGRESS
  1st Session
                                S. 1984

     To amend the Internal Revenue Code of 1986 to make technical 
                  corrections, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                            December 9, 2003

  Mr. Grassley (for himself and Mr. Baucus) introduced the following 
  bill; which was read twice and referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
     To amend the Internal Revenue Code of 1986 to make technical 
                  corrections, 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 Technical 
Corrections Act of 2003''.
    (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. Amendments related to Jobs and Growth Tax Relief Reconciliation 
                            Act of 2003.
Sec. 3. Amendments related to Job Creation and Worker Assistance Act of 
                            2002.
Sec. 4. Amendments related to Economic Growth and Tax Relief 
                            Reconciliation Act of 2001.
Sec. 5. Amendment related to Victims of Terrorism Tax Relief Act of 
                            2001.
Sec. 6. Amendments related to Community Renewal Tax Relief Act of 2000.
Sec. 7. Amendments related to Taxpayer Relief Act of 1997.
Sec. 8. Amendment related to Small Business Job Protection Act of 1996.
Sec. 9. Clerical amendments.

SEC. 2. AMENDMENTS RELATED TO JOBS AND GROWTH TAX RELIEF RECONCILIATION 
              ACT OF 2003.

    (a) Amendments Related to Section 302 of the Act.--
            (1) Clause (i) of section 1(h)(1)(D) is amended by 
        inserting ``(determined without regard to paragraph (11))'' 
        after ``net capital gain''.
            (2) Subclause (I) of section 1(h)(11)(B)(iii) is amended--
                    (A) by striking ``section 246(c)(1)'' and inserting 
                ``section 246(c)'',
                    (B) by striking ``120-day period'' and inserting 
                ``121-day period'', and
                    (C) by striking ``90-day period'' and inserting 
                ``91-day period''.
            (3) Clause (ii) of section 1(h)(11)(D) is amended by 
        striking ``an individual'' and inserting ``a taxpayer to whom 
        this section applies''.
            (4)(A) Subparagraph (B) of section 854(b)(1) is amended--
                    (i) by striking clauses (iii) and (iv), and
                    (ii) by amending clause (i) to read as follows:
                            ``(i) In general.--In any case in which--
                                    ``(I) a dividend is received from a 
                                regulated investment company (other 
                                than a dividend to which subsection (a) 
                                applies),
                                    ``(II) such investment company 
                                meets the requirements of section 
                                852(a) for the taxable year during 
                                which it paid such dividend, and
                                    ``(III) the qualified dividend 
                                income of such investment company for 
                                such taxable year is less than 95 
                                percent of its gross income,
                        then, in computing qualified dividend income, 
                        there shall be taken into account only that 
                        portion of such dividend designated by the 
                        regulated investment company.''.
            (B) Subparagraph (C) of section 854(b)(1) is amended to 
        read as follows:
                    ``(C) Limitations.--
                            ``(i) Subparagraph (a).--The aggregate 
                        amount which may be designated as dividends 
                        under subparagraph (A) shall not exceed the 
                        aggregate dividends received by the company for 
                        the taxable year.
                            ``(ii) Subparagraph (b).--The aggregate 
                        amount which may be designated as qualified 
                        dividend income under subparagraph (B) shall 
                        not exceed the sum of--
                                    ``(I) the qualified dividend income 
                                of the company for the taxable year, 
                                and
                                    ``(II) the amount of any earnings 
                                and profits which were distributed by 
                                the company for such taxable year in 
                                order to comply with the requirements 
                                of section 852(a)(2)(B) and accumulated 
                                in a taxable year with respect to which 
                                this part did not apply.''.
            (C) Paragraph (2) of section 854(b) is amended by striking 
        ``as a dividend for purposes of the maximum rate under section 
        1(h)(11) and'' and inserting ``as qualified dividend income for 
        purposes of section 1(h)(11) and as dividends for purposes 
