U.S. GOVERNMENT PRINTING OFFICE

WASHINGTON : 

1 

39–010 

" ! SENATE 113TH CONGRESS

2d Session 

REPORT

2014

113–155 

Calendar No. 367 

TAX TECHNICAL CORRECTIONS ACT OF 2014 

R E P O R T 

OF THE

COMMITTEE ON FINANCE 

UNITED STATES SENATE 

APRIL 28, 2014.—Ordered to be printed 


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(III) 

CONTENTS 

Page 

I. LEGISLATIVE BACKGROUND ......................................................................... 1 

A. Description of Tax Technical Corrections (secs. 1–19 of the bill) ............ 1 

B. Deadwood Provisions (sec. 20 of the bill) ................................................... 8 

II. BUDGET EFFECTS OF THE BILL ................................................................. 9 

A. Committee Estimates .................................................................................. 9 

B. Budget Authority and Tax Expenditures ................................................... 9 

C. Consultation with Congressional Budget Office ........................................ 9 

III. VOTES OF THE COMMITTEE ....................................................................... 9 

IV. REGULATORY IMPACT AND OTHER MATTERS ...................................... 9 

A. Regulatory Impact ....................................................................................... 9 

B. Unfunded Mandates Statement .................................................................. 10 

C. Tax Complexity Analysis ............................................................................. 10 

V. CHANGES IN EXISTING LAW MADE BY THE BILL, AS REPORTED ..... 10 


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Calendar No. 367 

113TH CONGRESS REPORT " ! SENATE 2d Session 113–155 

TAX TECHNICAL CORRECTIONS ACT OF 2014 

APRIL 28, 2014.—Ordered to be printed 

Mr. WYDEN, from the Committee on Finance, 

submitted the following 

R E P O R T 

[To accompany S. 2261] 

The Committee on Finance, having considered an original bill, S. 

2261, to amend the Internal Revenue Code of 1986 to make technical corrections, to remove provisions that are no longer applicable, and for other purposes, having considered the same, reports favorably thereon and recommends that the bill do pass. 

I. LEGISLATIVE BACKGROUND 

The Senate Committee on Finance marked up original legislation 

(the ‘‘Tax Technical Correction Act’’) on April 3, 2014, and, with a 

majority and quorum present, ordered the bill favorably reported, 

with amendments on that date. This report describes the provisions 

of the bill. 

A. DESCRIPTION OF TAX TECHNICAL CORRECTIONS

(SECS. 1–19 OF THE BILL)

The bill includes technical corrections to recently enacted tax legislation. Except as otherwise provided, the amendments made by 

the technical corrections contained in the bill take effect as if included in the original legislation to which each amendment relates. 

Amendments to the Middle Class Tax Relief and Job Creation Act 

of 2012 (Pub. L. No. 112–96) 

Repeal of certain shifts in the timing of corporate estimated tax payments (Act sec. 7001).—The provision corrects a 

reference to the repeal of certain shifts in the timing of estimated 


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1 Rev. Rul. 2012–29, 2012–42 I. R. B. 475. 

corporate taxes with respect to the Corporate Estimated Tax Shift 

Act of 2009 (Pub. L. No. 111–42). 

Amendments to the American Taxpayer Relief Act of 2012 (Pub. L. 

No. 112–240) 

Capital gain rate for certain high-income individuals (Act 

sec. 102).—The provision contains a conforming amendment to the 

computation of the foreign earned income exclusion. 

Permanent alternative minimum tax relief for individuals 

(Act sec. 104).—The provision clarifies that the exemption amount 

for married individuals filing a separate return is one-half the exemption amount for married individuals filing a joint return, as adjusted for inflation. The provision also clarifies that the exemption 

amount for individuals filing a joint return, as adjusted for inflation, is rounded to the nearest $100. 

Amendments to the Regulated Investment Company Modernization 

Act of 2010 (Pub. L. 111–325) 

Capital loss carryovers (Act sec. 101).—The Act provided capital loss carryover treatment for a regulated investment company 

(‘‘RIC’’) similar to the net capital loss carryovers applicable to individuals. The provision is effective for taxable years beginning after 

December 22, 2010. The Internal Revenue Service ruled that this 

provision is effective for purposes of the excise tax under section 

4982 for calendar years after 2010.1 Thus, the provision applies to 

1-year periods beginning after October 31, 2010, which are taken 

into account in computing the excise tax for calendar years beginning after 2010. 

