107. Extension of special rule for contributions of capital gain real property made for conservation purposes (a) In general Clause (vi) of section 170(b)(1)(E) is amended by striking December 31, 2013 and inserting December 31, 2015 . (b) Contributions by certain corporate farmers and ranchers Clause (iii) of section 170(b)(2)(B) is amended by striking December 31, 2013 and inserting December 31, 2015 . (c) Effective date The amendments made by this section shall apply to contributions made in taxable years beginning after December 31, 2013.

104. Extension of parity and modification of exclusion from income for employer-provided mass transit and parking benefits (a) Extension (1) In general Paragraph (2) of section 132(f) is amended by striking January 1, 2014 and inserting January 1, 2016 . (2) Effective date The amendment made by this subsection shall apply to months after December 31, 2013. (b) Use of a bike share program as a qualified transportation fringe (1) In general Section 132(f)(5)(F) is amended— (A) in clause (i), by striking repair, and storage, if such bicycle and inserting repair, and storage (or use of a bike sharing program, in the case of taxable years beginning before January 1, 2016), if such bicycle or bike sharing program , and (B) in clause (iii)(I), by inserting or bike sharing program after bicycle . (2) Effective date The amendments made by this subsection shall apply to taxable years beginning after December 31, 2013.

B

Business tax extenders

111. Extension and modification of research credit (a) Extension (1) In general Paragraph (1) of section 41(h) is amended by striking paid or incurred and all that follows and inserting paid or incurred after December 31, 2015. . (2) Conforming amendment Subparagraph (D) of section 45C(b)(1) is amended to read as follows: (D) Special rule If section 41 is not in effect for any period, such section shall be deemed to remain in effect for such period for purposes of this paragraph. . (3) Effective date The amendments made by this subsection shall apply to amounts paid or incurred after December 31, 2013. (b) Treatment of research credit for certain startup companies (1) In general Section 41 is amended by adding at the end the following new subsection: (i) Treatment of credit for qualified small businesses (1) In general At the election of a qualified small business for any taxable year, section 3111(f) shall apply to the payroll tax credit portion of the credit otherwise determined under subsection (a) for the taxable year and such portion shall not be treated (other than for purposes of section 280C) as a credit determined under subsection (a). (2) Payroll tax credit portion For purposes of this subsection, the payroll tax credit portion of the credit determined under subsection (a) with respect to any qualified small business for any taxable year is the least of— (A) the amount specified in the election made under this subsection, (B) the credit determined under subsection (a) for the taxable year (determined before the application of this subsection), or (C) in the case of a qualified small business other than a partnership or S corporation, the amount of the business credit carryforward under section 39 carried from the taxable year (determined before the application of this subsection to the taxable year). (3) Qualified small business For purposes of this subsection— (A) In general The term qualified small business means, with respect to any taxable year— (i) a corporation or partnership, if— (I) the gross receipts (as determined under the rules of section 448(c)(3), without regard to subparagraph (A) thereof) of such entity for the taxable year is less than $5,000,000, and (II) such entity did not have gross receipts (as so determined) for any taxable year preceding the 5-taxable-year period ending with such taxable year, and (ii) any person (other than a corporation or partnership) who meets the requirements of subclauses (I) and (II) of clause (i), determined— (I) by substituting person for entity each place it appears, and (II) by only taking into account the aggregate gross receipts received by such person in carrying on all trades or businesses of such person. (B) Limitation Such term shall not include an organization which is exempt from taxation under section 501. (4) Election (A) In general Any election under this subsection for any taxable year— (i) shall specify the amount of the credit to which such election applies, (ii) shall be made on or before the due date (including extensions) of— (I) in the case of a qualified small business which is a partnership, the return required to be filed under section 6031, (II) in the case of a qualified small business which is an S corporation, the return required to be filed under section 6037, and (III) in the case of any other qualified small business, the return of tax for the taxable year, and (iii) may be revoked only with the consent of the Secretary. (B) Limitations (i) Amount The amount specified in any election made under this subsection shall not exceed $250,000. (ii) Number