Page:United States Statutes at Large Volume 124.djvu/1096

 124 STAT. 1070 PUBLIC LAW 111–152—MAR. 30, 2010 (C) by inserting after paragraph (1) the following new paragraph: ‘‘(2) EXCEPTION.—Paragraph (1) shall not apply to any por- tion of a reportable transaction understatement which is attrib- utable to one or more transactions described in section 6662(b)(6).’’. (d) APPLICATION OF PENALTY FOR ERRONEOUS CLAIM FOR REFUND OR CREDIT TO NONECONOMIC SUBSTANCE TRANSACTIONS.— Section 6676 is amended by redesignating subsection (c) as sub- section (d) and inserting after subsection (b) the following new subsection: ‘‘(c) NONECONOMIC SUBSTANCE TRANSACTIONS TREATED AS LACKING REASONABLE BASIS.—For purposes of this section, any excessive amount which is attributable to any transaction described in section 6662(b)(6) shall not be treated as having a reasonable basis.’’. (e) EFFECTIVE DATE.— (1) IN GENERAL.—Except as otherwise provided in this sub- section, the amendments made by this section shall apply to transactions entered into after the date of the enactment of this Act. (2) UNDERPAYMENTS.—The amendments made by sub- sections (b) and (c)(1) shall apply to underpayments attributable to transactions entered into after the date of the enactment of this Act. (3) UNDERSTATEMENTS.—The amendments made by sub- section (c)(2) shall apply to understatements attributable to transactions entered into after the date of the enactment of this Act. (4) REFUNDS AND CREDITS.—The amendment made by sub- section (d) shall apply to refunds and credits attributable to transactions entered into after the date of the enactment of this Act. SEC. 1410. TIME FOR PAYMENT OF CORPORATE ESTIMATED TAXES. The percentage under paragraph (1) of section 202(b) of the Corporate Estimated Tax Shift Act of 2009 in effect on the date of the enactment of this Act is increased by 15.75 percentage points. Subtitle F—Other Provisions SEC. 1501. COMMUNITY COLLEGE AND CAREER TRAINING GRANT PRO - GRAM. Section 279(b) of the Trade Act of 1974 (19 U.S.C. 2372a(b)) is amended by striking ‘‘SUPPLEMENT’’ and all that follows through ‘‘Funds’’ and inserting ‘‘There are’’ and by striking ‘‘pursuant’’ and all that follows and inserting ‘‘$500,000,000 for each of fiscal years 2011, 2012, 2013, and 2014 to carry out this subchapter, except that the limitations contained in section 278(a)(2) shall not apply to such funds and each State shall receive not less than 0.5 percent of the amount appropriated pursuant to this subsection for each such fiscal year.’’. 26 USC 6655 note. Applicability. 26 USC 6662 note. 26 USC 6676.