Trade Preferences Extension Act of 2015 (P.L. 114-27)
Trade Preferences Extension Act of 2015 (P.L. 114-27)
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H.R. 1295, Enrolled Bill
One Hundred Fourteenth Congress
of the
United States of America
AT THE FIRST SESSION
Begun and held at the City of Washington on Tuesday, the sixth
day of January, two thousand and fifteen
An Act
To extend the African Growth and Opportunity Act, the Generalized System of Preferences, the preferential duty treatment program for Haiti, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE; TABLE OF CONTENTS.
(a) SHORT TITLE. -- This Act may be cited as the "Trade Preferences Extension Act of 2015".
SEC. 407. EXTENSION AND MODIFICATION OF HEALTH COVERAGE TAX CREDIT.
(a) EXTENSION. -- Subparagraph (B) of section 35(b)(1) of the Internal Revenue Code of 1986 is amended by striking "before January 1, 2014" and inserting "before January 1, 2020".
(b) COORDINATION WITH CREDIT FOR COVERAGE UNDER A QUALIFIED HEALTH PLAN. -- Subsection (g) of section 35 of the Internal Revenue Code of 1986 is amended --
(1) by redesignating paragraph (11) as paragraph (13); and
(2) by inserting after paragraph (10) the following new paragraphs:
"(11) ELECTION. --
"(A) IN GENERAL. -- This section shall not apply to any taxpayer for any eligible coverage month unless such taxpayer elects the application of this section for such month.
"(B) TIMING AND APPLICABILITY OF ELECTION. -- Except as the Secretary may provide --
"(i) an election to have this section apply for any eligible coverage month in a taxable year shall be made not later than the due date (including extensions) for the return of tax for the taxable year; and
"(ii) any election for this section to apply for an eligible coverage month shall apply for all subsequent eligible coverage months in the taxable year and, once made, shall be irrevocable with respect to such months.
"(A) IN GENERAL. -- An eligible coverage month to which the election under paragraph (11) applies shall not be treated as a coverage month (as defined in section 36B(c)(2)) for purposes of section 36B with respect to the taxpayer.
"(B) COORDINATION WITH ADVANCE PAYMENTS OF PREMIUM TAX CREDIT. -- In the case of a taxpayer who makes the election under paragraph (11) with respect to any eligible coverage month in a taxable year or on behalf of whom any advance payment is made under section 7527 with respect to any month in such taxable year --
"(i) the tax imposed by this chapter for the taxable year shall be increased by the excess, if any, of --
"(I) the sum of any advance payments made on behalf of the taxpayer under section 1412 of the Patient Protection and Affordable Care Act and section 7527 for months during such taxable year, over
"(II) the sum of the credits allowed under this section (determined without regard to paragraph (1)) and section 36B (determined without regard to subsection (f)(1) thereof) for such taxable year; and
"(ii) section 36B(f)(2) shall not apply with respect to such taxpayer for such taxable year, except that if such taxpayer received any advance payments under section 7527 for any month in such taxable year and is later allowed a credit under section 36B for such taxable year, then section 36B(f)(2)(B) shall be applied by substituting the amount determined under clause
(i) for the amount determined under section 36B(f)(2)(A).".
(1) IN GENERAL. -- Subsection (a) of section 7527 of the Internal Revenue Code of 1986 is amended by striking "August 1, 2003" and inserting "the date that is 1 year after the date of the enactment of the Trade Adjustment Assistance Reauthorization Act of 2015".
(2) CONFORMING AMENDMENT. -- Paragraph (1) of section 7527(e) of such Code is amended by striking "occurring" and all that follows and inserting "occurring --
"(A) after the date that is 1 year after the date of the enactment of the Trade Adjustment Assistance Reauthorization Act of 2015; and
"(B) prior to the first month for which an advance payment is made on behalf of such individual under subsection (a).".
(1) IN GENERAL. -- Subparagraph (J) of section 35(e)(1) of the Internal Revenue Code of 1986 is amended by striking "insurance if the eligible individual" and all that follows through "For purposes of" and inserting "insurance. For purposes of".