of taxable years A person may not make an election under this subsection if such person (or any other person treated as a single taxpayer with such person under paragraph (5)(A)) has made an election under this subsection for 5 or more preceding taxable years. (C) Special rule for partnerships and S corporations In the case of a qualified small business which is a partnership or S corporation, the election made under this subsection shall be made at the entity level. (5) Aggregation rules (A) In general Except as provided in subparagraph (B), all persons or entities treated as a single taxpayer under subsection (f)(1) shall be treated as a single taxpayer for purposes of this subsection. (B) Special rules For purposes of this subsection and section 3111(f)— (i) each of the persons treated as a single taxpayer under subparagraph (A) may separately make the election under paragraph (1) for any taxable year, and (ii) the $250,000 amount under paragraph (4)(B)(i) shall be allocated among all persons treated as a single taxpayer under subparagraph (A) in the same manner as under subparagraph (A)(ii) or (B)(ii) of subsection (f)(1), whichever is applicable. (6) Regulations The Secretary shall prescribe such regulations as may be necessary to carry out the purposes of this subsection, including— (A) regulations to prevent the avoidance of the purposes of the limitations and aggregation rules under this subsection through the use of successor companies or other means, (B) regulations to minimize compliance and record-keeping burdens under this subsection, and (C) regulations for recapturing the benefit of credits determined under section 3111(f) in cases where there is a subsequent adjustment to the payroll tax credit portion of the credit determined under subsection (a), including requiring amended income tax returns in the cases where there is such an adjustment. . (2) Credit allowed against FICA taxes Section 3111 is amended by adding at the end the following new subsection: (f) Credit for research expenditures of qualified small businesses (1) In general In the case of a taxpayer who has made an election under section 41(i) for a taxable year, there shall be allowed as a credit against the tax imposed by subsection (a) for the first calendar quarter which begins after the date on which the taxpayer files the return specified in section 41(i)(4)(A)(ii) an amount equal to the payroll tax credit portion determined under section 41(i)(2). (2) Limitation The credit allowed by paragraph (1) shall not exceed the tax imposed by subsection (a) for any calendar quarter on the wages paid with respect to the employment of all individuals in the employ of the employer. (3) Carryover of unused credit If the amount of the credit under paragraph (1) exceeds the limitation of paragraph (2) for any calendar quarter, such excess shall be carried to the succeeding calendar quarter and allowed as a credit under paragraph (1) for such quarter. (4) Deduction allowed for credited amounts The credit allowed under paragraph (1) shall not be taken into account for purposes of determining the amount of any deduction allowed under chapter 1 for taxes imposed under subsection (a). . (3) Effective date The amendments made by this subsection shall apply to credits determined for taxable years beginning after December 31, 2013. (c) Credit allowed against alternative minimum tax (1) In general Subparagraph (B) of section 38(c)(4) is amended— (A) by redesignating clauses (ii), (iii), (iv), (v), (vi), (vii), (viii), and (ix) as clauses (iii), (iv), (v), (vi), (vii), (viii), (ix), and (x), respectively, and (B) by inserting after clause (i) the following new clause: (ii) the credit determined under section 41 with respect to an eligible small business (as defined in paragraph (5)(C), after application of rules similar to the rules of paragraph (5)(D)), . (2) Effective date The amendments made by this subsection shall apply to credits determined for taxable years beginning after December 31, 2013, and to carrybacks of such credits.

112. Extension and modification of temporary minimum low-income housing tax credit rate for non-federally subsidized buildings (a) In general Subparagraph (A) of section 42(b)(2) is amended by striking January 1, 2014 and inserting January 1, 2016 . (b) Temporary minimum credit rate for non-federally subsidized existing buildings Subsection (b) of section 42 is amended by redesignating paragraph (3) as paragraph (4) and by inserting after paragraph (2) the following new paragraph: (3) Temporary minimum credit rate for non-federally subsidized existing buildings In the case of any existing building— (A) which is placed in service by the taxpayer after the date of the enactment of the EXPIRE Act of 2014 with respect to housing credit dollar amount allocations made before January 1, 2016, and (B) which is not federally subsidized for the taxable year, the applicable percentage shall not be less than 4 percent. . (c) Effective date The amendments made by this section shall take effect on January 1, 2014.

