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...
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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