26 U.S.C. 460: Special rules for long-term contracts

2018

• Pub. L. 115–141 inserted comma after "first". (Consolidated Appropriations Act, 2018) Law text · (b)

2017

• Pub. L. 115–97, §13201(b)(2)(A), substituted "January 1, 2027 (January 1, 2028" for "January 1, 2020 (January 1, 2021". Law text · (c)
• Pub. L. 115–97, §13102(d)(1)(A), in introductory provisions, inserted "(other than a tax shelter prohibited from using the cash receipts and disbursements method of accounting under section 448(a)(3))" after "taxpayer". Law text · (e)
• Pub. L. 115–97, §13102(d)(1)(B), amended cl. (ii) generally. Prior to amendment, cl. (ii) read as follows: "whose average annual gross receipts for the 3 taxable years preceding the taxable year in which such contract is entered into do not exceed $10,000,000." Law text · (e)
• Pub. L. 115–97, §13102(d)(2), added par. (2) and struck out former par. (2) which related to determination of taxpayer's gross receipts. Law text · (e)
• Pub. L. 115–97, §13102(d)(2), redesignated pars. (4) to (6) as (3) to (5), respectively, and struck out former par. (3) which related to controlled group of corporations. Law text · (e)

2015

• Pub. L. 114–113, §143(b)(6)(I), amended cl. (ii) generally. Prior to amendment, cl. (ii) read as follows: "is placed in service after December 31, 2009, and before January 1, 2011 (January 1, 2012, in the case of property described in section 168(k)(2)(B)), or after December … (Consolidated Appropriations Act, 2016) Law text · (c)
• Pub. L. 114–113, §143(a)(2), substituted "January 1, 2016 (January 1, 2017" for "January 1, 2015 (January 1, 2016". (Consolidated Appropriations Act, 2016) Law text · (c)

2014

• Pub. L. 113–295 substituted "January 1, 2015 (January 1, 2016" for "January 1, 2014 (January 1, 2015". Law text · (c)

2013

• Pub. L. 112–240 inserted ", or after December 31, 2012, and before January 1, 2014 (January 1, 2015, in the case of property described in section 168(k)(2)(B))" before period at end. (American Taxpayer Relief Act of 2012) Law text · (c)

2010

• Pub. L. 111–240 added par. (6). (Small Business Jobs Act of 2010) Law text · (c)

1997

• Pub. L. 105–34, §1211(b)(1), substituted "the adjusted overpayment rate (as defined in paragraph (7))" for "the overpayment rate established by section 6621". (Taxpayer Relief Act of 1997) Law text · (b)
• Pub. L. 105–34, §1211(a), added par. (6). (Taxpayer Relief Act of 1997) Law text · (b)
• Pub. L. 105–34, §1211(b)(2), added par. (7). (Taxpayer Relief Act of 1997) Law text · (b)

1996

• Pub. L. 104–188, §1704(t)(28), which directed that par. (1) be amended by substituting "the look-back method of paragraph (2)" for "the look-back method of paragraph (3)", could not be executed, because that phrase does not appear in text. See 1989 Amendment note below. (Small Business Job Protection Act of 1996) Law text · (b)
• Pub. L. 104–188, §1702(h)(15), substituted "section 168(e)(2)(A)(ii)" for "section 167(k)". (Small Business Job Protection Act of 1996) Law text · (e)

1990

• Pub. L. 101–508 substituted "section 168(e)(2)(A)(ii)" for "section 167(k)". · (e)

