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Table of Contents
Beginning
SECTION 1. SHORT TITLE; ETC.
TITLE I--CHILD TAX CREDIT
SEC. 101. CHILD TAX CREDIT.
`SEC. 24. CHILD TAX CREDIT.
TITLE II--EDUCATION INCENTIVES
Subtitle A--Tax Benefits Relating to Education Expenses
SEC. 201. HOPE AND LIFETIME LEARNING CREDITS.
`SEC. 25A. HOPE AND LIFETIME LEARNING CREDITS.
`SEC. 6050S. RETURNS RELATING TO HIGHER EDUCATION TUITION AND RELATED EXPENSES.
SEC. 202. DEDUCTION FOR INTEREST ON EDUCATION LOANS.
`SEC. 221. INTEREST ON EDUCATION LOANS.
SEC. 203. PENALTY-FREE WITHDRAWALS FROM INDIVIDUAL RETIREMENT PLANS FOR HIGHER EDUCATION EXPENSES.
Subtitle B--Expanded Education Investment Savings Opportunities
PART I--QUALIFIED TUITION PROGRAMS
SEC. 211. MODIFICATIONS OF QUALIFIED STATE TUITION PROGRAMS.
`PART VIII--HIGHER EDUCATION SAVINGS ENTITIES'.
PART II--EDUCATION INDIVIDUAL RETIREMENT ACCOUNTS
SEC. 213. EDUCATION INDIVIDUAL RETIREMENT ACCOUNTS.
`SEC. 530. EDUCATION INDIVIDUAL RETIREMENT ACCOUNTS.
Subtitle C--Other Education Initiatives
SEC. 221. EXTENSION OF EXCLUSION FOR EMPLOYER-PROVIDED EDUCATIONAL ASSISTANCE.
SEC. 222. REPEAL OF LIMITATION ON QUALIFIED 501(c)(3) BONDS OTHER THAN HOSPITAL BONDS.
SEC. 223. INCREASE IN ARBITRAGE REBATE EXCEPTION FOR GOVERNMENTAL BONDS USED TO FINANCE EDUCATION FACILITIES.
SEC. 224. CONTRIBUTIONS OF COMPUTER TECHNOLOGY AND EQUIPMENT FOR ELEMENTARY OR SECONDARY SCHOOL PURPOSES.
SEC. 225. TREATMENT OF CANCELLATION OF CERTAIN STUDENT LOANS.
SEC. 226. INCENTIVES FOR EDUCATION ZONES.
`PART IV--INCENTIVES FOR EDUCATION ZONES
`SEC. 1397E. CREDIT TO HOLDERS OF QUALIFIED ZONE ACADEMY BONDS.
TITLE III--SAVINGS AND INVESTMENT INCENTIVES
Subtitle A--Retirement Savings
SEC. 301. RESTORATION OF IRA DEDUCTION FOR CERTAIN TAXPAYERS.
SEC. 302. ESTABLISHMENT OF NONDEDUCTIBLE TAX-FREE INDIVIDUAL RETIREMENT ACCOUNTS.
`SEC. 408A. ROTH IRAS.
SEC. 303. DISTRIBUTIONS FROM CERTAIN PLANS MAY BE USED WITHOUT PENALTY TO PURCHASE FIRST HOMES.
SEC. 304. CERTAIN BULLION NOT TREATED AS COLLECTIBLES.
Subtitle B--Capital Gains
SEC. 311. MAXIMUM CAPITAL GAINS RATES FOR INDIVIDUALS.
SEC. 312. EXEMPTION FROM TAX FOR GAIN ON SALE OF PRINCIPAL RESIDENCE.
`SEC. 121. EXCLUSION OF GAIN FROM SALE OF PRINCIPAL RESIDENCE.
SEC. 313. ROLLOVER OF GAIN FROM SALE OF QUALIFIED STOCK.
`SEC. 1045. ROLLOVER OF GAIN FROM QUALIFIED SMALL BUSINESS STOCK TO ANOTHER QUALIFIED SMALL BUSINESS STOCK.
SEC. 314. AMOUNT OF NET CAPITAL GAIN TAKEN INTO ACCOUNT IN COMPUTING ALTERNATIVE TAX ON CAPITAL GAINS FOR CORPORATIONS NOT...TITLE IV--ALTERNATIVE MINIMUM TAX REFORM
SEC. 401. EXEMPTION FROM ALTERNATIVE MINIMUM TAX FOR SMALL CORPORATIONS.
SEC. 402. REPEAL OF SEPARATE DEPRECIATION LIVES FOR MINIMUM TAX PURPOSES.
SEC. 403. MINIMUM TAX NOT TO APPLY TO FARMERS' INSTALLMENT SALES.
TITLE V--ESTATE, GIFT, AND GENERATION-SKIPPING TAX PROVISIONS
Subtitle A--Estate and Gift Tax Provisions
SEC. 501. COST-OF-LIVING ADJUSTMENTS RELATING TO ESTATE AND GIFT TAX PROVISIONS.
SEC. 502. FAMILY-OWNED BUSINESS EXCLUSION.
`SEC. 2033A. FAMILY-OWNED BUSINESS EXCLUSION.
SEC. 503. MODIFICATIONS TO RATE OF INTEREST ON PORTION OF ESTATE TAX EXTENDED UNDER SECTION 6166.
SEC. 504. EXTENSION OF TREATMENT OF CERTAIN RENTS UNDER SECTION 2032A TO LINEAL DESCENDANTS.
SEC. 505. CLARIFICATION OF JUDICIAL REVIEW OF ELIGIBILITY FOR EXTENSION OF TIME FOR PAYMENT OF ESTATE TAX.
`SEC. 7479. DECLARATORY JUDGMENTS RELATING TO ELIGIBILITY OF ESTATE WITH RESPECT TO INSTALLMENT PAYMENTS UNDER SECTION 6166.
SEC. 506. GIFTS MAY NOT BE REVALUED FOR ESTATE TAX PURPOSES AFTER EXPIRATION OF STATUTE OF LIMITATIONS.
`SEC. 7477. DECLARATORY JUDGMENTS RELATING TO VALUE OF CERTAIN GIFTS.
SEC. 507. REPEAL OF THROWBACK RULES APPLICABLE TO CERTAIN DOMESTIC TRUSTS.
SEC. 508. TREATMENT OF LAND SUBJECT TO A QUALIFIED CONSERVATION EASEMENT.
Subtitle B--Generation-Skipping Tax Provision
SEC. 511. EXPANSION OF EXCEPTION FROM GENERATION-SKIPPING TRANSFER TAX FOR TRANSFERS TO INDIVIDUALS WITH DECEASED PARENTS.
TITLE VI--EXTENSIONS
SEC. 601. RESEARCH TAX CREDIT.
SEC. 602. CONTRIBUTIONS OF STOCK TO PRIVATE FOUNDATIONS.
SEC. 603. WORK OPPORTUNITY TAX CREDIT.
SEC. 604. ORPHAN DRUG TAX CREDIT.
TITLE VII--INCENTIVES FOR REVITALIZATION OF THE DISTRICT OF COLUMBIA
SEC. 701. TAX INCENTIVES FOR REVITALIZATION OF THE DISTRICT OF COLUMBIA.
`SUBCHAPTER W--DISTRICT OF COLUMBIA ENTERPRISE ZONE
`SEC. 1400. ESTABLISHMENT OF DC ZONE.
`SEC. 1400A. TAX-EXEMPT ECONOMIC DEVELOPMENT BONDS.
`SEC. 1400B. ZERO PERCENT CAPITAL GAINS RATE.
