In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.

Input: Consider Input: SECTION 1. SHORT TITLE.

This Act may be cited as the ''Detroit Economic Competitiveness
Act''.

SEC. 2. DETROIT JOBS TRUST FUND.

(a) In General.--Subchapter A of chapter 98 of the Internal Revenue
Code of 1986 is amended by adding at the end the following new section:

''SEC. 9512. DETROIT JOBS TRUST FUND.

''(a) Creation of Trust Fund.--There is established in the Treasury
of the United States a trust fund to be known as the 'Detroit Jobs
Trust Fund', consisting of such amounts as may be appropriated or
credited to such fund as provided in this section or section 9602(b).
''(b) Transfers to Trust Fund.--There are hereby appropriated to
the Detroit Jobs Trust Fund amounts equivalent to receipts in the
Treasury of taxes (including all income, excise, and employment taxes
whether imposed with respect to individuals or businesses) imposed
under this title (with respect to periods after the date of the
enactment of this section) which are (as determined by the Secretary)
attributable to Detroit, Michigan. The city of Detroit, Michigan, shall
provide the Secretary such information as the Secretary may request for
purposes of making the determinations required under this subsection.
For purposes of this subsection, the taxes imposed on a corporation or
other business entity shall not be treated as attributable to Detroit,
Michigan, merely because the headquarters of such corporation or entity
is located in Detroit, Michigan.
''(c) Expenditures.--
''(1) In general.--Except as otherwise provided in this
subsection, amounts in the Detroit Jobs Trust Fund shall
(without need of any further appropriation) be distributed
annually by the Secretary to the city of Detroit, Michigan, to
carry out the purposes described in paragraph (2).
''(2) Use of expenditures.--Amounts distributed to the city
of Detroit, Michigan, under this section shall be used for the
following purposes and in the following order of priority:
''(A) First, of the amounts distributed with
respect the annual period not in excess of the Detroit
income tax suspension hold harmless amount, for any
purpose determined by the city government of Detroit,
Michigan.
''(B) Second, for payment of principal and interest
on any general obligation issued by the city of
Detroit, Michigan (to the extent of such obligations).
''(C) Third, for payment of principal and interest
on obligations to which section 103 applies and the
proceeds of which were used for the public schools of
the city of Detroit, Michigan (to the extent of such
obligations).
''(D) Fourth, for jobs development, public safety,
education, business infrastructure, or public
infrastructure (to the extent consistent with the plan
described in paragraph (4)).
''(3) Restriction on distributions.--No distribution shall
be made by the Secretary under paragraph (1) unless--
''(A) the city of Detroit, Michigan, does not
impose an income tax with respect to the period to
which such distribution relates,
''(B) such city has reduced the aggregate property
taxes imposed by an amount not less than the reduction
in the payment obligations of such city by reason of
the payments described in paragraph (2),
''(C) all prior distributions made to the city
under paragraph (2) were used by the city in a manner
consistent with the requirements of paragraph (2), and
''(D) such city has provided such information to
the Comptroller General of the United States as the
Comptroller General may request to carry out section
2(b) of the Detroit Economic Competitiveness Act.
''(4) 5-year development plan.--A plan is described in this
paragraph if such plan--
''(A) is a 5-year plan describing development goals
for Detroit, Michigan, and detailing how distributions
for purposes described in paragraph (2)(D) will be
spent,
''(B) has been approved by simple majority vote of
the City Council of Detroit, Michigan (after
consultation with the Detroit Board of Education), and
''(C) has been submitted to, and approved by, the
Secretary of the Treasury, the Secretary of Housing and
Urban Development, and the Secretary of Education.
No distribution shall be made under paragraph (1) for a purpose
described in paragraph (2)(D) unless a plan described in this
paragraph is in effect and all prior such distributions for
such purposes were used in accordance with such plan.
''(5) Special rules during period of plan development.--
During the period during which the plan described in paragraph
(4) is developed (but not in excess of the 5-month period
beginning on the date of the first distribution under paragraph
(1)), amounts distributed may be used concurrently for the
purposes described in subparagraphs (A), (B), and (C) of
paragraph (2).
''(6) Detroit income tax suspension hold harmless amount.--
''(A) In general.--For purposes of paragraph
(2)(A), the term 'Detroit income tax suspension hold
harmless amount' means the amount (as determined by the
Secretary) of revenue collected by the city of Detroit
pursuant to the income tax imposed by such city during
the calendar year preceding the calendar year which
includes the date of the enactment of this section.
''(B) Cross reference.--For provision which
requires suspension of the Detroit income tax, see
paragraph (3)(A).
''(C) Tax returns may still be required.--The city
of Detroit, Michigan, shall not be treated as failing
to satisfy the requirement of paragraph (3)(A) with
respect to any period merely because taxpayers are
required to file tax returns and report income with
respect to such period.
''(7) Amounts made available not to reduce other funding.--
Amounts distributed to the city of Detroit, Michigan, under
this section shall supplement, and not supplant, any other
funding (including any Federal funding) for such city.
''(d) Termination.--No amount shall be distributed from, or
appropriated to, the Detroit Jobs Trust Fund after the 5-year period
beginning on the date of the enactment of this section. Any amounts
remaining in such Trust Fund at the end of such period shall be
transferred to the general fund of the Treasury. The 5-year period
specified in this subsection shall not be renewed or extended.''.
(b) GAO Reports.--The Comptroller General of the United States
shall submit an annual report to Congress which--
(1) describes the manner and purposes for which
distributions made from the Detroit Jobs Trust Fund have been
used,
(2) describes the extent to which progress has been made
toward meeting the development goals under the plan described
in section 9512(c)(4) of the Internal Revenue Code of 1986 (as
added by this section) and whether such progress is consistent
with meeting such goals, and
(3) includes any recommendations the Comptroller General
may have regarding improvements to the program described in
section 9512 of such Code.
The first such annual report shall be submitted not later than 90 days
after the 1-year period beginning on the date of the enactment of this
Act and the last such annual report shall be submitted not later than
90 days after the date on which the Detroit Jobs Trust Fund terminates
pursuant to section 9512(d) of such Code.
(c) Clerical Amendment.--The table of sections for subchapter A of
chapter 98 of the Internal Revenue Code of 1986 is amended by adding at
the end the following new item:

