Internal Revenue Code:Sec. 1. Tax imposed
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Location in Internal Revenue Code
TITLE 26 - INTERNAL REVENUE CODE
Subtitle A - Income Taxes
CHAPTER 1 - NORMAL TAXES AND SURTAXES
Subchapter A - Determination of Tax Liability
PART I - TAX ON INDIVIDUALS
Statute
Sec. 1. Tax imposed
(a) Married individuals filing joint returns and surviving spouses
There is hereby imposed on the taxable income of -
(1) every married individual (as defined in section 7703) who
makes a single return jointly with his spouse under section 6013,
and
(2) every surviving spouse (as defined in section 2(a)),
a tax determined in accordance with the following table:
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If taxable income is: The tax is:
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Not over $36,900 15% of taxable income.
Over $36,900 but not over $89,150 $5,535, plus 28% of the excess
over $36,900.
Over $89,150 but not over $20,165, plus 31% of the excess
$140,000 over $89,150.
Over $140,000 but not over $35,928.50, plus 36% of the
$250,000 excess over $140,000.
Over $250,000 $75,528.50, plus 39.6% of the
excess over $250,000.
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(b) Heads of households
There is hereby imposed on the taxable income of every head of a
household (as defined in section 2(b)) a tax determined in
accordance with the following table:
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If taxable income is: The tax is:
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Not over $29,600 15% of taxable income.
Over $29,600 but not over $76,400 $4,440, plus 28% of the excess
over $29,600.
Over $76,400 but not over $17,544, plus 31% of the excess
$127,500 over $76,400.
Over $127,500 but not over $33,385, plus 36% of the excess
$250,000 over $127,500.
Over $250,000 $77,485, plus 39.6% of the excess
over $250,000.
-------------------------------
(c) Unmarried individuals (other than surviving spouses and heads
of households)
There is hereby imposed on the taxable income of every individual
(other than a surviving spouse as defined in section 2(a) or the
head of a household as defined in section 2(b)) who is not a
married individual (as defined in section 7703) a tax determined in
accordance with the following table:
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If taxable income is: The tax is:
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Not over $22,100 15% of taxable income.
Over $22,100 but not over $53,500 $3,315, plus 28% of the excess
over $22,100.
Over $53,500 but not over $12,107, plus 31% of the excess
$115,000 over $53,500.
Over $115,000 but not over $31,172, plus 36% of the excess
$250,000 over $115,000.
Over $250,000 $79,772, plus 39.6% of the excess
over $250,000.
-------------------------------
(d) Married individuals filing separate returns
There is hereby imposed on the taxable income of every married
individual (as defined in section 7703) who does not make a single
return jointly with his spouse under section 6013, a tax determined
in accordance with the following table:
---------------------------------------------------------------------
If taxable income is: The tax is:
---------------------------------------------------------------------
Not over $18,450 15% of taxable income.
Over $18,450 but not over $44,575 $2,767.50, plus 28% of the excess
over $18,450.
Over $44,575 but not over $70,000 $10,082.50, plus 31% of the
excess over $44,575.
Over $70,000 but not over $17,964.25, plus 36% of the
$125,000 excess over $70,000.
Over $125,000 $37,764.25, plus 39.6% of the
excess over $125,000.
-------------------------------
(e) Estates and trusts
There is hereby imposed on the taxable income of -
(1) every estate, and
(2) every trust,
taxable under this subsection a tax determined in accordance with
the following table:
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If taxable income is: The tax is:
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Not over $1,500 15% of taxable income.
Over $1,500 but not over $3,500 $225, plus 28% of the excess over
$1,500.
Over $3,500 but not over $5,500 $785, plus 31% of the excess over
$3,500.
Over $5,500 but not over $7,500 $1,405, plus 36% of the excess
over $5,500.
Over $7,500 $2,125, plus 39.6% of the excess
over $7,500.
-------------------------------
(f) Adjustments in tax tables so that inflation will not result in
tax increases
(1) In general
Not later than December 15 of 1993, and each subsequent
calendar year, the Secretary shall prescribe tables which shall
apply in lieu of the tables contained in subsections (a), (b),
(c), (d), and (e) with respect to taxable years beginning in the
succeeding calendar year.
(2) Method of prescribing tables
The table which under paragraph (1) is to apply in lieu of the
table contained in subsection (a), (b), (c), (d), or (e), as the
case may be, with respect to taxable years beginning in any
calendar year shall be prescribed -
(A) by increasing the minimum and maximum dollar amounts for
each rate bracket for which a tax is imposed under such table
by the cost-of-living adjustment for such calendar year,
(B) by not changing the rate applicable to any rate bracket
as adjusted under subparagraph (A), and
(C) by adjusting the amounts setting forth the tax to the
extent necessary to reflect the adjustments in the rate
brackets.
