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PUBLIC LAW 111–203—JULY 21, 2010 124 STAT. 2223

TITLE XVI—SECTION 1256 CONTRACTS

SEC. 1601. CERTAIN SWAPS, ETC., NOT TREATED AS SECTION 1256 CON-
TRACTS.
(a) IN GENERAL.—Subsection (b) of section 1256 of the Internal
Revenue Code of 1986 is amended— 26 USC 1256.
(1) by redesignating paragraphs (1) through (5) as subpara-
graphs (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 securi-
ties 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 26 USC 1256
shall apply to taxable years beginning after the date of the enact- note.
ment of this Act.

Approved July 21, 2010.

LEGISLATIVE HISTORY—H.R. 4173 (S. 3217):
HOUSE REPORTS: No. 111–517 (Comm. of Conference).
SENATE REPORTS: No. 111–176 (Comm. on Banking, Housing, and Urban Affairs)
accompanying S. 3217.
CONGRESSIONAL RECORD:
Vol. 155 (2009): Dec. 9–11, considered and passed House.
Vol. 156 (2010): May 20, considered and passed Senate, amended, in lieu of
S. 3217.
June 30, House agreed to conference report.
July 13, 15, Senate considered and agreed to conference
report.
DAILY COMPILATION OF PRESIDENTIAL DOCUMENTS (2010):

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