''Sec. 9512. Detroit Jobs Trust Fund.''.

SEC. 3. ZERO CAPITAL GAINS RATE FOR CERTAIN NEW INVESTMENTS IN DETROIT,
MICHIGAN.

(a) In General.--Subchapter Y of chapter 1 of the Internal Revenue
Code of 1986 is amended by adding at the end the following new part:

''PART IV--CERTAIN NEW INVESTMENTS IN DETROIT, MICHIGAN

''Sec. 1400V. Zero capital gains rate for certain new investments in
Detroit, Michigan.

''SEC. 1400V. ZERO CAPITAL GAINS RATE FOR CERTAIN NEW INVESTMENTS IN
DETROIT, MICHIGAN.

''(a) In General.--Gross income does not include any qualified
capital gain from the sale or exchange of a specified new investment
held for more than 1 year.
''(b) Specified New Investment.--For purposes of this section--
''(1) In general.--The term 'specified new investment'
means--
''(A) any qualified stock,
''(B) any qualified partnership interest, and
''(C) any qualified business property.
''(2) Qualified stock.--
''(A) In general.--Except as provided in
subparagraph (B), the term 'qualified stock' means any
stock in a domestic corporation if--
''(i) such stock is acquired by the
taxpayer during the 1-year period beginning on
the date of the enactment of this section, at
its original issue (directly or through an
underwriter) from the corporation solely in
exchange for cash,
''(ii) as of the time such stock was
issued, such corporation was a specified
Detroit business (or, in the case of a new
corporation, such corporation was being
organized for purposes of being a specified
Detroit business), and
''(iii) during substantially all of the
taxpayer's holding period for such stock, such
corporation qualified as a specified Detroit
business.
''(B) Redemptions.--A rule similar to the rule of
section 1202(c)(3) shall apply for purposes of this
paragraph.
''(3) Qualified partnership interest.--The term 'qualified
partnership interest' means any capital or profits interest in
a domestic partnership if--
''(A) such interest is acquired by the taxpayer
during the 1-year period beginning on the date of the
enactment of this section, from the partnership solely
in exchange for cash,
''(B) as of the time such interest was acquired,
such partnership was a specified Detroit business (or,
in the case of a new partnership, such partnership was
being organized for purposes of being a specified
Detroit business), and
''(C) during substantially all of the taxpayer's
holding period for such interest, such partnership
qualified as a specified Detroit business.
A rule similar to the rule of paragraph (2)(B) shall apply for
purposes of this paragraph.
''(4) Qualified business property.--
''(A) In general.--The term 'qualified business
property' means tangible property if--
''(i) such property was acquired by the
taxpayer by purchase (as defined in section
179(d)(2)) during the 1-year period beginning
on the date of the enactment of this section,
''(ii) the original use of such property in
Detroit, Michigan, commences with the taxpayer,
and
''(iii) during substantially all of the
taxpayer's holding period for such property,
substantially all of the use of such property
was in a specified Detroit business of the
taxpayer.
''(B) Special rule for substantial improvements.--
The requirements of clauses (i) and (ii) of
subparagraph (A) shall be treated as satisfied with
respect to--
''(i) property which is substantially
improved by the taxpayer before the end of the
period described in subparagraph (A)(i), and
''(ii) any land on which such property is
located.
The determination of whether a property is
substantially improved shall be made under clause (ii)
of section 1400B(b)(4)(B), except that 'the date of the
enactment of section 1400V' shall be substituted for
'December 31, 1997' in such clause.
''(c) Qualified Capital Gain.--For purposes of this section--
''(1) In general.--Except as otherwise provided in this
subsection, the term 'qualified capital gain' means any gain
recognized on the sale or exchange of--
''(A) a capital asset, or
''(B) property used in the trade or business (as
defined in section 1231(b)).
''(2) Gain before enactment not qualified.--The term
'qualified capital gain' shall not include any gain
attributable to periods before the date of the enactment of
this section.
''(3) Certain rules to apply.--Rules similar to the rules
of paragraphs (3), (4), and (5) of section 1400B(e) shall apply
for purposes of this subsection.
''(d) Specified Detroit Business.--For purposes of this section,
the term 'specified Detroit business' means any enterprise zone
business (as defined in section 1397C), determined--
''(1) without regard to subsections (b)(6) and (c)(5)
thereof,
''(2) by substituting '80 percent' for '50 percent' in
subsections (b)(2) and (c)(1) thereof,
''(3) by treating Detroit, Michigan, as an empowerment zone
(and by treating no area other than Detroit, Michigan, as an
empowerment zone).
''(e) Certain Rules To Apply.--For purposes of this section, rules
similar to the rules of paragraphs (6) and (7) of subsection (b), and
subsections (f) and (g), of section 1400B shall apply; except that for
such purposes section 1400B(g)(2) shall be applied by substituting
'before the date of the enactment of section 1400V' for 'before January
1, 1998, or after December 31, 2014'.
''(f) Regulations.--The Secretary shall prescribe such regulations
as may be appropriate to carry out the purposes of this section,
including regulations to prevent the abuse of the purposes of this
section.''.
(b) Clerical Amendment.--The table of parts for subchapter Y of
chapter 1 of such Code is amended by adding at the end the following
new item:

''Part IV. Certain New Investments in Detroit, Michigan''.

(c) Effective Date.--The amendments made by this section shall
apply to property acquired after the date of the enactment of this Act.