`SEC. 1400C. FIRST-TIME HOMEBUYER CREDIT FOR DISTRICT OF COLUMBIA.
TITLE VIII--WELFARE-TO-WORK INCENTIVES
SEC. 801. INCENTIVES FOR EMPLOYING LONG-TERM FAMILY ASSISTANCE RECIPIENTS.
`SEC. 51A. TEMPORARY INCENTIVES FOR EMPLOYING LONG-TERM FAMILY ASSISTANCE RECIPIENTS.
TITLE IX--MISCELLANEOUS PROVISIONS
Subtitle A--Provisions Relating to Excise Taxes
SEC. 901. GENERAL REVENUE PORTION OF HIGHWAY MOTOR FUELS TAXES DEPOSITED INTO HIGHWAY TRUST FUND.
SEC. 902. REPEAL OF TAX ON DIESEL FUEL USED IN RECREATIONAL BOATS.
SEC. 903. CONTINUED APPLICATION OF TAX ON IMPORTED RECYCLED HALON-1211.
SEC. 904. UNIFORM RATE OF TAX ON VACCINES.
SEC. 905. OPERATORS OF MULTIPLE GASOLINE RETAIL OUTLETS TREATED AS WHOLESALE DISTRIBUTOR FOR REFUND PURPOSES.
SEC. 906. EXEMPTION OF ELECTRIC AND OTHER CLEAN-FUEL MOTOR VEHICLES FROM LUXURY AUTOMOBILE CLASSIFICATION.
SEC. 907. RATE OF TAX ON CERTAIN SPECIAL FUELS DETERMINED ON BASIS OF BTU EQUIVALENCY WITH GASOLINE.
SEC. 908. MODIFICATION OF TAX TREATMENT OF HARD CIDER.
SEC. 909. STUDY OF FEASIBILITY OF MOVING COLLECTION POINT FOR DISTILLED SPIRITS EXCISE TAX.
SEC. 910. CLARIFICATION OF AUTHORITY TO USE SEMI-GENERIC DESIGNATIONS ON WINE LABELS.
Subtitle B--Revisions Relating to Disasters
SEC. 911. AUTHORITY TO POSTPONE CERTAIN TAX-RELATED DEADLINES BY REASON OF PRESIDENTIALLY DECLARED DISASTER.
`SEC. 7508A. AUTHORITY TO POSTPONE CERTAIN TAX-RELATED DEADLINES BY REASON OF PRESIDENTIALLY DECLARED DISASTER.
SEC. 912. USE OF CERTAIN APPRAISALS TO ESTABLISH AMOUNT OF DISASTER LOSS.
SEC. 913. TREATMENT OF LIVESTOCK SOLD ON ACCOUNT OF WEATHER-RELATED CONDITIONS.
SEC. 914. MORTGAGE FINANCING FOR RESIDENCES LOCATED IN DISASTER AREAS.
SEC. 915. ABATEMENT OF INTEREST ON UNDERPAYMENTS BY TAXPAYERS IN PRESIDENTIALLY DECLARED DISASTER AREAS.
Subtitle C--Provisions Relating to Employment Taxes
SEC. 921. CLARIFICATION OF STANDARD TO BE USED IN DETERMINING EMPLOYMENT TAX STATUS OF SECURITIES BROKERS.
SEC. 922. CLARIFICATION OF EXEMPTION FROM SELF-EMPLOYMENT TAX FOR CERTAIN TERMINATION PAYMENTS RECEIVED BY FORMER INSURANCE...`CODIFICATION OF TREATMENT OF CERTAIN TERMINATION PAYMENTS RECEIVED BY FORMER INSURANCE SALESMEN
Subtitle D--Provisions Relating to Small Businesses
SEC. 931. WAIVER OF PENALTY THROUGH JUNE 30, 1998, ON SMALL BUSINESSES FAILING TO MAKE ELECTRONIC FUND TRANSFERS OF TAXES.
SEC. 932. CLARIFICATION OF TREATMENT OF HOME OFFICE USE FOR ADMINISTRATIVE AND MANAGEMENT ACTIVITIES.
SEC. 933. AVERAGING OF FARM INCOME OVER 3 YEARS.
`PART I--INCOME AVERAGING
`SEC. 1301. AVERAGING OF FARM INCOME.
SEC. 934. INCREASE IN DEDUCTION FOR HEALTH INSURANCE COSTS OF SELF-EMPLOYED INDIVIDUALS.
SEC. 935. MORATORIUM ON CERTAIN REGULATIONS.
Subtitle E--Brownfields
SEC. 941. EXPENSING OF ENVIRONMENTAL REMEDIATION COSTS.
`SEC. 198. EXPENSING OF ENVIRONMENTAL REMEDIATION COSTS.
Subtitle F--Empowerment Zones, Enterprise Communities, Brownfields, and Community Development Financial Institutions
CHAPTER 1--ADDITIONAL EMPOWERMENT ZONES
SEC. 951. ADDITIONAL EMPOWERMENT ZONES.
CHAPTER 2--NEW EMPOWERMENT ZONES
SEC. 952. DESIGNATION OF NEW EMPOWERMENT ZONES.
SEC. 953. VOLUME CAP NOT TO APPLY TO ENTERPRISE ZONE FACILITY BONDS WITH RESPECT TO NEW EMPOWERMENT ZONES.
SEC. 954. MODIFICATION TO ELIGIBILITY CRITERIA FOR DESIGNATION OF FUTURE ENTERPRISE ZONES IN ALASKA OR HAWAII.
CHAPTER 3--TREATMENT OF EMPOWERMENT ZONES AND ENTERPRISE COMMUNITIES
SEC. 955. MODIFICATIONS TO ENTERPRISE ZONE FACILITY BOND RULES FOR ALL EMPOWERMENT ZONES AND ENTERPRISE COMMUNITIES.
SEC. 956. MODIFICATIONS TO ENTERPRISE ZONE BUSINESS DEFINITION FOR ALL EMPOWERMENT ZONES AND ENTERPRISE COMMUNITIES.
Subtitle G--Other Provisions
SEC. 961. USE OF ESTIMATES OF SHRINKAGE FOR INVENTORY ACCOUNTING.
SEC. 962. ASSIGNMENT OF WORKMEN'S COMPENSATION LIABILITY ELIGIBLE FOR EXCLUSION RELATING TO PERSONAL INJURY LIABILITY ASSIGNMENTS.
SEC. 963. TAX-EXEMPT STATUS FOR CERTAIN STATE WORKER'S COMPENSATION ACT COMPANIES.
SEC. 964. ELECTION FOR 1987 PARTNERSHIPS TO CONTINUE EXCEPTION FROM TREATMENT OF PUBLICLY TRADED PARTNERSHIPS AS CORPORATIONS.
SEC. 965. EXCLUSION FROM UNRELATED BUSINESS TAXABLE INCOME FOR CERTAIN SPONSORSHIP PAYMENTS.
SEC. 966. ASSOCIATIONS OF HOLDERS OF TIMESHARE INTERESTS TO BE TAXED LIKE OTHER HOMEOWNERS ASSOCIATIONS.
SEC. 967. ADDITIONAL ADVANCE REFUNDING OF CERTAIN VIRGIN ISLAND BONDS.
SEC. 968. NONRECOGNITION OF GAIN ON SALE OF STOCK TO CERTAIN FARMERS' COOPERATIVES.
SEC. 969. INCREASED DEDUCTIBILITY OF BUSINESS MEAL EXPENSES FOR INDIVIDUALS SUBJECT TO FEDERAL HOURS OF SERVICE.
SEC. 970. CLARIFICATION OF DE MINIMIS FRINGE BENEFIT RULES TO NO-CHARGE EMPLOYEE MEALS.
