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Table of Contents
Beginning
SECTION 1. AMENDMENT OF 1986 CODE; TABLE OF CONTENTS.
TITLE I--EXTENSION AND MODIFICATION OF CERTAIN EXPIRING PROVISIONS
Subtitle A--Tax Provisions
SEC. 101. RESEARCH CREDIT.
SEC. 102. WORK OPPORTUNITY CREDIT.
SEC. 103. INCOME AVERAGING FOR FARMERS MADE PERMANENT.
SEC. 104. CONTRIBUTIONS OF STOCK TO PRIVATE FOUNDATIONS; EXPANDED PUBLIC INSPECTION OF PRIVATE FOUNDATIONS' ANNUAL RETURNS.
SEC. 105. SUBPART F EXEMPTION FOR ACTIVE FINANCING INCOME.
SEC. 106. DISCLOSURE OF RETURN INFORMATION ON INCOME CONTINGENT STUDENT LOANS.
Subtitle B--Generalized System of Preferences
SEC. 111. EXTENSION OF GENERALIZED SYSTEM OF PREFERENCES.
TITLE II--OTHER PROVISIONS
SEC. 201. DEPRECIATION STUDY.
SEC. 202. PRODUCTION FLEXIBILITY CONTRACT PAYMENTS.
SEC. 203. 100 PERCENT DEDUCTION FOR HEALTH INSURANCE COSTS OF SELF-EMPLOYED INDIVIDUALS.
SEC. 204. INCREASE IN VOLUME CAP ON PRIVATE ACTIVITY BONDS.
SEC. 205. MODIFICATION OF ESTIMATED TAX SAFE HARBORS.
SEC. 206. EXEMPTION FOR STUDENTS EMPLOYED BY STATE SCHOOLS, COLLEGES, OR UNIVERSITIES.
TITLE III--REVENUE OFFSETS
SEC. 301. TREATMENT OF CERTAIN DEDUCTIBLE LIQUIDATING DISTRIBUTIONS OF REGULATED INVESTMENT COMPANIES AND REAL ESTATE INVESTMENT...SEC. 302. INCLUSION OF ROTAVIRUS GASTROENTERITIS AS A TAXABLE VACCINE.
SEC. 303. CLARIFICATION AND EXPANSION OF MATHEMATICAL ERROR ASSESSMENT PROCEDURES.
SEC. 304. CLARIFICATION OF DEFINITION OF SPECIFIED LIABILITY LOSS.
TITLE IV--TECHNICAL CORRECTIONS
SEC. 401. DEFINITIONS; COORDINATION WITH OTHER TITLES.
SEC. 402. AMENDMENTS RELATED TO INTERNAL REVENUE SERVICE RESTRUCTURING AND REFORM ACT OF 1998.
SEC. 403. AMENDMENTS RELATED TO TAXPAYER RELIEF ACT OF 1997.
SEC. 404. AMENDMENTS RELATED TO TAX REFORM ACT OF 1984.
SEC. 405. OTHER AMENDMENTS.