Output: Detroit Economic Competitiveness Act - Amends the Internal Revenue Code to establish the Detroit Jobs Trust Fund to finance economic development in Detroit, Michigan. Requires the Secretary of the Treasury to make annual distributions from such Fund to the city of Detroit for payment of debt obligations and for job development, public safety, education, and business and public infrastructure. Prohibits any distributions unless the city of Detroit: (1) does not impose an income tax during a period of distribution, (2) has made specified reductions in aggregate property taxes, (3) has used prior distributions as required under this Act, (4) has provided required information to the Comptroller General (GAO), and (5) has implemented a five-year plan describing development goals for Detroit and detailing how distributions from the Trust Fund will be spent. Terminates such Fund five years after enactment of this Act.

Requires GAO to submit annual reports to Congress describing the use of distributions from the Trust Fund, the extent to which progress has been made in meeting the plan's development goals, and Comptroller General recommendations for improving the program established under this Act.

Excludes from gross income capital gain from the sale or exchange of investment property used in trade or business in Detroit.

Input: Consider Input: SECTION 1. SHORT TITLE.

This Act may be cited as the ''Domestic Offshore Energy Security
Act of 2008'' or the ''DOES Act''.

SEC. 2. DEVELOPMENT AND INVENTORY OF CERTAIN OUTER CONTINENTAL SHELF
RESOURCES.

