[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[S. 2132 Placed on Calendar Senate (PCS)]
Calendar No. 327
112th CONGRESS
2d Session
S. 2132
[Report No. 112-152]
To amend the Internal Revenue Code of 1986 to provide for the extension
of highway-related taxes and trust fund expenditures, to provide
revenues for highway programs, and for other purposes.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
February 27, 2012
Mr. Baucus, from the Committee on Finance, reported the following
original bill; which was read twice and placed on the calendar
_______________________________________________________________________
A BILL
To amend the Internal Revenue Code of 1986 to provide for the extension
of highway-related taxes and trust fund expenditures, to provide
revenues for highway programs, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE; TABLE OF CONTENTS.
(a) Short Title.--This Act may be cited as the ``Highway
Investment, Job Creation, and Economic Growth Act of 2012''.
(b) Table of Contents.--The table of contents for this Act is as
follows:
Sec. 1. Short title; table of contents.
TITLE I--EXTENSION OF HIGHWAY TRUST FUND EXPENDITURE AUTHORITY AND
RELATED TAXES
Sec. 101. Extension of trust fund expenditure authority.
Sec. 102. Extension of highway-related taxes.
TITLE II--OTHER PROVISIONS
Sec. 201. Temporary increase in small issuer exception to tax-exempt
interest expense allocation rules for
financial institutions.
Sec. 202. Temporary modification of alternative minimum tax limitations
on tax- exempt bonds.
Sec. 203. Issuance of TRIP bonds by State infrastructure banks.
Sec. 204. Extension of parity for exclusion from income for employer-
provided mass transit and parking benefits.
Sec. 205. Exempt-facility bonds for sewage and water supply facilities.
TITLE III--REVENUE PROVISIONS
Sec. 301. Transfer from Leaking Underground Storage Tank Trust Fund to
Highway Trust Fund.
Sec. 302. Portion of Leaking Underground Storage Tank Trust Fund
financing rate transferred to Highway Trust
Fund.
Sec. 303. Elimination of unintended application of cellulosic biofuel
producer credit.
Sec. 304. Transfer of gas guzzler taxes to Highway Trust Fund.
Sec. 305. Revocation or denial of passport in case of certain unpaid
taxes.
Sec. 306. 100 percent continuous levy on payments to Medicare providers
and suppliers.
Sec. 307. Transfer of amounts attributable to certain duties on
imported vehicles into the Highway Trust
Fund.
Sec. 308. Treatment of securities of a controlled corporation exchanged
for assets in certain reorganizations.
Sec. 309. Internal Revenue Service levies and Thrift Savings Plan
Accounts.
Sec. 310. Modifications of required distribution rules for pension
plans.
Sec. 311. Depreciation and amortization rules for highway and related
property subject to long-term leases.
Sec. 312. Extension for transfers of excess pension assets to retiree
health accounts.
Sec. 313. Transfer of excess pension assets to retiree group term life
insurance accounts.
TITLE I--EXTENSION OF HIGHWAY TRUST FUND EXPENDITURE AUTHORITY AND
RELATED TAXES
SEC. 101. EXTENSION OF TRUST FUND EXPENDITURE AUTHORITY.
(a) Highway Trust Fund.--Section 9503 of the Internal Revenue Code
of 1986 is amended--
(1) by striking ``April 1, 2012'' in subsections (b)(6)(B),
(c)(1), and (e)(3) and inserting ``October 1, 2013''; and
(2) by striking ``Surface Transportation Extension Act of
2011, Part II'' in subsections (c)(1) and (e)(3) and inserting
``Moving Ahead for Progress in the 21st Century Act''.
(b) Sport Fish Restoration and Boating Trust Fund.--Section 9504 of
the Internal Revenue Code of 1986 is amended--
(1) by striking ``Surface Transportation Extension Act of
2011, Part II'' each place it appears in subsection (b)(2) and
inserting ``Moving Ahead for Progress in the 21st Century
Act''; and
(2) by striking ``April 1, 2012'' in subsection (d)(2) and
inserting ``October 1, 2013''.
(c) Leaking Underground Storage Tank Trust Fund.--Paragraph (2) of
section 9508(e) of the Internal Revenue Code of 1986 is amended by
striking ``April 1, 2012'' and inserting ``October 1, 2013''.
(d) Establishment of Solvency Account.--Section 9503 of the
Internal Revenue Code of 1986 is amended by adding at the end the
following new subsection:
``(g) Establishment of Solvency Account.--
``(1) Creation of account.--There is established in the
Highway Trust Fund a separate account to be known as the
`Solvency Account' consisting of such amounts as may be
transferred or credited to the Solvency Account as provided in
this section or section 9602(b).
``(2) Transfers to solvency account.--The Secretary of the
Treasury shall transfer to the Solvency Account the excess of--
``(A) any amount appropriated to the Highway Trust
Fund before October 1, 2013, by reason of the
provisions of, and amendments made by, the Highway
Investment, Job Creation, and Economic Growth Act of
2012, over
``(B) the amount necessary to meet the required
expenditures from the Highway Trust Fund under
subsection (c) for the period ending before October 1,
2013.
``(3) Expenditures from account.--Amounts in the Solvency
Account shall be available for transfers to the Highway Account
(as defined in subsection (e)(5)(B)) and the Mass Transit
Account in such amounts as determined necessary by the
Secretary to ensure that each account has a surplus balance of
$2,800,000,000 on September 30, 2013.
``(4) Termination of account.--The Solvency Account shall
terminate on September 30, 2013, and the Secretary shall
transfer any remaining balance in the Account on such date to
the Highway Trust Fund.''.
(e) Effective Date.--The amendments made by this section shall take
effect on April 1, 2012.
SEC. 102. EXTENSION OF HIGHWAY-RELATED TAXES.
(a) In General.--
(1) Each of the following provisions of the Internal
Revenue Code of 1986 is amended by striking ``March 31, 2012''
and inserting ``September 30, 2015'':
(A) Section 4041(a)(1)(C)(iii)(I).
(B) Section 4041(m)(1)(B).
(C) Section 4081(d)(1).
(2) Each of the following provisions of such Code is
amended by striking ``April 1, 2012'' and inserting ``October
1, 2015'':
(A) Section 4041(m)(1)(A).
(B) Section 4051(c).
(C) Section 4071(d).
(D) Section 4081(d)(3).
(b) Extension of Tax, etc., on Use of Certain Heavy Vehicles.--Each
of the following provisions of the Internal Revenue Code of 1986 is
amended by striking ``2012'' and inserting ``2015'':
(1) Section 4481(f).
