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Full Text of this Amendment

SA 3415. Mrs. LINCOLN 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. __. MULTIEMPLOYER PLAN CONTRIBUTION CREDIT.
(a) In General.--Subpart D of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by adding at the end the following new section:
"SEC. 45R. MULTIEMPLOYER PLAN CONTRIBUTION CREDIT.
"(a) General Rule.--For purposes of section 38, in the case of a qualified taxpayer, the multiemployer plan contribution credit for any taxable year is an amount equal to 50 percent of the taxpayer's qualified multiemployer plan contributions for the taxable year.
"(b) Definitions.--For purposes of this section--
"(1) QUALIFIED MULTIEMPLOYER PLAN CONTRIBUTION.--The term `qualified multiemployer plan contribution' means the amount of contributions paid pursuant to a collective bargaining agreement by a qualified taxpayer to a qualified multiemployer plan for a taxable year.
"(2) QUALIFIED TAXPAYER.--The term `qualified taxpayer' means any employer that is--
"(A) engaged primarily in the active conduct of the trade or business of carrying freight for unrelated third parties that was engaged in such trade or business on the date of enactment of the Motor Carrier Act of 1980; and
"(B) a party to--
"(i) the National Master Freight Agreement, or
"(ii) a collective bargaining agreement that includes terms substantially similar to the National Master Freight Agreement as in effect on April 1, 2008, or thereafter.
"(3) QUALIFIED MULTIEMPLOYER PLAN.--The term `qualified multiemployer plan' means a defined benefit plan that is a multiemployer plan (as defined in section 414(f)).
"(c) Noninclusion of Increased Contributions.--A qualified taxpayer's qualified multiemployer plan contribution shall not include any amount attributable to an increase in the rate of contributions to a qualified multiemployer plan after September 1, 2009, except to the extent that such increase is required by the terms of a collective bargaining agreement in effect on April 1, 2008. For purposes of the preceding sentence, a subsequent amendment or extension of a collective bargaining
agreement in effect on April 1, 2008 shall not result in an inclusion of any additional amount attributable to an increased rate of contributions for purposes hereof.
"(d) Special Rules.--
"(1) DISALLOWANCE OF DEDUCTION.--No deduction shall be allowed for that portion of the qualified multiemployer plan contributions for the taxable year which is equal to the credit determined under subsection (a).
"(2) AGGREGATION RULES.--All persons which are treated as a single employer under subsections (b) and (c) of section 414 shall be treated as a single taxpayer.
"(3) ELECTION NOT TO CLAIM CREDIT.--This section shall not apply to a taxpayer for any taxable year to the extent such taxpayer elects to have this section not apply with respect to all or a portion of the taxpayer's qualified multiemployer plan contribution for such taxable year.
"(e) Termination.--This section shall not apply to contributions made after December 31, 2013.".
(b) Credit Treated as Part of Business Credit.--
(1) IN GENERAL.--Section 38(b) of the Internal Revenue Code of 1986 is amended by striking "plus" at the end of paragraph (34), striking the period at the end of paragraph (35), and inserting ", plus", and by adding at the end the following new paragraph:
"(36) the multiemployer plan contribution credit determined under section 45R(a).".
(2) SPECIAL RULES FOR CARRYBACK OF CREDIT.--
(A) IN GENERAL.--Section 39(a) of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph:
"(4) SPECIAL RULES FOR MULTIEMPLOYER PLAN CONTRIBUTION CREDIT.--Notwithstanding subsection (d), in the case of the multiemployer plan contribution credit--
"(A) this section shall be applied separately from the business credit (other than the multiemployer plan contribution credit and the marginal oil and gas well production credit),
"(B) paragraph (1) shall be applied by substituting by substituting `each of the 10 taxable years' for `the taxable year' in subparagraph (A) thereof; and
"(C) paragraph (2) shall be applied--
"(i) by substituting `30 taxable years' for `21 taxable years' in subparagraph (A) thereof, and
"(ii) by substituting `29 taxable years' for `20 taxable years' in subparagraph (B) thereof.".
(B) CONFORMING AMENDMENT.--Section 39(a)(3)(A) of such Code is amended by inserting "and the multiemployer plan contribution credit" after "marginal oil and gas well production credit".
(3) TREATMENT UNDER ALTERNATIVE MINIMUM TAX.--
(A) IN GENERAL.--Section 38(c) of the Internal Revenue Code of 1986 is amended by redesignating paragraph (5) as paragraph (6) and by inserting after paragraph (4) the following new paragraph:
"(5) MULTIEMPLOYER PLAN CONTRIBUTION CREDIT.--
"(A) IN GENERAL.--In the case of the multiemployer plan contribution credit--
"(i) this section and section 39 shall be applied separately with respect to such credit, and
"(ii) for purposes of applying paragraph (1) to such credit--
"(I) 10 percent of the tentative minimum tax shall be substituted for the tentative minimum tax under subparagraph (A) thereof, and
"(II) the limitation under paragraph (1) (as modified by subclause (I)) shall be reduced by the credit allowed by subsection (a) for the taxable year (other than the multiemployer plan contribution credit).
"(B) MULTIEMPLOYER PLAN CONTRIBUTION CREDIT.--For purposes of this paragraph, the term `multiemployer plan contribution credit' means the portion of the credit under subsection (a) which is attributable to the credit determined under section 45R.".
(B) CONFORMING AMENDMENTS.--
(i) Section 38(c)(2)(A)(II) of such Code is amended by striking "and the specified credits" and inserting "the specified credits, and the multiemployer plan contribution credit".
(ii) Section 38(c)(3)(A)(II) of such Code is amended by striking "and the specified credits" and inserting "the specified credits, and the multiemployer plan contribution credit".
(iii) Section 38(c)(4)(A)(II) of such Code is amended by striking "the specified credits" and inserting "the specified credits and the multiemployer plan contribution credit".
(c) Conforming Amendments.--Subsection (c) of section 196 of the Internal Revenue Code of 1986 is amended by striking "and" at the end of paragraph (12), by striking the period at the end of paragraph (13) and inserting ", and", and by adding at the end the following new paragraph:
"(14) the multiemployer plan contribution credit determined under section 45R(a).".
(d) Clerical Amendment.--The table of sections for subpart D of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by adding at the end the following new item:


"Sec..45R..Multiemployer plan contribution credit.".


(e) Effective Date.--The amendments made by this section shall apply to contributions made to qualified multiemployer plans on or after January 1, 2010.


(As printed in the Congressional Record for the Senate on Mar 4, 2010.)