I 
111TH CONGRESS 
2D SESSION 
H. R. 4850 
To amend the Internal Revenue Code of 1986 to allow companies to utilize 
existing alternative minimum tax credits to create and maintain United 
States jobs, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
MARCH 16, 2010 
Mr. PETERS (for himself, Mr. LARSON of Connecticut, Mr. REICHERT, and 
Mr. TIBERI) introduced the following bill; which was referred to the Com-
mittee on Ways and Means 
A BILL 
To amend the Internal Revenue Code of 1986 to allow com-
panies to utilize existing alternative minimum tax credits 
to create and maintain United States jobs, and for other 
purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘American Job Creation 
and Investment Act’’. 
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SEC. 2. ELECTION TO TEMPORARILY UTILIZE UNUSED AMT 
CREDITS DETERMINED BY DOMESTIC WAGES 
AND DOMESTIC INVESTMENT. 
(a) IN GENERAL.—Section 53 of the Internal Rev-
enue Code of 1986 is amended by adding at the end the 
following new subsection: 
‘‘(g) ELECTION FOR CORPORATIONS WITH UNUSED 
CREDITS.— 
‘‘(1) IN GENERAL.—If a corporation elects to 
have this subsection apply, then notwithstanding any 
other provision of law, the limitation imposed by 
subsection (c) for any such taxable year shall be in-
creased by the AMT credit adjustment amount. 
‘‘(2) AMT CREDIT
ADJUSTMENT
AMOUNT.— 
For purposes of paragraph (1), the term ‘AMT cred-
it adjustment amount’ means with respect to any 
taxable year beginning in 2010 or 2011, the lesser 
of— 
‘‘(A) a corporation’s minimum tax credit 
determined under subsection (b), or 
‘‘(B) the sum of— 
‘‘(i) 20 percent of new qualifying do-
mestic compensation paid during such tax-
able year, determined by taking into ac-
count not more than $100,000 for each 
employee, plus 
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of the preceding sentence, rules similar to the rules 
of section 51(i)(1) shall apply. 
‘‘(5) NEW DOMESTIC INVESTMENTS.—For pur-
poses of this subsection, the term ‘new domestic in-
vestments’ means the cost of qualified property (as 
defined in section 168(k)(2)(A)(i))— 
‘‘(A) the original use of which commences 
with the taxpayer during the taxable year, and 
‘‘(B) which is placed in service in the 
United States by the taxpayer during such tax-
able year. 
‘‘(6) SPECIAL
MAINTENANCE
OF
WORKFORCE 
RULE.— 
‘‘(A) IN GENERAL.—In any taxable year 
beginning in 2011, paragraph (2)(B)(iii) shall 
apply only if the taxpayer’s qualifying domestic 
compensation in such taxable year is at least 
100 percent of such compensation in the pre-
ceding taxable year. 
‘‘(B) ACQUISITIONS, ETC.—For purposes 
of subparagraph (A), in determining the quali-
fying domestic compensation for the preceding 
taxable year, rules similar to the rules under 
subparagraphs (A) and (B) of section 41(f)(3) 
shall apply to adjust the compensation for ac-
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quisitions and dispositions (taxable or other-
wise) of any major portion of a trade or busi-
ness or any major portion of a separate unit of 
a trade or business. 
‘‘(7) CREDIT REFUNDABLE.—For purposes of 
subsections (b) and (c) of section 6401, the aggre-
gate increase in the credits allowable under part IV 
of subchapter A for any taxable year resulting from 
the application of this subsection shall be treated as 
allowed under subpart C of such part (and not to 
any other subpart). 
‘‘(8) ELECTION.— 
‘‘(A) IN GENERAL.—An election under this 
subsection shall be made at such time and in 
such manner as prescribed by the Secretary, 
and once effective, may be revoked only with 
the consent of the Secretary. 
‘‘(B) INTERIM
ELECTIONS.—Until such 
time as the Secretary prescribes a manner for 
making an election under this subsection, a tax-
payer is treated as having made a valid election 
by providing written notification to the Sec-
retary and the Commissioner of Internal Rev-
enue of such election. 
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‘‘(C) ELECTION TO INCREASE LIMITATION 
IN EARLIER YEAR.—A corporation may elect to 
increase the limitation under subsection (c) for 
its taxable year which includes December 31, 
2009. The increase in the limitation under sub-
section (c) to which an election under this sub-
paragraph applies shall not exceed the AMT 
credit adjustment amount (as determined under 
paragraph (2)) as of the date of such election 
is made. Any AMT credit adjustment amount 
not included in such election will be included in 
the corporation’s return for its first taxable 
year beginning after December 31, 2009. Such 
election, once made, is irrevocable. Such elec-
tion may be made only if the corporation files 
such amended returns (and pays such tax) as 
is necessary to comply with paragraph (11). 
‘‘(9) AGGREGATION
RULE.—For purposes of 
this subsection— 
‘‘(A) all corporations which are members 
of an affiliated group of corporations filing a 
consolidated tax return, and 
‘‘(B) all partnerships in which more than 
50 percent of the capital and profits interest in 
the partnership are owned by the corporation 
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(directly or indirectly) at all times during the 
taxable year in which an election under this 
subsection is in effect, 
shall be treated as a single corporation. 
‘‘(10) APPLICATION TO PARTNERSHIPS.—In the 
case of a partnership— 
‘‘(A) this subsection shall be applied at the 
partner level, and 
‘‘(B) each partner shall be treated as hav-
ing for the taxable year an amount equal to 
such partner’s allocable share of the qualifying 
domestic compensation, new qualifying domestic 
compensation, and new domestic investments of 
the partnership for such taxable year (as deter-
mined under regulations prescribed by the Sec-
retary). 
‘‘(11) NO DOUBLE BENEFIT.—Notwithstanding 
clause (iii)(II) of section 172(b)(1)(H), any taxpayer 
which has previously made an election under such 
section shall be deemed to have revoked such elec-
tion by the making of its first election under this 
subsection. 
‘‘(12) REGULATIONS.—The Secretary may issue 
such regulations or other guidance as may be nec-
essary or appropriate to carry out the purposes of 
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this subsection, including to prevent fraud and abuse 
under this subsection. 
‘‘(13) TERMINATION.—This subsection shall not 
apply to any taxable year that begins after Decem-
ber 31, 2011.’’. 
(b) QUICK REFUND OF REFUNDABLE CREDIT.—Sec-
tion 6425 of the Internal Revenue Code of 1986 is amend-
ed by adding at the end the following new subsection: 
‘‘(e) ALLOWANCE
OF AMT CREDIT ADJUSTMENT 
AMOUNT.—The amount of an adjustment under this sec-
tion as determined under subsection (c)(2) for any taxable 
year may be increased to the extent of the corporation’s 
AMT credit adjustment amount determined under section 
53(g) for such taxable year.’’. 
(c) EFFECTIVE DATE.— 
(1) SUBSECTION (a).—The amendment made 
by subsection (a) shall apply to taxable years ending 
after December 30, 2009. 
(2) SUBSECTION (b).—The amendment made 
by subsection (b) shall apply to taxable years begin-
ning after December 31, 2009. 
Æ 
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