I. SUMMARY AND BACKGROUND
A. PURPOSE AND SUMMARY
PURPOSE
SUMMARY OF THE BILL
B. BACKGROUND AND NEED FOR LEGISLATION
C. LEGISLATIVE HISTORY
II. EXPLANATION OF THE BILL
TITLE I. EXTENSION OF EXPIRING PROVISIONS
SUBTITLE A--TAX PROVISIONS
A. EXTENSION OF RESEARCH TAX CREDIT (SEC. 101 OF THE BILL AND SEC. 41 OF THE CODE)
PRESENT LAW
REASONS FOR CHANGE
EXPLANATION OF PROVISION
EFFECTIVE DATE
B. EXTENSION OF THE WORK OPPORTUNITY TAX CREDIT (SEC. 102 OF THE BILL AND SEC. 51 OF THE CODE)
PRESENT LAW
REASONS FOR CHANGE
EXPLANATION OF PROVISION
EFFECTIVE DATE
C. PERMANENT EXTENSION OF INCOME AVERAGING FOR FARMERS (SEC. 103 OF THE BILL AND SEC. 1301 OF THE CODE)
PRESENT LAW
REASONS FOR CHANGE
EXPLANATION OF PROVISION
EFFECTIVE DATE
D. EXTEND THE DEDUCTION PROVIDED FOR CONTRIBUTIONS OF APPRECIATED STOCK TO PRIVATE FOUNDATIONS; PUBLIC INSPECTION OF PRIVATE...PRESENT LAW
REASONS FOR CHANGE
EXPLANATION OF PROVISION
EFFECTIVE DATE
2. PUBLIC INSPECTION OF PRIVATE FOUNDATION ANNUAL RETURNS (SEC. 104(B) OF THE BILL AND SECS. 6033, 6104, 6652, 6685, 7207...PRESENT LAW
REASONS FOR CHANGE
EXPLANATION OF PROVISION
EFFECTIVE DATE
E. EXCEPTIONS UNDER SUBPART F FOR CERTAIN ACTIVE FINANCING INCOME (SEC. 105 OF THE BILL AND SECS. 953 AND 954 OF THE CODE)
PRESENT LAW
REASONS FOR CHANGE
EXPLANATION OF PROVISION
EFFECTIVE DATE
F. DISCLOSURE OF RETURN INFORMATION TO DEPARTMENT OF EDUCATION IN CONNECTION WITH INCOME CONTINGENT LOANS (SEC. 106 OF THE...PRESENT LAW
REASONS FOR CHANGE
EXPLANATION OF PROVISION
EFFECTIVE DATE
SUBTITLE B--GENERALIZED SYSTEM OF PREFERENCES
A. EXTENSION OF THE GENERALIZED SYSTEM OF PREFERENCES (SEC. 111 OF THE BILL AND SEC. 505 OF THE TRADE ACT OF 1974)
PRESENT LAW
REASONS FOR CHANGE
EXPLANATION OF PROVISION
EFFECTIVE DATE
II. OTHER PROVISIONS
A. COMPREHENSIVE STUDY OF RECOVERY PERIODS AND DEPRECIATION METHODS UNDER SECTION 168 (SEC. 201 OF THE BILL)
PRESENT LAW
REASONS FOR CHANGE
EXPLANATION OF PROVISION
EFFECTIVE DATE
B. FARM PRODUCTION FLEXIBILITY CONTRACT PAYMENTS (SEC. 202 OF THE BILL)
PRESENT LAW
REASONS FOR CHANGE
EXPLANATION OF PROVISION
EFFECTIVE DATE
C. INCREASE DEDUCTION FOR HEALTH INSURANCE EXPENSES OF SELF-EMPLOYED INDIVIDUALS (SEC. 203 OF THE BILL AND SEC. 162(L)...PRESENT LAW
REASONS FOR CHANGE
EXPLANATION OF PROVISION
EFFECTIVE DATE
D. INCREASE STATE VOLUME LIMITS ON PRIVATE ACTIVITY TAX-EXEMPT BONDS (SEC. 204 OF THE BILL AND SEC. 146 OF THE CODE)
PRESENT LAW
REASON FOR CHANGE
EXPLANATION OF PROVISION
EFFECTIVE DATE
E. MODIFICATION OF INDIVIDUAL ESTIMATED TAX SAFE HARBORS (SEC. 205 OF THE BILL AND SEC. 6654 OF THE CODE)
PRESENT LAW
REASONS FOR CHANGE
EXPLANATION OF PROVISION
EFFECTIVE DATE
F. STATE ELECTION TO EXEMPT STUDENT EMPLOYEES FROM SOCIAL SECURITY (SEC. 206 OF THE BILL)
PRESENT LAW
REASONS FOR CHANGE
EXPLANATION OF PROVISION
EFFECTIVE DATE
TITLE III. REVENUE OFFSET PROVISIONS
