Page:United States Statutes at Large Volume 122.djvu/4003

 12 2 STA T .3980PUBLIC LA W 110 – 3 5 1 —O CT. 7, 2008 (2)PERSON SO TH ER TH A N P ARENTS CL A IM IN GQU ALI FY ING CHIL D.— ( A ) I N GENERAL.— Section15 2(c)( 4 )o fsu c hC o d eis am ended by addin g at the end the fo l lo w ing new sub p a r a - graph

‘(C) N O PARENT CLAIMING QUALIFYING CHILD.—If the parents of an indi v idual may claim such individual as a q ualifying child but no parent so claims the individual , such individual may be claimed as the qualifying child of another ta x payer but only if the ad j usted gross income of such taxpayer is higher than the highest adjusted gross income of any parent of the individual. ’ ’. ( B ) CONFORMING AMENDMENTS.— (i) Section 152(c)(4)(A) of such Code is amended by stri k ing ‘‘ E xcept’’ through ‘‘2 or more taxpayers’’ and inserting ‘‘Except as provided in subparagraphs (B) and (C), if (but for this paragraph) an individual may be claimed as a qualifying child by 2 or more taxpayers’’. (ii) T he heading for section 152(c)(4) of such Code is amended by striking ‘‘CLAIMING’’ and inserting ‘‘ W HO CAN CLAIM THE SAME’’. (d) EFFECTI V E D ATE.—The amendments made by this section shall apply to taxable years beginning after December 3 1,2 0 0 8 . SEC.502 . INV ES TM ENT OF O P E RA TIN G CAS H . Section 323 of title 31, U nited States Code, is amended to read as follows: ‘ ‘ §32 3 .Investm ent of o p e ra t i n gc as h ‘‘(a) To manage United States cash, the Secretary of the Treasury may invest any part of the operating cash of the Treasury for not more than 9 0 days. The Secretary may invest the operating cash of the Treasury in— ‘‘(1) obligations of depositories maintaining Treasury tax and loan accounts secured by pledged collateral acceptable to the Secretary ‘‘(2) obligations of the United States G overnment; and ‘‘(3) repurchase agreements with parties acceptable to the Secretary. ‘‘(b) Subsection (a) of this section does not require the Secretary to invest a cash balance held in a particular account. ‘‘(c) The Secretary shall consider the prevailing market in pre- scribing rates of interest for investments under subsection (a)(1) of this section. ‘‘(d)(1) The Secretary of the Treasury shall submit each fiscal year to the appropriate committees a report detailing the invest- ment of operating cash under subsection (a) for the preceding fiscal year. The report shall describe the Secretary’s consideration of risks associated with investments and the actions taken to manage such risks. ‘‘(2) F or purposes of paragraph (1), the term ‘appropriate committees’ means the Committee on W ays and M eans of the H ouse of R epresentatives and the Committee on Finance of the Senate.’’. Deadlin e .R e ports . 26USC 2 4 note. 26 USC 15 2.

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