SEC. 971. EXEMPTION OF THE INCREMENTAL COST OF A CLEAN FUEL VEHICLE FROM THE LIMITS ON DEPRECIATION FOR VEHICLES.
SEC. 972. TEMPORARY SUSPENSION OF TAXABLE INCOME LIMIT ON PERCENTAGE DEPLETION FOR MARGINAL PRODUCTION.
SEC. 973. INCREASE IN STANDARD MILEAGE RATE EXPENSE DEDUCTION FOR CHARITABLE USE OF PASSENGER AUTOMOBILE.
SEC. 974. CLARIFICATION OF TREATMENT OF CERTAIN RECEIVABLES PURCHASED BY COOPERATIVE HOSPITAL SERVICE ORGANIZATIONS.
SEC. 975. DEDUCTION IN COMPUTING ADJUSTED GROSS INCOME FOR EXPENSES IN CONNECTION WITH SERVICE PERFORMED BY CERTAIN OFFICIALS.
SEC. 976. COMBINED EMPLOYMENT TAX REPORTING DEMONSTRATION PROJECT.
SEC. 977. ELECTIVE CARRYBACK OF EXISTING CARRYOVERS OF NATIONAL RAILROAD PASSENGER CORPORATION.
Subtitle H--Extension of Duty-Free Treatment Under Generalized System of Preferences
SEC. 981. GENERALIZED SYSTEM OF PREFERENCES.
TITLE X--REVENUES
Subtitle A--Financial Products
SEC. 1001. CONSTRUCTIVE SALES TREATMENT FOR APPRECIATED FINANCIAL POSITIONS.
`SEC. 1259. CONSTRUCTIVE SALES TREATMENT FOR APPRECIATED FINANCIAL POSITIONS.
SEC. 1002. LIMITATION ON EXCEPTION FOR INVESTMENT COMPANIES UNDER SECTION 351.
SEC. 1003. GAINS AND LOSSES FROM CERTAIN TERMINATIONS WITH RESPECT TO PROPERTY.
SEC. 1004. DETERMINATION OF ORIGINAL ISSUE DISCOUNT WHERE POOLED DEBT OBLIGATIONS SUBJECT TO ACCELERATION.
SEC. 1005. DENIAL OF INTEREST DEDUCTIONS ON CERTAIN DEBT INSTRUMENTS.
Subtitle B--Corporate Organizations and Reorganizations
SEC. 1011. TAX TREATMENT OF CERTAIN EXTRAORDINARY DIVIDENDS.
SEC. 1012. APPLICATION OF SECTION 355 TO DISTRIBUTIONS IN CONNECTION WITH ACQUISITIONS AND TO INTRAGROUP TRANSACTIONS.
SEC. 1013. TAX TREATMENT OF REDEMPTIONS INVOLVING RELATED CORPORATIONS.
SEC. 1014. CERTAIN PREFERRED STOCK TREATED AS BOOT.
SEC. 1015. MODIFICATION OF HOLDING PERIOD APPLICABLE TO DIVIDENDS RECEIVED DEDUCTION.
Subtitle C--Administrative Provisions
SEC. 1021. REPORTING OF CERTAIN PAYMENTS MADE TO ATTORNEYS.
SEC. 1022. DECREASE OF THRESHOLD FOR REPORTING PAYMENTS TO CORPORATIONS PERFORMING SERVICES FOR FEDERAL AGENCIES.
SEC. 1023. DISCLOSURE OF RETURN INFORMATION FOR ADMINISTRATION OF CERTAIN VETERANS PROGRAMS.
SEC. 1024. CONTINUOUS LEVY ON CERTAIN PAYMENTS.
SEC. 1025. MODIFICATION OF LEVY EXEMPTION.
SEC. 1026. CONFIDENTIALITY AND DISCLOSURE OF RETURNS AND RETURN INFORMATION.
SEC. 1027. RETURNS OF BENEFICIARIES OF ESTATES AND TRUSTS REQUIRED TO FILE RETURNS CONSISTENT WITH ESTATE OR TRUST RETURN...SEC. 1028. REGISTRATION AND OTHER PROVISIONS RELATING TO CONFIDENTIAL CORPORATE TAX SHELTERS.
Subtitle D--Excise and Employment Tax Provisions
SEC. 1031. EXTENSION AND MODIFICATION OF TAXES FUNDING AIRPORT AND AIRWAY TRUST FUND; INCREASED DEPOSITS INTO SUCH FUND.
SEC. 1032. KEROSENE TAXED AS DIESEL FUEL.
`SEC. 7232. FAILURE TO REGISTER UNDER SECTION 4101, FALSE REPRESENTATIONS OF REGISTRATION STATUS, ETC.'.
SEC. 1033. RESTORATION OF LEAKING UNDERGROUND STORAGE TANK TRUST FUND TAXES.
SEC. 1034. APPLICATION OF COMMUNICATIONS TAX TO PREPAID TELEPHONE CARDS.
SEC. 1035. EXTENSION OF TEMPORARY UNEMPLOYMENT TAX.
Subtitle E--Provisions Relating to Tax-Exempt Entities
SEC. 1041. EXPANSION OF LOOK-THRU RULE FOR INTEREST, ANNUITIES, ROYALTIES, AND RENTS DERIVED BY SUBSIDIARIES OF TAX-EXEMPT...SEC. 1042. TERMINATION OF CERTAIN EXCEPTIONS FROM RULES RELATING TO EXEMPT ORGANIZATIONS WHICH PROVIDE COMMERCIAL-TYPE INSURANCE.
Subtitle F--Foreign Provisions
SEC. 1051. DEFINITION OF FOREIGN PERSONAL HOLDING COMPANY INCOME.
SEC. 1052. PERSONAL PROPERTY USED PREDOMINANTLY IN THE UNITED STATES TREATED AS NOT PROPERTY OF A LIKE KIND WITH RESPECT...SEC. 1053. HOLDING PERIOD REQUIREMENT FOR CERTAIN FOREIGN TAXES.
SEC. 1054. DENIAL OF TREATY BENEFITS FOR CERTAIN PAYMENTS THROUGH HYBRID ENTITIES.
SEC. 1055. INTEREST ON UNDERPAYMENTS NOT REDUCED BY FOREIGN TAX CREDIT CARRYBACKS.
SEC. 1056. CLARIFICATION OF PERIOD OF LIMITATIONS ON CLAIM FOR CREDIT OR REFUND ATTRIBUTABLE TO FOREIGN TAX CREDIT CARRYFORWARD.
SEC. 1057. REPEAL OF EXCEPTION TO ALTERNATIVE MINIMUM FOREIGN TAX CREDIT LIMIT.
Subtitle G--Partnership Provisions
SEC. 1061. ALLOCATION OF BASIS AMONG PROPERTIES DISTRIBUTED BY PARTNERSHIP.
SEC. 1062. REPEAL OF REQUIREMENT THAT INVENTORY BE SUBSTANTIALLY APPRECIATED WITH RESPECT TO SALE OR EXCHANGE OF PARTNERSHIP...SEC. 1063. EXTENSION OF TIME FOR TAXING PRECONTRIBUTION GAIN.
Subtitle H--Pension Provisions
SEC. 1071. PENSION ACCRUED BENEFIT DISTRIBUTABLE WITHOUT CONSENT INCREASED TO $5,000.
SEC. 1072. ELECTION TO RECEIVE TAXABLE CASH COMPENSATION IN LIEU OF NONTAXABLE PARKING BENEFITS.
SEC. 1073. REPEAL OF EXCESS DISTRIBUTION AND EXCESS RETIREMENT ACCUMULATION TAX.
