CERTAIN SWAPS, ETC., NOT TREATED AS SECTION 1256 CONTRACTS.

SEC. 1601. CERTAIN SWAPS, ETC., NOT TREATED AS SECTION 1256 CONTRACTS.(a) In General.—Subsection (b) of section 1256 of the Internal Revenue Code of 1986 is amended—(1) by redesignating paragraphs (1) through (5) as subparagraphs (A) through (E), respectively, and by indenting such subparagraphs (as so redesignated) accordingly,(2) by striking “For purposes of” and inserting the following:“(1) In general.—For purposes of”, and(3) by striking the last sentence and inserting the following new paragraph:“(2) Exceptions.—The term ‘section 1256 contract’ shall not include—“(A) any securities futures contract or option on such a contract unless such contract or option is a dealer securities futures contract, or“(B) any interest rate swap, currency swap, basis swap, interest rate cap, interest rate floor, commodity swap, equity swap, equity index swap, credit default swap, or similar agreement.”.(b) Effective Date.—The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.