(2) SPECIAL RULE. -- Subparagraph (J) of section 35(e)(1) of such Code, as amended by paragraph (1), is amended by striking "insurance." and inserting "insurance (other than coverage enrolled in through an Exchange established under the Patient Protection and Affordable Care Act).".
(e) CONFORMING AMENDMENT. -- Subsection (m) of section 6501 of the Internal Revenue Code of 1986 is amended by inserting ", 35(g)(11)" after "30D(e)(4)".
(f) EFFECTIVE DATE. --
(1) IN GENERAL. -- Except as provided in paragraph (2), the amendments made by this section shall apply to coverage months in taxable years beginning after December 31, 2013.
(2) PLANS AVAILABLE ON INDIVIDUAL MARKET FOR USE OF TAX CREDIT. -- The amendment made by subsection (d)(2) shall apply to coverage months in taxable years beginning after December 31, 2015.
(3) TRANSITION RULE. -- Notwithstanding section 35(g)(11)(B)(i) of the Internal Revenue Code of 1986 (as added by this title), an election to apply section 35 of such Code to an eligible coverage month (as defined in section 35(b) of such Code) (and not to claim the credit under section 36B of such Code with respect to such month) in a taxable year beginning after December 31, 2013, and before the date of the enactment of this Act --
(A) may be made at any time on or after such date of enactment and before the expiration of the 3-year period of limitation prescribed in section 6511(a) with respect to such taxable year; and
(B) may be made on an amended return.
SEC. 803. TIME FOR PAYMENT OF CORPORATE ESTIMATED TAXES.
Notwithstanding section 6655 of the Internal Revenue Code of 1986, in the case of a corporation with assets of not less than $1,000,000,000 (determined as of the end of the preceding taxable year) --
(2) the amount of the next required installment after an installment referred to in paragraph (1) shall be appropriately reduced to reflect the amount of the increase by reason of such paragraph.
(a) AMERICAN OPPORTUNITY CREDIT, HOPE SCHOLARSHIP CREDIT, AND LIFETIME LEARNING CREDIT. --
(1) IN GENERAL. -- Section 25A(g) of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph:
"(8) PAYEE STATEMENT REQUIREMENT. -- Except as otherwise provided by the Secretary, no credit shall be allowed under this section unless the taxpayer receives a statement furnished under section 6050S(d) which contains all of the information required by paragraph (2) thereof.".
(2) STATEMENT RECEIVED BY DEPENDENT. -- Section 25A(g)(3) of such Code is amended by striking "and" at the end of subparagraph (A), by striking the period at the end of subparagraph (B) and inserting ", and", and by adding at the end the following:
"(C) a statement described in paragraph (8) and received by such individual shall be treated as received by the taxpayer.".
"(6) PAYEE STATEMENT REQUIREMENT. --
"(A) IN GENERAL. -- Except as otherwise provided by the Secretary, no deduction shall be allowed under subsection (a) unless the taxpayer receives a statement furnished under section 6050S(d) which contains all of the information required by paragraph (2) thereof.
"(B) STATEMENT RECEIVED BY DEPENDENT. -- The receipt of the statement referred to in subparagraph (A) by an individual described in subsection (c)(3) shall be treated for purposes of subparagraph (A) as received by the taxpayer.".
"(2) the information required by subsection (b)(2).".
(d) EFFECTIVE DATE. -- The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.
SEC. 805. SPECIAL RULE FOR EDUCATIONAL INSTITUTIONS UNABLE TO COLLECT TINs OF INDIVIDUALS WITH RESPECT TO HIGHER EDUCATION TUITION AND RELATED EXPENSES.
(a) IN GENERAL. -- Section 6724 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection:
"(f) SPECIAL RULE FOR RETURNS OF EDUCATIONAL INSTITUTIONS RELATED TO HIGHER EDUCATION TUITION AND RELATED EXPENSES. -- No penalty shall be imposed under section 6721 or 6722 solely by reason of failing to provide the TIN of an individual on a return or statement required by section 6050S(a)(1) if the eligible educational institution required to make such return contemporaneously makes a true and accurate certification under penalty of perjury (and in such form and manner as may be prescribed by the Secretary) that it has complied with standards promulgated by the Secretary for obtaining such individual's TIN.".
(b) EFFECTIVE DATE. -- The amendments made by this section shall apply to returns required to be made, and statements required to be furnished, after December 31, 2015.