SEC. 1074. INCREASE IN TAX ON PROHIBITED TRANSACTIONS.
SEC. 1075. BASIS RECOVERY RULES FOR ANNUITIES OVER MORE THAN ONE LIFE.
Subtitle I--Other Revenue Provisions
SEC. 1081. TERMINATION OF SUSPENSE ACCOUNTS FOR FAMILY CORPORATIONS REQUIRED TO USE ACCRUAL METHOD OF ACCOUNTING.
SEC. 1082. MODIFICATION OF TAXABLE YEARS TO WHICH NET OPERATING LOSSES MAY BE CARRIED.
SEC. 1083. MODIFICATIONS TO TAXABLE YEARS TO WHICH UNUSED CREDITS MAY BE CARRIED.
SEC. 1084. EXPANSION OF DENIAL OF DEDUCTION FOR CERTAIN AMOUNTS PAID IN CONNECTION WITH INSURANCE.
SEC. 1085. IMPROVED ENFORCEMENT OF THE APPLICATION OF THE EARNED INCOME CREDIT.
SEC. 1086. LIMITATION ON PROPERTY FOR WHICH INCOME FORECAST METHOD MAY BE USED.
SEC. 1087. EXPANSION OF REQUIREMENT THAT INVOLUNTARILY CONVERTED PROPERTY BE REPLACED WITH PROPERTY ACQUIRED FROM AN UNRELATED...SEC. 1088. TREATMENT OF EXCEPTION FROM INSTALLMENT SALES RULES FOR SALES OF PROPERTY BY A MANUFACTURER TO A DEALER.
SEC. 1089. LIMITATIONS ON CHARITABLE REMAINDER TRUST ELIGIBILITY FOR CERTAIN TRUSTS.
SEC. 1090. EXPANDED SSA RECORDS FOR TAX ENFORCEMENT.
SEC. 1091. MODIFICATION OF ESTIMATED TAX SAFE HARBORS.
TITLE XI--SIMPLIFICATION AND OTHER FOREIGN-RELATED PROVISIONS
Subtitle A--General Provisions
SEC. 1101. CERTAIN INDIVIDUALS EXEMPT FROM FOREIGN TAX CREDIT LIMITATION.
SEC. 1102. EXCHANGE RATE USED IN TRANSLATING FOREIGN TAXES.
SEC. 1103. ELECTION TO USE SIMPLIFIED SECTION 904 LIMITATION FOR ALTERNATIVE MINIMUM TAX.
SEC. 1104. TREATMENT OF PERSONAL TRANSACTIONS BY INDIVIDUALS UNDER FOREIGN CURRENCY RULES.
SEC. 1105. FOREIGN TAX CREDIT TREATMENT OF DIVIDENDS FROM NONCONTROLLED SECTION 902 CORPORATIONS.
Subtitle B--Treatment of Controlled Foreign Corporations
SEC. 1111. GAIN ON CERTAIN STOCK SALES BY CONTROLLED FOREIGN CORPORATIONS TREATED AS DIVIDENDS.
SEC. 1112. MISCELLANEOUS MODIFICATIONS TO SUBPART F.
SEC. 1113. INDIRECT FOREIGN TAX CREDIT ALLOWED FOR CERTAIN LOWER TIER COMPANIES.
Subtitle C--Treatment of Passive Foreign Investment Companies
SEC. 1121. UNITED STATES SHAREHOLDERS OF CONTROLLED FOREIGN CORPORATIONS NOT SUBJECT TO PFIC INCLUSION.
SEC. 1122. ELECTION OF MARK TO MARKET FOR MARKETABLE STOCK IN PASSIVE FOREIGN INVESTMENT COMPANY.
`Subpart C--Election of Mark to Market For Marketable Stock
`SEC. 1296. ELECTION OF MARK TO MARKET FOR MARKETABLE STOCK.
SEC. 1123. VALUATION OF ASSETS FOR PASSIVE FOREIGN INVESTMENT COMPANY DETERMINATION.
SEC. 1124. EFFECTIVE DATE.
Subtitle D--Repeal of Excise Tax on Transfers to Foreign Entities
SEC. 1131. REPEAL OF EXCISE TAX ON TRANSFERS TO FOREIGN ENTITIES; RECOGNITION OF GAIN ON CERTAIN TRANSFERS TO FOREIGN TRUSTS...`SEC. 684. RECOGNITION OF GAIN ON CERTAIN TRANSFERS TO CERTAIN FOREIGN TRUSTS AND ESTATES.
Subtitle E--Information Reporting
SEC. 1141. CLARIFICATION OF APPLICATION OF RETURN REQUIREMENT TO FOREIGN PARTNERSHIPS.
SEC. 1142. CONTROLLED FOREIGN PARTNERSHIPS SUBJECT TO INFORMATION REPORTING COMPARABLE TO INFORMATION REPORTING FOR CONTROLLED...`SEC. 6038. INFORMATION REPORTING WITH RESPECT TO CERTAIN FOREIGN CORPORATIONS AND PARTNERSHIPS.
SEC. 1144. TRANSFERS OF PROPERTY TO FOREIGN PARTNERSHIPS SUBJECT TO INFORMATION REPORTING COMPARABLE TO INFORMATION REPORTING...SEC. 1145. EXTENSION OF STATUTE OF LIMITATIONS FOR FOREIGN TRANSFERS.
SEC. 1146. INCREASE IN FILING THRESHOLDS FOR RETURNS AS TO ORGANIZATION OF FOREIGN CORPORATIONS AND ACQUISITIONS OF STOCK...Subtitle F--Determination of Foreign or Domestic Status of Partnerships
SEC. 1151. DETERMINATION OF FOREIGN OR DOMESTIC STATUS OF PARTNERSHIPS.
Subtitle G--Other Simplification Provisions
SEC. 1161. TRANSITION RULE FOR CERTAIN TRUSTS.
SEC. 1162. REPEAL OF STOCK AND SECURITIES SAFE HARBOR REQUIREMENT THAT PRINCIPAL OFFICE BE OUTSIDE THE UNITED STATES.
SEC. 1163. MISCELLANEOUS CLARIFICATIONS.
Subtitle H--Other Provisions
SEC. 1171. TREATMENT OF COMPUTER SOFTWARE AS FSC EXPORT PROPERTY.
SEC. 1172. ADJUSTMENT OF DOLLAR LIMITATION ON SECTION 911 EXCLUSION.
SEC. 1173. UNITED STATES PROPERTY NOT TO INCLUDE CERTAIN ASSETS ACQUIRED BY DEALERS IN ORDINARY COURSE OF TRADE OR BUSINESS.
SEC. 1174. TREATMENT OF NONRESIDENT ALIENS ENGAGED IN INTERNATIONAL TRANSPORTATION SERVICES.
SEC. 1175. EXEMPTION FOR ACTIVE FINANCING INCOME.
TITLE XII--SIMPLIFICATION PROVISIONS RELATING TO INDIVIDUALS AND BUSINESSES
Subtitle A--Provisions Relating to Individuals
SEC. 1201. BASIC STANDARD DEDUCTION AND MINIMUM TAX EXEMPTION AMOUNT FOR CERTAIN DEPENDENTS.
SEC. 1202. INCREASE IN AMOUNT OF TAX EXEMPT FROM ESTIMATED TAX REQUIREMENTS.
SEC. 1203. TREATMENT OF CERTAIN REIMBURSED EXPENSES OF RURAL MAIL CARRIERS.
SEC. 1204. TREATMENT OF TRAVELING EXPENSES OF CERTAIN FEDERAL EMPLOYEES ENGAGED IN CRIMINAL INVESTIGATIONS.
