General Explanation of Certain Tax Legislation Enacted in the 115th Congress

General Explanation of Certain Tax Legislation Enacted in the 115th Congress
Title:
General Explanation of Certain Tax Legislation Enacted in the 115th Congress
Format:
Paperback
USA Price: 
Stock:
In stock
GPO Stock Number:
052-071-01594-9
ISBN:
9780160952203
Description

This document, prepared by the staff of the Joint Committee on Taxation in consultation with the staffs of the House Committee on Ways and Means and the Senate Committee on Finance, provides an explanation of tax legislation enacted in the 115th Congress. The explanation follows the chronological order of the tax legislation as signed into law.

 

This official print volume includes:

  • Disaster Tax Relief and Airportan Airway Extension Act of 2017  (Public Law 115-63)
  • Delay in implementation of excise tax on high cost employer-sponsored health coverage (sec. 4002 of the Act and sec. 49801 of the Code)
  • Suspension of annual fee on health insurance providers (sec. 4003 of the Act and sec. 9010 of the Patient Protection Affordable Care Act)
  • Extension of excise tax credits relating to alternative fuel (sec. 40415 of the Act and sec. 6426 and 6427 of the Code)
  • and more

 

For each provision, the document includes a description of present law, explanation of the provision, and effective date. Present law describes the law in effect immediately prior to enactment. It does not reflect changes to the law made by the provision or subsequent to the enactment of the provision. For many provisions, the reasons for change are also included. In some instances, provisions included in legislation enacted in the 115th Congress were not reported out of committee before enactment. For example, in some cases, the provisions enacted were included in bills that went directly to the House and Senate floors. As a result, the legislative history of such provisions does not include the reasons for change normally included in a committee report. In the case of such provisions, no reasons for change are included with the explanation of the provision in this document.

In some cases, there is no legislative history for enacted provisions. For such provisions, this document includes a description of present law, explanation of the provision, and effective date, as prepared by the staff of the Joint Committee on Taxation. In some cases, contemporaneous technical explanations of certain bills were prepared and published by the staff of the Joint Committee. In those cases, this document follows the technical explanations. Section references are to the Internal Revenue Code unless otherwise indicated.

Related products:

Find official and legal, published documents within the U.S. Tax Court

Check out our Taxes, Auditing, and Accounting resources collection

Learn more about published works from the Joint Committee on Taxation

Table of Contents

INTRODUCTION

PART ONE: DIASTER TAX RELIEF AND AIRPORT AND AIRWAY EXTENSION ACT OF 2017 (PUBLIC LAW 115-63)

A. Aviation Revenue Provisions

    1. Extension of expenditure authority and taxes funding Airport and Airway Trust Fund (secs. 201 and 202 of the Act and secs. 4081, 4083, 4261, 4271, and 9502 of the Code)

B. Tax Relief for Hurricanes Harvey, Irma, and Maria

    1. Speical-disaster-related rules for the use of retirement funds (sec. 502 of the Act and sec. 72 of the Code)

    2. Disaster-related employment relief (sec. 503 of ther Act and sec. 38 of the Code)

   3. Temporary suspension of limitations on charitable contributions (sec. 504 (a) of the Act and sec. 170 of the Code)

   4. Special Rules for qualified disaster-related personal casualty losses (sec. 504 (c) of the Act and sec. 170 of the Code)

   5. Special rule for determining earned income (sec. 504 (c) of the Act and secs. 24 and 32 of the Code)

  6. Application of disaster-related tax relief to possessions of the United States (sec. 504 (d) of the Act)

PART TWO: FOURTH CONTINUING APPORPRIATIONS FOR FISCAL YEAR 2018, FEDERAL REGISTER PRINTING SAVINGS, HEALTHY KIDS, HEALTH-RELATED TAXES AND BUDGETARY EFFECTS (PUBLIC LAW 115-120)

   1. Extension of moratorium on medical device excise tax (sec. 4001 of the Act and sec. 4191 of the Code)

   2. Delay in implementation of excise tax on high cost employer-sponsored health coverage (sec. 4002 of the Act and sec. 49801 of the Code)

   3. Suspension of annual fee on health insurance providers (sec. 4003 of the Act and sec. 9010 of the Patient Protection and Affordable Care Act)

PART THREE: BIPARTISAN BUDGET ACT OF 2018 (PUBLIC LAW 115-123)

 A. Tax Relief and Medicaid Changes Related to Certain Disasters: California Fires

   1. Speical disaster-related rules for use of retirement funds (sec. 20102 of the Act and sec. 72 of the Code)

   2. Employee retention credit for employers affected by California wildfires (sec. 20103 of the Act and sec. 38 of the Code)

   3. Temporary suspension of limitations on charitable contributions (sec. 20104(a) of the Act and sec. 170 of the Code)

   4. Special rules of qualified disaster-related personal casualy losses (sec. 20104 (b) of the Act and sec. 165 of the Code)