(a) Definition of United States Person.--In this section, the term
''United States person'' means--
(1) any United States citizen or alien lawfully admitted
for permanent residence in the United States; and
(2) any person other than an individual, if 1 or more
individuals described in paragraph (1) own or control at least
51 percent of the securities or other equity interest in the
person.
(b) Authorization of Activities and Exports Involving Hydrocarbon
Resources by United States Persons.--Notwithstanding any other
provision of law (including a regulation), United States persons
(including agents and affiliates of those United States persons) may--
(1) engage in any transaction necessary for the exploration
for and extraction of hydrocarbon resources from any portion of
any foreign exclusive economic zone that is contiguous to the
exclusive economic zone of the United States; and
(2) export without license authority all equipment
necessary for the exploration for or extraction of hydrocarbon
resources described in paragraph (1).
(c) Travel in Connection With Authorized Hydrocarbon Exploration
and Extraction Activities.--Section 910 of the Trade Sanctions Reform
and Export Enhancement Act of 2000 (22 U.S.C. 7209) is amended by
inserting after subsection (b) the following:
''(c) General License Authority for Travel-Related Expenditures by
Persons Engaging in Hydrocarbon Exploration and Extraction
Activities.--
''(1) In general.--The Secretary of the Treasury shall,
authorize under a general license the travel-related
transactions listed in section 515.560(c) of title 31, Code of
Federal Regulations, for travel to, from or within Cuba in
connection with exploration for and the extraction of
hydrocarbon resources in any part of a foreign maritime
Exclusive Economic Zone that is contiguous to the United
States' Exclusive Economic Zone.
''(2) Persons authorized.--Persons authorized to travel to
Cuba under this section include full-time employees,
executives, agents, and consultants of oil and gas producers,
distributors, and shippers.''.
(d) Moratorium of Oil and Gas Leasing in Certain Areas of the Gulf
of Mexico.--
(1) In general.--Section 104(a) of the Gulf of Mexico
Energy Security Act of 2006 (43 U.S.C. 1331 note; Public Law
109-432) is amended--
(A) by striking paragraph (1);
(B) in paragraph (2), by striking ''125 miles'' and
inserting ''45 miles'';
(C) in paragraph (3), by striking ''100 miles''
each place it appears and inserting ''45 miles''; and
(D) by redesignating paragraphs (2) and (3) as
paragraphs (1) and (2), respectively.
(2) Regulations.--
(A) In general.--The Secretary of the Interior
shall promulgate regulations that establish appropriate
environmental safeguards for the exploration and
production of oil and natural gas on the outer
Continental Shelf.
(B) Minimum requirements.--At a minimum, the
regulations shall include--
(i) provisions requiring surety bonds of
sufficient value to ensure the mitigation of
any foreseeable incident;
(ii) provisions assigning liability to the
leaseholder in the event of an incident causing
damage or loss, regardless of the negligence of
the leaseholder or lack of negligence;
(iii) provisions no less stringent than
those contained in the Spill Prevention,
Control, and Countermeasure regulations
promulgated under the Oil Pollution Act of 1990
(33 U.S.C. 2701 et seq.);
(iv) provisions ensuring that--
(I) no facility for the exploration
or production of resources is visible
to the unassisted eye from any shore of
