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Thursday, November 5, 2009
7:11 PM EST
Ryan Ellis

List of New Tax Hikes in
"Managers' Amendment" to H.R. 3962

When the House considers H.R. 3962 Saturday, it will be slightly modified from the original version which was introduced.  These slight changes are called the "managers' amendment."  For those who want to read this 42-page addition to the bill (which should officially put it over the 2000-page mark), click here.  If you want to see the revised JCT score, click here. 

To see the tax roster that this is supplementing, click here.

Of most interest to taxpayers is the list of new or modified tax increases in the amendment.  Here they are (all are on page 14 of the managers' amendment):

  • The effective date of the provision denying deductions for costs allocable to part D subsidies (Sec. 534 of the bill) would be delayed for two years, until tax years beginning after 2012. 
  • As introduced, Sec. 554 of the bill would have delayed the implementation of the worldwide interest allocation rules by nine years – until 2020.  Under the manager’s amendment, the scheduled implementation of these more taxpayer-favorable rules would be repealed entirely. 
  • The manager’s amendment also includes a new provision (new Sec. 555 of the bill) making modifications to the current-law cellulosic biofuel producer credit (IRC Sec. 40(b)(6)).  This provision appears to exclude “black liquor” – a by-product of the pulp-making process – from eligibility for this credit, while making certain other fuels (e.g., algae) eligible.  We hope to be able to provide further information about this provision tomorrow.
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