Page:United States Statutes at Large Volume 122.djvu/1549

 12 2 STA T . 1 5 2 6PUBLIC LA W 11 0– 2 34—M A Y 22, 200 8‘ ‘ (1)LOWERLIM I T.—Thelow e r l im i tf or any ta x a b le year i s the s u m of the amounts re q uire d under se c tion 2 1 3 (d) of the S ocial Security A ct for a quarter of co v era g e in effect with res p ect to each calendar quarter ending with or within such taxable year. ‘‘(2) UP PER LIMIT.—The upper limit for any taxable year is the amount equal to 1 50 percent of the lower limit for such taxable year. ’ ’. (b) AME ND MENT S TOT H ESO C I A L SEC U RIT Y ACT.— (1) I N G ENERAL.—The matter following paragraph (1 6 )of section 211(a) of the Social Security Act is amended— (A) by stri k ing ‘‘ $ 2 ,4 00’’ each place it appears and inserting ‘‘the upper limit’’, and ( B ) by striking ‘‘$1,600’’ each place it appears and inserting ‘‘the lower limit’’. (2) D E F INITIONS.—Section 211 of such Act is amended by adding at the end the following new subsection

‘‘(k) UPPER AND LOWER LIMITS.— F or purposes of subsection (a)— ‘‘(1) The lower limit for any taxable year is the sum of the amounts required under section 213(d) for a quarter of coverage in effect with respect to each calendar quarter ending with or within such taxable year. ‘‘(2) The upper limit for any taxable year is the amount equal to 150 percent of the lower limit for such taxable year.’’. (3) C ONFORMING AMENDMENT.—Section 212 of such Act is amended— (A) in subsection (b), by striking ‘‘For’’ and inserting ‘‘ E xcept as provided in subsection (c), for’’ and (B) by adding at the end the following new subsection: ‘‘(c) For the purpose of determining average indexed monthly earnings, average monthly wage, and quarters of coverage in the case of any individual who elects the option described in clause (ii) or (iv) in the matter following section 211(a)(16) for any taxable year that does not begin with or during a particular calendar year and end with or during such year, the self - employment income of such individual deemed to be derived during such taxable year shall be allocated to the two calendar years, portions of which are included within such taxable year, in the same proportion to the total of such deemed self-employment income as the sum of the amounts applicable under section 213(d) for the calendar quarters ending with or within each such calendar year bears to the lower limit for such taxable year specified in section 211(k)(1).’’. (c) EFFECTI V E DATE.—The amendments made by this section shall apply to taxable years beginning after December 31, 200 7 . SEC.153 53. INFORMAT ION RE P ORTIN G FOR COMMO D IT Y CREDIT COR - PORATION TRANSACTIONS. (a) IN G ENERAL.—Subpart A of part III of subchapter A of chapter 61 (relating to information concerning persons sub j ect to special provisions) is amended by inserting after section 603 9 I the following new section: ‘ ‘SEC. 60 3 9J . INFORMATION REPORTING W IT H RESPECT TO COM- MODITY CREDIT CORPORATION TRANSACTIONS. ‘‘(a) R E Q UIREMENT OF REPORTING.—The Commodity Credit Cor- poration, through the Secretary of Agriculture, shall make a return, Regulations.26USC140 2 note. 42 USC 412. 42 USC 411.

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