113. Extension of military housing allowance exclusion for determining whether a tenant in certain counties is low-income (a) In general Subsection (b) of section 3005 of the Housing Assistance Tax Act of 2008 is amended by striking January 1, 2014 each place it appears and inserting January 1, 2016 . (b) Effective date The amendments made by this section shall take effect as if included in the enactment of section 3005 of the Housing Assistance Tax Act of 2008.

114. Extension of Indian employment tax credit (a) In general Subsection (f) of section 45A is amended by striking December 31, 2013 and inserting December 31, 2015 . (b) Effective date The amendment made by this section shall apply to taxable years beginning after December 31, 2013.

115. Extension and modification of new markets tax credit (a) In general Subparagraph (G) of section 45D(f)(1) is amended by striking and 2013 and inserting 2013, 2014, and 2015 . (b) Carryover of unused limitation Paragraph (3) of section 45D(f) is amended by striking 2018 and inserting 2020 . (c) Allocations designated for areas impacted by decline in manufacturing Paragraph (3) of section 45D(f), as amended by subsection (b), is amended— (1) by striking If the new markets tax credit limitation and inserting the following: (A) In general If the new markets tax credit limitation , (2) by striking No in the last sentence and inserting Except as provided in subparagraph (B), no , and (3) by adding at the end, the following new subparagraph: (B) Certain amounts available for areas impacted by decline in manufacturing Any amount carried to a calendar year after the year described in the second sentence of subparagraph (A) shall be available only for allocation to qualified community development entities a significant mission of which is providing investments and services to persons in the trade or business of manufacturing products in communities which have suffered major manufacturing job losses or a major manufacturing job loss event, as designated by the Secretary. . (d) Effective date The amendments made by this section shall apply to calendar years beginning after December 31, 2013.

116. Extension of railroad track maintenance credit (a) In general Subsection (f) of section 45G is amended by striking January 1, 2014 and inserting January 1, 2016 . (b) Effective date The amendment made by this section shall apply to expenditures paid or incurred in taxable years beginning after December 31, 2013.

117. Extension of mine rescue team training credit (a) In general Subsection (e) of section 45N is amended by striking December 31, 2013 and inserting December 31, 2015 . (b) Effective date The amendment made by this section shall apply to taxable years beginning after December 31, 2013.

118. Extension and modification of employer wage credit for employees who are active duty members of the uniformed services (a) In general Subsection (f) of section 45P is amended by striking December 31, 2013 and inserting December 31, 2015 . (b) Applicability to all employers (1) In general Subsection (a) of section 45P is amended by striking , in the case of an eligible small business employer . (2) Conforming amendment Paragraph (3) of section 45P(b) is amended to read as follows: (3) Controlled groups All persons treated as a single employer under subsection (b), (c), (m), or (o) of section 414 shall be treated as a single employer. . (c) Expansion to 100 percent of eligible differential wage payments Subsection (a) of section 45P is amended by striking 20 percent of the sum and inserting the sum . (d) Effective date The amendments made by this section shall apply to payments made after December 31, 2013.

119. Extension and modification of work opportunity tax credit (a) In general Paragraph (4) of section 51(c) is amended by striking for the employer and all that follows and inserting for the employer after December 31, 2015 . (b) Credit for hiring long-term unemployment recipients (1) In general Paragraph (1) of section 51(d) is amended by striking or at the end of subparagraph (H), by striking the period at the end of subparagraph (I) and inserting , or , and by adding at the end the following new subparagraph: (J) a qualified long-term unemployment recipient. . (2) Qualified long-term unemployment recipient Subsection (d) of section 51 is amended by adding at the end the following new paragraph: (15) Qualified long-term unemployment recipient The term qualified long-term unemployment recipient means any individual who is certified by the designated local agency as being in a period of unemployment which— (A) is not less than 27 consecutive weeks, and (B) includes a period in which the individual was receiving unemployment compensation under State or Federal law. . (c) Effective date The amendments made by this section shall apply to individuals who begin work for the employer after December 31, 2013.