(2) Subsections (c)(4) and (d) of section 4482.
(c) Floor Stocks Refunds.--Section 6412(a)(1) of the Internal
Revenue Code of 1986 is amended--
(1) by striking ``April 1, 2012'' each place it appears and
inserting ``October 1, 2015'';
(2) by striking ``September 30, 2012'' each place it
appears and inserting ``March 31, 2016''; and
(3) by striking ``July 1, 2012'' and inserting ``January 1,
2016''.
(d) Extension of Certain Exemptions.--Sections 4221(a) and 4483(i)
of the Internal Revenue Code of 1986 are each amended by striking
``April 1, 2012'' and inserting ``October 1, 2015''.
(e) Extension of Transfers of Certain Taxes.--
(1) In general.--Section 9503 of the Internal Revenue Code
of 1986 is amended--
(A) in subsection (b)--
(i) by striking ``April 1, 2012'' each
place it appears in paragraphs (1) and (2) and
inserting ``October 1, 2015'';
(ii) by striking ``April 1, 2012'' in the
heading of paragraph (2) and inserting
``October 1, 2015'';
(iii) by striking ``March 31, 2012'' in
paragraph (2) and inserting ``September 30,
2015''; and
(iv) by striking ``January 1, 2013'' in
paragraph (2) and inserting ``July 1, 2016'';
and
(B) in subsection (c)(2), by striking ``January 1,
2013'' and inserting ``July 1, 2016''.
(2) Motorboat and small-engine fuel tax transfers.--
(A) In general.--Paragraphs (3)(A)(i) and (4)(A) of
section 9503(c) of such Code are each amended by
striking ``April 1, 2012'' and inserting ``October 1,
2015''.
(B) Conforming amendments to land and water
conservation fund.--Section 201(b) of the Land and
Water Conservation Fund Act of 1965 (16 U.S.C. 460l-
11(b)) is amended--
(i) by striking ``April 1, 2013'' each
place it appears and inserting ``October 1,
2016''; and
(ii) by striking ``April 1, 2012'' and
inserting ``October 1, 2015''.
(f) Effective Date.--
(1) In general.--Except as provided in paragraph (2), the
amendments made by this section shall take effect on April 1,
2012.
(2) Subsection (b)(2).--The amendment made by subsection
(b)(2) shall apply to periods beginning after September 30,
2012.
TITLE II--OTHER PROVISIONS
SEC. 201. TEMPORARY INCREASE IN SMALL ISSUER EXCEPTION TO TAX-EXEMPT
INTEREST EXPENSE ALLOCATION RULES FOR FINANCIAL
INSTITUTIONS.
(a) In General.--Subparagraph (G) of section 265(b)(3) of the
Internal Revenue Code of 1986 is amended--
(1) by striking ``2009 or 2010'' in clause (i) and
inserting ``2009, 2010, or 2012'',
(2) by striking ``2009 or 2010'' in clauses (ii) and (iii)
and inserting ``2009, 2010, or the period beginning after the
date of the enactment of the Highway Investment, Job Creation,
and Economic Growth Act of 2012 and before January 1, 2013'',
and
(3) by striking ``2009 and 2010'' in the heading and
inserting ``2009, 2010, and 2012''.
(b) Effective Date.--The amendments made by this section shall
apply to obligations issued after the date of the enactment of this
Act.
SEC. 202. TEMPORARY MODIFICATION OF ALTERNATIVE MINIMUM TAX LIMITATIONS
ON TAX- EXEMPT BONDS.
(a) Interest on Private Activity Bonds Not Treated as Tax
Preference Items.--Clause (vi) of section 57(a)(5)(C) of the Internal
Revenue Code of 1986 is amended--
(1) in subclause (I) by inserting ``, or after the date of
enactment of the Highway Investment, Job Creation, and Economic
Growth Act of 2012 and before January 1, 2013'' after ``January
1, 2011'';
(2) in subclause (III) by inserting ``before January 1,
2011'' after ``which is issued''; and
(3) by striking ``and 2010'' in the heading and inserting
``, 2010, and portions of 2012''.
(b) No Adjustment to Adjusted Current Earnings.--Clause (iv) of
section 56(g)(4)(B) of the Internal Revenue Code of 1986 is amended--
(1) in subclause (I) by inserting ``, or after the date of
enactment of the Highway Investment, Job Creation, and Economic
Growth Act of 2012 and before January 1, 2013'' after ``January
1, 2011'';
(2) in subclause (III) by inserting ``before January 1,
2011'' after ``which is issued''; and
(3) by striking ``and 2010'' in the heading and inserting
``, 2010, and portions of 2012''.
(c) Effective Date.--The amendments made by this section shall
apply to obligations issued after the date of enactment of this Act.
SEC. 203. ISSUANCE OF TRIP BONDS BY STATE INFRASTRUCTURE BANKS.
Section 610(d) of title 23, United States Code, is amended--
(1) by redesignating paragraphs (4), (5), and (6) as
paragraphs (5), (6), and (7), respectively,
(2) by inserting after paragraph (3) the following new
paragraph:
``(4) TRIP bond account.--
``(A) In general.--A State, through a State
infrastructure bank, may issue TRIP bonds and deposit
proceeds from such issuance into the TRIP bond account
of the bank.
``(B) TRIP bond.--For purposes of this section, the
term `TRIP bond' means any bond issued as part of an
issue if--
``(i) 100 percent of the available project
proceeds of such issue are to be used for
expenditures incurred after the date of the
enactment of this paragraph for 1 or more
qualified projects pursuant to an allocation of
such proceeds to such project or projects by a
State infrastructure bank,
``(ii) the bond is issued by a State
infrastructure bank and is in registered form
(within the meaning of section 149(a) of the
Internal Revenue Code of 1986),
``(iii) the State infrastructure bank
designates such bond for purposes of this
section, and
``(iv) the term of each bond which is part
of such issue does not exceed 30 years.
``(C) Qualified project.--For purposes of this
subparagraph, the term `qualified project' means the
capital improvements to any transportation
infrastructure project of any governmental unit or
other person, including roads, bridges, rail and
transit systems, ports, and inland waterways proposed
and approved by a State infrastructure bank, but does
not include costs of operations or maintenance with
respect to such project.'',
(3) by adding at the end of paragraph (5), as redesignated
by paragraph (1), the following new subparagraph:
``(D) TRIP bond account..--Funds deposited into the
TRIP bond account shall constitute for purposes of this
section a capitalization grant for the TRIP bond
account of the bank.'', and
(4) by adding at the end the following new paragraph:
``(8) Special rules for trip bond account funds.--
``(A) In general.--The State shall develop a
transparent competitive process for the award of funds
deposited into the TRIP bond account that considers the
impact of qualified projects on the economy, the
environment, state of good repair, and equity.