(3) Cost-of-living adjustment
For purposes of paragraph (2), the cost-of-living adjustment
for any calendar year is the percentage (if any) by which -
(A) the CPI for the preceding calendar year, exceeds
(B) the CPI for the calendar year 1992.
(4) CPI for any calendar year
For purposes of paragraph (3), the CPI for any calendar year is
the average of the Consumer Price Index as of the close of the
12-month period ending on August 31 of such calendar year.
(5) Consumer Price Index
For purposes of paragraph (4), the term ''Consumer Price
Index'' means the last Consumer Price Index for all-urban
consumers published by the Department of Labor. For purposes of
the preceding sentence, the revision of the Consumer Price Index
which is most consistent with the Consumer Price Index for
calendar year 1986 shall be used.
(6) Rounding
(A) In general
If any increase determined under paragraph (2)(A), section
63(c)(4), section 68(b)(2) or section 151(d)(4) is not a
multiple of $50, such increase shall be rounded to the next
lowest multiple of $50.
(B) Table for married individuals filing separately
In the case of a married individual filing a separate return,
subparagraph (A) (other than with respect to subsection (c)(4)
of section 63 (as it applies to subsections (c)(5)(A) and (f)
of such section) and section 151(d)(4)(A)) shall be applied by
substituting ''$25'' for ''$50'' each place it appears.
(7) Special rule for certain brackets
(A) Calendar year 1994
In prescribing the tables under paragraph (1) which apply
with respect to taxable years beginning in calendar year 1994,
the Secretary shall make no adjustment to the dollar amounts at
which the 36 percent rate bracket begins or at which the 39.6
percent rate begins under any table contained in subsection
(a), (b), (c), (d), or (e).
(B) Later calendar years
In prescribing tables under paragraph (1) which apply with
respect to taxable years beginning in a calendar year after
1994, the cost-of-living adjustment used in making adjustments
to the dollar amounts referred to in subparagraph (A) shall be
determined under paragraph (3) by substituting ''1993'' for ''1992''.
(8) Elimination of marriage penalty in 15-percent bracket.--
With respect to taxable years beginning after December 31, 2003,
in prescribing the tables under paragraph (1)--
(A) the maximum taxable income in the 15-percent
rate bracket in the table contained in subsection (a)
(and the minimum taxable income in the next higher
taxable income bracket in such table) shall be 200
percent of the maximum taxable income in the 15-percent
rate bracket in the table contained in subsection (c)
(after any other adjustment under this subsection), and
(B) the comparable taxable income amounts in the
table contained in subsection (d) shall be \1/2\ of the
amounts determined under subparagraph (A).
(g) Certain unearned income of children taxed as if parent's
income
(1) In general
In the case of any child to whom this subsection applies, the
tax imposed by this section shall be equal to the greater of -
(A) the tax imposed by this section without regard to this
subsection, or
(B) the sum of -
(i) the tax which would be imposed by this section if the
taxable income of such child for the taxable year were
reduced by the net unearned income of such child, plus
(ii) such child's share of the allocable parental tax.
(2) Child to whom subsection applies
This subsection shall apply to any child for any taxable year
if -
(A) such child--
(i) has not attained age 18 before the close
of the taxable year, or
(ii)
(I) has attained age 18 before the close
of the taxable year and meets the age requirements
of section 152(c)(3) (determined without regard to
subparagraph (B) thereof), and
(II) whose earned income (as defined in
section 911(d)(2)) for such taxable year does not
exceed one-half of the amount of the individual's
support (within the meaning of section
152(c)(1)(D) after the application of section
152(f)(5) (without regard to subparagraph (A)
thereof)) for such taxable year,
(B) either parent of such child is alive at the close of the
taxable year, and
(C) such child does not file a joint return for the taxable year.
(3) Allocable parental tax
For purposes of this subsection -
(A) In general
The term ''allocable parental tax'' means the excess of -
(i) the tax which would be imposed by this section on the
parent's taxable income if such income included the net
unearned income of all children of the parent to whom this
subsection applies, over
(ii) the tax imposed by this section on the parent without
regard to this subsection.
For purposes of clause (i), net unearned income of all children
of the parent shall not be taken into account in computing any
exclusion, deduction, or credit of the parent.
(B) Child's share
A child's share of any allocable parental tax of a parent
shall be equal to an amount which bears the same ratio to the
total allocable parental tax as the child's net unearned income
bears to the aggregate net unearned income of all children of
such parent to whom this subsection applies.