any coastal State; and
(II) the impact of offshore
production facilities on coastal vistas
is otherwise mitigated;
(v) provisions to ensure, to the maximum
extent practicable, that exploration and
production activities will result in no
significant adverse effect on fish or wildlife
(including habitat), subsistence resources, or
the environment; and
(vi) provisions that will impose seasonal
limitations on activity to protect breeding,
spawning, and wildlife migration patterns.
(3) Conforming amendment.--Section 105 of the Department of
the Interior, Environment, and Related Agencies Appropriations
Act, 2006 (Public Law 109-54; 119 Stat. 521) (as amended by
section 103(d) of the Gulf of Mexico Energy Security Act of
2006 (43 U.S.C. 1331 note; Public Law 109-432)) is amended by
inserting ''and any other area that the Secretary of the
Interior may offer for leasing, preleasing, or any related
activity under section 104 of that Act'' after ''2006)''.
(e) Inventory of Outer Continental Shelf Oil and Natural Gas
Resources Off Southeastern Coast of the United States.--
(1) In general.--The Secretary of the Interior (referred to
in this subsection as the ''Secretary'') may conduct an
inventory of oil and natural gas resources beneath the waters
of the outer Continental Shelf (as defined in section 2 of the
Outer Continental Shelf Lands Act (43 U.S.C. 1331)) off of the
coast of the States of Virginia, North Carolina, South
Carolina, or Georgia in accordance with this subsection.
(2) Best available technology.--In conducting the
inventory, the Secretary shall use the best technology
available to obtain accurate resource estimates.
(3) Request by governor.--The Secretary may conduct an
inventory under this subsection off the coast of a State
described in paragraph (1) only if the Governor of the State
requests the inventory.
(4) Reports.--The Secretary shall submit to Congress and
the requesting Governor a report on any inventory conducted
under this subsection.
(5) Authorization of appropriations.--There are authorized
to be appropriated such sums as are necessary to carry out this
subsection.
(f) Enhanced Oil Recovery.--Section 354(c)(4)(B) of the Energy
Policy Act of 2005 (42 U.S.C. 15910(c)(4)(B)) is amended--
(1) in clause (iii), by striking ''and'' at the end;
(2) in clause (iv), by striking the period at the end and
inserting ''; and''; and
(3) by adding at the end the following:
''(v) are carried out in geologically
challenging fields.''.

SEC. 3. SUSPENSION OF PETROLEUM ACQUISITION FOR STRATEGIC PETROLEUM
RESERVE.

(a) In General.--Except as provided in subsection (b) and
notwithstanding any other provision of law, during calendar year 2008--
(1) the Secretary of the Interior shall suspend acquisition
of petroleum for the Strategic Petroleum Reserve through the
royalty-in-kind program; and
(2) the Secretary of Energy shall suspend acquisition of
petroleum for the Strategic Petroleum Reserve through any other
acquisition method.
(b) Resumption.--Not earlier than 30 days after the date on which
the President notifies Congress that the President has determined that
the weighted average price of petroleum in the United States for the
most recent 90-day period is $75 or less per barrel--
(1) the Secretary of the Interior may resume acquisition of
petroleum for the Strategic Petroleum Reserve through the
royalty-in-kind program; and
(2) the Secretary of Energy may resume acquisition of
petroleum for the Strategic Petroleum Reserve through any other
acquisition method.