SEC. 1205. PAYMENT OF TAX BY COMMERCIALLY ACCEPTABLE MEANS.
`SEC. 6311. PAYMENT OF TAX BY COMMERCIALLY ACCEPTABLE MEANS.
Subtitle B--Provisions Relating to Businesses Generally
SEC. 1211. MODIFICATIONS TO LOOK-BACK METHOD FOR LONG-TERM CONTRACTS.
SEC. 1212. MINIMUM TAX TREATMENT OF CERTAIN PROPERTY AND CASUALTY INSURANCE COMPANIES.
SEC. 1213. QUALIFIED LESSEE CONSTRUCTION ALLOWANCES FOR SHORT-TERM LEASES.
`SEC. 110. QUALIFIED LESSEE CONSTRUCTION ALLOWANCES FOR SHORT-TERM LEASES.
Subtitle C--Simplification Relating to Electing Large Partnerships
PART I--GENERAL PROVISIONS
SEC. 1221. SIMPLIFIED FLOW-THROUGH FOR ELECTING LARGE PARTNERSHIPS.
`PART IV--SPECIAL RULES FOR ELECTING LARGE PARTNERSHIPS
`SEC. 771. APPLICATION OF SUBCHAPTER TO ELECTING LARGE PARTNERSHIPS.
`SEC. 772. SIMPLIFIED FLOW-THROUGH.
`SEC. 773. COMPUTATIONS AT PARTNERSHIP LEVEL.
`SEC. 774. OTHER MODIFICATIONS.
`SEC. 775. ELECTING LARGE PARTNERSHIP DEFINED.
`SEC. 776. SPECIAL RULES FOR PARTNERSHIPS HOLDING OIL AND GAS PROPERTIES.
`SEC. 777. REGULATIONS.
SEC. 1222. SIMPLIFIED AUDIT PROCEDURES FOR ELECTING LARGE PARTNERSHIPS.
`SUBCHAPTER D--TREATMENT OF ELECTING LARGE PARTNERSHIPS
`PART I--TREATMENT OF PARTNERSHIP ITEMS AND ADJUSTMENTS
`SEC. 6240. APPLICATION OF SUBCHAPTER.
`SEC. 6241. PARTNER'S RETURN MUST BE CONSISTENT WITH PARTNERSHIP RETURN.
`SEC. 6242. PROCEDURES FOR TAKING PARTNERSHIP ADJUSTMENTS INTO ACCOUNT.
`Subpart A--Adjustments by Secretary
`SEC. 6245. SECRETARIAL AUTHORITY.
`SEC. 6246. RESTRICTIONS ON PARTNERSHIP ADJUSTMENTS.
`SEC. 6247. JUDICIAL REVIEW OF PARTNERSHIP ADJUSTMENT.
`SEC. 6248. PERIOD OF LIMITATIONS FOR MAKING ADJUSTMENTS.
`SEC. 6251. ADMINISTRATIVE ADJUSTMENT REQUESTS.
`SEC. 6252. JUDICIAL REVIEW WHERE ADMINISTRATIVE ADJUSTMENT REQUEST IS NOT ALLOWED IN FULL.
`SEC. 6255. DEFINITIONS AND SPECIAL RULES.
SEC. 1223. DUE DATE FOR FURNISHING INFORMATION TO PARTNERS OF ELECTING LARGE PARTNERSHIPS.
SEC. 1224. RETURNS REQUIRED ON MAGNETIC MEDIA.
SEC. 1225. TREATMENT OF PARTNERSHIP ITEMS OF INDIVIDUAL RETIREMENT ACCOUNTS.
SEC. 1226. EFFECTIVE DATE.
PART II--PROVISIONS RELATED TO TEFRA PARTNERSHIP PROCEEDINGS
SEC. 1231. TREATMENT OF PARTNERSHIP ITEMS IN DEFICIENCY PROCEEDINGS.
`SEC. 6234. DECLARATORY JUDGMENT RELATING TO TREATMENT OF ITEMS OTHER THAN PARTNERSHIP ITEMS WITH RESPECT TO AN OVERSHELTERED...SEC. 1232. PARTNERSHIP RETURN TO BE DETERMINATIVE OF AUDIT PROCEDURES TO BE FOLLOWED.
SEC. 1233. PROVISIONS RELATING TO STATUTE OF LIMITATIONS.
SEC. 1234. EXPANSION OF SMALL PARTNERSHIP EXCEPTION.
SEC. 1235. EXCLUSION OF PARTIAL SETTLEMENTS FROM 1-YEAR LIMITATION ON ASSESSMENT.
SEC. 1236. EXTENSION OF TIME FOR FILING A REQUEST FOR ADMINISTRATIVE ADJUSTMENT.
SEC. 1237. AVAILABILITY OF INNOCENT SPOUSE RELIEF IN CONTEXT OF PARTNERSHIP PROCEEDINGS.
SEC. 1238. DETERMINATION OF PENALTIES AT PARTNERSHIP LEVEL.
SEC. 1239. PROVISIONS RELATING TO COURT JURISDICTION, ETC.
SEC. 1240. TREATMENT OF PREMATURE PETITIONS FILED BY NOTICE PARTNERS OR 5-PERCENT GROUPS.
SEC. 1241. BONDS IN CASE OF APPEALS FROM CERTAIN PROCEEDING.
SEC. 1242. SUSPENSION OF INTEREST WHERE DELAY IN COMPUTATIONAL ADJUSTMENT RESULTING FROM CERTAIN SETTLEMENTS.
SEC. 1243. SPECIAL RULES FOR ADMINISTRATIVE ADJUSTMENT REQUESTS WITH RESPECT TO BAD DEBTS OR WORTHLESS SECURITIES.
PART III--PROVISION RELATING TO CLOSING OF PARTNERSHIP TAXABLE YEAR WITH RESPECT TO DECEASED PARTNER, ETC.
SEC. 1246. CLOSING OF PARTNERSHIP TAXABLE YEAR WITH RESPECT TO DECEASED PARTNER, ETC.
Subtitle D--Provisions Relating to Real Estate Investment Trusts
SEC. 1251. CLARIFICATION OF LIMITATION ON MAXIMUM NUMBER OF SHAREHOLDERS.
SEC. 1252. DE MINIMIS RULE FOR TENANT SERVICES INCOME.
SEC. 1253. ATTRIBUTION RULES APPLICABLE TO STOCK OWNERSHIP.
SEC. 1254. CREDIT FOR TAX PAID BY REIT ON RETAINED CAPITAL GAINS.
SEC. 1255. REPEAL OF 30-PERCENT GROSS INCOME REQUIREMENT.
SEC. 1256. MODIFICATION OF EARNINGS AND PROFITS RULES FOR DETERMINING WHETHER REIT HAS EARNINGS AND PROFITS FROM NON-REIT...SEC. 1257. TREATMENT OF FORECLOSURE PROPERTY.
SEC. 1258. PAYMENTS UNDER HEDGING INSTRUMENTS.
SEC. 1259. EXCESS NONCASH INCOME.
SEC. 1260. PROHIBITED TRANSACTION SAFE HARBOR.
SEC. 1261. SHARED APPRECIATION MORTGAGES.
SEC. 1262. WHOLLY OWNED SUBSIDIARIES.
SEC. 1263. EFFECTIVE DATE.
Subtitle E--Provisions Relating to Regulated Investment Companies
SEC. 1271. REPEAL OF 30-PERCENT GROSS INCOME LIMITATION.
Subtitle F--Taxpayer Protections
SEC. 1281. REASONABLE CAUSE EXCEPTION FOR CERTAIN PENALTIES.