        of''.
            (D) Paragraph (5) of section 854(b) is amended to read as 
        follows:
            ``(5) Qualified dividend income.--For purposes of this 
        subsection, the term `qualified dividend income' has the 
        meaning given such term by section 1(h)(11)(B).''.
            (E) Paragraph (2) of section 857(c) is amended to read as 
        follows:
            ``(2) Section (1)(h)(11).--
                    ``(A) In general.--In any case in which--
                            ``(i) a dividend is received from a real 
                        estate investment trust (other than a capital 
                        gain dividend), and
                            ``(ii) such trust meets the requirements of 
                        section 856(a) for the taxable year during 
                        which it paid such dividend,
                then, in computing qualified dividend income, there 
                shall be taken into account only that portion of such 
                dividend designated by the real estate investment 
                trust.
                    ``(B) Limitation.--The aggregate amount which may 
                be designated as qualified dividend income under 
                subparagraph (A) shall not exceed the sum of--
                            ``(i) the qualified dividend income of the 
                        trust for the taxable year,
                            ``(ii) the excess of--
                                    ``(I) the sum of the real estate 
                                investment trust taxable income 
                                computed under section 857(b)(2) for 
                                the preceding taxable year and the 
                                income subject to tax by reason of the 
                                application of the regulations under 
                                section 337(d) for such preceding 
                                taxable year, over
                                    ``(II) the sum of the taxes imposed 
                                on the trust for such preceding taxable 
                                year under section 857(b)(1) and by 
                                reason of the application of such 
                                regulations, and
                            ``(iii) the amount of any earnings and 
                        profits which were--
                                    ``(I) distributed by the trust for 
                                such taxable year in order to comply 
                                with the requirements of section 
                                857(a)(2)(B), and
                                    ``(II) accumulated in a taxable 
                                year with respect to which this part 
                                did not apply.
                    ``(C) Notice to shareholders.--The amount of any 
                distribution by a real estate investment trust which 
                may be taken into account as qualified dividend income 
                shall not exceed the amount so designated by the trust 
                in a written notice to its shareholders mailed not 
                later than 60 days after the close of its taxable year.
                    ``(D) Qualified dividend income.--For purposes of 
                this paragraph, the term `qualified dividend income' 
                has the meaning given such term by section 
                1(h)(11)(B).''.
            (F) With respect to any taxable year of a regulated 
        investment company or real estate investment trust ending on or 
        before November 30, 2003, the period for providing notice of 
        the qualified dividend amount to shareholders under sections 
        854(b)(2) and 857(c)(2)(C) of the Internal Revenue Code of 
        1986, as amended by this section, shall not expire before the 
        date on which the statement under section 6042(c) of such Code 
        is required to be furnished with respect to the last calendar 
        year beginning in such taxable year.
            (5) Paragraph (2) of section 302(f) of the Jobs and Growth 
        Tax Relief Reconciliation Act of 2003 is amended to read as 
        follows:
            ``(2) Pass-thru entities.--In the case of a pass-thru 
        entity described in subparagraph (A), (B), (C), (D), (E), or 
        (F) of section 1(h)(10) of the Internal Revenue Code of 1986, 
        as amended by this Act, the amendments made by this section 
        shall apply to taxable years ending after December 31, 2002; 
        except that dividends received by such an entity on or before 
        such date shall not be treated as qualified dividend income (as 
        defined in section 1(h)(11)(B) of such Code, as added by this 
        Act).''.
    (b) Effective Date.--The amendments made by subsection (a) shall 
take effect as if included in section 302 of the Jobs and Growth Tax 
Relief Reconciliation Act of 2003.

SEC. 3. AMENDMENTS RELATED TO JOB CREATION AND WORKER ASSISTANCE ACT OF 
              2002.