A. TREATMENT OF CERTAIN DEDUCTIBLE LIQUIDATING DISTRIBUTIONS OF REGULATED INVESTMENT COMPANIES AND REAL ESTATE INVESTMENT...PRESENT LAW
REASONS FOR CHANGE
EXPLANATION OF PROVISION
EFFECTIVE DATE
B. ADD VACCINES AGAINST ROTAVIRUS GASTROENTERITIS TO THE LIST OF TAXABLE VACCINES (SEC. 302 OF THE BILL AND SEC. 4132 OF...PRESENT LAW
REASONS FOR CHANGE
EXPLANATION OF PROVISION
EFFECTIVE DATE
C. CLARIFY AND EXPAND MATHEMATICAL ERROR PROCEDURES (SEC. 303 OF THE BILL AND SEC. 6213(G)(2) OF THE CODE)
PRESENT LAW
REASONS FOR CHANGE
EXPLANATION OF PROVISION
EFFECTIVE DATE
D. RESTRICT 10-YEAR NET OPERATING LOSS CARRYBACK RULES FOR SPECIFIED LIABILITY LOSSES (SEC. 304 OF THE BILL AND SEC. 172(F)...PRESENT LAW
REASONS FOR CHANGE
EXPLANATION OF PROVISION
EFFECTIVE DATE
TITLE IV. TAX TECHNICAL CORRECTIONS
A. TECHNICAL CORRECTIONS TO THE 1998 ACT
PRESENT LAW
EXPLANATION OF PROVISION
PRESENT LAW
EXPLANATION OF PROVISION
PRESENT LAW
EXPLANATION OF PROVISION
PRESENT LAW
EXPLANATION OF PROVISION
B. TECHNICAL CORRECTIONS TO THE 1997 ACT
PRESENT LAW
EXPLANATION OF PROVISION
PRESENT LAW
EXPLANATION OF PROVISION
EFFECTIVE DATE
PRESENT LAW
EXPLANATION OF PROVISION
PRESENT LAW
EXPLANATION OF PROVISION
PRESENT LAW
EXPLANATION OF PROVISION
PRESENT LAW
EXPLANATION OF PROVISION
PRESENT LAW
EXPLANATION OF PROVISION
PRESENT LAW
EXPLANATION OF PROVISION
PRESENT LAW
EXPLANATION OF PROVISION
PRESENT LAW
EXPLANATION OF PROVISION
C. TECHNICAL CORRECTIONS TO THE 1984 ACT
PRESENT LAW
EXPLANATION OF PROVISION
EFFECTIVE DATES
D. DISCLOSURE OF TAX RETURN INFORMATION TO THE DEPARTMENT OF AGRICULTURE (SEC. 405(A) OF THE BILL AND SEC. 6103(J) OF...PRESENT LAW
EXPLANATION OF PROVISION
EFFECTIVE DATE
E. TECHNICAL CORRECTIONS TO THE TRANSPORTATION EQUITY ACT FOR THE 21ST CENTURY (SEC. 405(B) OF THE BILL, SEC. 9004 OF THE...PRESENT LAW
EXPLANATION OF PROVISION
III. VOTE OF THE COMMITTEE
IV. BUDGET EFFECTS OF THE BILL
A. COMMITTEE ESTIMATES
B. BUDGET AUTHORITY AND TAX EXPENDITURES
C. COST ESTIMATE PREPARED BY THE CONGRESSIONAL BUDGET OFFICE
V. OTHER MATTERS TO BE DISCUSSED UNDER THE RULES OF THE HOUSE
A. COMMITTEE OVERSIGHT FINDINGS AND RECOMMENDATIONS
B. SUMMARY OF FINDINGS AND RECOMMENDATIONS OF THE COMMITTEE ON GOVERNMENT REFORM AND OVERSIGHT
C. CONSTITUTIONAL AUTHORITY STATEMENT
D. INFORMATION RELATING TO UNFUNDED MANDATES
E. APPLICABILITY OF HOUSE RULE XXI 5(C)
VI. CHANGES IN EXISTING LAW MADE BY THE BILL, AS REPORTED
INTERNAL REVENUE CODE OF 1986
Subtitle A--Income Taxes
CHAPTER 1--NORMAL TAXES AND SURTAXES
Subchapter A--Determination of Tax Liability
PART I--TAX ON INDIVIDUALS
SEC. 1. TAX IMPOSED.
PART IV--CREDITS AGAINST TAX
SUBPART D--BUSINESS RELATED CREDITS
SEC. 41. CREDIT FOR INCREASING RESEARCH ACTIVITIES.
SEC. 45C. CLINICAL TESTING EXPENSES FOR CERTAIN DRUGS FOR RARE DISEASES OR CONDITIONS.
SUBPART F--RULES FOR COMPUTING WORK OPPORTUNITY CREDIT
SEC. 51. AMOUNT OF CREDIT.
