New Law Sample Clauses
New Law. The Act retroactively and permanently extends the 100% exclusion and the exception from minimum tax preference treatment. ( Code Sec. 1202(a)(4) , as amended by Act Sec. 126(a))
New Law. The Act retroactively and permanently extends the PPA rule. ( Code Sec. 1367(a)(2) , as amended by Act Sec. 115(a))
New Law. The Act extends the credit for vehicles that have two wheels (i.e., electric motorcycles) acquired after December 31, 2014, and before January 1, 2017 (i.e., the credit lapsed for purchases in 2014). The credit for electric three-wheeled vehicles isn't extended. Second Generation Biofuel Producer Credit Retroactively Extended
New Law. The Act retroactively extends the alternative fuel and alternative fuel mixture tax incentives through December 31, 2016. Credit for Fuel Cell Vehicles Retroactively Extended
New Law. The Act retroactively and permanently extends the research credit. ( Code Sec. 41(h) , as amended by Act Sec. 121(a)(1)) In addition, for tax years that begin after Dec. 31, 2015, eligible small businesses ($50 million or less of gross receipts) may claim the credit against their alternative minimum tax (AMT) liability. ( Code Sec. 38(c)(4)(B)(ii) , as amended by Act Sec. 121(b)) And, for tax years that begin after Dec. 31, 2015, small (less than $5 million of gross receipts) startup businesses may claim up to $250,000 per year of the credit against their employer FICA tax liability. ( Code Sec. 41(h) and Code Sec. 3111(f), as amended by Act Sec. 121(c)) Under pre-Act law, a regulated investment company (RIC) may designate and pay (1) interest-related dividends out of interest that would generally not be taxable when received directly by a nonresident alien individual or foreign corporation, and (2) short-term capital gains dividends out of short-term capital gains. RIC dividends designated as interest-related dividends and short-term capital gains dividends are generally not taxable when received by a nonresident alien individual or foreign corporation and aren't subject to the withholding tax imposed on nonresident alien individuals and foreign corporations. Under pre-Act law, these provisions didn't apply to dividends with respect to any tax year of a RIC beginning after Dec. 31, 2014.
New Law. The Act retroactively extends the gain deferral provision for two years, for dispositions after December 31, 2014 and before January 1, 2017. Alternate Fuels & Mixtures Excise Tax Credit Extended
New Law. The Act retroactively extends the Indian employment credit for two years to tax years beginning before January 1, 2017. Domestic Production Activities Deduction Rules for Puerto Rico Extended Through 2016 New law. The Act retroactively extends the special domestic production activities rules for Puerto Rico for two years through 2016. Under the Act, these special rules for Puerto Rico apply for the first eleven tax years of a taxpayer beginning after December 31, 2005, and before January 1, 2017. Qualified Zone Academy Bond Limitation Extended Through 2016
New Law. Effective for credits or refunds made after December 31, 2016, no credit or refund for an overpayment for a tax year will be made to a taxpayer before the 15th day of the second month following the close of that tax year (generally February 15 of the following year), if the taxpayer claimed the EITC or additional child tax credit on the tax return. Changes to 529 Plan Distribution Rules New law. For tax years that begin after December 31, 2014, the Act expands the definition of qualified higher education expenses for which tax-preferred distributions from 529 accounts are eligible to include the 2009/2010 computer equipment and technology rule.
New Law. The Act retroactively and permanently extends the rules exempting from gross basis tax and withholding tax the interest-related dividends and short-term capital gain dividends received from a RIC. Treatment of RIC As Qualified Investment Entity Permanently Extended New law. The Act retroactively and permanently extends the inclusion of a RIC within the definition of a "qualified investment entity."
New Law. The Act retroactively extends the alternative fuel vehicle refueling property credit for two years, to apply to property placed in service after December 31, 2014, and before January 1, 2017. Credit for 2-Wheeled Electric Plug-in Vehicles Retroactively Extended