120. Extension and modification of qualified zone academy bonds (a) Extension Paragraph (1) of section 54E(c) is amended by striking and 2013 and inserting 2013, 2014, and 2015 . (b) Reduction of private business contribution requirement Subsection (b) of section 54E is amended by striking 10 percent and inserting 5 percent . (c) Effective date The amendments made by subsections (a) and (b) shall apply to obligations issued after December 31, 2013. (d) Technical correction and conforming amendment (1) In general Clause (iii) of section 6431(f)(3)(A) is amended— (A) by striking 2011 and inserting years after 2010 , and (B) by striking of such allocation and inserting of any such allocation . (2) Effective date The amendments made by this subsection shall take effect as if included in section 310 of the American Taxpayer Relief Act of 2012.

121. Extension of classification of certain race horses as 3-year property (a) In general Clause (i) of section 168(e)(3)(A) is amended— (1) by striking January 1, 2014 in subclause (I) and inserting January 1, 2016 , and (2) by striking December 31, 2013 in subclause (II) and inserting December 31, 2015 . (b) Effective date The amendments made by this section shall apply to property placed in service after December 31, 2013.

122. Extension of 15-year straight-line cost recovery for qualified leasehold improvements, qualified restaurant buildings and improvements, and qualified retail improvements (a) In general Clauses (iv), (v), and (ix) of section 168(e)(3)(E) are each amended by striking January 1, 2014 and inserting January 1, 2016 . (b) Effective date The amendments made by this section shall apply to property placed in service after December 31, 2013.

123. Extension of 7-year recovery period for motorsports entertainment complexes (a) In general Subparagraph (D) of section 168(i)(15) is amended by striking December 31, 2013 and inserting December 31, 2015 . (b) Effective date The amendment made by this section shall apply to property placed in service after December 31, 2013.

124. Extension of accelerated depreciation for business property on an Indian reservation (a) In general Paragraph (8) of section 168(j) is amended by striking December 31, 2013 and inserting December 31, 2015 . (b) Effective date The amendment made by this section shall apply to property placed in service after December 31, 2013.

125. Extension of bonus depreciation (a) In general Paragraph (2) of section 168(k) is amended— (1) by striking January 1, 2015 in subparagraph (A)(iv) and inserting January 1, 2017 , and (2) by striking January 1, 2014 each place it appears and inserting January 1, 2016 . (b) Special rule for Federal long-Term contracts Clause (ii) of section 460(c)(6)(B) is amended by striking January 1, 2014 (January 1, 2015 and inserting January 1, 2016 (January 1, 2017 . (c) Extension of election To accelerate the AMT credit in lieu of bonus depreciation (1) In general Subclause (II) of section 168(k)(4)(D)(iii) is amended by striking January 1, 2014 and inserting January 1, 2016 . (2) Round 4 extension property Paragraph (4) of section 168(k) is amended by adding at the end the following new subparagraph: (K) Special rules for round 4 extension property (i) In general In the case of round 4 extension property, in applying this paragraph to any taxpayer— (I) the limitation described in subparagraph (B)(i) and the business credit increase amount under subparagraph (E)(iii) thereof shall not apply, and (II) the bonus depreciation amount, maximum amount, and maximum increase amount shall be computed separately from amounts computed with respect to eligible qualified property which is not round 4 extension property. (ii) Election (I) A taxpayer who has an election in effect under this paragraph for round 3 extension property shall be treated as having an election in effect for round 4 extension property unless the taxpayer elects to not have this paragraph apply to round 4 extension property. (II) A taxpayer who does not have an election in effect under this paragraph for round 3 extension property may elect to have this paragraph apply to round 4 extension property. (iii) Round 4 extension property For purposes of this subparagraph, the term round 4 extension property means property which is eligible qualified property solely by reason of the extension of the application of the special allowance under paragraph (1) pursuant to the amendments made by section 215(a) of the EXPIRE Act of 2014 (and the application of such extension to this paragraph pursuant to the amendment made by section 215(c) of such Act). . (d) Conforming amendments (1) The heading for subsection (k) of section 168 is amended by striking January 1, 2014 and inserting January 1, 2016 . (2) The heading for clause (ii) of section 168(k)(2)(B) is amended by striking pre-January 1, 2014 and inserting pre-January 1, 2016 . (3) Subparagraph (C) of section 168(n)(2) is amended by striking January 1, 2014 and inserting January 1, 2016 . (4) Subparagraph (D) of section 1400L(b)(2) is amended by striking January 1, 2014 and inserting January 1, 2016 . (5) Subparagraph (B) of section 1400N(d)(3) is amended by striking January 1, 2014 and inserting January 1, 2016 . (e) Technical amendment relating to section 331 of the American Taxpayer Relief Act of 2012 (1) In general Clause (iii) of section 168(k)(4)(J) is amended by striking any taxable year and inserting its first taxable year . (2) Effective date The amendment made by this subsection shall take effect as if included in the provision of the American Taxpayer Relief Act of 2012 to which it relates. (f) Effective date Except as provided in subsection (e)(2), the amendments made by this section shall apply to property placed in service after December 31, 2013, in taxable years ending after such date.