(C) Special rule where parent has different taxable year
Except as provided in regulations, if the parent does not
have the same taxable year as the child, the allocable parental
tax shall be determined on the basis of the taxable year of the
parent ending in the child's taxable year.
(4) Net unearned income
For purposes of this subsection -
(A) In general
The term ''net unearned income'' means the excess of -
(i) the portion of the adjusted gross income for the
taxable year which is not attributable to earned income (as
defined in section 911(d)(2)), over
(ii) the sum of -
(I) the amount in effect for the taxable year under
section 63(c)(5)(A) (relating to limitation on standard
deduction in the case of certain dependents), plus
(II) the greater of the amount described in subclause (I)
or, if the child itemizes his deductions for the taxable
year, the amount of the itemized deductions allowed by this
chapter for the taxable year which are directly connected
with the production of the portion of adjusted gross income
referred to in clause (i).
(B) Limitation based on taxable income
The amount of the net unearned income for any taxable year
shall not exceed the individual's taxable income for such
taxable year.
(C) Treatment of distributions from qualified
disability trusts.--For purposes of this subsection, in
the case of any child who is a beneficiary of a
qualified disability trust (as defined in section
642(b)(2)(C)(ii)), any amount included in the income of
such child under sections 652 and 662 during a taxable
year shall be considered earned income of such child for
such taxable year.
(5) Special rules for determining parent to whom subsection
applies
For purposes of this subsection, the parent whose taxable
income shall be taken into account shall be -
(A) in the case of parents who are not married (within the
meaning of section 7703), the custodial parent (within the
meaning of section 152(e)) of the child, and
(B) in the case of married individuals filing separately, the
individual with the greater taxable income.
(6) Providing of parent's TIN
The parent of any child to whom this subsection applies for any
taxable year shall provide the TIN of such parent to such child
and such child shall include such TIN on the child's return of
tax imposed by this section for such taxable year.
(7) Election to claim certain unearned income of child on
parent's return
(A) In general
If -
(i) any child to whom this subsection applies has gross
income for the taxable year only from interest and dividends
(including Alaska Permanent Fund dividends),
(ii) such gross income is more than the amount described in
paragraph (4)(A)(ii)(I) and less than 10 times the amount so
described,
(iii) no estimated tax payments for such year are made in
the name and TIN of such child, and no amount has been
deducted and withheld under section 3406, and
(iv) the parent of such child (as determined under
paragraph (5)) elects the application of subparagraph (B),
such child shall be treated (other than for purposes of this
paragraph) as having no gross income for such year and shall
not be required to file a return under section 6012.
(B) Income included on parent's return
In the case of a parent making the election under this
paragraph -
(i) the gross income of each child to whom such election
applies (to the extent the gross income of such child exceeds
twice the amount described in paragraph (4)(A)(ii)(I)) shall
be included in such parent's gross income for the taxable
year,
(ii) the tax imposed by this section for such year with
respect to such parent shall be the amount equal to the sum
of -
(I) the amount determined under this section after the
application of clause (i), plus
(II) for each such child, 10 percent of the lesser of the
amount described in paragraph (4)(A)(ii)(I) or the excess
of the gross income of such child over the amount so
described, and
(iii) any interest which is an item of tax preference under
section 57(a)(5) of the child shall be treated as an item of
tax preference of such parent (and not of such child).
(C) Regulations
The Secretary shall prescribe such regulations as may be
necessary or appropriate to carry out the purposes of this
paragraph.
(h) Maximum capital gains rate
(1) In general
If a taxpayer has a net capital gain for any taxable year, the
tax imposed by this section for such taxable year shall not
exceed the sum of -
(A) a tax computed at the rates and in the same manner as if
this subsection had not been enacted on the greater of -
(i) taxable income reduced by the net capital gain; or
(ii) the lesser of -
(I) the amount of taxable income taxed at a rate below 25
percent; or
(II) taxable income reduced by the adjusted net capital
gain;
(B) 5 percent (0 percent in the case of taxable years
beginning after 2007) of so much of the adjusted net capital
gain (or, if less, taxable income) as does not exceed
the excess (if any) of -
(i) the amount of taxable income which would (without
regard to this paragraph) be taxed at a rate below 25
percent, over
(ii) the taxable income reduced by the adjusted net capital
gain;
(C) 15 percent of the adjusted net capital gain (or, if less,
taxable income) in excess of the amount on which a tax is
determined under subparagraph (B);
(D) 25 percent of the excess (if any) of -
(i) the unrecaptured section 1250 gain (or, if less, the
net capital gain (determined without regard to paragraph(11)),
over
(ii) the excess (if any) of -
(I) the sum of the amount on which tax is determined
under subparagraph (A) plus the net capital gain, over
(II) taxable income; and
(E) 28 percent of the amount of taxable income in excess of
the sum of the amounts on which tax is determined under the
preceding subparagraphs of this paragraph.