``(B) Applicability of federal law.--The
requirements of any Federal law, including this title
and titles 40 and 49, which would otherwise apply to
projects to which the United States is a party or to
funds made available under such law and projects
assisted with those funds shall apply to--
``(i) funds made available under the TRIP
bond account for similar qualified projects,
and
``(ii) similar qualified projects assisted
through the use of such funds.''.
SEC. 204. EXTENSION OF PARITY FOR EXCLUSION FROM INCOME FOR EMPLOYER-
PROVIDED MASS TRANSIT AND PARKING BENEFITS.
(a) In General.--Paragraph (2) of section 132(f) of the Internal
Revenue Code of 1986 is amended by striking ``January 1, 2012'' and
inserting ``January 1, 2013''.
(b) Effective Date.--The amendment made by this section shall apply
to months after December 31, 2011.
SEC. 205. EXEMPT-FACILITY BONDS FOR SEWAGE AND WATER SUPPLY FACILITIES.
(a) Bonds for Water and Sewage Facilities Temporarily Exempt From
Volume Cap on Private Activity Bonds.--Subsection (g) of section 146 of
the Internal Revenue Code of 1986 is amended--
(1) by striking ``and'' at the end of paragraph (3),
(2) by striking the period at the end of paragraph (4) and
inserting ``, and'', and
(3) by inserting after paragraph (4) the following new
paragraph:
``(5) any exempt facility bonds issued before January 1,
2018, as part of an issue described in paragraph (4) or (5) of
section 142(a).''.
(b) Conforming Change.--Paragraphs (2) and (3)(B) of section 146(k)
of the Internal Revenue Code of 1986 are both amended by striking
``paragraph (4), (5), (6), or (10) of section 142(a)'' and inserting
``paragraph (4) or (5) of section 142(a) with respect to bonds issued
after December 31, 2017, or paragraph (6) or (10) of section 142(a)''.
(c) Effective Date.--The amendments made by this section shall
apply to obligations issued after the date of the enactment of this
Act.
TITLE III--REVENUE PROVISIONS
SEC. 301. TRANSFER FROM LEAKING UNDERGROUND STORAGE TANK TRUST FUND TO
HIGHWAY TRUST FUND.
(a) In General.--Subsection (c) of section 9508 of the Internal
Revenue Code of 1986 is amended--
(1) by striking ``Amounts'' and inserting:
``(1) In general.--Except as provided in paragraph (2),
amounts'', and
(2) by adding at the end the following new paragraph:
``(2) Transfer to highway trust fund.--Out of amounts in
the Leaking Underground Storage Tank Trust Fund there is hereby
appropriated $3,000,000,000 to be transferred under section
9503(f)(3) to the Highway Trust Fund.''.
(b) Transfer to Highway Trust Fund.--
(1) In general.--Subsection (f) of section 9503 of the
Internal Revenue Code of 1986 is amended by inserting after
paragraph (2) the following new paragraph:
``(3) Increase in fund balance.--There is hereby
transferred to the Highway Trust Fund amounts appropriated from
the Leaking Underground Storage Tank Trust Fund under section
9508(c)(2).''.
(2) Conforming amendments.--Paragraph (4) of section
9503(f) of such Code is amended--
(A) by inserting ``or transferred'' after
``appropriated'', and
(B) by striking ``appropriated'' in the heading
thereof.
SEC. 302. PORTION OF LEAKING UNDERGROUND STORAGE TANK TRUST FUND
FINANCING RATE TRANSFERRED TO HIGHWAY TRUST FUND.
(a) In General.--Subsection (b) of section 9503 of the Internal
Revenue Code of 1986 is amended by inserting after paragraph (2) the
following new paragraph:
``(3) Portion of leaking underground storage tank trust
fund financing rate.--There are hereby appropriated to the
Highway Trust Fund amounts equivalent to one-third of the taxes
received in the Treasury under--
``(A) section 4041(d) (relating to additional taxes
on motor fuels),
``(B) section 4081 (relating to tax on gasoline,
diesel fuel, and kerosene) to the extent attributable
to the Leaking Underground Storage Tank Trust Fund
financing rate under such section, and
``(C) section 4042 (relating to tax on fuel used in
commercial transportation on inland waterways) to the
extent attributable to the Leaking Underground Storage
Tank Trust Fund financing rate under such section.
For purposes of this paragraph, there shall not be taken into
account the taxes imposed by sections 4041 and 4081 on diesel
fuel sold for use or used as fuel in a diesel-powered boat.''.
(b) Conforming Amendments.--
(1) Paragraphs (1), (2), and (3) of section 9508(b) of the
Internal Revenue Code of 1986 are each amended by inserting
``two-thirds of the'' before ``taxes''.
(2) Paragraph (4) of section 9503(b) of such Code is
amended by striking subparagraphs (A) and (B) and by
redesignating subparagraphs (C) and (D) as subparagraphs (A)
and (B), respectively.
(c) Effective Date.--The amendments made by this section shall
apply to taxes received after the date of the enactment of this Act.
SEC. 303. ELIMINATION OF UNINTENDED APPLICATION OF CELLULOSIC BIOFUEL
PRODUCER CREDIT.
(a) Claims for Cellulosic Biofuel Producer Credit.--The amendments
made by section 1408(a) of the Health Care and Education Reconciliation
Act of 2010 and section 2121(a) of the Small Business Jobs Act of 2010
shall be applied to claims for credits under section 40(a) of the
Internal Revenue Code of 1986 with respect to fuels sold or used before
January 1, 2010, filed on or after February 3, 2012.
(b) Treatment of Unused General Business Credits.--No claim for
credit under section 38(a)(1) of the Internal Revenue Code of 1986
which is attributable to a credit under section 40(a) of such Code for
any fuel described in section 40(b)(6)(E)(iii) of such Code may be
filed on or after February 3, 2012.
