# Pub. L. 111-240: changes to the Internal Revenue Code 2010-09-27, 124 Stat. 2555. Source: . ## Legislative history - Bill: [H.R. 5297](https://www.congress.gov/bill/111th-congress/house-bill/5297) - House report: [H. Rept. 111-499](https://www.govinfo.gov/content/pkg/CRPT-111hrpt499/html/CRPT-111hrpt499.htm) - Bluebook: [JCT general explanation (2011)](https://www.govinfo.gov/app/details/CPRT-112JPRT64669) ## § 38: General business credit - § 38(c)(2)(A)(ii)(II): Pub. L. 111–240, § 2013(c)(1), inserted “the eligible small business credits,” after “the New York Liberty Zone business employee credit,”. - § 38(c)(3): Pub. L. 111–240, § 2013(c)(2), inserted “, the eligible small business credits,” after “the New York Liberty Zone business employee credit”. - § 38(c)(4)(A)(ii)(II): Pub. L. 111–240, § 2013(c)(3), inserted “the eligible small business credits and” before “the specified credits”. - § 38(c)(5), § 38(c)(6): Pub. L. 111–240, § 2013(a), added par. (5) and redesignated former par. (5) as (6). ## § 39: Carryback and carryforward of unused credits - § 39(a)(3)(A): Pub. L. 111–240, § 2012(b), inserted “or the eligible small business credits” after “credit)”. - § 39(a)(4): Pub. L. 111–240, § 2012(a), added par. (4). ## § 40: Alcohol, etc., used as fuel - § 40(b)(6)(E)(iii): Pub. L. 111–240, § 2121(a)(4), substituted “certain” for “unprocessed” in heading. - § 40(b)(6)(E)(iii)(III): Pub. L. 111–240, § 2121(a)(1)–(3), added subcl. (III). ## § 55: Alternative minimum tax imposed - § 55: Pub. L. 111–240 substituted “38(c)(6)(B)” for “38(c)(3)(B)”. ## § 72: Annuities; certain proceeds of endowment and life insurance contracts - § 72(a): Pub. L. 111–240 amended subsec. (a) generally. Prior to amendment, text read as follows: “Except as otherwise provided in this chapter, gross income includes any amount received as an annuity (whether for a period certain or during one or more lives) under an annuity, endowment, or life insurance contract.” ## § 162: Trade or business expenses - § 162(l)(4): Pub. L. 111–240 inserted “for taxable years beginning before January 1, 2010, or after December 31, 2010” before period at end. ## § 168: Accelerated cost recovery system - § 168(k): Pub. L. 111–240, § 2022(b)(1), substituted “January 1, 2011” for “January 1, 2010” in heading. - § 168(k)(2)(A): Pub. L. 111–240, § 2022(a)(2), substituted “January 1, 2011” for “January 1, 2010” in subcls. (I) and (II). - § 168(k)(2)(A): Pub. L. 111–240, § 2022(a), substituted “January 1, 2011” for “January 1, 2010” and “January 1, 2012” for “January 1, 2011”. - § 168(k)(2)(B)(ii): Pub. L. 111–240, § 2022(a)(2), (b)(2), substituted “pre-January 1, 2011” for “pre-January 1, 2010” in heading and “January 1, 2011” for “January 1, 2010” in text. - § 168(k)(2)(E)(i): Pub. L. 111–240, § 2022(a)(2), substituted “January 1, 2011” for “January 1, 2010”. - § 168(k)(4): Pub. L. 111–240, § 2022(b)(3), added cls. (iv) and (v). - § 168(l)(5): Pub. L. 111–240, § 2022(b)(4), substituted “January 1, 2011” for “January 1, 2010”. - § 168(n)(2)(C): Pub. L. 111–240, § 2022(b)(5), substituted “January 1, 2011” for “January 1, 2010”. ## § 179: Election to expense certain depreciable business assets - § 179(b)(1): Pub. L. 111–240, § 2021(a)(1), substituted “shall not exceed—” for “shall not exceed $25,000 ($250,000 in the case of taxable years beginning after 2007 and before 2011).” and added subpars. (A) to (C). - § 179(b)(2): Pub. L. 111–240, § 2021(a)(2), substituted “exceeds—” for “exceeds $200,000 ($800,000 in the case of taxable years beginning after 2007 and before 2011).” and added subpars. (A) to (C). - § 179(c)(2): Pub. L. 111–240, § 2021(c), substituted “2012” for “2011”. - § 179(d)(1)(A)(ii): Pub. L. 111–240, § 2021(d), substituted “2012” for “2011”. - § 179: Pub. L. 111–240, § 2021(b), added subsec. (f). ## § 195: Start-up expenditures - § 195(b)(3): Pub. L. 111–240 added par. (3). ## § 280F: Limitation on depreciation for luxury automobiles; limitation where certain property used for personal purposes - § 280F(d)(4)(A): Pub. L. 111–240 inserted “ ‘and’ ” at end of clause (iv), redesignated clause (vi) as (v), and struck out former cl. (v) which read as follows: “any cellular telephone (or other similar telecommunications equipment), and”. ## § 402A: Optional treatment of elective deferrals as Roth contributions - § 402A(c)(4): Pub. L. 111–240, § 2112(a), added par. (4). - § 402A(e)(1): Pub. L. 111–240, § 2111(a), added subpar. (C). - § 402A(e)(2): Pub. L. 