Section 114. Extension of
Indian employment tax credit. The provision extends through
2016 the Indian employment tax credit. The Indian employment credit provides a credit on the
first $20,000 of qualified wages paid to each qualified employee who works on an Indian
reservation.
Section 124. Extension and modification of accelerated depreciation for business property
on an Indian reservation. The provision extends accelerated depreciation for qualified Indian
reservation to property placed in service during 2015 or 2016. The provision also modifies the
deduction to permit taxpayers to elect out of the accelerated depreciation rules.
Section 156. Extension and modification of production credit for Indian coal facilities
placed in service before 2009. The provision extends through 2016 the $2 per ton production
tax credit for coal produced on land owned by an Indian tribe, if the facility was placed in service
before 2009. A coal facility is allowed only nine years of credit. The provision modifies the
credit by removing the placed-in-service-date limitation, removing the nine-year limitation, and
allowing the credit to be claimed against the AMT.
Indian here is defined by Native American, not people from the nation of India.
Section 121. Extension of classification of certain race horses as 3-year property. The
provision extends the 3-year recovery period for race horses to property placed in service during
2015 or 2016.
Section 123. Extension of 7-year recovery period for motorsports entertainment
complexes. The provision extends the 7-year recovery period for motorsport entertainment
complexes to property placed in service during 2015 or 2016.
Section 130. Extension of deduction allowable with respect to income attributable to
domestic production activities in Puerto Rico. The provision extends through 2016 the
eligibility of domestic gross receipts from Puerto Rico for the domestic production deduction.
Section 140. Extension of temporary increase in limit on cover over of rum excise taxes to
Puerto Rico and the Virgin Islands. The provision extends the $13.25 per proof gallon excise
tax cover-over amount paid to the treasuries of Puerto Rico and the U.S. Virgin Islands to rum
imported into the United States during 2015 or 2016. Absent the extension, the cover-over
amount would be $10.50 per proof gallon.
Section 141. Extension of American Samoa economic development credit. The provision
extends through 2016 the existing credit for taxpayers currently operating in American Samoa.
Hmmm.....
Source: http://waysandmeans.house.gov/wp-content/uploads/2015/12/WM-extenders-2015-2016-summary-12-7-2015-FINAL.pdf
