Republicans say that we can't afford this bill. Hogwash! If we get our tax code correct there's more than enough cash to pay for stewardship of critical coastal and marine resources. The Montpelier, Vermont Times Argus reported that "Exxon-Mobil, one of the largest oil companies in the world, paid no U.S. taxes last year. It also walked away with a $156 million tax refund from the federal government." See, http://www.timesargus.com/article/20100616/NEWS01/6160347/1002/NEWS01.
Temporary Exclusion of 100% Capital Gain Tax on certain Small Businesses, Limitation on Penalty for Failure to Disclose certain information, Extension of Exemption from Alternative Minimum Tax Treatment for certain Tax-Exempt Bonds, and Allowance of New Markets Tax Credit Against Alternative Minimum Tax all sound like Republican ideas. Yet Lynn Jenkins and the Party of No voted against H.R. 4849.
(Sec. 301) Prohibits a reduction of tax withholding for payments made by a U.S. subsidiary of a foreign parent corporation to a related subsidiary in any country that has a tax treaty with the United States, except for payments made directly to the foreign parent corporation.
(Sec. 302) Allows nonrecognition of gain in a corporate reorganization for corporations that exchange property solely for stock other than nonqualified preferred stock.
(Sec. 303) Repeals tax rules that treat as foreign source income interest or dividends paid by a resident alien individual or a U.S. corporation that meets the 80% active foreign business income requirement.
(Sec. 304) Treats rental income from real estate as a trade or business activity for tax reporting purposes.
(Sec. 305) Expands the continuous tax levy on payments to vendors for goods and services to include payments for all property, goods, or services and for delinquent employment taxes owed by such vendors.
(Sec. 307) Expands rules for valuing assets in grantor retained annuity trusts to require: (1) that the right to receive fixed amounts from an annuity last for a term of not less than 10 years and that such fixed amounts not decrease during the first 10 years of the annuity term; and (2) that the remainder interest have a value greater than zero when transferred.
(Sec. 308) Increases the penalties for failure to file correct information returns and for intentional disregard of reporting requirements.
(Sec. 309) Excludes from the definition of "cellulosic biofuel" for purposes of the cellulosic biofuel producer tax credit any processed fuel with an acid number greater than 25. Defines "processed fuel" as a fuel consisting of more than 4% combined water and sediment or more than 1% ash.
(Sec. 310) Increases estimated tax payments for corporations with assets of $1 billion or more.