124 STAT. 2223 PUBLIC LAW 111–203—JULY 21, 2010 LEGISLATIVE HISTORY—H.R. 4173 (S. 3217): HOUSE REPORTS: No. 111 –517 (Comm. of Conference). SENATE REPORTS: No. 111 –176 (Comm. on Banking, Housing, and Urban Affairs) accompanying S. 3217. CONGRESSIONAL RECORD: Vol. 155 (2009): Dec. 9–11, considered and passed House. Vol. 156 (2010): May 20, considered and passed Senate, amended, in lieu of S. 3217. June 30, House agreed to conference report. July 13, 15, Senate considered and agreed to conference report. DAILY COMPILATION OF PRESIDENTIAL DOCUMENTS (2010): July 21, Presidential remarks. TITLE XVI—SECTION 1256 CONTRACTS SEC. 1601. CERTAIN SWAPS, ETC., NOT TREATED AS SECTION 1256 CON- TRACTS. (a) IN GENERAL.—Subsection (b) of section 1256 of the Internal Revenue Code of 1986 is amended— (1) by redesignating paragraphs (1) through (5) as subpara- graphs (A) through (E), respectively, and by indenting such subparagraphs (as so redesignated) accordingly, (2) by striking ‘‘For purposes of’’ and inserting the following: ‘‘(1) IN GENERAL.—For purposes of’’, and (3) by striking the last sentence and inserting the following new paragraph: ‘‘(2) EXCEPTIONS.—The term ‘section 1256 contract’ shall not include— ‘‘(A) any securities futures contract or option on such a contract unless such contract or option is a dealer securi- ties futures contract, or ‘‘(B) any interest rate swap, currency swap, basis swap, interest rate cap, interest rate floor, commodity swap, equity swap, equity index swap, credit default swap, or similar agreement.’’. (b) EFFECTIVE DATE.—The amendments made by this section shall apply to taxable years beginning after the date of the enact- ment of this Act. Approved July 21, 2010. 26 USC 1256 note. 26 USC 1256.
