119 
shareholders of such company under procedures pre-
scribed by the Secretary. 
‘‘(6) REPORTING.—Issuers of rural renaissance 
bonds shall submit reports similar to the reports re-
quired under section 149(e).’’. 
(b) REPORTING.—Subsection (d) of section 6049 (re-
lating to returns regarding payments of interest) is 
amended by adding at the end the following new para-
graph: 
‘‘(9) REPORTING OF CREDIT ON RURAL RENAIS-
SANCE BONDS.— 
‘‘(A) IN GENERAL.—For purposes of sub-
section (a), the term ‘interest’ includes amounts 
includible in gross income under section 54A(f) 
and such amounts shall be treated as paid on 
the credit allowance date (as defined in section 
54A(b)(4)). 
‘‘(B) 
REPORTING
TO
CORPORATIONS, 
ETC.—Except as otherwise provided in regula-
tions, in the case of any interest described in 
subparagraph (A), subsection (b)(4) shall be 
applied without regard to subparagraphs (A), 
(H), (I), (J), (K), and (L)(i) of such subsection. 
‘‘(C) REGULATORY AUTHORITY.—The Sec-
retary may prescribe such regulations as are 
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necessary or appropriate to carry out the pur-
poses of this paragraph, including regulations 
which require more frequent or more detailed 
reporting.’’. 
(c) CONFORMING AMENDMENTS.— 
(1) The table of sections for subpart H of part 
IV of subchapter A of chapter 1 is amended by add-
ing at the end the following new item: 
‘‘Sec. 54A. Credit to holders of rural renaissance bonds.’’. 
(2) Section 54(c)(2) is amended by inserting ‘‘, 
section 54A,’’ after ‘‘subpart C’’. 
(3) Section 1400N(l)(3)(B) is amended by in-
serting ‘‘, section 54A,’’ after ‘‘subpart C’’. 
(d) ISSUANCE OF REGULATIONS.—The Secretary of 
Treasury shall issue regulations required under section 
54A of the Internal Revenue Code of 1986 (as added by 
this section) not later than 120 days after the date of the 
enactment of this Act. 
(e) EFFECTIVE DATE.—The amendments made by 
this section shall apply to bonds issued after the date of 
the enactment of this Act and before January 1, 2010. 
SEC. 254. RESTORATION OF DEDUCTION FOR TRAVEL EX-
PENSES OF SPOUSE, ETC. ACCOMPANYING 
TAXPAYER ON BUSINESS TRAVEL. 
(a) IN GENERAL.—Subsection (m) of section 274 (re-
lating to additional limitations on travel expenses) is 
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amended by adding at the end the following new para-
graph: 
‘‘(4) TERMINATION.—Paragraph (3) shall not 
apply to any expense paid or incurred after the date 
of the enactment of this paragraph and before Janu-
ary 1, 2008.’’. 
(b) EFFECTIVE DATE.—The amendment made by 
this section shall apply to amounts paid or incurred after 
the date of the enactment of this Act. 
SEC. 255. TECHNICAL CORRECTIONS. 
(a) TECHNICAL CORRECTION RELATING TO LOOK- 
THROUGH TREATMENT
OF PAYMENTS BETWEEN RE-
LATED CONTROLLED FOREIGN CORPORATIONS UNDER 
THE FOREIGN PERSONAL HOLDING COMPANY RULES.— 
(1) IN GENERAL.— 
(A) 
The 
first 
sentence 
of 
section 
954(c)(6)(A), as amended by section 103(b) of 
the Tax Increase Prevention and Reconciliation 
Act of 2005, is amended by striking ‘‘which is 
not subpart F income’’ and inserting ‘‘which is 
neither subpart F income nor income treated as 
effectively connected with the conduct of a 
trade or business in the United States’’. 
(B) Section 954(c)(6)(A), as so amended, 
is amended by striking the last sentence and in-
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