SEC. 1282. CLARIFICATION OF PERIOD FOR FILING CLAIMS FOR REFUNDS.
SEC. 1283. REPEAL OF AUTHORITY TO DISCLOSE WHETHER PROSPECTIVE JUROR HAS BEEN AUDITED.
SEC. 1284. CLARIFICATION OF STATUTE OF LIMITATIONS.
SEC. 1285. AWARDING OF ADMINISTRATIVE COSTS.
TITLE XIII--SIMPLIFICATION PROVISIONS RELATING TO ESTATE AND GIFT TAXES
SEC. 1301. GIFTS TO CHARITIES EXEMPT FROM GIFT TAX FILING REQUIREMENTS.
SEC. 1302. CLARIFICATION OF WAIVER OF CERTAIN RIGHTS OF RECOVERY.
SEC. 1303. TRANSITIONAL RULE UNDER SECTION 2056A.
SEC. 1304. TREATMENT FOR ESTATE TAX PURPOSES OF SHORT-TERM OBLIGATIONS HELD BY NONRESIDENT ALIENS.
SEC. 1305. CERTAIN REVOCABLE TRUSTS TREATED AS PART OF ESTATE.
`SEC. 646. CERTAIN REVOCABLE TRUSTS TREATED AS PART OF ESTATE.
SEC. 1306. DISTRIBUTIONS DURING FIRST 65 DAYS OF TAXABLE YEAR OF ESTATE.
SEC. 1307. SEPARATE SHARE RULES AVAILABLE TO ESTATES.
SEC. 1308. EXECUTOR OF ESTATE AND BENEFICIARIES TREATED AS RELATED PERSONS FOR DISALLOWANCE OF LOSSES, ETC.
SEC. 1309. TREATMENT OF FUNERAL TRUSTS.
`SEC. 685. TREATMENT OF FUNERAL TRUSTS.
SEC. 1310. ADJUSTMENTS FOR GIFTS WITHIN 3 YEARS OF DECEDENT'S DEATH.
`SEC. 2035. ADJUSTMENTS FOR CERTAIN GIFTS MADE WITHIN 3 YEARS OF DECEDENT'S DEATH.
SEC. 1311. CLARIFICATION OF TREATMENT OF SURVIVOR ANNUITIES UNDER QUALIFIED TERMINABLE INTEREST RULES.
SEC. 1312. TREATMENT UNDER QUALIFIED DOMESTIC TRUST RULES OF FORMS OF OWNERSHIP WHICH ARE NOT TRUSTS.
SEC. 1313. OPPORTUNITY TO CORRECT CERTAIN FAILURES UNDER SECTION 2032A.
SEC. 1314. AUTHORITY TO WAIVE REQUIREMENT OF UNITED STATES TRUSTEE FOR QUALIFIED DOMESTIC TRUSTS.
TITLE XIV--SIMPLIFICATION PROVISIONS RELATING TO EXCISE TAXES, TAX-EXEMPT BONDS, AND OTHER MATTERS
Subtitle A--Excise Tax Simplification
PART I--EXCISE TAXES ON HEAVY TRUCKS AND LUXURY CARS
SEC. 1401. INCREASE IN DE MINIMIS LIMIT FOR AFTER-MARKET ALTERATIONS FOR HEAVY TRUCKS AND LUXURY CARS.
SEC. 1402. CREDIT FOR TIRE TAX IN LIEU OF EXCLUSION OF VALUE OF TIRES IN COMPUTING PRICE.
PART II--PROVISIONS RELATED TO DISTILLED SPIRITS, WINES, AND BEER
SEC. 1411. CREDIT OR REFUND FOR IMPORTED BOTTLED DISTILLED SPIRITS RETURNED TO DISTILLED SPIRITS PLANT.
SEC. 1412. AUTHORITY TO CANCEL OR CREDIT EXPORT BONDS WITHOUT SUBMISSION OF RECORDS.
SEC. 1413. REPEAL OF REQUIRED MAINTENANCE OF RECORDS ON PREMISES OF DISTILLED SPIRITS PLANT.
SEC. 1414. FERMENTED MATERIAL FROM ANY BREWERY MAY BE RECEIVED AT A DISTILLED SPIRITS PLANT.
SEC. 1415. REPEAL OF REQUIREMENT FOR WHOLESALE DEALERS IN LIQUORS TO POST SIGN.
SEC. 1416. REFUND OF TAX TO WINE RETURNED TO BOND NOT LIMITED TO UNMERCHANTABLE WINE.
SEC. 1417. USE OF ADDITIONAL AMELIORATING MATERIAL IN CERTAIN WINES.
SEC. 1418. DOMESTICALLY PRODUCED BEER MAY BE WITHDRAWN FREE OF TAX FOR USE OF FOREIGN EMBASSIES, LEGATIONS, ETC.
SEC. 1419. BEER MAY BE WITHDRAWN FREE OF TAX FOR DESTRUCTION.
SEC. 1420. AUTHORITY TO ALLOW DRAWBACK ON EXPORTED BEER WITHOUT SUBMISSION OF RECORDS.
SEC. 1421. TRANSFER TO BREWERY OF BEER IMPORTED IN BULK WITHOUT PAYMENT OF TAX.
`SEC. 5418. BEER IMPORTED IN BULK.
SEC. 1422. TRANSFER TO BONDED WINE CELLARS OF WINE IMPORTED IN BULK WITHOUT PAYMENT OF TAX.
`SEC. 5364. WINE IMPORTED IN BULK.
PART III--OTHER EXCISE TAX PROVISIONS
SEC. 1431. AUTHORITY TO GRANT EXEMPTIONS FROM REGISTRATION REQUIREMENTS.
SEC. 1432. REPEAL OF EXPIRED PROVISIONS.
SEC. 1433. SIMPLIFICATION OF IMPOSITION OF EXCISE TAX ON ARROWS.
SEC. 1434. MODIFICATIONS TO RETAIL TAX ON HEAVY TRUCKS.
SEC. 1435. SKYDIVING FLIGHTS EXEMPT FROM TAX ON TRANSPORTATION OF PERSONS BY AIR.
SEC. 1436. ALLOWANCE OR CREDIT OF REFUND FOR TAX-PAID AVIATION FUEL PURCHASED BY REGISTERED PRODUCER OF AVIATION FUEL.
Subtitle B--Tax-Exempt Bond Provisions
SEC. 1441. REPEAL OF $100,000 LIMITATION ON UNSPENT PROCEEDS UNDER 1-YEAR EXCEPTION FROM REBATE.
SEC. 1442. EXCEPTION FROM REBATE FOR EARNINGS ON BONA FIDE DEBT SERVICE FUND UNDER CONSTRUCTION BOND RULES.
SEC. 1443. REPEAL OF DEBT SERVICE-BASED LIMITATION ON INVESTMENT IN CERTAIN NONPURPOSE INVESTMENTS.
SEC. 1444. REPEAL OF EXPIRED PROVISIONS.
SEC. 1445. EFFECTIVE DATE.
Subtitle C--Tax Court Procedures
SEC. 1451. OVERPAYMENT DETERMINATIONS OF TAX COURT.
SEC. 1452. REDETERMINATION OF INTEREST PURSUANT TO MOTION.
SEC. 1453. APPLICATION OF NET WORTH REQUIREMENT FOR AWARDS OF LITIGATION COSTS.
SEC. 1454. PROCEEDINGS FOR DETERMINATION OF EMPLOYMENT STATUS.
`SEC. 7436. PROCEEDINGS FOR DETERMINATION OF EMPLOYMENT STATUS.
