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Full Text of this Amendment
On page 161, between lines 10 and 11, insert the following:
SEC. __X. MODIFICATION OF EFFECTIVE DATE OF LEASING PROVISIONS OF THE AMERICAN JOBS CREATION ACT OF 2004.
(a) Leases to Foreign Entities.--Section 849(b) of the American Jobs Creation Act of 2004 is amended by adding at the end the following new paragraph:
"(5) LEASES TO FOREIGN ENTITIES.--In the case of tax-exempt use property leased to a tax-exempt entity which is a foreign person or entity, the amendments made by this part shall apply to taxable years beginning after December 31, 2009, with respect to leases entered into on or before March 12, 2004.".
(b) Effective Date.--The amendment made by this section shall take effect as if included in the enactment of the American Jobs Creation Act of 2004, but shall not apply to any transaction that is the subject of a closing agreement under the provisions of section 7121 of the Internal Revenue Code of 1986 that is final as of the date of the enactment of this Act.
(c) No Inference.--Nothing in the amendment made by this section shall be construed to create an inference regarding the authority of the Internal Revenue Service to challenge transactions described in such amendment for taxable years beginning before January 1, 2010.
(As printed in the Congressional Record for the Senate on Mar 4, 2010.)