   5.  Special rule for determining earned income (sec. 20104(c) of the Act and secs. 24 and 32 of the Code) 

B. Tax Relief for Hurricanes Harvey, Irma, and Maria

    1. Tax relief for Hurricanes Harvey, Irma, and Maria (sec. 2021 of the Act and sec. 501(a)(2) and (b)(2) of Disaster Tax Relief and Airport and Airway Extension Act of 2017, Pub. L No. 115-63)

C. TAx Relief for Families and Individuals

   1. Extension of exclusion from gross income of discharge of qualified principal residence indebtness (sec. 40201 of the Act and sec. 108 of the Code)

   2.  Extension of mortgage insurance premiums treated as qualified residence interest (sec. 40202 of the Act and sec. 163 of the Code)

   3.  Extension of above-the-line deduction for qualified tuition and related expenses (sec. 40203 of the Act and sec. 222 of the Code) 

D, Incentives for Growth, Jobs, Investment, and Innovation

   1. Extension of Indian employment tax credit (sec. 40301 of the Act and sec. 45A of the Code)

   2. Extension of railroad track maintenance credit (sec, 40302 of the Act and sec. 45G of the Code)

   3. Extension of mine rescue team training credit (sec. 40303 of the Act and sec. 45N of the Code)

   4. Extension of classification of certain race horses as three-year property (sec. 40304 of the Act and sec. 168 of the Code)

   5. Extension of seven-year recovery period for motorsports entertainment complexes (sec. 40306 of the Act and sec. 168(j) of the Code)

   6. Extension of accelerated depreciation for business property on an Indian reservation (sec. 40306 of the Act and sec. 168(j) of the Code)

   7. Extension of election to expense mine safety equipment (sec. 40307 of the Act and sec. 179E of the Code)

   8. Extension of special expensing rules for certain productions (sec. 40308 of the Act and sec. 181 of the Code)

   9. Extension of deduction allowable wtih respect to income attributable to domestic production activities in Puerto Rico (sec. 40309 of the Act and former sec. 199 of the Code)

 10. Extension of special rule relating to qualified timber gain (sec. 40310 of the Act and former sec. 1201 of the Code)

 11. Extension of empowerment zone tax incentives (sec. 40311 of the Act and secs. 1391 and 1394 of the Code)

 12. Extension of American Samoa economic development credit (sec. 40312 of the Act and sec. 119 of Division A of Pub. L. No. 109-432)

E. Incentives for Energy Production and Conservation

   1. Extension of credit for nonbusiness energy property (sec. 40401 of the Act and sec., 25C of the Code)

   2. Extension and modification of credit for residential energy property (sec. 40402 of the Act and sec. 25D of the Code)

   3. Extension credit for new qualified fuel cell motor vehicles (sec. 40403 of the Act and sec. 30B of the Code)

   4. Extension of credit for alternative fuel vehicles refueling property (sec. 40404 of the Act and sec. 30C of the Code)

  5. Extension of credit for two-wheeled plug-in electric vehicles (sec. 40405 of the Act and sec. 30D of the Code)

  6. Extension of second generation biofuel producer credit (sec. 40406 of the Act and sec. 404(b)(6) of the Code)

  7. Extension of biodiesel and renewable diesel incentives (sec. 40407 of the Act and secs. 40A 6426(c) and 6427(e) of the Code)

  8. Extension of production credit for Indian coal facilities (sec. 40408 of the Act and sec. 45 of the Code)

  9.  Extension credits with respect to facilities producing energy from certain renewable resources (sec. 40409 of the Act and secs. 45 and 48 of the Code)

 10. Extension of credit for energy-efficient new homes (sec. 40410 of the Act and sec. 45L of the Code)

  11.  Extension and phaseout of energy credit (sec. 40411 of the Act and sec. 48 of the Code)

  12. Extension of special allowance for second generation biofuel plant property (sec. 40412 of the Act and sec. 168(1) of the Code)

  13. Extension of energy efficient commercial buildings deduction (sec. 40413 of the Act and sec. 179D of the Code)

  14. Extension of special rule for sales or dispositions to implement FERC or State electric restructuring policy for qualified electric utilities (sec. 40414 of the Act and sec. 451(k) of the Code)

  15. Extension of excise tax credits relating to alternative fuel (sec. 40415 of the Act and secs. 6426 and 6427 of the Code)

  16. Extension of Oil Spill Liability Trust Fund financing rate (sec. 40416 of the Act and sec. 4611 of the Code)

F. Modifications of Energy Incentives

   1. Modifications credit for production from advanced nuclear power facilities (sec. 40501 of the Act and sec. 45J of the Code)