Subtitle D--Other Provisions
SEC. 1461. EXTENSION OF DUE DATE OF FIRST QUARTER ESTIMATED TAX PAYMENT BY PRIVATE FOUNDATIONS.
SEC. 1462. CLARIFICATION OF AUTHORITY TO WITHHOLD PUERTO RICO INCOME TAXES FROM SALARIES OF FEDERAL EMPLOYEES.
SEC. 1463. CERTAIN NOTICES DISREGARDED UNDER PROVISION INCREASING INTEREST RATE ON LARGE CORPORATE UNDERPAYMENTS.
TITLE XV--PENSIONS AND EMPLOYEE BENEFITS
Subtitle A--Simplification
SEC. 1501. MATCHING CONTRIBUTIONS OF SELF-EMPLOYED INDIVIDUALS NOT TREATED AS ELECTIVE EMPLOYER CONTRIBUTIONS.
SEC. 1502. MODIFICATION OF PROHIBITION OF ASSIGNMENT OR ALIENATION.
SEC. 1503. ELIMINATION OF PAPERWORK BURDENS ON PLANS.
SEC. 1504. MODIFICATION OF 403(b) EXCLUSION ALLOWANCE TO CONFORM TO 415 MODIFICATIONS.
SEC. 1505. EXTENSION OF MORATORIUM ON APPLICATION OF CERTAIN NONDISCRIMINATION RULES TO STATE AND LOCAL GOVERNMENTS.
SEC. 1506. CLARIFICATION OF CERTAIN RULES RELATING TO EMPLOYEE STOCK OWNERSHIP PLANS OF S CORPORATIONS.
SEC. 1507. MODIFICATION OF 10-PERCENT TAX FOR NONDEDUCTIBLE CONTRIBUTIONS.
SEC. 1508. MODIFICATION OF FUNDING REQUIREMENTS FOR CERTAIN PLANS.
SEC. 1509. CLARIFICATION OF DISQUALIFICATION RULES RELATING TO ACCEPTANCE OF ROLLOVER CONTRIBUTIONS.
SEC. 1510. NEW TECHNOLOGIES IN RETIREMENT PLANS.
Subtitle B--Other Provisions Relating to Pensions and Employee Benefits
SEC. 1521. INCREASE IN CURRENT LIABILITY FUNDING LIMIT.
SEC. 1522. SPECIAL RULES FOR CHURCH PLANS.
SEC. 1523. REPEAL OF APPLICATION OF UNRELATED BUSINESS INCOME TAX TO ESOPS.
SEC. 1524. DIVERSIFICATION OF SECTION 401(k) PLAN INVESTMENTS.
SEC. 1525. SECTION 401(K) PLANS FOR CERTAIN IRRIGATION AND DRAINAGE ENTITIES.
SEC. 1526. PORTABILITY OF PERMISSIVE SERVICE CREDIT UNDER GOVERNMENTAL PENSION PLANS.
SEC. 1527. REMOVAL OF DOLLAR LIMITATION ON BENEFIT PAYMENTS FROM A DEFINED BENEFIT PLAN MAINTAINED FOR CERTAIN POLICE AND...SEC. 1528. SURVIVOR BENEFITS FOR PUBLIC SAFETY OFFICERS KILLED IN THE LINE OF DUTY.
SEC. 1529. TREATMENT OF CERTAIN DISABILITY BENEFITS RECEIVED BY FORMER POLICE OFFICERS OR FIREFIGHTERS.
SEC. 1530. GRATUITOUS TRANSFERS FOR THE BENEFIT OF EMPLOYEES.
Subtitle C--Provisions Relating to Certain Health Acts
SEC. 1531. AMENDMENTS TO THE INTERNAL REVENUE CODE OF 1986 TO IMPLEMENT THE NEWBORNS' AND MOTHERS' HEALTH PROTECTION ACT...`Subtitle K--Group Health Plan Requirements
`SEC. 9811. STANDARDS RELATING TO BENEFITS FOR MOTHERS AND NEWBORNS.
`SEC. 9812. PARITY IN THE APPLICATION OF CERTAIN LIMITS TO MENTAL HEALTH BENEFITS.
SEC. 1532. SPECIAL RULES RELATING TO CHURCH PLANS.
Subtitle D--Provisions Relating to Plan Amendments
SEC. 1541. PROVISIONS RELATING TO PLAN AMENDMENTS.
TITLE XVI--TECHNICAL AMENDMENTS RELATED TO SMALL BUSINESS JOB PROTECTION ACT OF 1996 AND OTHER LEGISLATION
SEC. 1600. COORDINATION WITH OTHER TITLES.
SEC. 1601. AMENDMENTS RELATED TO SMALL BUSINESS JOB PROTECTION ACT OF 1996.
`SEC. 30A. PUERTO RICO ECONOMIC ACTIVITY CREDIT.'.
SEC. 1602. AMENDMENTS RELATED TO HEALTH INSURANCE PORTABILITY AND ACCOUNTABILITY ACT OF 1996.
SEC. 1603. AMENDMENTS RELATED TO TAXPAYER BILL OF RIGHTS 2.
SEC. 1604. MISCELLANEOUS PROVISIONS.
TITLE XVII--IDENTIFICATION OF LIMITED TAX BENEFITS SUBJECT TO LINE ITEM VETO
SEC. 1701. IDENTIFICATION OF LIMITED TAX BENEFITS SUBJECT TO LINE ITEM VETO.
JOINT EXPLANATORY STATEMENT OF THE COMMITTEE OF CONFERENCE
I. CHILD AND DEPENDENT CARE TAX CREDIT; HEALTH CARE FOR CHILDREN
A. CHILD TAX CREDIT (SEC. 101 (A), (C), AND (D) OF THE HOUSE BILL AND SEC. 101 OF THE SENATE AMENDMENT)
B. EXPAND DEFINITION OF HIGH-RISK INDIVIDUALS WITH RESPECT TO TAX-EXEMPT STATE-SPONSORED ORGANIZATIONS PROVIDING HEALTH COVERAGE...
C. INDEXING OF THE DEPENDENT CARE CREDIT; PHASE OUT FOR HIGH-INCOME TAXPAYERS (SEC. 102 OF THE HOUSE BILL)
D. TAX CREDIT FOR EMPLOYER EXPENSES FOR CHILD CARE FACILITIES (SEC. 103 OF THE SENATE AMENDMENT)
E. EXPANSION OF COORDINATED ENFORCEMENT EFFORTS BETWEEN THE INTERNAL REVENUE SERVICE AND THE HEALTH AND HUMAN SERVICES OFFICE...
F. PENALTY-FREE WITHDRAWALS FROM IRAS FOR ADOPTION EXPENSES (SEC. 105 OF THE SENATE AMENDMENT)
II. EDUCATION TAX INCENTIVES
A. TAX BENEFITS RELATING TO EDUCATION EXPENSES
B. OTHER EDUCATION-RELATED TAX PROVISIONS
III. SAVINGS AND INVESTMENT TAX INCENTIVES
A. INDIVIDUAL RETIREMENT ARRANGEMENTS
B. CAPITAL GAINS PROVISIONS
IV. ALTERNATIVE MINIMUM TAX PROVISIONS
A. INCREASE EXEMPTION AMOUNT APPLICABLE TO INDIVIDUAL ALTERNATIVE MINIMUM TAX (SEC. 401 OF THE HOUSE BILL AND SEC. 102 OF...
B. REPEAL ALTERNATIVE MINIMUM TAX FOR SMALL BUSINESSES AND REPEAL THE DEPRECIATION ADJUSTMENT (SECS. 402 AND 403 OF THE...
