Page:United States Statutes at Large Volume 124.djvu/2580

124 STAT. 2554 PUBLIC LAW 111–240—SEPT. 27, 2010 Subtitle A—Small Business Relief PART I—PROVIDING ACCESS TO CAPITAL SEC. 2011. TEMPORARY EXCLUSION OF 100 PERCENT OF GAIN ON CER- TAIN SMALL BUSINESS STOCK. (a) IN GENERAL.—Subsection (a) of section 1202 of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph: ‘‘(4) 100 PERCENT EXCLUSION FOR STOCK ACQUIRED DURING CERTAIN PERIODS IN 2010.—In the case of qualified small busi- ness stock acquired after the date of the enactment of the Creating Small Business Jobs Act of 2010 and before January 1, 2011— ‘‘(A) paragraph (1) shall be applied by substituting ‘100 percent’ for ‘50 percent’, ‘‘(B) paragraph (2) shall not apply, and ‘‘(C) paragraph (7) of section 57(a) shall not apply.’’. (b) CONFORMING AMENDMENT.—Paragraph (3) of section 1202(a) of the Internal Revenue Code of 1986 is amended— (1) by inserting ‘‘CERTAIN PERIODS IN’’ before ‘‘2010’’ in the heading, and (2) by striking ‘‘before January 1, 2011’’ and inserting ‘‘on or before the date of the enactment of the Creating Small Business Jobs Act of 2010’’. (c) EFFECTIVE DATE.—The amendments made by this section shall apply to stock acquired after the date of the enactment of this Act. SEC. 2012. GENERAL BUSINESS CREDITS OF ELIGIBLE SMALL BUSINESSES FOR 2010 CARRIED BACK 5 YEARS. (a) IN GENERAL.—Section 39(a) of the Internal Revenue Code of 1986 is amended by adding at the end the following new para- graph: ‘‘(4) 5-YEAR CARRYBACK FOR ELIGIBLE SMALL BUSINESS CREDITS.— ‘‘(A) IN GENERAL.—Notwithstanding subsection (d), in the case of eligible small business credits determined in the first taxable year of the taxpayer beginning in 2010— ‘‘(i) paragraph (1) shall be applied by substituting ‘each of the 5 taxable years’ for ‘the taxable year’ in subparagraph (A) thereof, and ‘‘(ii) paragraph (2) shall be applied— ‘‘(I) by substituting ‘25 taxable years’ for ‘21 taxable years’ in subparagraph (A) thereof, and ‘‘(II) by substituting ‘24 taxable years’ for ‘20 taxable years’ in subparagraph (B) thereof. ‘‘(B) ELIGIBLE SMALL BUSINESS CREDITS.—For purposes of this subsection, the term ‘eligible small business credits’ has the meaning given such term by section 38(c)(5)(B).’’. (b) CONFORMING AMENDMENT.—Section 39(a)(3)(A) of the Internal Revenue Code of 1986 is amended by inserting ‘‘or the eligible small business credits’’ after ‘‘credit)’’. (c) EFFECTIVE DATE.—The amendments made by this section shall apply to credits determined in taxable years beginning after December 31, 2009. 26 USC 39 note. Applicability. Applicability. 26 USC 39. 26 USC 1202 note. Applicability. 26 USC 1202.