12 2 STA T .3864PUBLIC LA W 11 0– 343 —O CT. 3 , 2008 ‘ ‘ (f)TREATM E N T OFC ERTA I N U N D ER P A Y MENT S,I NTEREST, AND P ENA L TIES A TTRI BU TABLE TO T H E TREATMENT OF IN C ENTI V E S TOC KO PTIONS .— ‘‘( 1 ) ABATEMENT.—A nyu n derpa y m en to fta x out s tand i n g ont h e date of the ena c tment of this su b section w hich is attrib - utab l e to the application of section 56 (b)( 3 ) for any taxable year ending before J anuary 1, 20 0 8 , and any interest or penalty with respect to such underpayment which is outstanding on such date of enactment, is hereby abated. The amount deter- mined under subsection (b)(1) shall not include any tax abated under the preceding sentence. ‘‘(2) INCREASE IN CREDIT FOR CERTAIN INTEREST AND PEN- ALTIES ALREADY PAID.—The A M T refundable credit amount, and the minimum tax credit determined under subsection (b), for the taxpayer ’ s first 2 taxable years beginning after D ecember 31, 200 7 , shall each be increased by 50 percent of the aggregate amount of the interest and penalties which were paid by the taxpayer before the date of the enactment of this subsection and which would (but for such payment) ha v e been abated under paragraph (1).’’. (c) E FFECTIVE DATE.— (1) IN G ENERAL.—Except as provided in paragraph (2), the amendments made by this section shall apply to taxable years beginning after December 31, 2007. (2) ABATEMENT.—Section 53(f)(1), as added by subsection (b), shall ta k e effect on the date of the enactment of this Act. TI T LE II — E X TE NS I O NO F IN D I V ID UA L TAX PR OVISIONS SEC.201 . D ED U C TIONF O R ST A TE AND L OCAL SALES TA X ES. (a) IN G ENERAL.—Subparagraph (I) of section 16 4 (b)(5) is amended by striking ‘‘January 1, 2008’’ and inserting ‘‘January 1, 2010’’. (b) EFFECTIVE DATE.—The amendment made by this section shall apply to taxable years beginning after December 31, 2007. SEC. 202. DEDUCTION OF Q UALIFIED TUITION AND RELATED EX P ENSES. (a) IN GENERAL.—Subsection (e) of section 222 (relating to termination) is amended by striking ‘‘December 31, 2007’’ and inserting ‘‘December 31, 200 9 ’’. (b) EFFECTIVE DATE.—The amendment made by this section shall apply to taxable years beginning after December 31, 2007. SEC. 20 3 . DEDUCTION FOR CERTAIN EXPENSES OF ELE M ENTAR Y AND SECONDARY SC H OOL TEACHERS. (a) IN GENERAL.—Subparagraph (D) of section 62(a)(2) (relating to certain expenses of elementary and secondary school teachers) is amended by striking ‘‘or 2007’’ and inserting ‘‘2007, 2008, or 2009’’. (b) EFFECTIVE DATE.—The amendment made by subsection (a) shall apply to taxable years beginning after December 31, 2007. 26USC 62 note. 26 USC 222 note. 26 USC 1 6 4 note. 26 USC 164. 26 USC 53 note.
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