126. Extension of enhanced charitable deduction for contributions of food inventory (a) In general Clause (iv) of section 170(e)(3)(C) is amended by striking December 31, 2013 and inserting December 31, 2015 . (b) Effective date The amendment made by this section shall apply to contributions made after December 31, 2013.

127. Extension and modification of increased expensing limitations and treatment of certain real property as section 179 property (a) In general (1) Dollar limitation Section 179(b)(1) is amended— (A) by striking beginning in 2010, 2011, 2012, or 2013 in subparagraph (B) and inserting beginning after 2009 and before 2016 , and (B) by striking 2013 in subparagraph (C) and inserting 2015 . (2) Reduction in limitation Section 179(b)(2) is amended— (A) by striking beginning in 2010, 2011, 2012, or 2013 in subparagraph (B) and inserting beginning after 2009 and before 2016 , and (B) by striking 2013 in subparagraph (C) and inserting 2015 . (b) Computer software Section 179(d)(1)(A)(ii) is amended by striking 2014 and inserting 2016 . (c) Election Section 179(c)(2) is amended by striking 2014 and inserting 2016 . (d) Special rules for treatment of qualified real property (1) In general Section 179(f)(1) is amended by striking beginning in 2010, 2011, 2012, or 2013 and inserting beginning after 2009 and before 2016 . (2) Carryover limitation (A) In general Section 179(f)(4) is amended by striking 2013 each place it appears and inserting 2015 . (B) Conforming amendment The heading of subparagraph (C) of section 179(f)(4) is amended by striking 2011 and 2012 and inserting 2011, 2012, 2013, and 2014 . (e) Adjustment for inflation Subsection (b) of section 179 of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph: (6) Inflation adjustment (A) In general In the case of any taxable year beginning after 2013, the $500,000 amount in paragraph (1)(B) and the $2,000,000 amount in paragraph (2)(B) shall each be increased by an amount equal to— (i) such dollar amount, multiplied by (ii) the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which the taxable year begins, by substituting calendar year 2012 for calendar year 1992 in subparagraph (B) thereof. (B) Rounding (i) Dollar limitation If the amount in paragraph (1)(B) as increased under subparagraph (A) is not a multiple of $1,000, such amount shall be rounded to the nearest multiple of $1,000. (ii) Phaseout amount If the amount in paragraph (2)(B) as increased under subparagraph (A) is not a multiple of $10,000, such amount shall be rounded to the nearest multiple of $10,000. . (f) Effective date The amendments made by this section shall apply to taxable years beginning after December 31, 2013.

128. Extension of election to expense mine safety equipment (a) In general Subsection (g) of section 179E is amended by striking December 31, 2013 and inserting December 31, 2015 . (b) Effective date The amendment made by this section shall apply to property placed in service after December 31, 2013.