Capital losses carryovers under the Act are used prior to capital 

losses carryovers under the provisions of prior law. As a result of 

the interaction of these rules, there are situations where capital 

loss carryovers may expire for purposes of the excise tax but not 

for purposes of determining investment company taxable income. 

The provision allows a RIC to elect to delay the new capital loss 

carryover provisions for purposes of section 4982 for one calendar 

year so that the provision will apply to 1-year periods beginning 

after October 31, 2011, which are taken into account in computing 

the excise tax for calendar years beginning after 2011. The provision also provides that the capital loss carryovers of a RIC will not 

prevent the RIC from having sufficient earnings and profits to 

make the required distribution of its capital gain net income under 

section 4982 (as provided in section 852(c)(2)). 

Spillover dividends (Act sec. 304).—The Act provides that a 

spillover dividend must be declared before the later of the 15th day 

of the 9th month following the close of the taxable year or the extended due date for filing the return for the taxable year. The provision provides the declaration may be made on or before the relevant date. 

Certain late year losses (Act sec. 308).—Under prior law, for 

purposes of determining the amount of a net capital gain dividend, 

the amount of net capital gain for a taxable year was determined 

without regard to any net capital loss or net long-term capital loss 

attributable to transactions after October 31 of the taxable year, 


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2Treas. Reg. 1.852–11 provides rules relating to the treatment of losses attributable to periods 

after October 31 of a taxable year. Also, Notice 97–64, 1997–2 C.B. 323, provides guidance on 

the application of the multiple tax rates under section 1(h) to capital gain dividends of RICs. 

and the post-October net capital loss or net long-term capital loss 

was treated as arising on the first day of the RIC’s next taxable 

year.2 The Act provided a similar rule with respect to the post-October net short-term capital loss. 

The provision provides that the post-October capital loss means 

the net capital loss for the portion of the taxable year after October 

31, or if there is no such loss, the net post-October net long-term 

capital loss or the net post-October short-term net capital loss. 

Under prior law, to the extent provided in regulations, a RIC 

could elect to push the post-October net foreign currency losses and 

the net reduction in the value of stock in a PFIC (passive foreign 

investment company) with respect to which an election is in effect 

under section 1296(k) forward to the next taxable year. Regulations 

had been issued allowing RICs to elect to defer all or part of any 

post-October net foreign currency losses for the portion of the taxable year after October 31 to the first day of the succeeding taxable 

year. The Act expanded this rule to provide that any late-year ordinary loss may be deferred. 

The provision corrects the definition of late-year ordinary loss by 

defining the loss to be the sum of the post-October specified loss 

(if any) and the post-December ordinary loss (if any). 

The provision does not apply to an election made before the date 

of enactment of this Act for a taxable year ending before that date 

where the election to defer losses was made in accordance with the 

provisions of present law as now in effect. 

Deferral of certain gains and losses for excise tax purposes (Act sec. 402).—For purposes of the section 4982 excise tax, 

the Act applies the mark to market provisions of the Code and regulations thereunder as if the taxable year ended on October 31. 

Also the Act allows a taxable year RIC, except as provided in regulations, to elect to ‘‘push’’ any net ordinary loss (determined without regard to ordinary gains and losses which are automatically 

‘‘pushed’’ to the next calendar year) attributable to the portion of 

the calendar year after the beginning of the taxable year which begins in the calendar year to the first day of the next calendar year. 

The provision provides that any rule which determines income by 

reference to the value of an item on the last day of the taxable year 

is treated as a mark to market provision for which value will be 

determined on October 31 for purposes of the excise tax. 

The provision allows a RIC to elect to push any portion of a net 

ordinary loss to the next calendar year in determining its ordinary 

income or net ordinary loss for a calendar year. 

Amendments to the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (Pub. L. No. 111–312) 

Indexing of amount of reduction of marriage penalty for 

earned income credit (Act sec. 103.—The earned income tax 

credit in section 32 of the Code is clarified to provide that the 

$5,000 amount by which the phase-out thresholds for married couples filing jointly are increased are indexed for inflation for all taxable years after 2009, not just taxable years beginning in 2010. 


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Amendments to the Creating Small Business Jobs Act of 2010 (Pub. 

L. No. 111–240) 

Failure to furnish correct payee statements (Act sec. 

