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February 2010 Special Edition Provisions affecting business (including small business) Business (General) Provide Additional Funds for the Advanced Energy Property Manufacturing Credit Make the Research Tax Credit Permanent Extend and Modify the New Markets Tax Credit Reinstate Superfund Excise Taxes Reinstate the Superfund Environmental Income Tax Proposed Change in Treatment of Carried Interests Increase Certainty with Respect to Worker Classification Financial Crisis Responsibility Fee Deny Deduction for Punitive Damages Require a Certified Taxpayer Identification Number from Contractors and Allow Certain Withholding Require Information Reporting on Payments to Corporations Codification of Economic Substance Doctrine Income Accrual on Forward Sales of Corporate Stock Repeal of the Gain with Boot Benefits of the “All Cash D” Repatriation Strategy Expanded definition of Control for Disallowance of Bond Repurchase Premium Extend Temporary Bonus Depreciation for Certain Property Repeal LIFO Method of Accounting for Inventories Repeal Lower of Cost or Market Inventory Accounting Method Business (Small) Expand Temporary Increase in Expensing for Small Business Continue 15-year Recovery Period for Qualified Leasehold Improvements and Qualified Restaurant Property Eliminate Capital Gains on Small Business Stock Sales Electronic Filing Requirements Expanded to Include More Taxpayers Provisions Affecting U.S. Taxation of Foreign Income Extension of Expiring “Look-Through” and “Active Financing” Provisions for Controlled Foreign Corporations Foreign Tax Credit Reform: Determine the Foreign Tax Credit on a Pooling Basis Repeal 80/20 Company Rules Defer Deduction of Interest Expense Related to Deferred Income Limit Earnings Stripping by Expatriated Entities Limit Shifting of Income through Intangible Property Transfers Tax Currently Excess Returns Associated With Transfers of Intangibles Offshore Increased Disclosures and Associated Penalties for Non Compliance Strengthening Foreign Trust Disclosure and Reporting Requirements and Penalties Double Penalties on Unreported Income from Non-Disclosed Foreign Bank Accounts Provisions Affecting High Net Worth Individuals Increase Individual income Tax rates to 39.6 percent and 36 percent Increase the Tax Rate on Net Long-Term Capital Gains and Qualified Dividends to 20 Percent Increase the Limitation on Itemized Deductions Reinstate the Personal Exemption Phase-Out Require Minimum Term for Grantor Retained Annuity Trusts (GRATS) Modify Rules on Valuation Discounts Require Consistent Valuation for Transfer and Income Tax Purposes