PUBLIC LAW 107-147—MAR. 9, 2002 116 STAT. 21 Public Law 107-147 107th Congress An Act Mar. 9, 2002 To provide tax incentives for economic recovery. [H.R. 3090] Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, Job Creation and Worker SECTION 1. SHORT TITLE; ETC. Assistance Act of (a) SHORT TITLE. —T his Act may be cited as the "Job Creation f^^^ and Worker Assistance Act of 2002". governmental (b) REFERENCES TO INTERNAL REVENUE CODE OF 1986.—Except relations. as otherwise expressly provided, whenever in this Act an amend- 26 USC l note, ment or repeal is expressed in terms of an amendment to, or repeal of, a section or other provision, the reference shall be considered to be made to a section or other provision of the Internal Revenue Code of 1986. (c) TABLE OF CONTENTS.— Sec. 1. Short title; etc. TITLE I—BUSINESS PROVISIONS Sec. 101. Special depreciation allowance for certain property acquired after September 10, 2001, and before September 11, 2004. Sec. 102. Carryback of certain net operating losses allowed for 5 years; temporary suspension of 90 percent AMT limit. TITLE II—UNEMPLOYMENT ASSISTANCE Sec. 201. Short title. Sec. 202. Federal-State agreements. Sec. 203. Temporary extended unemployment compensation account. Sec. 204. Payments to States having agreements for the payment of temporary extended unemployment compensation. Sec. 205. Financing provisions. Sec. 206. Fraud and overpayments. Sec. 207. Definitions. Sec. 208. Applicability. Sec. 209. Special Reed Act transfer in fiscal year 2002. TITLE III—TAX INCENTIVES FOR NEW YORK CITY AND DISTRESSED AREAS Sec. 301. Tax benefits for area of New York City damaged in terrorist attacks on September 11, 2001. TITLE IV—MISCELLANEOUS AND TECHNICAL PROVISIONS Subtitle A—General Miscellaneous Provisions Sec. 401. Allowance of electronic 1099's. Sec. 402. Excluded cancellation of indebtedness income of S corporation not to result in adjustment to basis of stock of shareholders. Sec. 403. Limitation on use of nonaccrual experience method of accounting. Sec. 404. Exclusion for foster care payments to apply to payments by qualified placement agencies. Sec. 405. Interest rate range for additional funding requirements. Sec. 406. Adjusted gross income determined by taking into account certain expenses of elementary and secondary school teachers.
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