2102).—The provision clarifies that the effective date for the 

amendments to both section 6721 and section 6722 apply with respect to both information returns required to be filed and payee 

statements required to be furnished on or after January 1, 2011. 

Amendments to the American Recovery and Reinvestment Act of 

2009, Division B (Pub. L. No. 111–5) 

Refundable portion of child credit for certain taxable 

years (Act sec. 1003).—The child tax credit in section 24 of the 

Code is clarified regarding the determination of the refundable 

credit in any taxable years beginning after 2008 and before 2018. 

The provision provides that, to the extent that the child credit exceeds the taxpayer’s tax liability, the taxpayer is eligible for a refundable credit equal to 15 percent of earned income in excess of 

$3,000 not indexed for inflation (in lieu of $10,000 indexed for inflation). The present-law alternative formula for families with three 

or more children is unchanged. 

American Opportunity Tax Credit (Act sec. 1004).—The Act 

includes a reference to ‘‘tuition, fees, and course materials.’’ The 

reference to course materials was intended to apply to the Hope 

credit, but not to the Lifetime learning credit. The provision corrects this reference to the inclusion of course materials so that it 

applies only to the Hope credit and not to the Lifetime learning 

credit. 

Deduction for State sales tax and excise tax on the purchase of certain motor vehicles (Act sec. 1008).—The Act provides an itemized deduction and increased standard deduction for 

qualified motor vehicle taxes. The provision strikes Code section 

164(b)(6)(E) (which refers to the last sentence of section 164(a)) as 

inoperative, because the taxes referred to in that last sentence do 

not include qualified motor vehicle taxes. 

Coordination with renewable energy grants (Act sec. 

1104).—The provision provides that grants in lieu of energy credits 

under section 1603 of the Act are not includible in alternative minimum taxable income (including adjusted current earnings of a corporation). This treatment is consistent with the treatment of energy credits. 

Credits for certain vehicles and refueling property (Act 

secs. 1141 and 1142, and secs. 1341 and 1342 of the Energy 

Tax Incentives Act of 2005 (Pub. L. No. 109–58)).—The provisions conform the rules relating to the amount of basis reduction, 

as well as the reduction of other credits and deductions, on account 

of the credits for certain vehicles and refueling property under sections 30, 30B, 30C, and 30D of the Code. 

Qualifying advanced energy project credit (Act sec. 

1302).—The provision restores missing words, clarifying that the 

amount subject to the limitation in Code section 48C(b)(3) is the 

amount which is treated as the qualified investment. 

Regulated investment companies allowed to pass through 

tax credit bond credits (Act sec. 1541).—The provision clarifies 

that a regulated investment company electing to pass through credits on tax credit bonds, and its shareholders, are treated in a manVerDate Mar 15 2010 06:41 May 02, 2014 Jkt 039006 PO 00000 Frm 00008 Fmt 6659 Sfmt 6602 E:\HR\OC\SR155.XXX SR155

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ner similar to that which would occur if the company distributed 

to its shareholders an amount of money equal to the amount of the 

credits passed through. 

Special credit for certain government retirees (Act sec. 

2202).—The provision clarifies the credit with respect to treatment 

of the U.S. possessions. The provision is intended to operate in a 

manner similar to the operation of the Making Work Pay Credit 

with respect to the U.S. possessions (see H.R. Rep. 111–16, February 12, 2009, at 516–517). 

Amendments to the Emergency Economic Stabilization Act of 2008 

(Pub. L. No 110–343) 

Division B, the Energy Improvement and Extension Act of 

2008 

Credit for steel industry fuel (Act Div. B sec. 108).—The 

provision clarifies that coke and coke gas produced using fuel qualifying for a steel industry fuel credit is not eligible for the credit 

under present-law section 45K(g). 

Temporary increase in coal excise tax; funding of Black 

Lung Disability Trust Fund (Act Div. B sec. 113).—The provision clarifies that the term ‘‘trust fund’’ means the Black Lung Disability Trust Fund. 

Accelerated recovery period for depreciation of smart meters and smart grid systems (Act Div. B. sec. 306).—The provision clarifies that the accelerated recovery period for smart meters 

and smart grid systems does not apply to property with a class life 

less than 16 years. 

