12 2 STA T .387 7 PUBLIC LA W 11 0– 3 4 3 —O CT. 3 , 2008 insuchpart n e rship o ro f the stoc k of such S corpora - tion —‘ ‘ (I) such partner or shareho ld er shall b e treated as ha v in g engaged directl y in any fil m produced by such partnership or S corporation , and ‘‘(II) such partnership or S corporation shall be treated as having engaged directly in any film produced by such partner or shareholder .’ ’. (d) CONF O RMI N GA M E N D MEN T .—Section 18 1(d)( 3 )(A) is amended by striking ‘‘actors’’ and all that follo w s and inserting ‘‘actors, production personnel, directors, and producers.’’. (e) E FFE C TI V E DA TE S .— (1) IN GENERA L .—E x cept as otherwise provided in this sub- section, the amendments made by this section shall apply to q ualified film and television productions commencing after December 31, 20 0 7 . (2) DED U CTION.— T he amendments made by subsection (c) shall apply to taxable years beginning after December 31, 2007. SEC.503 . E X E MPTIONFR OM EXCISE T A X FOR CERTAIN W OO D EN ARROWS DESI G NED FOR U SE BY C H I L DREN. (a) IN G ENERAL.— P aragraph (2) of section 4 1 6 1(b) is amended by redesignating subparagraph ( B ) as subparagraph (C) and by inserting after subparagraph (A) the following new subparagraph
‘‘(B) E X EM P TION FOR CERTAIN W OODEN ARROW S H AFTS.—Subparagraph (A) shall not apply to any shaft consisting of all natural wood with no laminations or artifi- cial means of enhancing the spine of such shaft (whether sold separately or incorporated as part of a finished or unfinished product) of a type used in the manufacture of any arrow which after its assembly— ‘‘(i) measures 5⁄16 of an inch or less in diameter, and ‘‘(ii) is not suitable for use with a bow described in paragraph (1)(A).’’. (b) EFFECTIVE DATE.—The amendments made by this section shall apply to shafts first sold after the date of enactment of this Act. SEC. 50 4 . INCOME A V ERAGING FOR AMOUNTS RECEIVED IN CONNEC - TION WITH THE EXXON VALDE Z LITIGATION. (a) INCOME AVERAGING OF AMOUNTS R ECEIVED F ROM THE EXXON V ALDE ZL ITIGATION.—For purposes of section 1301 of the Internal Revenue Code of 1 9 86— (1) any qualified taxpayer who receives any qualified settle- ment income in any taxable year shall be treated as engaged in a fishing business (determined without regard to the commer- cial nature of the business), and (2) such qualified settlement income shall be treated as income attributable to such a fishing business for such taxable year. (b) CONTRI B UTIONS OF AMOUNTS RECEIVED TO RETIREMENT ACCOUNTS.— (1) IN GENERAL.—Any qualified taxpayer who receives qualified settlement income during the taxable year may, at any time before the end of the taxable year in which such income was received, make one or more contributions to an 26USC41 61 note. 26USC1 8 1 note. 26 USC 181.
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