1989

• Pub. L. 101–239, §7621(a), substituted "Requirement that percentage of completion method be used" for "Percentage of completion-capitalized cost method" in heading and amended text generally. Prior to amendment, text read as follows: · (a)
• Pub. L. 101–239, §7811(e)(1), inserted "(or, with respect to any amount properly taken into account after completion of the contract, when such amount is so properly taken into account)" after "any long-term contract". · (a)
• Pub. L. 101–239, §7621(c)(2)(A), substituted "paragraph (3)" for "paragraph (4)". · (b)
• Pub. L. 101–239, §7621(c)(2)(B), which directed the amendment of par. (1) by substituting "paragraph (2)" for "paragraph (3)", was executed by making the substitution in subpar. (B) and concluding provisions to reflect the probable intent of Congress. · (b)
• Pub. L. 101–239, §7621(c)(1), redesignated par. (2) as (1) and struck out former par. (1) which read as follows: "Subsection (a) not to apply where percentage of completion method used.—Subsection (a) shall not apply to any long-term contract with respect to which amounts includible in gross income… · (b)
• Pub. L. 101–239, §7621(c)(1), redesignated par. (3) as (2). Former par. (2) redesignated (1). · (b)
• Pub. L. 101–239, §7811(e)(4), (6), inserted two sentences at end. · (b)
• Pub. L. 101–239, §7811(e)(2), substituted "any amount properly taken into account" for "any amount received or accrued" and "is so properly taken into account" for "is so received or accrued". · (b)
• Pub. L. 101–239, §7621(c)(1), redesignated par. (4) as (3). Former par. (3) redesignated (2). · (b)
• Pub. L. 101–239, §7811(e)(3), in concluding provisions, substituted "any amount properly taken into account" for "any amount received or accrued" and "such amount was properly taken into account" for "such amount was received or accrued". · (b)
• Pub. L. 101–239, §7621(c)(3), substituted "Paragraph (1)(B)" for "Paragraph (2)(B) and subsection (a)(2)" in introductory provisions. · (b)
• Pub. L. 101–239, §7621(c)(1), redesignated par. (5) as (4). Former par. (4) redesignated (3). · (b)
• Pub. L. 101–239, §7621(c)(4)(A), substituted "paragraph (2)" for "paragraph (3)". · (b)
• Pub. L. 101–239, §7621(c)(4)(B), substituted "paragraph (2)(B)" for "paragraph (3)(B)" in introductory provisions. · (b)
• Pub. L. 101–239, §7621(c)(4)(C), substituted "paragraph (2)(A)" for "paragraph (3)(A)". · (b)
• Pub. L. 101–239, §7621(c)(4)(A), substituted "paragraph (2)" for "paragraph (3)" in two places. · (b)
• Pub. L. 101–239, §7621(b), added par. (5). · (b)
• Pub. L. 101–239, §7621(c)(1), redesignated former par. (5) as (4). · (b)
• Pub. L. 101–239, §7811(e)(5), added subpar. (C). · (e)
• Pub. L. 101–239, §7621(c)(5), inserted introductory provisions and struck out former introductory provisions which read as follows: "In the case of any residential construction contract which is not a home construction contract, subsection (a) shall be applied—". · (e)
• Pub. L. 101–239, §7815(e)(1)(A), substituted "activities referred to in paragraph (4) with respect to" for "the building, construction, reconstruction, or rehabilitation of". · (e)
• Pub. L. 101–239, §7815(e)(1)(B), added cl. (i) and struck out former cl. (i) which read as follows: "dwelling units contained in buildings containing 4 or fewer dwelling units, and". · (e)

1988

• Pub. L. 100–647, §5041(a)(1), substituted "90" for "70". · (a)
• Pub. L. 100–647, §5041(a)(2), substituted "10" for "30". · (a)
• Pub. L. 100–647, §5041(a)(1), substituted "90" for "70" in heading and in text. · (a)
• Pub. L. 100–647, §1008(c)(2)(B), substituted "Except as provided in paragraph (4), in" for "In". · (b)
• Pub. L. 100–647, §1008(c)(4)(B), inserted "(or, with respect to any amount received or accrued after completion of the contract, when such amount is so received or accrued)" after "contract". · (b)
• Pub. L. 100–647, §1008(c)(4)(A), inserted at end "For purposes of the preceding sentence, any amount received or accrued after completion of the contract shall be taken into account by discounting (using the Federal mid-term rate determined under section 1274(d) as of the time such … · (b)
• Pub. L. 100–647, §1008(c)(1)(A), substituted "paragraph" for "subparagraph". · (b)
• Pub. L. 100–647, §1008(c)(1)(B), substituted "subparagraph (A)" for "paragraph (1)" in two places. · (b)
• Pub. L. 100–647, §1008(c)(1)(C), substituted "subparagraph (B)" for "paragraph (1)". · (b)
• Pub. L. 100–647, §1008(c)(2)(A), added par. (4). · (b)
• Pub. L. 100–647, §5041(d), added par. (5). · (b)
• Pub. L. 100–647, §5041(b)(1), amended par. (1) generally. Prior to amendment, par. (1) read as follows: "Subsections (a), (b), and (c)(1) and (2) shall not apply to any construction contract entered into by a taxpayer— · (e)
• Pub. L. 100–647, §5041(b)(2), added par. (5). · (e)
• Pub. L. 100–647, §5041(b)(3), added par. (6). · (e)
• Pub. L. 100–647, §5041(c), added subsec. (h). · (h)

1987

• Pub. L. 100–203 substituted "70 percent" for "40 percent" in par. (1)(A) and in heading and text of par. (2), and "30 percent" for "60 percent" in par. (1)(B). · (a)