PUBLIC LAW 109–432—DEC. 20, 2006
120 STAT. 2955
subsections (b) and (c) as subsections (c) and (d), respectively, and by inserting after subsection (a) the following new subsection: ‘‘(b) STATEMENTS TO BE FURNISHED TO PERSONS WITH RESPECT TO WHOM INFORMATION IS REPORTED.—Every corporation making a return under subsection (a) shall furnish to each person whose name is set forth in such return a written statement setting forth such information as the Secretary may by regulations prescribe. The written statement required under the preceding sentence shall be furnished to such person on or before January 31 of the year following the calendar year for which the return under subsection (a) was made.’’. (c) CONFORMING AMENDMENTS.— (1) Section 6724(d)(1)(B) is amended by striking ‘‘or’’ at the end of clause (xvii), by striking ‘‘and’’ at the end of clause (xviii) and inserting ‘‘or’’, and by adding at the end the following new clause: ‘‘(xix) section 6039(a) (relating to returns required with respect to certain options), and’’. (2) Section 6724(d)(2)(B) is amended by striking ‘‘section 6039(a)’’ and inserting ‘‘section 6039(b)’’. (3) The heading of section 6039 and the item relating to such section in the table of sections of subpart A of part III of subchapter A of chapter 61 of such Code are each amended by striking ‘‘Information’’ and inserting ‘‘Returns’’. (4) The heading of subsection (a) of section 6039 is amended by striking ‘‘FURNISHING OF INFORMATION’’ and inserting ‘‘REQUIREMENT OF REPORTING’’. (d) EFFECTIVE DATE.—The amendments made by this section shall apply to calendar years beginning after the date of the enactment of this Act.
Corporations.
Deadline.
26 USC 6724.
26 USC 6039 note.
SEC. 404. PARTIAL EXPENSING FOR ADVANCED MINE SAFETY EQUIPMENT.
(a) IN GENERAL.—Part VI of subchapter B of chapter 1 is amended by inserting after section 179D the following new section: ‘‘SEC. 179E. ELECTION TO EXPENSE ADVANCED MINE SAFETY EQUIPMENT.
‘‘(a) TREATMENT AS EXPENSES.—A taxpayer may elect to treat 50 percent of the cost of any qualified advanced mine safety equipment property as an expense which is not chargeable to capital account. Any cost so treated shall be allowed as a deduction for the taxable year in which the qualified advanced mine safety equipment property is placed in service. ‘‘(b) ELECTION.— ‘‘(1) IN GENERAL.—An election under this section for any taxable year shall be made on the taxpayer’s return of the tax imposed by this chapter for the taxable year. Such election shall specify the advanced mine safety equipment property to which the election applies and shall be made in such manner as the Secretary may by regulations prescribe. ‘‘(2) ELECTION IRREVOCABLE.—Any election made under this section may not be revoked except with the consent of the Secretary. ‘‘(c) QUALIFIED ADVANCED MINE SAFETY EQUIPMENT PROPERTY.—For purposes of this section, the term ‘qualified advanced mine safety equipment property’ means any advanced mine safety
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