Special depreciation allowance for certain reuse and recycling property (Act Div. B sec. 308).—Consistent with the intent of the Act, the provision clarifies that a taxpayer does not 

qualify for the special depreciation allowance under this provision 

if it elects out of bonus depreciation under Code section 168(k)(4), 

which permits a taxpayer to accelerate the recognition of AMT and 

research credits in lieu of claiming bonus depreciation. This conforms to the parallel rule in section 168(n)(2)(B)(i)(1) (excluding 

such property from the definition of qualified disaster assistance 

property) under the national disaster provisions. 

Special rules in case of foreign oil and gas income (Act 

Div. B sec. 402).—The Act expands the FOGEI rules to apply to 

all foreign income from production and other activity related to the 

sale of oil and gas product (the sum of prior-law FORI and FOGEI). 

A transition rule in the Act unintentionally fails to properly apply 

pre-effective date law to pre-2009 credit carryforwards. The provision clarifies that pre-2009 credits carried forward to post-2008 

years continue to be governed by prior law for purposes of determining the amount of carryforward credits eligible to be claimed in 

a post-2008 year. 

Broker reporting of customer’s basis in securities transactions (Act Div. B sec. 403).—The provision makes conforming 

changes necessitated by the deletion of the defined term ‘‘open-end 

fund,’’ so that the provision refers to regulated investment companies rather than open-end funds. 

The Act provides a definition of a dividend reinvestment plan 

(‘‘DRP’’), and also permits use of average cost basis for stock acVerDate Mar 15 2010 06:41 May 02, 2014 Jkt 039006 PO 00000 Frm 00009 Fmt 6659 Sfmt 6602 E:\HR\OC\SR155.XXX SR155

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quired after December 31, 2010 in connection with a DRP. The Act 

further provides that stock acquired before 2012 for which an average basis method is permissible is treated as a separate account 

from any such stock acquired after 2011, and provides an election 

for a regulated investment company to treat as a single account all 

stock held by a customer without regard to the date of acquisition 

of the stock. For stock for which an average basis method is permissible, the Act’s basis reporting requirements apply to stock acquired after December 31, 2011. The provision conforms the effective date for the availability of an average basis method for DRP 

stock to the effective date for the basis reporting requirement for 

stock for which an average basis method is permissible by making 

the former rule applicable to DRP stock acquired after December 

31, 2011 (rather than December 31, 2010). The provision makes a 

conforming change to the effective date provision applicable to required basis reporting related to DRP stock. Under this change, unless a broker elects otherwise, basis reporting for DRP stock remains mandatory, as under the Act, only for stock acquired on or 

after January 1, 2012. 

The provision also clarifies that if an election is made to treat as 

a single account all stock acquired in connection with a DRP, the 

average basis method is permissible with respect to all such stock 

without regard to the date of acquisition of the stock. 

Division C, Tax Extenders and Alternative Minimum 

Tax Relief Act of 2008 

Qualified investment entities (Act Div. C sec. 208).—The 

Act generally extends the inclusion of a RIC within the definition 

of a ‘‘qualified investment entity’’ under the FIRPTA rules of section 897 through December 31, 2009. The Act imposes withholding 

tax on certain RIC distributions to foreign shareholders; however, 

distributions may have been made after the provision had expired 

on December 31, 2007, but before the extension was enacted. The 

provision clarifies that no withholding is required for distributions 

that were made on or before the date of enactment (October 4, 

2008). The provision also clarifies that a RIC is not liable to a foreign shareholder to whom a distribution was made before October 

4, 2008, for amounts that were withheld from such a distribution 

and paid over to the Secretary. 

Extension of 15-year straight-line cost recovery for qualified leasehold improvements and qualified restaurant improvements; 15-year straight-line cost recovery for certain 

improvements to retail space (Act Div. C sec. 305).—The Act 

expands the application of the 15-year MACRS recovery period to 

restaurant property, for property placed in service after December 

31, 2008, and to a new category of retail improvement property, 

also for property placed in service after December 31, 2008. Both 

of these rules provide that bonus depreciation generally is not 

available for such property. The provision clarifies, however, that 

assets that qualify as both qualified leasehold improvement property and either qualified restaurant property or qualified retail improvement property qualify for bonus depreciation, consistent with 

the legislative intent with respect to assets that overlap in this 

manner. 


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Amendments to the Heroes Earnings Assistance and Relief Tax Act 

of 2008 (Pub. L. No. 110–245) 

Special period of limitation when uniformed services retired pay is reduced as result of award of disability compensation (Act sec. 106).—The provision clarifies that the date 

June 17, 2008 (date of enactment), applies for purposes of the portion of the transition rule specifying what date should be substituted for the date of the determination. 

