12 2 STA T .39 29 PUBLIC LA W 11 0– 3 4 3 —O CT. 3 , 200 8‘ ‘ (2)QUALIF I EDS E CT I ON179 DISASTE R ASSISTANCE P ROP - ERT Y.—Forpu rpo se so fthi ssu b se c tio n, the ter m ‘ q u al ifie d sec- tion 179 disaster assistance propert y’ means section 179 prop- erty (as defined in subsection (d)) w hich is qualified disaster assistance property (as defined in section 1 68 (n)(2)). ‘‘( 3 ) C OORDINATION W IT H E M POWERMENT Z ONES AND RENEWAL COMMUNITIES.—For purposes of sections 1397 A and 1 40 0 J , qualified section 179 disaster assistance property shall not be treated as qualified z one property or qualified renewal property, unless the ta x payer elects not to ta k e such qualified section 179 disaster assistance property into account for pur- poses of this subsection. ‘‘(4) R ECAPTURE.—For purposes of this subsection, rules similar to the rules under subsection (d)(10) shall apply with respect to any qualified section 179 disaster assistance property which ceases to be qualified section 179 disaster assistance property.’’. (b) E FFECTI V E D ATE.— T he amendment made by this section shall apply to property placed in ser v ice after December 31, 2007, with respect disasters declared after such date. SEC.712 .C O O RDINAT ION W IT H HEART L AND DISASTER RELIE F . The amendments made by this subtitle, other than the amend- ments made by sections 706(a)(2), 710, and 711, shall not apply to any disaster described in section 702(c)(1)(A), or to any expendi- ture or loss resultin g from such disaster. TI T LEV III —SP E ND IN GR ED UC TI O NS A ND APPROPRIATE REVENUE RAIS - ERS F OR NE W TA X RELIEF POLIC Y SEC. 80 1. NON QU ALIFIED DEFERRED CO MP ENSATION FROM CERTAIN TA X INDIFFERENT PARTIES. (a) I N G ENERAL.— S ubpart B of part II of subchapter E of chapter 1 is amended by inserting after section 4 5 7 the following new section
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‘SEC. 45 7A. NONQUALIFIED DEFERRED COMPENSATION FROM CER - TAIN TAX INDIFFERENT PARTIES. ‘‘(a) IN GENERAL.—Any compensation which is deferred under a nonqualified deferred compensation plan of a nonqualified entity shall be includible in gross income when there is no substantial risk of forfeiture of the rights to such compensation. ‘‘(b) N ON Q UALIFIED ENTITY.—For purposes of this section, the term ‘nonqualified entity’ means— ‘‘(1) any foreign corporation unless substantially all of its income is— ‘‘(A) effectively connected with the conduct of a trade or business in the U nited States, or ‘‘(B) sub j ect to a comprehensive foreign income tax, and ‘‘(2) any partnership unless substantially all of its income is allocated to persons other than— ‘‘(A) foreign persons with respect to whom such income is not subject to a comprehensive foreign income tax, and 26USC5 6 note. 26 USC 179 note. Ap p licab ilit y .
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