111–240, § 2111(b), amended par. (2) generally. Prior to amendment, text read as follows: “The term ‘elective deferral’ means any elective deferral described in subparagraph (A) or (C) of section 402(g)(3).” ## § 460: Special rules for long-term contracts - § 460(c)(6): Pub. L. 111–240 added par. (6). ## § 861: Income from sources within the United States - § 861(a)(9): Pub. L. 111–240 added par. (9). ## § 862: Income from sources without the United States - § 862(a)(9): Pub. L. 111–240 added par. (9). ## § 864: Definitions and special rules - § 864(c)(4)(B)(ii): Pub. L. 111–240 substituted “dividends, interest, or amounts received for the provision of guarantees of indebtedness” for “dividends or interest”. ## § 1202: Partial exclusion for gain from certain small business stock - § 1202(a)(3): Pub. L. 111–240, § 2011(b), inserted “certain periods in” before “2010” in heading and substituted “on or before the date of the enactment of the Creating Small Business Jobs Act of 2010” for “before January 1, 2011” in text. - § 1202(a)(4): Pub. L. 111–240, § 2011(a), added par. (4). ## § 1374: Tax imposed on certain built-in gains - § 1374(d)(7)(B): Pub. L. 111–240 amended subpar. (B) generally. Prior to amendment, text read as follows: “In the case of any taxable year beginning in 2009 or 2010, no tax shall be imposed on the net recognized built-in gain of an S corporation if the 7th taxable year in the recognition period preceded such taxable year. The preceding sentence shall be applied separately with respect to any asset to which paragraph (8) applies.” ## § 6041: Information at source - § 6041(h): Pub. L. 111–240 added subsec. (h). Former subsec. (h) redesignated (i). - § 6041: Pub. L. 111–240 redesignated subsec. (h) as (i). Former subsec. (i) redesignated (j). - § 6041: Pub. L. 111–240 redesignated subsec. (i) as (j). ## § 6330: Notice and opportunity for hearing before levy - § 6330(f): Pub. L. 111–240, § 2104(c), substituted “Exceptions” for “Jeopardy and State refund collection” in heading. - § 6330(f)(4): Pub. L. 111–240, § 2104(a), added par. (4). - § 6330(h): Pub. L. 111–240, § 2104(b), substituted “Definitions related to exceptions” for “Disqualified employment tax levy” in heading, inserted introductory provisions and par. (1) designation and heading, substituted “A disqualified employment tax levy is” for “For purposes of subsection (f), a disqualified employment tax levy is”, and added par. (2). ## § 6707A: Penalty for failure to include reportable transaction information with return - § 6707A(b): Pub. L. 111–240 amended subsec. (b) generally. Prior to amendment, subsec. (b) specified the amount of the penalty under subsec. (a), both in general and with respect to a listed transaction, in the case of a natural person or in any other case. ## § 6721: Failure to file correct information returns - § 6721(a)(1): Pub. L. 111–240, § 2102(a), substituted “$100” for “$50” and “$1,500,000” for “$250,000”. - § 6721(b)(1)(A): Pub. L. 111–240, § 2102(a)(1), (b)(1), substituted “$30” for “$15” and “$100” for “$50”. - § 6721(b)(1)(B): Pub. L. 111–240, § 2102(b)(2), substituted “$250,000” for “$75,000”. - § 6721(b)(2)(A): Pub. L. 111–240, § 2102(a)(1), (c)(1), substituted “$60” for “$30” and “$100” for “$50”. - § 6721(b)(2)(B): Pub. L. 111–240, § 2102(c)(2), substituted “$500,000” for “$150,000”. - § 6721(d)(1): Pub. L. 111–240, § 2102(d)(2), substituted “such calendar year” for “such taxable year” in introductory provisions. - § 6721(d)(1)(A): Pub. L. 111–240, § 2102(a)(2), (d)(1)(A), substituted “$500,000” for “$100,000” and “$1,500,000” for “$250,000”. - § 6721(d)(1)(B): Pub. L. 111–240, § 2102(b)(2), (d)(1)(B), substituted “$75,000” for “$25,000” and “$250,000” for “$75,000”. - § 6721(d)(1)(C): Pub. L. 111–240, § 2102(c)(2), (d)(1)(C), substituted “$200,000” for “$50,000” and “$500,000” for “$150,000”. - § 6721(e)(2): Pub. L. 111–240, § 2102(e), substituted “$250” for “$100” in introductory provisions. - § 6721(e)(3)(A): Pub. L. 111–240, § 2102(a)(2), substituted “$1,500,000” for “$250,000”. - § 6721(f): Pub. L. 111–240, § 2102(f), added subsec. (f). ## § 6722: Failure to furnish correct payee statements - § 6722: Pub. L. 111–240 amended section generally. Prior to amendment, section related to: in subsec. (a), general rule for imposition of penalty for failure to furnish correct payee statements; in subsec. (b), failures subject to penalty; and, in subsec. (c), penalty in case of intentional disregard.