(c) Transfer of Resulting Revenue to Highway Trust Fund.--
Subsection (b) of section 9503 of the Internal Revenue Code of 1986 is
amended by adding at the end the following new paragraph:
``(7) Transfer of resulting revenue.--Out of money in the
Treasury not otherwise appropriated, there are hereby
appropriated amounts equivalent to the increase in revenues
received in the Treasury resulting from the provisions of, and
amendment made by, subsections (a) and (b) of section 303 of
the Highway Investment, Job Creation, and Economic Growth Act
of 2012.''.
SEC. 304. TRANSFER OF GAS GUZZLER TAXES TO HIGHWAY TRUST FUND.
(a) In General.--Paragraph (1) of section 9503(b) of the Internal
Revenue Code of 1986 is amended by redesignating subparagraphs (C),
(D), and (E) as subparagraphs (D), (E), and (F), respectively, and by
inserting after subparagraph (B) the following new subparagraph:
``(B) section 4064 (relating to gas guzzler
tax),''.
(b) Effective Date.--The amendments made by this section shall
apply to taxes received after the date of the enactment of this Act.
SEC. 305. REVOCATION OR DENIAL OF PASSPORT IN CASE OF CERTAIN UNPAID
TAXES.
(a) In General.--Subchapter D of chapter 75 of the Internal Revenue
Code of 1986 is amended by adding at the end the following new section:
``SEC. 7345. REVOCATION OR DENIAL OF PASSPORT IN CASE OF CERTAIN TAX
DELINQUENCIES.
``(a) In General.--If the Secretary receives certification by the
Commissioner of Internal Revenue that any individual has a seriously
delinquent tax debt in an amount in excess of $50,000, the Secretary
shall transmit such certification to the Secretary of State for action
with respect to denial, revocation, or limitation of a passport
pursuant to section 4 of the Act entitled `An Act to regulate the issue
and validity of passports, and for other purposes', approved July 3,
1926 (22 U.S.C. 211a et seq.), commonly known as the `Passport Act of
1926'.
``(b) Seriously Delinquent Tax Debt.--For purposes of this section,
the term `seriously delinquent tax debt' means an outstanding debt
under this title for which a notice of lien has been filed in public
records pursuant to section 6323 or a notice of levy has been filed
pursuant to section 6331, except that such term does not include--
``(1) a debt that is being paid in a timely manner pursuant
to an agreement under section 6159 or 7122, and
``(2) a debt with respect to which collection is suspended
because a collection due process hearing under section 6330, or
relief under subsection (b), (c), or (f) of section 6015, is
requested or pending.
``(c) Adjustment for Inflation.--In the case of a calendar year
beginning after 2012, the dollar amount in subsection (a) shall be
increased by an amount equal to--
``(1) such dollar amount, multiplied by
``(2) the cost-of-living adjustment determined under
section 1(f)(3) for the calendar year, determined by
substituting `calendar year 2011' for `calendar year 1992' in
subparagraph (B) thereof.
If any amount as adjusted under the preceding sentence is not a
multiple of $1,000, such amount shall be rounded to the next highest
multiple of $1,000.''.
(b) Clerical Amendment.--The table of sections for subchapter D of
chapter 75 of the Internal Revenue Code of 1986 is amended by adding at
the end the following new item:
``Sec. 7345. Revocation or denial of passport in case of certain tax
delinquencies.''.
(c) Authority for Information Sharing.--
(1) In general.--Subsection (l) of section 6103 of the
Internal Revenue Code of 1986 is amended by adding at the end
the following new paragraph:
``(23) Disclosure of return information to department of
state for purposes of passport revocation under section 7345.--
``(A) In general.--The Secretary shall, upon
receiving a certification described in section 7345,
disclose to the Secretary of State return information
with respect to a taxpayer who has a seriously
delinquent tax debt described in such section. Such
return information shall be limited to--
``(i) the taxpayer identity information
with respect to such taxpayer, and
``(ii) the amount of such seriously
delinquent tax debt.
``(B) Restriction on disclosure.--Return
information disclosed under subparagraph (A) may be
used by officers and employees of the Department of
State for the purposes of, and to the extent necessary
in, carrying out the requirements of section 4 of the
Act entitled `An Act to regulate the issue and validity
of passports, and for other purposes', approved July 3,
1926 (22 U.S.C. 211a et seq.), commonly known as the
`Passport Act of 1926'.''.
(2) Conforming amendment.--Paragraph (4) of section 6103(p)
of such Code is amended by striking ``or (22)'' each place it
appears in subparagraph (F)(ii) and in the matter preceding
subparagraph (A) and inserting ``(22), or (23)''.
(d) Revocation Authorization.--The Act entitled ``An Act to
regulate the issue and validity of passports, and for other purposes'',
approved July 3, 1926 (22 U.S.C. 211a et seq.), commonly known as the
``Passport Act of 1926'', is amended by adding at the end the
following:
``SEC. 4. AUTHORITY TO DENY OR REVOKE PASSPORT.
``(a) Ineligibility.--
``(1) Issuance.--Except as provided under subsection (b),
upon receiving a certification described in section 7345 of the
Internal Revenue Code of 1986 from the Secretary of the
Treasury, the Secretary of State may not issue a passport or
passport card to any individual who has a seriously delinquent
tax debt described in such section.
``(2) Revocation.--The Secretary of State shall revoke a
passport or passport card previously issued to any individual
described in subparagraph (A).
``(b) Exceptions.--
``(1) Emergency and humanitarian situations.--
Notwithstanding subsection (a), the Secretary of State may
issue a passport or passport card, in emergency circumstances
or for humanitarian reasons, to an individual described in
subsection (a)(1).
``(2) Limitation for return to united states.--
Notwithstanding subsection (a)(2), the Secretary of State,
before revocation, may--
``(A) limit a previously issued passport or
passport card only for return travel to the United
States; or
``(B) issue a limited passport or passport card
that only permits return travel to the United
States.''.
(e) Effective Date.--The amendments made by this section shall take
effect on January 1, 2013.
SEC. 306. 100 PERCENT CONTINUOUS LEVY ON PAYMENTS TO MEDICARE PROVIDERS
AND SUPPLIERS.
(a) In General.--Paragraph (3) of section 6331(h) of the Internal
Revenue Code of 1986 is amended by striking the period at the end and
inserting ``, or to a Medicare provider or supplier under title XVIII
of the Social Security Act.''.
(b) Effective Date.--The amendment made by this section shall apply
to payments made after the date of the enactment of this Act.
SEC. 307. TRANSFER OF AMOUNTS ATTRIBUTABLE TO CERTAIN DUTIES ON
IMPORTED VEHICLES INTO THE HIGHWAY TRUST FUND.