G. MIscellaneous Provisions

   1. Modifications to rum cover-over (sec. 41102 of the Act and sec. 7652 of the Code)

   2. Extension of waiver of limitations with respect to excluding from gross income amounts received by wrongly incarcerated individuals (sec. 41103 of the Act and sec. 139F of the Code)

  3.  Individuals held harmless on impropoer levy on retirement plans (sec. 41104 of the Act and sec. 6343 of the Code)

  4. Modifications of user fees requirements for installment agreements (sec. 411105 of the Act and new sec. 6159(f) of the Code)

  5. Form 1040SR for seniors (sec. 41106 of the Act)

  6. Attorneys' fees relating to awards to whistleblowers (sec. 41107 of the Act and sec. 62(a)(21) of the Code)

  7. Clarification of whistlebloewr awards (sec. 41108 of the Act and new sec.7623(c) of the Code)

  8. Clarification regarding excise tax based on investment income of private colleges and universities (sec. 41109 of the Act and sec. 4968 of the Code)

  9. Exception from private foundation excess business holding tax for independently-operated philanthropic buisness holidngs (sec. 4110 of the Act and sec, 4943 of the Code)

 10. Rule of construction for craft beverage modernization and tax reform (sec. 41111 of the Act)

  11. Simplification of rules regarding records, statements, and returns (sec. 41112 of the Act and sec. 5555 of the Code)

  12. Modifications of rules governing hardship distributions (sec. 41113 of the Act, and secs. 401(k) of the Code)

  13. Modification of rules relating to hardship withdrawals from cash or deferred-arrangements (sec. 41114 of the Act and sec. 401(k) of the Code)

  14. Opportunity zones rule for Puerto Rico (sec. 4115 of the Act and sec. 1400Z-1 of the Code)

  15. Tax home of certain citizens and residents of the United States living abroad (sec. 41116 of the Act and sec. 911 of the Code)

  16. Treatment of foreign persons for returns relating to payments made in settlement of paymnent card and third party network transactions (sec. 41117 of the Act and sec. 6050W of the Code)

  17. Repeal of shift in time of payment of corporate estimated taxes (sec. 41118 of the Act and sec. 6655 of the Code)

  18. Credit for carbon oxide dsequextration (sec. 41119 of the Act and sec. 45Q of the Code)

PART FOUR: CONSOLIDATED APPROPRIATIONS ACT, 2018 (PUBLIC LAW 115-141)

 A/ Aviation Revenue Provisions

    1. Extension of expenditure authority and taxes funding Airport and Airway Trust Fund (secs. 201 and 202 of Division M of the Act ( the "Airport and Airway Extension Act of 2018") and secs, 4081, 4083, 4261, 4271, and 9502 of the Code)

  B. Revenue Provisions

    1. Modification of deduction for qualified business income of a cooperative and its patrons (sec. 101 of Division T of Pub. L. No. 115-141 and sec. 199A of the Code)

   2. State housing credit ceiling and average income text for low-income housing credit (secs. 102 and 103 of Division T of the Act and sec,. 42 of the Code)

Tax Technical Correctiohns Act of 2018

  A, Tax Technical Corrections

    1. Amendments relating to Protecting Americans fronm Tax Hikes ("PATH") Act of 2015 (Division Q of the Consolidated Appropriations Act, 2016) (sec. 101 of Division U of the Act)

   2. Amendment relating to Consolidated Appropriations Act, 2016 (sec. 101 of Division U of the Act)

   3. Amendments relating to Fixing America's Surface Transportation Act (2015) (sec. 103 of Division U of the Act)

   4. Amendments relating to Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 (sec. 104 of Division U of the Act)

   5. Amendments relating to Stephen Beck, Jr., ABLE Act of 2014 (sec. 105 of Division U of the Act)

   6. Amendment relating to American Taxpayer Relief Act of 2012 (sec. 106 of Division U of the Act)

   7. Amendment relating to United States -Korea Free Trade Agreement Implementation Act (2011) (sec. 107 of Division U of the Act)

   8. Amendment relating to SAFETEA --LU (sec. 108 of Division U of the Act)

   9. Amendments relating to the American Jobs Act of 2004 ("AJCA") (sec. 109 of Division U of the Act)

 B. Technical Corrections Related to Partnership Audit Rules

   1. Scope of adjustments subject to partnership audit rules (sec. 201 of Division U of the Act and secs. 6241(2) and (9), 6501 (c), 6221, 6225, 6226, 6227, 6231, 6234, and 7485 of the Code)

  2. Netting in the determinination of imputerd underpayments (sec. 202 of Division U of the Act and sec. 6225(a) and (b) of the Code)

  3. Alternatibe procedure to filing amended returns for purposes of modifications to imputed underpayments (secs. 202(b) of Division U of the Act and secs. 6225(c) and 6201(a)(1) of the Code)

  4. Push-out treatment of passthrough partners in tiered structures (sec. 204 of Division U of the Act and sec. 6226 of the Code)