Disposition of unused health benefits in flexible spending 

accounts (Act sec. 114).—The Act provides that a plan does not 

fail to be treated as a cafeteria plan or health FSA merely because 

the plan provides for qualified reservist distributions. The provision 

clarifies that a plan does not fail to be treated as an accident or 

health plan under Code section 105 merely because it provides for 

qualified reservist distributions. 

Amendments to the Economic Stimulus Act of 2008 (Pub. L. No. 

110–185) 

2008 recovery rebates for individuals (Act sec. 101).—The 

provision clarifies that summary assessment procedures can apply 

with respect to any taxpayer identification number under the provision (not just in the case of limited age errors). 

Amendments to the Tax Technical Corrections Act of 2007 (Pub. L. 

No. 110–172) 

Act section 4(c).—The provision reinstates a part of Code section 911, relating to the netting of disallowed deductions against 

excluded income, that was inadvertently deleted by the Act. 

Amendments to the Tax Relief and Health Care Act of 2006 (Pub. 

L. No. 109–432) 

WOTC and Indian employment credit (Act sec. 105).—Code 

section 45A(b)(1)(B) coordinates the Indian employment credit with 

WOTC. It provides that wages are not taken into account during 

the one-year period beginning on the date the individual begins 

work for the employer if wages are taken into account under 

WOTC. In 2006, a second year was added to WOTC for long-term 

family assistance recipients (section 51(e)). The provision clarifies 

that the two-year period is taken into account for purposes of section 45A(b)(1)(B) if any portion of wages are taken into account 

under subsection (e)(1)(A) of section 51. 

Amendments to the Safe, Accountable, Flexible, Efficient Transportation Equity Act of 2005: A Legacy for Users (SAFETY–LU) 

(Pub. L. No. 109–59) 

Transfer to Highway Trust Fund of amounts equivalent to 

certain taxes and penalties (Act sec. 11161).—The taxes on 

aviation fuel and aviation gasoline, imposed on removal from a terminal directly into the fuel tank of an aircraft, are credited to the 

Airport and Airways Trust Fund (sec. 9502(b)(1)(D)). The provision 

makes a technical amendment to section 9503(b)(1)(D) to clarify 

that the Highway Trust Fund is not credited with these same 

amounts. 


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Amendments to the American Jobs Creation Act of 2004 (Pub. L. 

No. 108–357) 

ETI and 199 circularity (Act sec. 101).—The provision incorporates an ordering rule for purposes of section 114 of the Code 

that requires the computation of the section 114 extraterritorial income (‘‘ETI’’) exclusion without regard to the section 199 deduction. 

Under this ordering rule, a taxpayer must first compute the 

amount of the section 114 exclusion, determined without regard to 

the section 199 deduction, before the taxpayer computes its section 

199 deduction. As under present law, any amount excluded from 

gross income pursuant to section 114 continues to be taken into account in determining qualified production activities income 

(‘‘QPAI’’). The provision is consistent with technical corrections previously made to provide ordering rules to avoid circular calculations resulting from the interaction between the computations 

under section 199 and sections 163(j), 170, and 613A. 

Section 199 W–2 wages (Act sec. 102).—Section 199(b)(2)(A) 

provides that the amounts included as W–2 wages are only those 

amounts paid during the calendar year ending during the taxable 

year of a taxpayer. In some instances, this results in taxable years 

in which no W–2 wages are included (e.g., short years that do not 

include December 31). Consequently, in such instances, the taxpayer may be precluded from claiming a section 199 deduction due 

to the W–2 wage limitation. Although section 199(b)(3) provides the 

Secretary with authority to address cases in which there may be 

a short taxable year as a result of a taxpayer’s acquisition or disposition of a trade or business (or a major portion of a separate 

unit of a trade or business), it does not provide explicit authority 

to address other circumstances that result in a short taxable year 

(e.g., change in accounting period). 

The provision provides the Secretary the authority to issue guidance for short taxable years (outside of the context of an acquisition 

or disposition) permitting the allocation of W–2 wages to a short 

taxable year that does not include the end of a calendar year. For 

example, the Secretary may issue guidance that permits a taxpayer 

to allocate a portion of the annual W–2 wages to a short taxable 

year that does not include the end of the calendar year and the full 

amount of such W–2 wages to the subsequent 12-month taxable 

year that includes such calendar year end. 