Section 9503(b) of the Internal Revenue Code of 1986, as amended by
this Act, is amended by adding at the end the following new paragraph:
``(8) Certain duties on imported vehicles.--There are
hereby appropriated to the Highway Trust Fund amounts
equivalent to the amounts received in the Treasury that are
attributable to duties collected on or after October 1, 2011,
and before October 1, 2016, on articles classified under
subheading 8703.22.00 or 8703.24.00 of the Harmonized Tariff
Schedule of the United States.''.
SEC. 308. TREATMENT OF SECURITIES OF A CONTROLLED CORPORATION EXCHANGED
FOR ASSETS IN CERTAIN REORGANIZATIONS.
(a) In General.--Section 361 of the Internal Revenue Code of 1986
is amended by adding at the end the following new subsection:
``(d) Special Rules for Transactions Involving Section 355
Distributions.--In the case of a reorganization described in section
368(a)(1)(D) with respect to which stock or securities of the
corporation to which the assets are transferred are distributed in a
transaction which qualifies under section 355--
``(1) this section shall be applied by substituting `stock
other than nonqualified preferred stock (as defined in section
351(g)(2))' for `stock or securities' in subsections (a) and
(b)(1), and
``(2) the first sentence of subsection (b)(3) shall apply
only to the extent that the sum of the money and the fair
market value of the other property transferred to such
creditors does not exceed the adjusted bases of such assets
transferred (reduced by the amount of the liabilities assumed
(within the meaning of section 357(c))).''.
(b) Conforming Amendment.--Paragraph (3) of section 361(b) is
amended by striking the last sentence.
(c) Effective Date.--
(1) In general.--Except as provided in paragraph (2), the
amendments made by this section shall apply to exchanges after
the date of the enactment of this Act.
(2) Transition rule.--The amendments made by this section
shall not apply to any exchange pursuant to a transaction which
is--
(A) made pursuant to a written agreement which was
binding on February 6, 2012, and at all times
thereafter;
(B) described in a ruling request submitted to the
Internal Revenue Service on or before February 6, 2012;
or
(C) described on or before February 6, 2012, in a
public announcement or in a filing with the Securities
and Exchange Commission.
SEC. 309. INTERNAL REVENUE SERVICE LEVIES AND THRIFT SAVINGS PLAN
ACCOUNTS.
Section 8437(e)(3) of title 5, United States Code, is amended by
inserting ``, the enforcement of a Federal tax levy as provided in
section 6331 of the Internal Revenue Code of 1986,'' after ``(42 U.S.C.
659)''.
SEC. 310. MODIFICATIONS OF REQUIRED DISTRIBUTION RULES FOR PENSION
PLANS.
(a) In General.--Section 401(a)(9)(B) of the Internal Revenue Code
of 1986 is amended to read as follows:
``(B) Required distributions where employee dies
before entire interest is distributed.--
``(i) 5-year general rule.--A trust shall
not constitute a qualified trust under this
section unless the plan provides that, if an
employee dies before the distribution of the
employee's interest (whether or not such
distribution has begun in accordance with
subparagraph (A)), the entire interest of the
employee will be distributed within 5 years
after the death of such employee.
``(ii) Exception for eligible designated
beneficiaries.--If--
``(I) any portion of the employee's
interest is payable to (or for the
benefit of) an eligible designated
beneficiary,
``(II) such portion will be
distributed (in accordance with
regulations) over the life of such
eligible designated beneficiary (or
over a period not extending beyond the
life expectancy of such beneficiary),
and
``(III) such distributions begin
not later than 1 year after the date of
the employee's death or such later date
as the Secretary may by regulations
prescribe,
then, for purposes of clause (i) and except as
provided in clause (iv) or subparagraph
(E)(iii), the portion referred to in subclause
(I) shall be treated as distributed on the date
on which such distributions begin.
``(iii) Special rule for surviving spouse
of employee.--If the eligible designated
beneficiary referred to in clause (ii)(I) is
the surviving spouse of the employee--
``(I) the date on which the
distributions are required to begin
under clause (ii)(III) shall not be
earlier than the date on which the
employee would have attained age 70 \1/
2\, and
``(II) if the surviving spouse dies
before the distributions to such spouse
begin, this subparagraph shall be
applied as if the surviving spouse were
the employee.
``(iv) Rules upon death of eligible
designated beneficiary.--If an eligible
designated beneficiary dies before the portion
of an employee's interest described in clause
(ii) is entirely distributed, clause (ii) shall
not apply to any beneficiary of such eligible
designated beneficiary and the remainder of
such portion shall be distributed within 5
years after the death of such beneficiary.''.
(b) Definition of Eligible Designated Beneficiary.--Section
401(a)(9)(E) of such Code is amended to read as follows:
``(E) Definitions and rules relating to designated
beneficiary.--For purposes of this paragraph--
``(i) Designated beneficiary.--The term
`designated beneficiary' means any individual
designated as a beneficiary by the employee.
``(ii) Eligible designated beneficiary.--
The term `eligible designated beneficiary'
means, with respect to any employee, any
designated beneficiary who, as of the date of
death of the employee, is--
``(I) the surviving spouse of the
employee,
``(II) subject to clause (iii), a
child of the employee who has not
reached majority (within the meaning of
subparagraph (F)),
``(III) disabled (within the
meaning of section 72(m)(7)),
``(IV) a chronically ill individual
(within the meaning of section
7702B(c)(2), except that the
requirements of subparagraph (A)(i)
thereof shall only be treated as met if
there is a certification that, as of
such date, the period of inability
described in such subparagraph with
respect to the individual is an
indefinite one that is reasonably
expected to be lengthy in nature), or
``(V) an individual not described
in any of the preceding subparagraphs
who is not more than 10 years younger
than the employee.
``(iii) Special rule for children.--Subject
to subparagraph (F), an individual described in
clause (ii)(II) shall cease to be an eligible
designated beneficiary as of the date the
individual reaches majority and the requirement
of subparagraph (B)(i) shall not be treated as
met with respect to any remaining portion of an
employee's interest payable to the individual
unless such portion is distributed within 5
years after such date.''.
(c) Required Beginning Date.--Section 401(a)(9)(C) of such Code is
amended by adding at the end the following new clause:
``(v) Employees becoming 5-percent owners
after age 70\1/2\.--If an employee becomes a 5-
percent owner (as defined in section 416) with
respect to a plan year ending in a calendar
year after the calendar year in which the
employee attains age 70\1/2\ \,\ then clause
(i)(II) shall be applied by substituting the
calendar year in which the employee became such
an owner for the calendar year in which the
employee retires.''.