(2) Net capital gain taken into account as investment income
For purposes of this subsection, the net capital gain for any
taxable year shall be reduced (but not below zero) by the amount
which the taxpayer takes into account as investment income under
section 163(d)(4)(B)(iii).
(3) Adjusted net capital gain
For purposes of this
subsection, the term `adjusted net capital gain' means the sum
of--
(A) net capital gain (determined without regard to
paragraph (11)) reduced (but not below zero) by the sum of--
(i) unrecaptured section 1250 gain, and
(ii) 28-percent rate gain, plus
(B) qualified dividend income (as defined in paragraph (11)).
(4) 28-percent rate gain
For purposes of this subsection, the term ''28-percent rate
gain'' means the excess (if any) of -
(A) the sum of -
(i) collectibles gain; and
(ii) section 1202 gain, over
(B) the sum of -
(i) collectibles loss;
(ii) the net short-term capital loss; and
(iii) the amount of long-term capital loss carried under
section 1212(b)(1)(B) to the taxable year.
(5) Collectibles gain and loss
For purposes of this subsection -
(A) In general
The terms ''collectibles gain'' and ''collectibles loss''
mean gain or loss (respectively) from the sale or exchange of a
collectible (as defined in section 408(m) without regard to
paragraph (3) thereof) which is a capital asset held for more
than 1 year but only to the extent such gain is taken into
account in computing gross income and such loss is taken into
account in computing taxable income.
(B) Partnerships, etc.
For purposes of subparagraph (A), any gain from the sale of
an interest in a partnership, S corporation, or trust which is
attributable to unrealized appreciation in the value of
collectibles shall be treated as gain from the sale or exchange
of a collectible. Rules similar to the rules of section 751
shall apply for purposes of the preceding sentence.
(6) Unrecaptured section 1250 gain
For purposes of this subsection -
(A) In general
The term ''unrecaptured section 1250 gain'' means the excess
(if any) of -
(i) the amount of long-term capital gain (not otherwise
treated as ordinary income) which would be treated as
ordinary income if section 1250(b)(1) included all
depreciation and the applicable percentage under section
1250(a) were 100 percent, over
(ii) the excess (if any) of -
(I) the amount described in paragraph (4)(B); over
(II) the amount described in paragraph (4)(A).
(B) Limitation with respect to section 1231 property
The amount described in subparagraph (A)(i) from sales,
exchanges, and conversions described in section 1231(a)(3)(A)
for any taxable year shall not exceed the net section 1231 gain
(as defined in section 1231(c)(3)) for such year.
(7) Section 1202 gain
For purposes of this subsection, the term ''section 1202 gain''
means the excess of -
(A) the gain which would be excluded from gross income under
section 1202 but for the percentage limitation in section
1202(a), over
(B) the gain excluded from gross income under section 1202.
(8) Coordination with recapture of net ordinary losses under section 1231
If any amount is treated as ordinary income under section
1231(c), such amount shall be allocated among the separate
categories of net section 1231 gain (as defined in section
1231(c)(3)) in such manner as the Secretary may by forms or
regulations prescribe.
(9) Regulations
The Secretary may prescribe such regulations as are appropriate
(including regulations requiring reporting) to apply this
subsection in the case of sales and exchanges by pass-thru
entities and of interests in such entities.
(10) Pass-thru entity defined
For purposes of this subsection, the term ''pass-thru entity''
means -
(A) a regulated investment company;
(B) a real estate investment trust;
(C) an S corporation;
(D) a partnership;
(E) an estate or trust;
(F) a common trust fund; and
(G) a qualified electing fund (as defined in section 1295).
(11) Dividends taxed as net capital gain.--
(A) In general.--For purposes of this subsection,
the term `net capital gain' means net capital gain
(determined without regard to this paragraph) increased
by qualified dividend income.
(B) Qualified dividend income.--For purposes of
this paragraph--
(i) In general.--The term `qualified
dividend income' means dividends received during
the taxable year from--
(I) domestic corporations, and
(II) qualified foreign corporations.