Output: Domestic Offshore Energy Security Act of 2008, or the DOES Act - Permits United States persons to: (1) engage in exploration and extraction of hydrocarbon resources from any portion of any foreign exclusive economic zone contiguous to the exclusive economic zone of the United States; and (2) export without license authority all pertinent equipment for such activity.

Amends the Trade Sanctions Reform and Export Enhancement Act of 2000 to direct the Secretary of the Treasury to authorize travel-related transactions for travel to, from, or within Cuba in connection with exploration and extraction of hydrocarbon resources in any part of a foreign maritime Exclusive Economic Zone contiguous to the U.S. Exclusive Economic Zone.

Identifies as persons authorized to travel to Cuba any full-time employees, executives, and agents and consultants of oil and gas producers, distributors, and shippers.

Amends the Gulf of Mexico Energy Security Act of 2006 to: (1) repeal the moratorium on oil and gas leasing east of the Military Mission Line in the Gulf of Mexico; and (2) decrease to 45 miles within the coastline of Florida the moratorium on oil and gas leasing.

Instructs the Secretary of the Interior to promulgate regulations that establish environmental safeguards for oil and natural gas exploration and production on the outer Continental Shelf.

Authorizes such Secretary to inventory the oil and natural gas resources beneath the waters of the outer Continental Shelf off the coasts of Virginia, North Carolina, South Carolina, or Georgia, only if the respective state governor requests it.

Amends the Energy Policy Act of 2005 to instruct the Secretary of Energy, in evaluating applications for enhanced oil and natural gas production through carbon dioxide injection, to grant priority consideration to applications carried out in geologically challenging fields.

Requires the Secretaries of the Interior and of Energy (Secretaries) to suspend acquisition of petroleum for the Strategic Petroleum Reserve (SPR) during calendar 2008. Authorizes the Secretaries to resume such acquisition after the President notifies Congress that the weighted average price of petroleum in the United States for the most recent 90-day period is $75 or less per barrel.

Input: Consider Input: SECTION 1. SHORT TITLE; REFERENCES.

(a) Short Title.--This Act may be cited as the ''Small Business Tax
Extenders Act of 2012''.
(b) References.--Except as otherwise expressly provided, whenever
in this Act an amendment or repeal is expressed in terms of an
amendment to, or repeal of, a section or other provision, the reference
shall be considered to be made to a section or other provision of the
Internal Revenue Code of 1986.

SEC. 2. EXTENSION OF 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, 2012'' and inserting ''January
1, 2013'', and
(2) by striking ''and 2011'' and inserting '', 2011, and
2012'' in the heading thereof.
(b) Effective Date.--The amendments made by this section shall
apply to stock acquired after December 31, 2011.

SEC. 3. EXTENSION OF 5-YEAR CARRYBACK OF GENERAL BUSINESS CREDITS OF
ELIGIBLE SMALL BUSINESSES.

(a) In General.--Subparagraph (A) of section 39(a)(4) is amended by
inserting '', 2011, or 2012'' after ''2010''.
(b) Effective Date.--The amendment made by this section shall apply
to credits determined in taxable years beginning after December 31,
2010.

SEC. 4. EXTENSION OF ALTERNATIVE MINIMUM TAX RULES FOR GENERAL BUSINESS
CREDITS OF ELIGIBLE SMALL BUSINESSES.

(a) In General.--Subparagraph (A) of section 38(c)(5) is amended by
inserting '', 2011, or 2012'' after ''2010''.
(b) Effective Date.--The amendments made by this section shall
apply to credits determined in taxable years beginning after December
31, 2010, and to carrybacks of such credits.

SEC. 5. EXTENSION OF REDUCTION IN RECOGNITION PERIOD FOR BUILT-IN GAINS
TAX.