129. Extension of special expensing rules for certain film and television productions; special expensing for live theatrical productions (a) In general Subsection (f) of section 181 is amended by striking December 31, 2013 and inserting December 31, 2015 . (b) Application to live productions (1) In general Paragraph (1) of section 181(a) is amended by inserting , and any qualified live theatrical production, after any qualified film or television production . (2) Conforming amendments Section 181 is amended— (A) by inserting or any qualified live theatrical production after qualified film or television production each place it appears in subsections (a)(2), (b), and (c)(1), (B) by inserting or qualified live theatrical productions after qualified film or television productions in subsection (f), and (C) by inserting and live theatrical after film and television in the heading. (3) Clerical amendment The item relating to section 181 in the table of sections for part VI of subchapter B of chapter 1 is amended to read as follows: Sec. 181. Treatment of certain qualified film and television and live theatrical productions. . (c) Qualified live theatrical production Section 181 is amended— (1) by redesignating subsections (e) and (f), as amended by subsections (a) and (b), as subsections (f) and (g), respectively, and (2) by inserting after subsection (d) the following new subsection: (e) Qualified live theatrical production For purposes of this section— (1) In general The term qualified live theatrical production means any production described in paragraph (2) if 75 percent of the total compensation of the production is qualified compensation (as defined in subsection (d)(3)). (2) Production (A) In general A production is described in this paragraph if such production is a live staged production of a play (with or without music) which is derived from a written book or script and is produced or presented by a taxable entity in any venue which has an audience capacity of not more than 3,000 or a series of venues the majority of which have an audience capacity of not more than 3,000. (B) Touring companies, etc In the case of multiple live staged productions— (i) for which the election under this section would be allowable to the same taxpayer, and (ii) which are— (I) separate phases of a production, or (II) separate simultaneous stagings of the same production in different geographical locations (not including multiple performance locations of any one touring production), each such live staged production shall be treated as a separate production. (C) Phase For purposes of subparagraph (B), the term phase with respect to any qualified live theatrical production refers to each of the following, but only if each of the following is treated by the taxpayer as a separate activity for all purposes of this title: (i) The initial staging of a live theatrical production. (ii) Subsequent additional stagings or touring of such production which are produced by the same producer as the initial staging. (D) Exception A production is not described in this paragraph if such production includes or consists of any performance of conduct described in section 2257(h)(1) of title 18, United States Code. . (d) Effective dates (1) In general The amendments made by this section shall apply to productions commencing after December 31, 2013. (2) Commencement For purposes of paragraph (1), the date on which a qualified live theatrical production commences is the date of the first public performance of such production for a paying audience.

130. Extension of deduction allowable with respect to income attributable to domestic production activities in Puerto Rico (a) In general Subparagraph (C) of section 199(d)(8) is amended— (1) by striking first 8 taxable years and inserting first 10 taxable years , and (2) by striking January 1, 2014 and inserting January 1, 2016 . (b) Effective date The amendments made by this section shall apply to taxable years beginning after December 31, 2013.

131. Extension of modification of tax treatment of certain payments to controlling exempt organizations (a) In general Clause (iv) of section 512(b)(13)(E) is amended by striking December 31, 2013 and inserting December 31, 2015 . (b) Effective date The amendment made by this section shall apply to payments received or accrued after December 31, 2013.

132. Extension of treatment of certain dividends of regulated investment companies (a) In general Paragraphs (1)(C)(v) and (2)(C)(v) of section 871(k) are each amended by striking December 31, 2013 and inserting December 31, 2015 . (b) Effective date The amendments made by this section shall apply to taxable years beginning after December 31, 2013.