PART VI--MINIMUM TAX FOR TAX PREFERENCES
SEC. 56. ADJUSTMENTS IN COMPUTING ALTERNATIVE MINIMUM TAXABLE INCOME.
Subchapter B--Computation of taxable income
PART I--DEFINITION OF GROSS INCOME, ADJUSTED GROSS INCOME, TAXABLE INCOME, ETC.
SEC. 67. 2-PERCENT FLOOR ON MISCELLANEOUS ITEMIZED DEDUCTIONS.
SEC. 68. OVERALL LIMITATION ON ITEMIZED DEDUCTIONS.
SEC. 86. SOCIAL SECURITY AND TIER 1 RAILROAD RETIREMENT BENEFITS.
SEC. 135. INCOME FROM UNITED STATES SAVINGS BONDS USED TO PAY HIGHER.
SEC. 137. ADOPTION ASSISTANCE PROGRAMS.
PART IV--TAX EXEMPTION REQUIREMENTS FOR STATE AND LOCAL BONDS
SUBPART A--PRIVATE ACTIVITY BONDS
SEC. 146. VOLUME CAP.
PART VI--ITEMIZED DEDUCTIONS FOR INDIVIDUALS AND CORPORATIONS
SEC. 162. TRADE OR BUSINESS EXPENSES.
SEC. 163. INTEREST.
SEC. 170. CHARITABLE, ETC., CONTRIBUTIONS AND GIFTS.
SEC. 172. NET OPERATING LOSS DEDUCTION.
PART IX--ITEMS NOT DEDUCTIBLE
SEC. 219. RETIREMENT SAVINGS.
SEC. 221. INTEREST ON EDUCATION LOANS.
SEC. 264. CERTAIN AMOUNTS PAID IN CONNECTION WITH INSURANCE CONTRACTS.
Subchapter C--Corporate Distributions and Adjustments
PART II--CORPORATE LIQUIDATIONS
SUBPART A--EFFECTS ON RECIPIENTS
SEC. 332. COMPLETE LIQUIDATIONS OF SUBSIDIARIES.
SEC. 334. BASIS OF PROPERTY RECEIVED IN LIQUIDATIONS.
PART III--CORPORATE ORGANIZATIONS AND REORGANIZATIONS
SUBPART A--CORPORATE ORGANIZATIONS
SEC. 351. TRANSFER TO CORPORATION CONTROLLED BY TRANSFEROR.
SUBPART D--SPECIAL RULE; DEFINITIONS
SEC. 368. DEFINITIONS RELATING TO CORPORATE REORGANIZATIONS.
Subchapter D--Deferred Compensation, Etc.
PART I--PENSION, PROFIT-SHARING, STOCK BONUS PLANS, ETC.
SUBPART A--GENERAL RULE
SEC. 408A. ROTH IRA'S.
Subchapter E--Accounting periods and methods of accounting
PART II--METHODS OF ACCOUNTING
SUBPART C--TAXABLE YEAR FOR WHICH DEDUCTIONS TAKEN
SEC. 469. PASSIVE ACTIVITY LOSSES AND CREDITS LIMITED.
Subchapter M--Regulated Investment Companies and Real Estate Investment Trusts
PART II--REAL ESTATE INVESTMENT TRUSTS
SEC. 873. DEDUCTIONS-
Subchapter N--Tax Bases on Income From Sources Within or Without the United States
PART III--INCOME FROM SOURCES WITHOUT THE UNITED STATES
SUBPART F--CONTROLLED OF FOREIGN CORPORATIONS
SEC. 953. INSURANCE INCOME.
SEC. 954. FOREIGN BASE COMPANY INCOME.
Subtitle B--Estate and Gift Taxes
CHAPTER 11--ESTATE TAX
Subchapter A--Estates of Citizens or Residents
PART I--TAX IMPOSED
SEC. 2001. IMPOSITION AND RATE OF TAX.
PART III--GROSS ESTATE
SEC. 2031. DEFINITION OF GROSS ESTATE.
Subtitle F--Procedure and Administration
CHAPTER 61--INFORMATION AND RETURNS
Subchapter A--Returns and Records
PART II--TAX RETURNS OR STATEMENTS
SUBPART B--INCOME TAX RETURNS
SEC. 6015. RELIEF FROM JOINT AND SEVERAL LIABILITY ON JOINT RETURN.
