Page:United States Statutes at Large Volume 124.djvu/3348

 124 STAT. 3322 PUBLIC LAW 111–312—DEC. 17, 2010 (A) IN GENERAL.—Paragraph (2) of section 1400B(e) is amended— (i) by striking ‘‘December 31, 2014’’ and inserting ‘‘December 31, 2016’’; and (ii) by striking ‘‘2014’’ in the heading and inserting ‘‘2016’’. (B) PARTNERSHIPS AND S-CORPS.—Paragraph (2) of sec- tion 1400B(g) is amended by striking ‘‘December 31, 2014’’ and inserting ‘‘December 31, 2016’’. (d) FIRST-TIME HOMEBUYER CREDIT.—Subsection (i) of section 1400C is amended by striking ‘‘January 1, 2010’’ and inserting ‘‘January 1, 2012’’. (e) EFFECTIVE DATES.— (1) IN GENERAL.—Except as otherwise provided in this sub- section, the amendments made by this section shall apply to periods after December 31, 2009. (2) TAX-EXEMPT DC EMPOWERMENT ZONE BONDS.—The amendment made by subsection (b) shall apply to bonds issued after December 31, 2009. (3) ACQUISITION DATES FOR ZERO-PERCENT CAPITAL GAINS RATE.—The amendments made by subsection (c) shall apply to property acquired or substantially improved after December 31, 2009. (4) HOMEBUYER CREDIT.—The amendment made by sub- section (d) shall apply to homes purchased after December 31, 2009. SEC. 755. TEMPORARY INCREASE IN LIMIT ON COVER OVER OF RUM EXCISE TAXES TO PUERTO RICO AND THE VIRGIN ISLANDS. (a) IN GENERAL.—Paragraph (1) of section 7652(f) is amended by striking ‘‘January 1, 2010’’ and inserting ‘‘January 1, 2012’’. (b) EFFECTIVE DATE.—The amendment made by this section shall apply to distilled spirits brought into the United States after December 31, 2009. SEC. 756. AMERICAN SAMOA ECONOMIC DEVELOPMENT CREDIT. (a) IN GENERAL.—Subsection (d) of section 119 of division A of the Tax Relief and Health Care Act of 2006 is amended— (1) by striking ‘‘first 4 taxable years’’ and inserting ‘‘first 6 taxable years’’, and (2) by striking ‘‘January 1, 2010’’ and inserting ‘‘January 1, 2012’’. (b) EFFECTIVE DATE.—The amendments made by this section shall apply to taxable years beginning after December 31, 2009. SEC. 757. WORK OPPORTUNITY CREDIT. (a) IN GENERAL.—Subparagraph (B) of section 51(c)(4) is amended by striking ‘‘August 31, 2011’’ and inserting ‘‘December 31, 2011’’. (b) EFFECTIVE DATE.—The amendment made by this section shall apply to individuals who begin work for the employer after the date of the enactment of this Act. SEC. 758. QUALIFIED ZONE ACADEMY BONDS. (a) IN GENERAL.—Section 54E(c)(1) is amended— (1) by striking ‘‘2008 and’’ and inserting ‘‘2008,’’, and (2) by inserting ‘‘and $400,000,000 for 2011’’ after ‘‘2010,’’. 26 USC 51 note. 26 USC 30A. 26 USC 30A. 26 USC 7652 note. Applicability. 26 USC 1400m. 26 USC 1400B.