AMENDMENTS RELATED TO JOB CREATION AND WORKER ASSISTANCE ACT OF 2002.

SEC. 403. AMENDMENTS RELATED TO JOB CREATION AND WORKER ASSISTANCE ACT OF 2002.(a) Amendments Related to Section 101 of the Act.—(1) Clause (i) of section 168(k)(2)(B) is amended to read as follows:“(i) In general.—The term ‘qualified property’ includes any property if such property—“(I) meets the requirements of clauses (i), (ii), and (iii) of subparagraph (A), “(II) has a recovery period of at least 10 years or is transportation property, “(III) is subject to section 263A, and“(IV) meets the requirements of clause (ii) or (iii) of section 263A(f)(1)(B) (determined as if such clauses also apply to property which has a long useful life (within the meaning of section 263A(f))).”. (2)(A) Subparagraph (D) of section 168(k)(2) is amended by adding at the end the following new clauses:“(iii) Syndication.—For purposes of subparagraph (A)(ii), if—“(I) property is originally placed in service after September 10, 2001, by the lessor of such property, “(II) such property is sold by such lessor or any subsequent purchaser within 3 months after the date such property was originally placed in service, and“(III) the user of such property after the last sale during such 3-month period remains the same as when such property was originally placed in service, such property shall be treated as originally placed in service not earlier than the date of such last sale.“(iv) Limitations related to users and related parties.—The term ‘qualified property’ shall not include any property if—“(I) the user of such property (as of the date on which such property is originally placed in service) or a person which is related (within the meaning of section 267(b) or 707(b)) to such user or to the taxpayer had a written binding contract in effect for the acquisition of such property at any time on or before September 10, 2001, or118 STAT. 1187“(II) in the case of property manufactured, constructed, or produced for such user’s or person’s own use, the manufacture, construction, or production of such property began at any time on or before September 10, 2001.”. (B) Clause (ii) of section 168(k)(2)(D) is amended by inserting “clause (iii) and” before “subparagraph (A)(ii)”.(b) Amendments Related to Section 102 of the Act.—(1) Subparagraph (H) of section 172(b)(1) is amended by striking “a taxpayer which has”.(2) In the case of a net operating loss for a taxable year ending during 2001 or 2002—(A) an application under section 6411(a) of the Internal Revenue Code of 1986 with respect to such loss shall not fail to be treated as timely filed if filed before November 1, 2002,(B) any election made under section 172(b)(3) of such Code may (notwithstanding such section) be revoked before November 1, 2002, and(C) any election made under section 172(j) of such Code shall (notwithstanding such section) be treated as timely made if made before November 1, 2002.(3) Section 102(c)(2) of the Job Creation and Worker Assistance Act of 2002 (Public Law 107–147) is amended by striking “before January 1, 2003” and inserting “after December 31, 1990”.(4)(A) Subclause (I) of section 56(d)(1)(A)(i) is amended by striking “attributable to carryovers”.(B) Subclause (I) of section 56(d)(1)(A)(ii) is amended—(i) by striking “for taxable years” and inserting “from taxable years”, and(ii) by striking “carryforwards” and inserting “carryovers”.(c) Amendments Related to Section 301 of the Act.—(1) Subparagraph (D) of section 1400L(a)(2) is amended—(A) by striking “subchapter B” and inserting “subchapter A”, and(B) in clause (ii), by striking “subparagraph (B)” and inserting “this paragraph”. (2) Subparagraph (D) of section 1400L(b)(2) is amended by inserting “, and clause (iv) thereof shall be applied by substituting ‘qualified New York Liberty Zone property’ for ‘qualified property’ ” before the period at the end.(3) Subsection (c) of section 1400L is amended by adding at the end the following new paragraph:“(5) Election out.—For purposes of this subsection, rules similar to the rules of section 168(k)(2)(C)(iii) shall apply.”.(4) Paragraph (2) of section 1400L(f) is amended by inserting before the period “, determined without regard to subparagraph (C)(i) thereof”.(d) Amendment Related to Section 405 of the Act.—The last sentence of section 4006(a)(3)(E)(iii)(IV) of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1306(a)(3)(E)(iii)(IV)) is amended—(1) by inserting “or this subparagraph” after “this clause” both places it appears, and118 STAT. 1188(2) by inserting “(other than sections 4005, 4010, 4011, and 4043)” after “subsections”.(e) Amendment Related to Section 411 of the Act.—Subparagraph (B) of section 411(c)(2) of the Job Creation and Worker Assistance Act of 2002 is amended by striking “Paragraph (2)” and inserting “Paragraph (1)”.(f) Effective Date.—The amendments made by this section shall take effect as if included in the provisions of the Job Creation and Worker Assistance Act of 2002 to which they relate.