(d) Effective Dates.--
(1) In general.--Except as provided in this subsection, the
amendments made by this section shall apply to distributions
with respect to employees who die after December 31, 2012.
(2) Required beginning date.--
(A) In general.--The amendment made by subsection
(c) shall apply to employees becoming a 5-percent owner
with respect to plan years ending in calendar years
beginning before, on, or after the date of the
enactment of this Act.
(B) Special rule.--If--
(i) an employee became a 5-percent owner
with respect to a plan year ending in a
calendar year which began before January 1,
2012, and
(ii) the employee has not retired before
calendar year 2013,
such employee shall be treated as having become a 5-
percent owner with respect to a plan year ending in
2012 for purposes of applying section 401(a)(9)(C)(v)
of the Internal Revenue Code of 1986 (as added by the
amendment made by subsection (c)).
(3) Exception for certain beneficiaries.--If a designated
beneficiary of an employee who dies before January 1, 2013,
dies after December 31, 2012--
(A) the amendments made by this section shall apply
to any beneficiary of such designated beneficiary, and
(B) the designated beneficiary shall be treated as
an eligible designated beneficiary for purposes of
applying section 401(a)(9)(B)(iv) of such Code (as in
effect after the amendments made by this section).
(4) Exception for certain existing annuity contracts.--
(A) In general.--The amendments made by this
section shall not apply to a qualified annuity which is
a binding annuity contract in effect on the date of the
enactment of this Act and at all times thereafter.
(B) Qualified annuity contract.--For purposes of
this paragraph, the term ``qualified annuity'' means,
with respect to an employee, an annuity--
(i) which is a commercial annuity (as
defined in section 3405(e)(6) of such Code) or
payable by a defined benefit plan,
(ii) under which the annuity payments are
substantially equal periodic payments (not less
frequently than annually) over the lives of
such employee and a designated beneficiary (or
over a period not extending beyond the life
expectancy of such employee or the life
expectancy of such employee and a designated
beneficiary) in accordance with the regulations
described in section 401(a)(9)(A)(ii) of such
Code (as in effect before such amendments) and
which meets the other requirements of this
section 401(a)(9) of such Code (as so in
effect) with respect to such payments, and
(iii) with respect to which--
(I) annuity payments to the
employee have begun before January 1,
2013, and the employee has made an
irrevocable election before such date
as to the method and amount of the
annuity payments to the employee or any
designated beneficiaries, or
(II) if subclause (I) does not
apply, the employee has made an
irrevocable election before the date of
the enactment of this Act as to the
method and amount of the annuity
payments to the employee or any
designated beneficiaries.
SEC. 311. DEPRECIATION AND AMORTIZATION RULES FOR HIGHWAY AND RELATED
PROPERTY SUBJECT TO LONG-TERM LEASES.
(a) Accelerated Cost Recovery.--
(1) In general.--Section 168(g)(1) of the Internal Revenue
Code of 1986 is amended by striking ``and'' at the end of
subparagraph (D), by redesignating subparagraph (E) as
subparagraph (F), and by inserting after subparagraph (D) the
following new subparagraph:
``(E) any applicable leased highway property,''.
(2) Recovery period.--The table contained in subparagraph
(C) of section 168(g)(2) of such Code is amended by
redesignating clause (iv) as clause (v) and by inserting after
clause (iii) the following new clause:
``(iv) Applicable leased highway property. 45 years.''.
(3) Applicable leased highway property defined.--
(A) In general.--Section 168(g) of such Code is
amended by redesignating paragraph (7) as paragraph (8)
and by inserting after paragraph (6) the following new
paragraph:
``(7) Applicable leased highway property.--For purposes of
paragraph (1)(E)--
``(A) In general.--The term `applicable leased
highway property' means property to which this section
otherwise applies which--
``(i) is subject to an applicable lease,
and
``(ii) is placed in service before the date
of such lease.
``(B) Applicable lease.--The term `applicable
lease' means a lease or other arrangement--
``(i) which is between the taxpayer and a
State or political subdivision thereof, or any
agency or instrumentality of either, and
``(ii) under which the taxpayer--
``(I) leases a highway and
associated improvements,
``(II) receives a right-of-way on
the public lands underlying such
highway and improvements, and
``(III) receives a grant of a
franchise or other intangible right
permitting the taxpayer to receive
funds relating to the operation of such
highway.''.
(B) Conforming amendment.--Subparagraph (F) of
section 168(g)(1) (as redesignated by subsection
(a)(1)) is amended by striking ``paragraph (7)'' and
inserting ``paragraph (8)''.
(b) Amortization of Intangibles.--Section 197(f) of the Internal
Revenue Code of 1986 is amended by adding at the end the following new
paragraph:
``(11) Intangibles relating to applicable leased highway
property.--In the case of any amortizable section 197
intangible property which is acquired in connection with an
applicable lease (as defined in section 168(g)(7)(B)), the
amortization period under this section shall not be less than
the term of the applicable lease. For purposes of the preceding
sentence, rules similar to the rules of section 168(i)(3)(A)
shall apply in determining the term of the applicable lease.''.
(c) No Private Activity Bond Financing of Applicable Leased Highway
Property.--Section 147(e) of the Internal Revenue Code of 1986 is
amended by inserting ``, or to finance any applicable leased highway
property (as defined in section 168(g)(7)(A))'' after ``premises''.
(d) Effective Dates.--
(1) In general.--Except as provided in paragraph (2), the
amendments made by this section shall apply to leases entered
into after the date of the enactment of this Act.
(2) No private activity bond financing.--The amendment made
by subsection (c) shall apply to bonds issued after the date of
the enactment of this Act.
SEC. 312. EXTENSION FOR TRANSFERS OF EXCESS PENSION ASSETS TO RETIREE
HEALTH ACCOUNTS.
(a) In General.--Paragraph (5) of section 420(b) of the Internal
Revenue Code of 1986 is amended by striking ``December 31, 2013'' and
inserting ``December 31, 2021''.
(b) Conforming ERISA Amendments.--
(1) Sections 101(e)(3), 403(c)(1), and 408(b)(13) of the
Employee Retirement Income Security Act of 1974 are each
amended by striking ``Pension Protection Act of 2006'' and
inserting ``Highway Investment, Job Creation, and Economic
Growth Act of 2012''.