PART III--INFORMATION RETURNS
SUBPART A--GENERAL REQUIREMENT
SEC. 6033. RETURNS BY EXEMPT ORGANIZATIONS.
Subchapter B--Extensions of Time For Payment
SEC. 6103. CONFIDENTIALITY AND DISCLOSURE OF RETURNS AND RETURN INFORMATION.
SEC. 6104. PUBLICITY OF INFORMATION REQUIRED FROM CERTAIN EXEMPT ORGANIZATIONS AND CERTAIN TRUSTS.
SEC. 6159. AGREEMENTS FOR PAYMENT OF TAX LIABILITY IN INSTALLMENTS.
CHAPTER 64--COLLECTION
Subchapter B--Receipt of Payment
SEC. 6311. PAYMENT OF TAX BY COMMERCIALLY ACCEPTABLE MEANS.
CHAPTER 65--ABATEMENTS, CREDITS, AND REFUNDS
Subchapter A--Procedure in General
SEC. 6404. ABATEMENTS.
CHAPTER 68--ADDITIONS TO THE TAX, ADDITIONAL AMOUNTS, AND ASSESSABLE PENALTIES
Subchapter A--Additions to the Tax and Additional Amounts
PART I--GENERAL PROVISIONS
SEC. 6652. FAILURE TO FILE CERTAIN INFORMATION RETURNS, REGISTRATION STATEMENTS, ETC.
SEC. 6654. FAILURE BY INDIVIDUAL TO PAY ESTIMATED INCOME TAX.
Subchapter B--Assessable Penalties
PART I--GENERAL PROVISIONS
SEC. 6685. ASSESSABLE PENALTY WITH RESPECT TO PUBLIC INSPECTION REQUIREMENTS FOR CERTAIN TAX-EXEMPT ORGANIZATIONS.
SEC. 6693. FAILURE TO PROVIDE REPORTS ON CERTAIN TAX-FAVORED ACCOUNTS OR ANNUITIES; PENALTIES RELATING TO DESIGNATED NONDEDUCTIBLE...CHAPTER 75--CRIMES, OTHER OFFENSES, AND FORFEITURES
Subchapter A--Crimes
PART I--GENERAL PROVISIONS
SEC. 7207. FRAUDULENT RETURNS, STATEMENTS, OR OTHER DOCUMENTS.
CHAPTER 76--JUDICIAL PROCEEDINGS
Subchapter B--Proceedings by Taxpayers and Third Parties
SEC. 7421. PROHIBITION OF SUITS TO RESTRAIN ASSESSMENT OR COLLECTION.
Subchapter E--Burden of Proof
SEC. 7491. BURDEN OF PROOF.
Subtitle I--Trust Fund Code
CHAPTER 98--TRUST FUND CODE
Subchapter A--Establishment of Trust Fund
SEC. 9503. HIGHWAY TRUST FUND.
SEC. 9510. VACCINE INJURY COMPENSATION TRUST FUND.
TAXPAYER RELIEF ACT OF 1997
TITLE IX--MISCELLANEOUS PROVISIONS
Subtitle B--Revisions Relating to Disasters
SEC. 915. ABATEMENT OF INTEREST ON UNDERPAYMENTS BY TAXPAYERS IN PRESIDENTIALLY DECLARED DISASTER AREAS.
Subtitle D--Provisions Relating to Small Businesses
SEC. 933. AVERAGING OF FARM INCOME OVER 3 YEARS.
SECTION 505 OF THE TRADE ACT OF 1974
SEC. 505. DATE OF TERMINATION.
INTERNAL REVENUE SERVICE RESTRUCTURING AND REFORM ACT OF 1998
TITLE III--TAXPAYER PROTECTION AND RIGHTS
Subtitle D--Provisions Relating to Interest and Penalties
SEC. 3301. ELIMINATION OF INTEREST RATE DIFFERENTIAL ON OVERLAPPING PERIODS OF INTEREST ON TAX OVERPAYMENTS AND UNDERPAYMENTS.
Subtitle E--Protections for Taxpayers Subject to Audit or Collection Activities
PART I--DUE PROCESS
SEC. 3401. DUE PROCESS IN INTERNAL REVENUE SERVICE COLLECTION ACTIONS.
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