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(b) EFFECTIVE DATE.—The amendments made by this 
section shall apply to taxable years beginning after Decem-
ber 31, 2009. 
SEC. 747. MODIFICATION OF TAX TREATMENT OF CERTAIN 
PAYMENTS TO CONTROLLING EXEMPT ORGA-
NIZATIONS. 
(a) IN GENERAL.—Clause (iv) of section 512(b)(13)(E) 
is amended by striking ‘‘December 31, 2009’’ and inserting 
‘‘December 31, 2011’’. 
(b) EFFECTIVE DATE.—The amendment made by this 
section shall apply to payments received or accrued after 
December 31, 2009. 
SEC. 748. TREATMENT OF CERTAIN DIVIDENDS OF REGU-
LATED INVESTMENT COMPANIES. 
(a) IN GENERAL.—Paragraphs (1)(C) and (2)(C) of 
section 871(k) are each amended by striking ‘‘December 31, 
2009’’ and inserting ‘‘December 31, 2011’’. 
(b) EFFECTIVE DATE.—The amendments made by this 
section shall apply to taxable years beginning after Decem-
ber 31, 2009. 
SEC. 749. RIC QUALIFIED INVESTMENT ENTITY TREATMENT 
UNDER FIRPTA. 
(a) IN GENERAL.—Clause (ii) of section 897(h)(4)(A) 
is amended by striking ‘‘December 31, 2009’’ and inserting 
‘‘December 31, 2011’’.
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(b) EFFECTIVE DATE.— 
(1) IN GENERAL.—The amendment made by sub-
section (a) shall take effect on January 1, 2010. Not-
withstanding the preceding sentence, such amendment 
shall not apply with respect to the withholding re-
quirement under section 1445 of the Internal Revenue 
Code of 1986 for any payment made before the date 
of the enactment of this Act. 
(2) AMOUNTS WITHHELD ON OR BEFORE DATE 
OF ENACTMENT.—In the case of a regulated invest-
ment company— 
(A) which makes a distribution after De-
cember 31, 2009, and before the date of the enact-
ment of this Act; and 
(B) which would (but for the second sen-
tence of paragraph (1)) have been required to 
withhold with respect to such distribution under 
section 1445 of such Code, 
such investment company shall not be liable to any 
person to whom such distribution was made for any 
amount so withheld and paid over to the Secretary of 
the Treasury.
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SEC. 750. EXCEPTIONS FOR ACTIVE FINANCING INCOME. 
(a) IN GENERAL.—Sections 953(e)(10) and 954(h)(9) 
are each amended by striking ‘‘January 1, 2010’’ and in-
serting ‘‘January 1, 2012’’. 
(b) CONFORMING AMENDMENT.—Section 953(e)(10) is 
amended by striking ‘‘December 31, 2009’’ and inserting 
‘‘December 31, 2011’’. 
(c) EFFECTIVE DATE.—The amendments made by this 
section shall apply to taxable years of foreign corporations 
beginning after December 31, 2009, and to taxable years 
of United States shareholders with or within which any 
such taxable year of such foreign corporation ends. 
SEC. 751. LOOK-THRU TREATMENT OF PAYMENTS BETWEEN 
RELATED CONTROLLED FOREIGN CORPORA-
TIONS UNDER FOREIGN PERSONAL HOLDING 
COMPANY RULES. 
(a) IN
GENERAL.—Subparagraph (C) of section 
954(c)(6) is amended by striking ‘‘January 1, 2010’’ and 
inserting ‘‘January 1, 2012’’. 
(b) EFFECTIVE DATE.—The amendment made by this 
section shall apply to taxable years of foreign corporations 
beginning after December 31, 2009, and to taxable years 
of United States shareholders with or within which any 
such taxable year of such foreign corporation ends.
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SEC. 752. BASIS ADJUSTMENT TO STOCK OF S CORPS MAK-
ING CHARITABLE CONTRIBUTIONS OF PROP-
ERTY. 
(a) IN GENERAL.—Paragraph (2) of section 1367(a) 
is amended by striking ‘‘December 31, 2009’’ and inserting 
‘‘December 31, 2011’’. 
(b) EFFECTIVE DATE.—The amendment made by this 
section shall apply to contributions made in taxable years 
beginning after December 31, 2009. 
SEC. 753. EMPOWERMENT ZONE TAX INCENTIVES. 