(2) Section 408(b)(13) of such Act (29 U.S.C. 1108(b)(13))
is amended by striking ``January 1, 2014'' and inserting
``January 1, 2022''.
(c) Effective Date.--The amendments made by this Act shall take
effect on the date of the enactment of this Act.
SEC. 313. TRANSFER OF EXCESS PENSION ASSETS TO RETIREE GROUP TERM LIFE
INSURANCE ACCOUNTS.
(a) In General.--Subsection (a) of section 420 of the Internal
Revenue Code of 1986 is amended by inserting ``, or an applicable life
insurance account,'' after ``health benefits account''.
(b) Applicable Life Insurance Account Defined.--
(1) In general.--Subsection (e) of section 420 of the
Internal Revenue Code of 1986 is amended by redesignating
paragraphs (4) and (5) as paragraphs (5) and (6), respectively,
and by inserting after paragraph (3) the following new
paragraph:
``(4) Applicable life insurance account.--The term
`applicable life insurance account' means a separate account
established and maintained for amounts transferred under this
section for qualified current retiree liabilities based on
premiums for applicable life insurance benefits.''.
(2) Applicable life insurance benefits defined.--Paragraph
(1) of section 420(e) of such Code is amended by redesignating
subparagraph (D) as subparagraph (E) and by inserting after
subparagraph (C) the following new subparagraph:
``(D) Applicable life insurance benefits.--The term
`applicable life insurance benefits' means group-term
life insurance coverage provided to retired employees
who, immediately before the qualified transfer, are
entitled to receive such coverage by reason of
retirement and who are entitled to pension benefits
under the plan, but only to the extent that such
coverage is provided under a policy for retired
employees and the cost of such coverage is excludable
from the retired employee's gross income under section
79.''.
(3) Collectively bargained life insurance benefits
defined.--
(A) In general.--Paragraph (6) of section 420(f) of
such Code is amended by redesignating subparagraph (D)
as subparagraph (E) and by inserting after subparagraph
(C) the following new subparagraph:
``(D) Collectively bargained life insurance
benefits.--The term `collectively bargained life
insurance benefits' means, with respect to any
collectively bargained transfer--
``(i) applicable life insurance benefits
which are provided to retired employees who,
immediately before the transfer, are entitled
to receive such benefits by reason of
retirement, and
``(ii) if specified by the provisions of
the collective bargaining agreement governing
the transfer, applicable life insurance
benefits which will be provided at retirement
to employees who are not retired employees at
the time of the transfer.''.
(B) Conforming amendments.--
(i) Clause (i) of section 420(e)(1)(C) of
such Code is amended by striking ``upon
retirement'' and inserting ``by reason of
retirement''.
(ii) Subparagraph (C) of section 420(f)(6)
of such Code is amended--
(I) by striking ``which are
provided to'' in the matter preceding
clause (i),
(II) by inserting ``which are
provided to'' before ``retired
employees'' in clause (i),
(III) by striking ``upon
retirement'' in clause (i) and
inserting ``by reason of retirement'',
and
(IV) by striking ``active employees
who, following their retirement,'' and
inserting ``which will be provided at
retirement to employees who are not
retired employees at the time of the
transfer and who''.
(c) Maintenance of Effort.--
(1) In general.--Subparagraph (A) of section 420(c)(3) of
the Internal Revenue Code of 1986 is amended by inserting ``,
and each group-term life insurance plan under which applicable
life insurance benefits are provided,'' after ``health benefits
are provided''.
(2) Conforming amendments.--
(A) Subparagraph (B) of section 420(c)(3) of such
Code is amended--
(i) by redesignating subclauses (I) and
(II) of clause (i) as subclauses (II) and (III)
of such clause, respectively, and by inserting
before subclause (II) of such clause, as so
redesignated, the following new subclause:
``(I) separately with respect to
applicable health benefits and
applicable life insurance benefits,'',
and
(ii) by striking ``for applicable health
benefits'' and all that follows in clause (ii)
and inserting ``was provided during such
taxable year for the benefits with respect to
which the determination under clause (i) is
made.''.
(B) Subparagraph (C) of section 420(c)(3) of such
Code is amended--
(i) by inserting ``for applicable health
benefits'' after ``applied separately'', and
(ii) by inserting ``, and separately for
applicable life insurance benefits with respect
to individuals age 65 or older at any time
during the taxable year and with respect to
individuals under age 65 during the taxable
year'' before the period.
(C) Subparagraph (E) of section 420(c)(3) of such
Code is amended--
(i) in clause (i), by inserting ``or
retiree life insurance coverage, as the case
may be,'' after ``retiree health coverage'',
and
(ii) in clause (ii), by inserting ``for
retiree health coverage'' after ``cost
reductions'' in the heading thereof, and
(iii) in clause (ii)(II), by inserting
``with respect to applicable health benefits''
after ``liabilities of the employer''.
(D) Paragraph (2) of section 420(f) of such Code is
amended by striking ``collectively bargained retiree
health liabilities'' each place it occurs and inserting
``collectively bargained retiree liabilities''.
(E) Clause (i) of section 420(f)(2)(D) of such Code
is amended--
(i) by inserting ``, and each group-term
life insurance plan or arrangement under which
applicable life insurance benefits are
provided,'' in subclause (I) after ``applicable
health benefits are provided'',
(ii) by inserting ``or applicable life
insurance benefits, as the case may be,'' in
subclause (I) after ``provides applicable
health benefits'',
(iii) by striking ``group health'' in
subclause (II), and
(iv) by inserting ``or collectively
bargained life insurance benefits'' in
subclause (II) after ``collectively bargained
health benefits''.
(F) Clause (ii) of section 420(f)(2)(D) of such
Code is amended--
(i) by inserting ``with respect to
applicable health benefits or applicable life
insurance benefits'' after ``requirements of
subsection (c)(3)'', and
(ii) by adding at the end the following:
``Such election may be made separately with
respect to applicable health benefits and
applicable life insurance benefits. In the case
of an election with respect to applicable life
insurance benefits, the first sentence of this
clause shall be applied as if subsection (c)(3)
as in effect before the amendments made by such
Act applied to such benefits.''
(G) Clause (iii) of section 420(f)(2)(D) of such
Code is amended--
(i) by striking ``retiree'' each place it
occurs, and
(ii) by inserting ``, collectively
bargained life insurance benefits, or both, as
the case may be,'' after ``health benefits''
each place it occurs.
