American Jobs Act of 2011: Statutory Language and White House Explanation

The White House today released the legislative language (155 pages) and section-by-section analysis (41 pages) of the American Jobs Act of 2011. Here are the revenue offsets:

TITLE IV -- OFFSETS

Subtitle A – 28 Percent Limitation on Certain Deductions and Exclusions

Sec. 401. 28 Percent Limitation on Certain Deductions and Exclusions

Subtitle B – Tax Carried Interest in Investment Partnerships as Ordinary Income

Sec. 411. Partnership Interests Transferred In Connection With Performance of Services

Subtitle C – Close Loophole for Corporate Jet Depreciation

Sec. 421. General Aviation Aircraft Treated As 7-Year Property

Subtitle D -- Repeal Oil Subsidies

Sec. 431. Repeal of Deduction for Intangible Drilling and Development Costs for Oil and Gas Wells

Sec. 432. Repeal of Deduction for Tertiary Injectants

Sec. 433. Repeal of Percentage Depletion for Oil And Gas Wells

Sec. 434. Section 199 Deduction Not Allowed With Respect to Oil, Natural Gas

Sec. 435. Repeal Oil and Gas Working Interest Exception to Passive Activity Rules

Sec. 436. Uniform Seven-Year Amortization for Geological and Geophysical Expenditures

Sec. 437. Repeal Enhanced Oil Recovery Credit

Sec. 438. Repeal Marginal Well Production Credit

Subtitle E -- Dual Capacity Taxpayers  

Sec. 441. Modifications of Foreign Tax Credit Rules Applicable to Dual Capacity Taxpayers

Sec. 442. Separate Basket Treatment Taxes Paid on Foreign Oil and Gas Income 

Subtitle F – Increased Target and Trigger for Joint Select Committee on Deficit Reduction

Sec. 451. Increased Target and Trigger for Joint Select Committee on Deficit Reduction