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Full Text of this Amendment

SA 3363. Mr. KERRY (for himself, Ms. Snowe, Ms. Landrieu, and Ms. Stabenow) submitted an amendment intended to be proposed to amendment SA 3336 proposed by Mr. Baucus to the bill H.R. 4213, to amend the Internal Revenue Code of 1986 to extend certain expiring provisions, and for other purposes; which was ordered to lie on the table; as follows:

On page 268, between lines 11 and 12, insert the following:
SEC. __X. TREATMENT OF CERTAIN SMALL BUSINESS STOCK.
(a) Increase in Exclusion for Gain From Certain Small Business Stock.--
(1) IN GENERAL.--Paragraph (3) of section 1202(a) is amended to read as follows:
"(C) SPECIAL RULES FOR 2009 AND 2010.--
"(i) 75 PERCENT EXCLUSION.--In the case of qualified small business stock acquired after February 17, 2009, and before the date of the enactment of the American Workers, State, and Business Relief Act of 2010--
"(I) paragraph (1) shall be applied by substituting `75 percent' for `50 percent', and
"(II) paragraph (2) shall not apply.
"(ii) 100 PERCENT EXCLUSION.--In the case of qualified small business stock acquired on or after the date of the enactment of the American Workers, State, and Business Relief Act of 2010 and before January 1, 2011--
"(I) paragraph (1) shall be applied by substituting `100 percent' for `50 percent', and
"(II) paragraph (2) shall not apply.".
(2) EFFECTIVE DATE.--The amendment made by this subsection shall apply to stock acquired after the date of the enactment of this Act.
(b) Repeal of Minimum Tax Preference.--
(1) IN GENERAL.--Subsection (a) of section 57 is amended by striking paragraph (7).
(2) TECHNICAL AMENDMENT.--Subclause (II) of section 53(d)(1)(B)(ii) of such Code is amended by striking ", (5), and (7)" and inserting "and (5)".
(3) EFFECTIVE DATE.--The amendments made by this subsection shall apply to stock issued after December 31, 2009.
(c) Treatment of Stock Owned by Small Business Investment Companies.--
(1) IN GENERAL.--Section 1202(c) is amended by adding at the end the following new paragraph:
"(4) TREATMENT OF STOCK OWNED BY SMALL BUSINESS INVESTMENT COMPANIES.--Notwithstanding any other provision of this subsection or subsection (e), the term `qualified small business stock' shall include stock of a corporation--
"(A) held by a small business investment company licensed and operating under the Small Business Investment Act of 1958 (15 U.S.C. 661 et seq.) or held by a company engaged in the licensing process under such Act where the investment has been approved by the Small Business Administration, and
"(B) issued after December 31, 2009, and before January 1, 2011.".
(2) EFFECTIVE DATE.--The amendment made by this subsection shall apply to stock issued after December 31, 2009.


(As printed in the Congressional Record for the Senate on Mar 3, 2010.)