Clerical corrections 

The bill makes clerical and typographical corrections. 

B. DEADWOOD PROVISIONS

(SEC. 20 OF THE BILL)

A number of provisions in the Internal Revenue Code are not 

used in computing current taxes and are thus obsolete. These provisions are referred to as ‘‘deadwood’’. The bill repeals 16 sections 

of the Code and repeals or amends portions of more than 100 other 

sections of the Code to remove deadwood. The bill does not change 

substantive law. 

The amendments relating to deadwood made by the bill are effective on the date of enactment. The bill includes savings provisions 

to mitigate the effects of repealing the deadwood items in the event 


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those items have any remaining applicability to past transactions. 

For example, if a transfer of property took place before the date of 

enactment, the basis of the property is not changed by reason of 

any provision of the bill which amends a Code section relating to 

the determination of basis. 

II. BUDGET EFFECTS OF THE BILL 

A. COMMITTEE ESTIMATES

In compliance with paragraph 11(a) of rule XXVI of the Standing 

Rules of the Senate, the following statement is made concerning 

the estimated budget effects of the revenue provisions of the ‘‘Tax 

Technical Corrections Act of 2014’’ as reported. The bill has no revenue effect. 

B. BUDGET AUTHORITY AND TAX EXPENDITURES

Budget authority 

In compliance with section 308(a)(1) of the Budget Act, the Committee states that no provisions of the bill as reported involve new 

or increased budget authority. 

Tax expenditures 

In compliance with section 308(a)(2) of the Budget Act, the Committee states that no provisions of the bill contain tax expenditures. 

C. CONSULTATION WITH CONGRESSIONAL BUDGET OFFICE

In accordance with section 403 of the Budget Act, the Committee 

advises that the Congressional Budget Office has not submitted a 

statement on the bill. The letter from the Congressional Budget Office will be provided separately. 

III. VOTES OF THE COMMITTEE 

Final Passage of the Tax Technical Corrections Act of 2014— 

agreed to by voice vote. 

IV. REGULATORY IMPACT AND OTHER MATTERS 

A. REGULATORY IMPACT

Pursuant to paragraph 11(b) of rule XXVI of the Standing Rules 

of the Senate, the Committee makes the following statement concerning the regulatory impact that might be incurred in carrying 

out the provisions of the bill as amended. 

Impact on individuals and businesses, personal privacy and paperwork 

The bill provides for technical corrections to the Internal Revenue Code of 1986, as amended. The bill should not result in any 

additional regulation with respect to individuals and businesses, 

and should not result in additional recordkeeping responsibilities 

for individuals and businesses beyond that required for present 

law. 


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B. UNFUNDED MANDATES STATEMENT

This information is provided in accordance with section 423 of 

the Unfunded Mandates Reform Act of 1995 (Pub. L. No. 104–4). 

The Committee has determined that the tax provisions of the reported bill do not contain Federal private sector mandates or Federal intergovernmental mandates on State, local, or tribal governments within the meaning of Public Law 104–4, the Unfunded 

Mandates Reform Act of 1995. The costs required to comply with 

each Federal private sector mandate generally are no greater than 

the aggregate estimated budget effects of the provision. 

C. TAX COMPLEXITY ANALYSIS

Section 4022(b) of the Internal Revenue Service Reform and Restructuring Act of 1998 (the ‘‘IRS Reform Act’’) requires the staff 

of the Joint Committee on Taxation (in consultation with the Internal Revenue Service and the Treasury Department) to provide a 

tax complexity analysis. The complexity analysis is required for all 

legislation reported by the Senate Committee on Finance, the 

House Committee on Ways and Means, or any committee of conference if the legislation includes a provision that directly or indirectly amends the Internal Revenue Code and has widespread applicability to individuals or small businesses. 

The staff of the Joint Committee on Taxation has determined 

that no provision of the bill has widespread applicability to individuals or small businesses. 

V. CHANGES IN EXISTING LAW MADE BY THE BILL, AS 

REPORTED 

In the opinion of the Committee, it is necessary in order to expedite the business of the Senate, to dispense with the requirements 

of paragraph 12 of rule XXVI of the Standing Rules of the Senate 

(relating to the showing of changes in existing law made by the bill 

as reported by the Committee). 

Æ 


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