    (a) Amendments Related to Section 101 of the Act.--
            (1) Subparagraph (D) of section 168(k)(2) is amended by 
        adding at the end the following new clauses:
                            ``(iii) Syndication.--For purposes of 
                        subparagraph (A)(ii), if--
                                    ``(I) property is originally placed 
                                in service after September 10, 2001, by 
                                the lessor of such property,
                                    ``(II) such property is sold by 
                                such lessor or any subsequent purchaser 
                                within 3 months after the date such 
                                property was originally placed in 
                                service, and
                                    ``(III) the user of such property 
                                after the last sale during such 3-month 
                                period remains the same as when such 
                                property was originally placed in 
                                service,
                        such property shall be treated as originally 
                        placed in service not earlier than the date of 
                        such last sale.
                            ``(iv) Limitations related to users and 
                        related parties.--The term `qualified property' 
                        shall not include any property if--
                                    ``(I) the user of such property (as 
                                of the date on which such property is 
                                originally placed in service) or a 
                                person which is related (within the 
                                meaning of section 267(b) or 707(b)) to 
                                such user or to the taxpayer had a 
                                written binding contract in effect for 
                                the acquisition of such property at any 
                                time before September 11, 2001, or
                                    ``(II) in the case of property 
                                manufactured, constructed, or produced 
                                for such user's or person's own use, 
                                the manufacture, construction, or 
                                production of such property began at 
                                any time before September 11, 2001.''.
            (2) Clause (ii) of section 168(k)(2)(D) is amended by 
        inserting ``clause (iii) and'' before ``subparagraph (A)(ii)''.
    (b) Amendments Related to Section 102 of the Act.--
            (1) Subparagraph (H) of section 172(b)(1) is amended by 
        striking ``a taxpayer which has''.
            (2) In the case of a net operating loss for a taxable year 
        ending during 2001 or 2002--
                    (A) an application under section 6411(a) of the 
                Internal Revenue Code of 1986 with respect to such loss 
                shall not fail to be treated as timely filed if filed 
                before November 1, 2002,
                    (B) any election made under section 172(b)(3) of 
                such Code may (notwithstanding such section) be revoked 
                before November 1, 2002, and
                    (C) any election made under section 172(j) of such 
                Code shall (notwithstanding such section) be treated as 
                timely made if made before November 1, 2002.
            (3) Section 102(c)(2) of the Job Creation and Worker 
        Assistance Act of 2002 (Public Law 107-147) is amended by 
        striking ``before January 1, 2003'' and inserting ``after 
        December 31, 1990''.
            (4)(A) Subclause (I) of section 56(d)(1)(A)(i) is amended 
        by striking ``attributable to carryovers''.
            (B) Subclause (I) of section 56(d)(1)(A)(ii) is amended--
                    (i) by striking ``for taxable years'' and inserting 
                ``from taxable years'', and
                    (ii) by striking ``carryforwards'' and inserting 
                ``carryovers''.
    (c) Amendments Related to Section 301 of the Act.--
            (1) Subparagraph (D) of section 1400L(a)(2) is amended--
                    (A) by striking ``subchapter B'' and inserting 
                ``subchapter A'', and
                    (B) in clause (ii), by striking ``subparagraph 
                (B)'' and inserting ``this paragraph''.
            (2) Subparagraph (D) of section 1400L(b)(2) is amended by 
        inserting ``, and clause (iv) thereof shall be applied by 
        substituting `qualified New York Liberty Zone property' for 
        `qualified property''' before the period at the end.
            (3) Subsection (c) of section 1400L is amended by adding at 
        the end the following new paragraph:
            ``(5) Election out.--For purposes of this subsection, rules 
        similar to the rules of section 168(k)(2)(C)(iii) shall 
        apply.''.
            (4) Paragraph (2) of section 1400L(f) is amended by 
        inserting before the period ``, determined without regard to 
        subparagraph (C)(i) thereof''.
    (d) Amendment Related to Section 405 of the Act.--The last sentence 
of section 4006(a)(3)(E)(iii)(IV) of the Employee Retirement Income 
Security Act of 1974 (29 U.S.C. 1306(a)(3)(E)(iii)(IV)) is amended--

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