12 2 STA T .3869PUBLIC LA W 11 0– 3 4 3 —O CT. 3 , 2008 SEC.307 . BA S I SA DJU S TM E N TT O STOC K O F SCO RP ORATIONS MAKIN G C H ARITAB L E CONTRIBUTIONS OF PROPERT Y . (a)INGE NE RAL.—Thel a st se n ten c e of sect i on 1367 (a)( 2 ) ( r elatin g to d ecreases in b asis) is a m ended b y stri k ing ‘ ‘ D ecember 31 , 2 0 07 ’ ’ and inserting ‘‘December 31, 200 9 ’’. (b) EF FE CTIV E DATE.—The amendment made by this section shall a p ply to contrib u tions made in ta x able years beginning after December 31, 2007. SEC. 30 8 . INCREASE IN LIMIT ON CO V EROVEROFRUME X CISE TAX TO PUERTO RICO AND THE VIRGIN ISLANDS. (a) IN GENERAL.— P aragraph (1) of section 76 5 2(f) is amended by striking ‘‘ J anuary 1, 200 8 ’’ and inserting ‘‘January 1, 2010’’. (b) EFFECTIVE DATE.—The amendment made by this section shall apply to distilled spirits brought into the U nited S tates after December 31, 2007. SEC. 30 9 . EXTENSION OF ECONOMIC DEVELOPMENT CREDIT FOR AMERICAN SAMOA. (a) IN GENERAL.—Subsection (d) of section 119 of di v ision A of the Tax R elief and H ealth C are Act of 2006 is amended— (1) by striking ‘‘first t w o taxable years’’ and inserting ‘‘first 4 taxable years’’, and (2) by striking ‘‘January 1, 2008’’ and inserting ‘‘January 1, 2010’’. (b) EFFECTIVE DATE.—The amendments made by this section shall apply to taxable years beginning after December 31, 2007. SEC. 3 1 0. EXTENSION OF MINE RESCUE TEAM TRAINING CREDIT. Section 45 N (e) (relating to termination) is amended by striking ‘‘December 31, 2008’’ and inserting ‘‘December 31, 2009’’. SEC. 311. EXTENSION OF ELECTION TO EXPENSE ADVANCED MINE SAFETY E Q UIPMENT. Section 179E(g) (relating to termination) is amended by striking ‘‘December 31, 2008’’ and inserting ‘‘December 31, 2009’’. SEC. 31 2 . DEDUCTION ALLO W ABLE WITH RESPECT TO INCOME ATTRIB - UTABLE TO DOMESTIC PRODUCTION ACTIVITIES IN PUERTO RICO. (a) IN GENERAL.—Subparagraph (C) of section 199(d)(8) (relating to termination) is amended— (1) by striking ‘‘first 2 taxable years’’ and inserting ‘‘first 4 taxable years’’, and (2) by striking ‘‘January 1, 2008’’ and inserting ‘‘January 1, 2010’’. (b) EFFECTIVE DATE.—The amendments made by this section shall apply to taxable years beginning after December 31, 2007. SEC. 313. QUALIFIED Z ONE ACADEMY BONDS. (a) IN GENERAL.—Subpart I of part I V of subchapter A of chapter 1 is amended by adding at the end the following new section
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‘SEC. 54 E. QUALIFIED ZONE ACADEMY BONDS. ‘‘(a) QU ALIFIE DZO NE ACADE MYB OND S .— F or purposes of this subchapter, the term ‘ q ualified z one academy bond’ means any bond issued as part of an issue if— 26USC19 9 note. 26 USC 30A note. 26 USC 30A note. 26 USC 7 6 5 2 note. 26 USC 1367.
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