133. Extension of RIC qualified investment entity treatment under FIRPTA (a) In general Clause (ii) of section 897(h)(4)(A) is amended by striking December 31, 2013 and inserting December 31, 2015 . (b) Effective date (1) In general The amendment made by this section shall take effect on January 1, 2014. Notwithstanding the preceding sentence, such amendment shall not apply with respect to the withholding requirement under section 1445 of the Internal Revenue Code of 1986 for any payment made before the date of the enactment of this Act. (2) Amounts withheld on or before date of enactment In the case of a regulated investment company— (A) which makes a distribution after December 31, 2013, and before the date of the enactment of this Act, and (B) which would (but for the second sentence of paragraph (1)) have been required to withhold with respect to such distribution under section 1445 of such Code, such investment company shall not be liable to any person to whom such distribution was made for any amount so withheld and paid over to the Secretary of the Treasury.

134. Extension of subpart F exception for active financing income (a) Exempt insurance income Paragraph (10) of section 953(e) is amended— (1) by striking January 1, 2014 and inserting January 1, 2016 , and (2) by striking December 31, 2013 and inserting December 31, 2015 . (b) Special rule for income derived in the active conduct of banking, financing, or similar businesses Paragraph (9) of section 954(h) is amended by striking January 1, 2014 and inserting January 1, 2016 . (c) Effective date The amendments made by this section shall apply to taxable years of foreign corporations beginning after December 31, 2013, and to taxable years of United States shareholders with or within which any such taxable year of such foreign corporation ends.

135. Extension of look-thru treatment of payments between related controlled foreign corporations under foreign personal holding company rules (a) In general Subparagraph (C) of section 954(c)(6) is amended by striking January 1, 2014 and inserting January 1, 2016 . (b) Effective date The amendment made by this section shall apply to taxable years of foreign corporations beginning after December 31, 2013, and to taxable years of United States shareholders with or within which such taxable years of foreign corporations end.

136. Extension of temporary exclusion of 100 percent of gain on certain small business stock (a) In general Paragraph (4) of section 1202(a) is amended— (1) by striking January 1, 2014 and inserting January 1, 2016 , and (2) by striking and 2013 in the heading and inserting 2013, 2014, and 2015 . (b) Effective date The amendments made by this section shall apply to stock acquired after December 31, 2013.

137. Extension of basis adjustment to stock of S corporations making charitable contributions of property (a) In general Paragraph (2) of section 1367(a) is amended by striking December 31, 2013 and inserting December 31, 2015 . (b) Effective date The amendment made by this section shall apply to contributions made in taxable years beginning after December 31, 2013.

138. Extension of reduction in S-corporation recognition period for built-in gains tax (a) In general Subparagraph (C) of section 1374(d)(7) is amended— (1) by striking 2012 or 2013 and inserting 2012, 2013, 2014, or 2015 , and (2) by striking 2012 and 2013 in the heading and inserting 2012, 2013, 2014, and 2015 . (b) Effective date The amendments made by this section shall apply to taxable years beginning after December 31, 2013.

139. Extension of empowerment zone tax incentives (a) In general Clause (i) of section 1391(d)(1)(A) is amended by striking December 31, 2013 and inserting December 31, 2015 . (b) Treatment of certain termination dates specified in nominations In the case of a designation of an empowerment zone the nomination for which included a termination date which is contemporaneous with the date specified in subparagraph (A)(i) of section 1391(d)(1) of the Internal Revenue Code of 1986 (as in effect before the enactment of this Act), subparagraph (B) of such section shall not apply with respect to such designation if, after the date of the enactment of this section, the entity which made such nomination amends the nomination to provide for a new termination date in such manner as the Secretary of the Treasury (or the Secretary’s designee) may provide. (c) Technical amendments relating to section 753 of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010; extension of nonrecognition of gain on rollover of empowerment zone investments Subparagraph (A) of section 1397B(b)(1) is amended by striking and at the end of clause (ii), by striking the period at the end of clause (iii) and inserting , and , and by adding at the end the following new clause: (iv) January 1, 2016 were substituted for January 1, 2010 each place it appears. . (d) Effective dates (1) In general The amendment made by subsection (a) shall apply to periods after December 31, 2013. (2) Technical amendments The amendments made by subsection (c) shall take effect as if included in section 753 of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010.

140. Extension of 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, 2014 and inserting January 1, 2016 . (b) Effective date The amendment made by this section shall apply to distilled spirits brought into the United States after December 31, 2013.