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Full Text of this Amendment
At the end of title VI, add the following:
SEC. 602. ELECTION TO TEMPORARILY UTILIZE UNUSED AMT CREDITS DETERMINED BY DOMESTIC INVESTMENT.
(a) In General.--Section 53 is amended by adding at the end the following new subsection:
"(g) Election for Corporations With Unused Credits.--
"(1) IN GENERAL.--If a corporation elects to have this subsection apply, then notwithstanding any other provision of law, the limitation imposed by subsection (c) for any such taxable year shall be increased by the AMT credit adjustment amount.
"(2) AMT CREDIT ADJUSTMENT AMOUNT.--For purposes of paragraph (1), the term `AMT credit adjustment amount' means with respect to any taxable year beginning in 2010, the lesser of--
"(A) a corporation's minimum tax credit determined under subsection (b), or
"(B) 20 percent of new domestic investments made during such taxable year.
"(3) NEW DOMESTIC INVESTMENTS.--For purposes of this subsection, the term `new domestic investments' means the cost of qualified property (as defined in section 168(k)(2)(A)(i))--
"(A) the original use of which commences with the taxpayer during the taxable year, and
"(B) which is placed in service in the United States by the taxpayer during such taxable year.
"(4) CREDIT REFUNDABLE.--For purposes of subsections (b) and (c) of section 6401, the aggregate increase in the credits allowable under part IV of subchapter A for any taxable year resulting from the application of this subsection shall be treated as allowed under subpart C of such part (and not to any other subpart).
"(A) IN GENERAL.--An election under this subsection shall be made at such time and in such manner as prescribed by the Secretary, and once effective, may be revoked only with the consent of the Secretary.
"(B) INTERIM ELECTIONS.--Until such time as the Secretary prescribes a manner for making an election under this subsection, a taxpayer is treated as having made a valid election by providing written notification to the Secretary and the Commissioner of Internal Revenue of such election.
"(6) AGGREGATION RULE.--For purposes of this subsection--
"(A) all corporations which are members of an affiliated group of corporations filing a consolidated tax return, and
"(B) all partnerships in which more than 90 percent of the capital and profits interest in the partnership are owned by the corporation (directly or indirectly) at all times during the taxable year in which an election under this subsection is in effect,
shall be treated as a single corporation.
"(7) APPLICATION TO PARTNERSHIPS.--In the case of a partnership--
"(A) this subsection shall be applied at the partner level, and
"(B) each partner shall be treated as having for the taxable year an amount equal to such partner's allocable share of the new domestic investment of the partnership for such taxable year (as determined under regulations prescribed by the Secretary).
"(8) NO DOUBLE BENEFIT.--Notwithstanding clause (iii)(II) of section 172(b)(1)(H), any taxpayer which has previously made an election under such section shall be deemed to have revoked such election by the making of its first election under this subsection.
"(9) REGULATIONS.--The Secretary may issue such regulations or other guidance as may be necessary or appropriate to carry out this subsection, including to prevent fraud and abuse under this subsection.
"(10) TERMINATION.--This subsection shall not apply to any taxable year that begins after December 31, 2010.".
(b) Quick Refund of Refundable Credit.--Section 6425 is amended by adding at the end the following new subsection:
"(e) Allowance of AMT Credit Adjustment Amount.--The amount of an adjustment under this section as determined under subsection (c)(2) for any taxable year may be increased to the extent of the corporation's AMT credit adjustment amount determined under section 53(g) for such taxable year.".
(c) Effective Date.--The amendments made by this section shall apply to taxable years beginning after December 31, 2009.
SEC. 603. INFORMATION REPORTING FOR RENTAL PROPERTY EXPENSE PAYMENTS.
(a) In General.--Section 6041 is amended by adding at the end the following new subsection:
"(h) Treatment of Rental Property Expense Payments.--
"(1) IN GENERAL.--For purposes of subsection (a), except as provided in paragraph (2), a person receiving rental income shall be considered to be in engaged in a trade or business of renting property.
"(2) EXCEPTIONS.--Paragraph (1) shall not apply to--
"(A) any individual who is an active member of the uniformed services,
"(B) any individual if substantially all rental income is derived from renting the principal residence (within the meaning of section 121) of such individual on a temporary basis,
"(C) any individual who receives rental income of not less than the minimal amount, as determined under regulations prescribed by the Secretary, and
"(D) any other individual for whom the requirements of this section would cause hardship, as determined under regulations prescribed by the Secretary.".
(b) Effective Date.--The amendments made by this section shall apply to payments made after December 31, 2010.
(As printed in the Congressional Record for the Senate on Mar 2, 2010.)