(a) In General.--Clause (ii) of section 1374(d)(7)(B) of the
Internal Revenue Code of 1986 is amended by inserting ''2012, or
2013,'' after ''2011,''.
(b) Conforming Amendment.--The heading for section 1374(d)(7)(B) is
amended by striking ''and 2011'' and inserting ''2011, and 2012''.
(c) Technical Amendment.--Subparagraph (B) of section 1374(d)(7) of
such Code is amended by striking ''The preceding sentence'' and
inserting the following: ''For purposes of applying this subparagraph
to an installment sale, each portion of such installment sale shall be
treated as a sale occurring in the taxable year in which the first
portion of such installment sale occurred. This subparagraph''.
(d) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after December 31, 2011.

SEC. 6. EXTENSION OF INCREASED EXPENSING LIMITATIONS AND TREATMENT OF
CERTAIN REAL PROPERTY AS SECTION 179 PROPERTY.

(a) In General.--Section 179(b) is amended--
(1) by striking ''2010 or 2011'' each place it appears in
paragraph (1)(B) and (2)(B) and inserting ''2010, 2011, or
2012'',
(2) by striking ''2012'' each place it appears in paragraph
(1)(C) and (2)(C) and inserting ''2013'', and
(3) by striking ''2012'' each place it appears in paragraph
(1)(D) and (2)(D) and inserting ''2013''.
(b) Inflation Adjustment.--Subparagraph (A) of section 179(b)(6) is
amended by striking ''2012'' and inserting ''2013''.
(c) Computer Software.--Section 179(d)(1)(A)(ii) is amended by
striking ''2013'' and inserting ''2014''.
(d) Election.--Section 179(c)(2) is amended by striking ''2013''
and inserting ''2014''.
(e) Special Rules for Treatment of Qualified Real Property.--
Section 179(f)(1) is amended by striking ''2010 or 2011'' and inserting
''2010, 2011, or 2012''.
(f) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after December 31, 2011.

SEC. 7. EXTENSION OF SPECIAL RULE FOR LONG-TERM CONTRACT ACCOUNTING.

(a) In General.--Clause (ii) of section 460(c)(6)(B) is amended by
striking ''January 1, 2011 (January 1, 2012'' and inserting ''January
1, 2013 (January 1, 2014''.
(b) Effective Date.--The amendment made by this section shall apply
to property placed in service after December 31, 2010.

SEC. 8. EXTENSION OF INCREASED AMOUNT ALLOWED AS A DEDUCTION FOR START-
UP EXPENDITURES.

(a) In General.--Paragraph (3) of section 195(b) is amended--
(1) by inserting '', 2001, or 2012'' after ''2010'', and
(2) by inserting ''2011, and 2012'' in the heading thereof.
(b) Effective Date.--The amendments made by this section shall
apply to amounts paid or incurred in taxable years beginning after
December 31, 2010.

SEC. 9. EXTENSION OF ALLOWANCE OF DEDUCTION FOR HEALTH INSURANCE IN
COMPUTING SELF-EMPLOYMENT TAXES.

(a) In General.--Paragraph (4) of section 162(l) is amended by
striking ''December 31, 2010'' and inserting ''December 31, 2012''.
(b) Effective Date.--The amendment made by this section shall apply
to taxable years beginning after December 31, 2010.
Output: Small Business Tax Extenders Act of 2012 - Amends the Internal Revenue Code to extend through 2012: (1) the 100% exclusion from gross income of gain from the sale or exchange of certain small business stock; (2) the five-year carryback of the general business tax credits of eligible small businesses;(3) the offset against the alternative minimum tax (AMT) of general business tax credits; (4) the reduction (from seven to five years)in the recognition period for the built-in gains of S corporations; (5) the increased expensing allowance for depreciable business assets, including computer software; (6) the special tax rule for long-term contract accounting; (7) the increased tax deduction for small business start-up expenditures;and (8) the tax deduction for health insurance premiums in computing self-employment taxable income.