SEC. 806. PENALTY FOR FAILURE TO FILE CORRECT INFORMATION RETURNS AND PROVIDE PAYEE STATEMENTS.
(a) IN GENERAL. -- Section 6721(a)(1) of the Internal Revenue Code of 1986 is amended --
(1) by striking "$100" and inserting "$250"; and
(2) by striking "$1,500,000" and inserting "$3,000,000".
(b) REDUCTION WHERE CORRECTION IN SPECIFIED PERIOD. --
(1) CORRECTION WITHIN 30 DAYS. -- Section 6721(b)(1) of such Code is amended --
(A) by striking "$30" and inserting "$50";
(B) by striking "$100" and inserting "$250"; and
(C) by striking "$250,000" and inserting "$500,000".
(2) FAILURES CORRECTED ON OR BEFORE AUGUST 1. -- Section 6721(b)(2) of such Code is amended --
(A) by striking "$60" and inserting "$100";
(B) by striking "$100" (prior to amendment by subparagraph (A)) and inserting "$250"; and
(C) by striking "$500,000" and inserting "$1,500,000".
(1) in subparagraph (A) --
(A) by striking "$500,000" and inserting "$1,000,000"; and
(B) by striking "$1,500,000" and inserting "$3,000,000";
(2) in subparagraph (B) --
(A) by striking "$75,000" and inserting "$175,000"; and
(B) by striking "$250,000" and inserting "$500,000"; and
(3) in subparagraph (C) --
(A) by striking "$200,000" and inserting "$500,000"; and
(B) by striking "$500,000" (prior to amendment by subparagraph (A)) and inserting "$1,500,000".
(1) by striking "$250" in paragraph (2) and inserting "$500"; and
(2) by striking "$1,500,000" in paragraph (3)(A) and inserting "$3,000,000".
(e) FAILURE TO FURNISH CORRECT PAYEE STATEMENTS. --
(1) IN GENERAL. -- Section 6722(a)(1) of such Code is amended --
(A) by striking "$100" and inserting "$250"; and
(B) by striking "$1,500,000" and inserting "$3,000,000".
(2) REDUCTION WHERE CORRECTION IN SPECIFIED PERIOD. --
(A) CORRECTION WITHIN 30 DAYS. -- Section 6722(b)(1) of such Code is amended --
(i) by striking "$30" and inserting "$50";
(ii) by striking "$100" and inserting "$250"; and
(iii) by striking "$250,000" and inserting "$500,000".
(B) FAILURES CORRECTED ON OR BEFORE AUGUST 1. -- Section 6722(b)(2) of such Code is amended --
(i) by striking "$60" and inserting "$100";
(ii) by striking "$100" (prior to amendment by clause (i)) and inserting "$250"; and
(iii) by striking "$500,000" and inserting "$1,500,000".
(A) in subparagraph (A) --
(i) by striking "$500,000" and inserting "$1,000,000"; and
(ii) by striking "$1,500,000" and inserting "$3,000,000";
(B) in subparagraph (B) --
(i) by striking "$75,000" and inserting "$175,000";
(ii) by striking "$250,000" and inserting "$500,000"; and
(C) in subparagraph (C) --
(i) by striking "$200,000" and inserting "$500,000"; and
(ii) by striking "$500,000" (prior to amendment by subparagraph (A)) and inserting "$1,500,000".
(A) by striking "$250" in paragraph (2) and inserting "$500"; and
(B) by striking "$1,500,000" in paragraph (3)(A) and inserting "$3,000,000".
SEC. 807. CHILD TAX CREDIT NOT REFUNDABLE FOR TAXPAYERS ELECTING TO EXCLUDE FOREIGN EARNED INCOME FROM TAX.
(a) IN GENERAL. -- Section 24(d) of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph:
"(5) EXCEPTION FOR TAXPAYERS EXCLUDING FOREIGN EARNED INCOME. -- Paragraph (1) shall not apply to any taxpayer for any taxable year if such taxpayer elects to exclude any amount from gross income under section 911 for such taxable year.".
(b) EFFECTIVE DATE. -- The amendment made by this section shall apply to taxable years beginning after December 31, 2014.
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