  5. Treatment of failure of partnership or S corporation to pay imputed underpayment and assessment and collection authority with respect to imputed underpayments (sec. 205 of Division U of the Act and secs. 6232 and 6501(c)(4)(a) of the Code)

  6. Amendment of statements (Schedules K-1) to partners (sec. 206(a) of Division U of hte Act and sec. 6031(b) of the Code)

  7. Partnership adjustment tracking report and administrative adjustment request not treated as amended return (sec. 206(b) of Division U of the Act and sec. 6225(c)(2) of the Code)

  8. Authority to require e-filing of materials (sec. 206(c) of Division U of the Act and sec. 6241(10) of the Code)

  9. Clarification of assessment authority in a push-out (sec. 206(d) of Division U of the Act and sec. 6226 of the Code)

 10. Treatment of partnership adjustments that result in decrease in tax in push-out (sec.206(e) of Division U of the Act and sec. 6226(b) of the Code)  

  11. Coordination with adjustments related t6o foreign tax credits (sec. 206(f) of Division U of the Act and sec. 6227(d) of the Code)

  12. Clarification of assessment of imputed underpaymnents (sec. 206(g) of Division U of the Act and secs. 6232(a) and (b) of the Code)

  13. Time limit notice of proposed partnership adjustments (sec. 206(h) of Division U of the Act and secs. 6231(a) and (b) of the Code)

  14. Deposit to suspend interest on imputed underpayment (sec. 206(i) of Division U of the Act and sec. 6233 of the Code)

  15. Deposit to meet jurisdictional rquirement (sec. 206 (j) of Division U of the Act and sec. 6234 (b of the Code)

  16. Period of limitations on making adjustments (sec. 206(k) of Division U of the Act and sec. 6234(b) of the Code)

  17. Trdeatnent of special enforcement matters (sec. 206(l) of Division U of the Act) and sec. 6241(10) of the Code)

  18. United States shareholders and certain other persons treated as partners (sec. 206(m) of the Division U of the Act and sec. 6241(12) of the Code)

  19. Penalties relating to administrative adjustment requests and partnership admustment tracking reports (sec. 206(n) of Division U of the Act and secs. 6651, 6696, 6698, and 6702 of the Code)

  20. Statements to partners (adjusted Schedules K-1) treated as payee statements (sec. 206(o) of the Division U of the Act and sec. 6724 of the Code)

  21. Clerical corrections relating to partnership audit rules (sec. 206(p) of Division U of the Act)

 C. Other Corrections

   1. Amendment relating to the Bipartisan Budget Act of 2015 (sec. 301 of Division U of the Act)

   2. Amendment relating to the Energy Policy Act of 2005 (sec. 302 of Division U of the Act)

 D. Clerical Corrections and Deadwood

  1. Clerical corrections and deadwood-related provisions (sec. 401 of Division U of the Act)

PART FIVE: AIRPORT AND AIRWAY EXTENSION ACT OF 2018, PART II (PUBLIC LAW 115-250)

  1. Expenditure authority from the Airport and Airway Trust Fund and etension of taxes funding the Airport and Airway Trust Fund (secs. 4 and 5 of the Act and secs. 4081, 4083, 4261, 4271, and 9502 of the Code)

PART SIX:  FAA REAUHTORIZATION ACT OF 2018

  1 Expenditure authority from the Airport and Airway Trust Fund and extension of taxes funding the Airport and Airway Trust Fund (secs. 801 and 802 of the Act and secs. 4081, 4083, 4261, 4271, and 9502 of the Code)

PART SEVEN: PROTECTING ACCESS TO THE COURTS FOR TAXPAYERS ACT (PUBLIC LAW 115-332)

  1. Transfer of certain cases (sec. 2 of the Act)

APPENDIX:  EXTIMATED BUDGET EFFECTS OF CERTAIN TAX LEGISLATION IN THE 115TH CONGRESS

 

 

Audience

Taxpayers, political scientists, economists, and students and professors studying tax law may be interested in this information. Tax professionals, certified public accountants (CPA)s, human resources and payroll professionals in corporations and nonprofit organizations, and some medical insurance groups may also be interested in this tax legislation. 

Product Details

Availability Details:
In Stock
USA Price:
$19.00
International Price:
$26.60
Publisher:
Congress, Joint Committee on Taxation
Key Phrases:
  • JCS 2 19
  • Taxation
  • Law and Legislation
  • Congress
  • 115th Congress
  • Disaster Tex Relief and Airport and Airway Extension Act of 2017
  • Bipartisan Budget Act of 2018
Weight:
0.5625
Quantity Price:
Discount
Cover:
Paper
Unit of Issue (US):
1
Unit of Issue (Non-US):
1
Record Creation Date:
07/12/2019
Last Status Update:
10/24/2019
Back to Top