C. REPEAL AMT INSTALLMENT METHOD ADJUSTMENT FOR FARMERS (SEC. 404 OF THE HOUSE BILL AND SEC. 732 OF THE SENATE AMENDMENT)
V. ESTATE, GIFT, AND GENERATION-SKIPPING TAX PROVISIONS
A. ESTATE AND GIFT TAX PROVISIONS
B. GENERATION-SKIPPING TAX PROVISIONS
VI. EXTENSION OF CERTAIN EXPIRING TAX PROVISIONS
A. RESEARCH TAX CREDIT (SEC. 601 OF THE HOUSE BILL AND SEC. 501 OF THE SENATE AMENDMENT)
B. CONTRIBUTIONS OF STOCK TO PRIVATE FOUNDATIONS (SEC. 602 OF THE HOUSE BILL AND SEC. 502 OF THE SENATE AMENDMENT)
C. WORK OPPORTUNITY TAX CREDIT (SEC. 603 OF THE HOUSE BILL AND SEC. 503 OF THE SENATE AMENDMENT)
D. ORPHAN DRUG TAX CREDIT (SEC. 604 OF THE HOUSE BILL AND SEC. 504 OF THE SENATE AMENDMENT)
VII. DISTRICT OF COLUMBIA TAX INCENTIVES
(SECS. 701-702 OF THE HOUSE BILL AND SEC. 601 OF THE SENATE AMENDMENT)
VIII. WELFARE-TO-WORK TAX CREDIT
(SEC. 801 OF THE HOUSE BILL)
IX. MISCELLANEOUS PROVISIONS
A. EXCISE TAX PROVISIONS
B. DISASTER RELIEF PROVISIONS
C. PROVISIONS RELATING TO EMPLOYMENT TAXES
D. PROVISIONS RELATING TO SMALL BUSINESS
E. OTHER PROVISIONS
2. TREATMENT OF WORKMEN'S COMPENSATION LIABILITY UNDER RULES FOR CERTAIN PERSONAL INJURY LIABILITY ASSIGNMENTS (SEC. 952...
7. DEFERRAL OF GAIN ON CERTAIN SALES OF FARM PRODUCT REFINERS AND PROCESSORS (SEC. 958 OF THE HOUSE BILL)
X. REVENUE-INCREASE PROVISIONS
A. FINANCIAL PRODUCTS
B. CORPORATE ORGANIZATIONS AND REORGANIZATIONS
C. OTHER CORPORATE PROVISIONS
D. ADMINISTRATIVE PROVISIONS
A. CONTINUOUS LEVY
B. MODIFICATIONS OF LEVY EXEMPTIONS
E. EXCISE TAX PROVISIONS
H. PENSION AND EMPLOYEE BENEFIT PROVISIONS
I. OTHER REVENUE-INCREASE PROVISIONS
SENATE AMENDMENT
PRESENT LAW
SENATE AMENDMENT
XI. FOREIGN TAX PROVISIONS
A. GENERAL PROVISIONS
B. GENERAL PROVISIONS AFFECTING TREATMENT OF CONTROLLED FOREIGN CORPORATIONS (SECS. 1111-1113 OF THE HOUSE BILL AND SECS....
C. MODIFICATION OF PASSIVE FOREIGN INVESTMENT COMPANY PROVISIONS TO ELIMINATE OVERLAP WITH SUBPART F, TO ALLOW MARK-TO-MARKET...
D. SIMPLIFY FORMATION AND OPERATION OF INTERNATIONAL JOINT VENTURES (SECS. 1131, 1141-1145, AND 1151 OF THE HOUSE BILL AND...
E. MODIFICATION OF REPORTING THRESHOLD FOR STOCK OWNERSHIP OF A FOREIGN CORPORATION (SEC. 1146 OF THE HOUSE BILL AND SEC....
F. OTHER FOREIGN SIMPLIFICATION PROVISIONS
G. OTHER FOREIGN PROVISIONS
5. TREAT SERVICE INCOME OF NONRESIDENT ALIEN INDIVIDUALS EARNED ON FOREIGN SHIPS AS FOREIGN SOURCE INCOME AND DISREGARD...
XII. SIMPLIFICATION PROVISIONS RELATING TO INDIVIDUALS AND BUSINESSES
A. PROVISIONS RELATING TO INDIVIDUALS
1. MODIFICATIONS TO STANDARD DEDUCTION OF DEPENDENTS; AMT TREATMENT OF CERTAIN MINOR CHILDREN (SEC. 1201 OF THE HOUSE BILL...
CONFERENCE AGREEMENT
B. PROVISIONS RELATING TO BUSINESSES GENERALLY
C. PARTNERSHIP SIMPLIFICATION PROVISIONS
HOUSE BILL
D. MODIFICATIONS OF RULES FOR REAL ESTATE INVESTMENT TRUSTS (SECS. 1251-1263 OF THE HOUSE BILL AND SECS. 1051-1063 OF THE...
F. TAXPAYER PROTECTIONS
6. PROHIBITION ON BROWSING (SECS. 1286 AND 1287 OF THE HOUSE BILL AND SECS. 1085 AND 1086 OF THE SENATE AMENDMENT)
XIII. ESTATE, GIFT, AND TRUST SIMPLIFICATION PROVISIONS
5. AMEND `5 OR 5 POWER' (SEC. 1305 OF THE HOUSE BILL)
XIV. EXCISE TAX AND OTHER SIMPLIFICATION PROVISIONS
A. EXCISE TAX SIMPLIFICATION PROVISIONS
B. TAX-EXEMPT BOND PROVISIONS
C. TAX COURT PROCEDURES
1. OVERPAYMENT DETERMINATIONS OF TAX COURT (SEC. 1451 OF THE HOUSE BILL AND SEC. 1251 OF THE SENATE AMENDMENT)
D. OTHER PROVISIONS
XV. PENSION AND EMPLOYEE BENEFIT PROVISIONS
A. MISCELLANEOUS PROVISIONS RELATING TO PENSIONS AND OTHER BENEFITS
B. PENSION SIMPLIFICATION PROVISIONS
XVI. SENSE OF THE SENATE RESOLUTIONS
B. SENSE OF THE SENATE REGARDING TAX TREATMENT OF STOCK OPTIONS (SEC. 781 OF THE SENATE AMENDMENT)
C. SENSE OF THE SENATE RESOLUTION REGARDING ESTATE TAXES (SEC. 782 OF THE SENATE AMENDMENT)
D. SENSE OF THE SENATE REGARDING WHO SHOULD BENEFIT FROM TAX CUTS (SEC. 791 OF THE SENATE AMENDMENT)
E. SENSE OF THE SENATE REGARDING SELF-EMPLOYMENT TAXES OF LIMITED PARTNERS (SEC. 734 OF THE SENATE AMENDMENT)
XVII. TECHNICAL CORRECTIONS PROVISIONS
XVIII. OTHER TAX PROVISION
A. ESTIMATED TAX REQUIREMENTS OF INDIVIDUALS (SEC. 311(D) OF THE HOUSE BILL)
XIX. TRADE PROVISIONS
A. EXTENSION OF DUTY-FREE TREATMENT UNDER THE GENERALIZED SYSTEM OF PREFERENCES (SEC. 971 OF THE HOUSE BILL)
B. TEMPORARY SUSPENSION OF VESSEL REPAIR DUTY (SEC. 972 OF THE HOUSE BILL)
C. UNITED STATES-CARIBBEAN BASIN TRADE PARTNERSHIP ACT (SECS. 981-988 OF THE HOUSE BILL)
XX. LIMITED TAX BENEFITS SUBJECT TO THE LINE ITEM VETO ACT
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