(d) Coordination With Section 79.--Section 79 of the Internal
Revenue Code of 1986 is amended by adding at the end the following new
subsection:
``(f) Exception for Life Insurance Purchased in Connection With
Qualified Transfer of Excess Pension Assets.--Subsection (b)(3) and
section 72(m)(3) shall not apply in the case of any cost paid (whether
directly or indirectly) with assets held in an applicable life
insurance account (as defined in section 420(e)(4)) under a defined
benefit plan.''.
(e) Conforming Amendments.--
(1) Section 420 of the Internal Revenue Code of 1986 is
amended by striking ``qualified current retiree health
liabilities'' each place it appears and inserting ``qualified
current retiree liabilities''.
(2) Section 420 of such Code is amended by inserting ``, or
an applicable life insurance account,'' after ``a health
benefits account'' each place it appears in subsection
(b)(1)(A), subparagraphs (A), (B)(i), and (C) of subsection
(c)(1), subsection (d)(1)(A), and subsection (f)(2)(E)(ii).
(3) Section 420(b) of such Code is amended--
(A) by adding the following at the end of paragraph
(2)(A): ``If there is a transfer from a defined benefit
plan to both a health benefits account and an
applicable life insurance account during any taxable
year, such transfers shall be treated as 1 transfer for
purposes of this paragraph.'', and
(B) by inserting ``to an account'' after ``may be
transferred'' in paragraph (3).
(4) The heading for section 420(c)(1)(B) of such Code is
amended by inserting ``or life insurance'' after ``health
benefits''.
(5) Paragraph (1) of section 420(e) of such Code is
amended--
(A) by inserting ``and applicable life insurance
benefits'' in subparagraph (A) after ``applicable
health benefits'', and
(B) by striking ``health'' in the heading thereof.
(6) Subparagraph (B) of section 420(e)(1) of such Code is
amended--
(A) in the matter preceding clause (i), by
inserting ``(determined separately for applicable
health benefits and applicable life insurance
benefits)'' after ``shall be reduced by the amount'',
(B) in clause (i), by inserting ``or applicable
life insurance accounts'' after ``health benefit
accounts'', and
(C) in clause (i), by striking ``qualified current
retiree health liability'' and inserting ``qualified
current retiree liability''.
(7) The heading for subsection (f) of section 420 of such
Code is amended by striking ``Health'' each place it occurs.
(8) Subclause (II) of section 420(f)(2)(B)(ii) of such Code
is amended by inserting ``or applicable life insurance account,
as the case may be,'' after ``health benefits account''.
(9) Subclause (III) of section 420(f)(2)(E)(i) of such Code
is amended--
(A) by inserting ``defined benefit'' before ``plan
maintained by an employer'', and
(B) by inserting ``health'' before ``benefit plans
maintained by the employer''.
(10) Paragraphs (4) and (6) of section 420(f) of such Code
are each amended by striking ``collectively bargained retiree
health liabilities'' each place it occurs and inserting
``collectively bargained retiree liabilities''.
(11) Subparagraph (A) of section 420(f)(6) of such Code is
amended--
(A) in clauses (i) and (ii), by inserting ``, in
the case of a transfer to a health benefits account,''
before ``his covered spouse and dependents'', and
(B) in clause (ii), by striking ``health plan'' and
inserting ``plan''.
(12) Subparagraph (B) of section 420(f)(6) of such Code is
amended--
(A) in clause (i), by inserting ``, and
collectively bargained life insurance benefits,'' after
``collectively bargained health benefits'',
(B) in clause (ii)--
(i) by adding at the end the following:
``The preceding sentence shall be applied
separately for collectively bargained health
benefits and collectively bargained life
insurance benefits.'', and
(ii) by inserting ``, applicable life
insurance accounts,'' after ``health benefit
accounts'', and
(C) by striking ``health'' in the heading thereof.
(13) Subparagraph (E) of section 420(f)(6) of such Code, as
redesignated by subsection (b), is amended--
(A) by striking ``bargained health'' and inserting
``bargained'',
(B) by inserting ``, or a group-term life insurance
plan or arrangement for retired employees,'' after
``dependents'' , and
(C) by striking ``health'' in the heading thereof.
(14) Section 101(e) of the Employee Retirement Income
Security Act of 1974 (29 U.S.C. 1021(e)) is amended--
(A) in paragraphs (1) and (2), by inserting ``or
applicable life insurance account'' after ``health
benefits account'' each place it appears, and
(B) in paragraph (1), by inserting ``or applicable
life insurance benefit liabilities'' after ``health
benefits liabilities''.
(f) Technical Correction.--Clause (iii) of section 420(f)(6)(B) is
amended by striking ``416(I)(1)'' and inserting ``416(i)(1)''.
(g) Repeal of Deadwood.--
(1) Subparagraph (A) of section 420(b)(1) of the Internal
Revenue Code of 1986 is amended by striking ``in a taxable year
beginning after December 31, 1990''.
(2) Subsection (b) of section 420 of such Code is amended
by striking paragraph (4) and by redesignating paragraph (5),
as amended by this Act, as paragraph (4).
(3) Paragraph (2) of section 420(b) of such Code, as
amended by this section, is amended--
(A) by striking subparagraph (B), and
(B) by striking ``per year.--'' and all that
follows through ``No more than'' and inserting ``per
year.--No more than''.
(4) Paragraph (2) of section 420(c) of such Code is
amended--
(A) by striking subparagraph (B),
(B) by moving subparagraph (A) two ems to the left,
and
(C) by striking ``before transfer.--'' and all that
follows through ``The requirements of this paragraph''
and inserting the following: ``before transfer.--The
requirements of this paragraph''.
(5) Paragraph (2) of section 420(d) of such Code is amended
by striking ``after December 31, 1990''.
(h) Effective Date.--
(1) In general.--The amendments made by this section shall
apply to transfers made after the date of the enactment of this
Act.
(2) Conforming amendments relating to pension protection
act.--The amendments made by subsections (b)(3)(B) and (f)
shall take effect as if included in the amendments made by
section 841(a) of the Pension Protection Act of 2006.
Calendar No. 327
112th CONGRESS
2d Session
S. 2132
[Report No. 112-152]
_______________________________________________________________________
A BILL
To amend the Internal Revenue Code of 1986 to provide for the extension
of highway-related taxes and trust fund expenditures, to provide
revenues for highway programs, and for other purposes.
_______________________________________________________________________
February 27, 2012
Read twice and placed on the calendar