(a) IN GENERAL.—Section 1391 is amended— 
(1) by striking ‘‘December 31, 2009’’ in sub-
section (d)(1)(A)(i) and inserting ‘‘December 31, 
2011’’; and 
(2) by striking the last sentence of subsection 
(h)(2). 
(b) INCREASED EXCLUSION OF GAIN ON STOCK OF EM-
POWERMENT ZONE BUSINESSES.—Subparagraph (C) of 
section 1202(a)(2) is amended— 
(1) by striking ‘‘December 31, 2014’’ and insert-
ing ‘‘December 31, 2016’’; and 
(2) by striking ‘‘2014’’ in the heading and insert-
ing ‘‘2016’’. 
(c) TREATMENT OF CERTAIN TERMINATION DATES 
SPECIFIED IN NOMINATIONS.—In the case of a designation 
of an empowerment zone the nomination for which included
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a termination date which is contemporaneous with the date 
specified in subparagraph (A)(i) of section 1391(d)(1) of 
the Internal Revenue Code of 1986 (as in effect before the 
enactment of this Act), subparagraph (B) of such section 
shall not apply with respect to such designation if, after 
the date of the enactment of this section, the entity which 
made such nomination amends the nomination to provide 
for a new termination date in such manner as the Secretary 
of the Treasury (or the Secretary’s designee) may provide. 
(d) EFFECTIVE DATE.—The amendments made by this 
section shall apply to periods after December 31, 2009. 
SEC. 754. TAX INCENTIVES FOR INVESTMENT IN THE DIS-
TRICT OF COLUMBIA. 
(a) IN GENERAL.—Subsection (f) of section 1400 is 
amended by striking ‘‘December 31, 2009’’ each place it ap-
pears and inserting ‘‘December 31, 2011’’. 
(b) TAX-EXEMPT DC EMPOWERMENT ZONE BONDS.— 
Subsection (b) of section 1400A is amended by striking ‘‘De-
cember 31, 2009’’ and inserting ‘‘December 31, 2011’’. 
(c) ZERO-PERCENT CAPITAL GAINS RATE.— 
(1) ACQUISITION DATE.—Paragraphs (2)(A)(i), 
(3)(A), (4)(A)(i), and (4)(B)(i)(I) of section 1400B(b) 
are each amended by striking ‘‘January 1, 2010’’ and 
inserting ‘‘January 1, 2012’’. 
(2) LIMITATION ON PERIOD OF GAINS.—
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(A) IN GENERAL.—Paragraph (2) of section 
1400B(e) is amended— 
(i) by striking ‘‘December 31, 2014’’ 
and inserting ‘‘December 31, 2016’’; and 
(ii) by striking ‘‘2014’’ in the heading 
and inserting ‘‘2016’’. 
(B) PARTNERSHIPS
AND
S-CORPS.—Para-
graph (2) of section 1400B(g) is amended by 
striking ‘‘December 31, 2014’’ and inserting ‘‘De-
cember 31, 2016’’. 
(d) FIRST-TIME HOMEBUYER CREDIT.—Subsection (i) 
of section 1400C is amended by striking ‘‘January 1, 2010’’ 
and inserting ‘‘January 1, 2012’’. 
(e) EFFECTIVE DATES.— 
(1) IN GENERAL.—Except as otherwise provided 
in this subsection, the amendments made by this sec-
tion shall apply to periods after December 31, 2009. 
(2) 
TAX-EXEMPT
DC
EMPOWERMENT
ZONE 
BONDS.—The amendment made by subsection (b) 
shall apply to bonds issued after December 31, 2009. 
(3) ACQUISITION
DATES
FOR
ZERO-PERCENT 
CAPITAL
GAINS
RATE.—The amendments made by 
subsection (c) shall apply to property acquired or sub-
stantially improved after December 31, 2009.
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(b) EFFECTIVE DATE.—The amendment made by this 
section shall apply to amounts paid or accrued after Decem-
ber 31, 2010. 
SEC. 760. TEMPORARY EXCLUSION OF 100 PERCENT OF 
GAIN ON CERTAIN SMALL BUSINESS STOCK. 
(a) IN GENERAL.—Paragraph (4) of section 1202(a) 
is amended— 
(1) by striking ‘‘January 1, 2011’’ and inserting 
‘‘January 1, 2012’’, and 
(2) by inserting ‘‘AND 2011’’ after ‘‘2010’’ in the 
heading thereof. 
(b) EFFECTIVE DATE.—The amendments made by this 
section shall apply to stock acquired after December 31, 
2010. 
Subtitle D—Temporary Disaster 
Relief Provisions 
PART 
Subpart A—New York Liberty Zone 
SEC. 761. TAX-EXEMPT BOND FINANCING. 
(a) IN
GENERAL.—Subparagraph (D) of section 
1400L(d)(2) is amended by striking ‘‘January 1, 2010’’ and 
inserting ‘‘January 1, 2012’’. 
(b) EFFECTIVE DATE.—The amendment made by this 
section shall apply to bonds issued after December 31, 2009.
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Subpart B—GO Zone 
SEC. 762. INCREASE IN REHABILITATION CREDIT. 
(a) IN GENERAL.—Subsection (h) of section 1400N is 
amended by striking ‘‘December 31, 2009’’ and inserting 
‘‘December 31, 2011’’. 
(b) EFFECTIVE DATE.—The amendment made by this 
section shall apply to amounts paid or incurred after De-
cember 31, 2009. 
SEC. 763. LOW-INCOME HOUSING CREDIT RULES FOR 
BUILDINGS IN GO ZONES. 
Section 1400N(c)(5) is amended by striking ‘‘January 
1, 2011’’ and inserting ‘‘January 1, 2012’’. 
SEC. 764. TAX-EXEMPT BOND FINANCING. 
(a) IN GENERAL.—Paragraphs (2)(D) and (7)(C) of 
section 1400N(a) are each amended by striking ‘‘January 
1, 2011’’ and inserting ‘‘January 1, 2012’’. 
(b) CONFORMING AMENDMENTS.—Sections 702(d)(1) 
and 704(a) of the Heartland Disaster Tax Relief Act of 
2008 are each amended by striking ‘‘January 1, 2011’’ each 
place it appears and inserting ‘‘January 1, 2012’’. 
SEC. 765. BONUS DEPRECIATION DEDUCTION APPLICABLE 
TO THE GO ZONE. 
(a) IN GENERAL.—Paragraph (6) of section 1400N(d) 
is amended—
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(1) by striking ‘‘December 31, 2010’’ both places 
it appears in subparagraph (B) and inserting ‘‘De-
cember 31, 2011’’, and 
(2) by striking ‘‘January 1, 2010’’ in the head-
ing and the text of subparagraph (D) and inserting 
‘‘January 1, 2012’’. 
(b) EFFECTIVE DATE.—The amendment made by this 
section shall apply to property placed in service after De-
cember 31, 2009. 
TITLE VIII—BUDGETARY 
PROVISIONS 
SEC. 801. DETERMINATION OF BUDGETARY EFFECTS. 
The budgetary effects of this Act, for the purpose of 
complying with the Statutory Pay-As-You-Go Act of 2010, 
shall be determined by reference to the latest statement titled 
‘‘Budgetary Effects of PAYGO Legislation’’ for this Act, 
jointly submitted for printing in the Congressional Record 
by the Chairmen of the House and Senate Budget Commit-
tees, provided that such statement has been submitted prior 
to the vote on passage in the House acting first on this con-
ference report or amendment between the Houses. 
SEC. 802. EMERGENCY DESIGNATIONS. 
(a) STATUTORY PAYGO.—This Act is designated as an 
emergency requirement pursuant to section 4(g) of the Stat-
utory Pay-As-You-Go Act of 2010 (Public Law 111–139;
† HR 4853 EAS2 
2 U.S.C. 933(g)) except to the extent that the budgetary ef-
fects of this Act are determined to be subject to the current 
policy adjustments under sections 4(c) and 7 of the Statu-
tory Pay-As-You-Go Act. 
(b) SENATE.—In the Senate, this Act is designated as 
an emergency requirement pursuant to section 403(a) of S. 
Con. Res. 13 (111th Congress), the concurrent resolution on 
the budget for fiscal year 2010. 
(c) HOUSE OF REPRESENTATIVES.—In the House of 
Representatives, every provision of this Act is expressly des-
ignated as an emergency for purposes of pay-as-you-go 
principles except to the extent that any such provision is 
subject to the current policy adjustments under section 4(c) 
of the Statutory Pay-As-You-Go Act of 2010. 
Attest: 
Secretary.
111TH CONGRESS 
2D SESSION 
H.R. 4853 
SENATE AMENDMENT TO 
HOUSE AMENDMENT TO 
SENATE AMENDMENT