(ii) Certain dividends excluded.--Such term shall not include--
(I) any dividend from a
corporation which for the taxable year
of the corporation in which the
distribution is made, or the preceding
taxable year, is a corporation exempt
from tax under section 501 or 521,
(II) any amount allowed as a
deduction under section 591 (relating to
deduction for dividends paid by mutual
savings banks, etc.), and
(III) any dividend described in section 404(k).
(iii) Coordination with section 246(c).--
Such term shall not include any dividend on any
share of stock--
(I) with respect to which the
holding period requirements of section
246(c) are not met (determined by
substituting in section 246(c) `60
days' for `45 days' each place it
appears and by substituting `121-day
period' for `91-day period'), or
(II) to the extent that the
taxpayer is under an obligation (whether
pursuant to a short sale or otherwise)
to make related payments with respect to
positions in substantially similar or
related property.
(C) Qualified foreign corporations.--
(i) In general.--Except as otherwise
provided in this paragraph, the term `qualified
foreign corporation' means any foreign corporation
if--
(I) such corporation is
incorporated in a possession of the
United States, or
(II) such corporation is eligible
for benefits of a comprehensive income
tax treaty with the United States which
the Secretary determines is satisfactory
for purposes of this paragraph and which
includes an exchange of information program.
(ii) Dividends on stock readily tradable on
united states securities market.--A foreign
corporation not otherwise treated as a qualified
foreign corporation under clause (i) shall be so
treated with respect to any dividend paid by such
corporation if the stock with respect to which
such dividend is paid is readily tradable on an
established securities market in the United States.
(iii) Exclusion of dividends of certain
foreign corporations.--Such term shall not include
any foreign corporation which for the taxable year
of the corporation in which the dividend was paid,
or the preceding taxable year, is a passive foreign
investment company (as defined in section 1297).
(iv) Coordination with <<NOTE: Applicability.>> foreign tax
credit limitation.--Rules similar to the rules of section
904(b)(2)(B) shall apply with respect to the
dividend rate differential under this paragraph.
(D) Special rules.--
(i) Amounts taken into account as investment
income.--Qualified dividend income shall not
include any amount which the taxpayer takes into
account as investment income under section 163(d)(4)(B).
(ii) Extraordinary dividends.--If a taxpayer to whom
this section applies receives, with respect to any share of
stock, qualified dividend income from 1 or more
dividends which are extraordinary dividends
(within the meaning of section 1059(c)), any loss
on the sale or exchange of such share shall, to
the extent of such dividends, be treated as long-
term capital loss.
(iii) Treatment of dividends from regulated
investment companies and real estate investment
trusts.--A dividend received from a regulated
investment company or a real estate investment
trust shall be subject to the limitations
prescribed in sections 854 and 857.''.
(i) Rate reductions after 2000
(1) 10-percent rate bracket
(A) In general
In the case of taxable years beginning after December 31,
2000 -
(i) the rate of tax under subsections (a), (b), (c), and
(d) on taxable income not over the initial bracket amount
shall be 10 percent, and
(ii) the 15 percent rate of tax shall apply only to taxable
income over the initial bracket amount but not over the
maximum dollar amount for the 15-percent rate bracket.
(B) Initial bracket amount
For purposes of this paragraph, the initial bracket amount is -
(i) $14,000 in the case of subsection (a),
(ii) $10,000 in the case of subsection (b), and
(iii) 1/2 the amount applicable under clause (i) (after
adjustment, if any, under subparagraph (C)) in the case of
subsections (c) and (d).
(C) Inflation adjustment.--In prescribing the
tables under subsection (f) which apply with respect to
taxable years beginning in calendar years after 2003--
(i) the cost-of-living adjustment shall be
determined under subsection (f)(3) by substituting
`2002' for `1992' in subparagraph (B) thereof, and
(ii) the adjustments under clause (i) shall not apply to
the amount referred to in subparagraph (B)(iii).
If any amount after adjustment under the preceding
sentence is not a multiple of $50, such amount shall be
rounded to the next lowest multiple of $50.
(D) Coordination with acceleration of 10 percent rate bracket
benefit for 2001
This paragraph shall not apply to any taxable year to which
section 6428 applies.
(2) Reductions in rates after June 30, 2001
In the case of taxable years beginning in a calendar year after
2000, the corresponding percentage specified for such calendar
year in the following table shall be substituted for the
otherwise applicable tax rate in the tables under subsections
(a), (b), (c), (d), and (e).
--------------------------------------
In the case of The corresponding percentages
taxable years shall be substituted for the
beginning during following percentages:
calendar year: 28% 31% 36% 39.6%
2001 .................. 27.5% 30.5% 35.5% 39.1%
2002 .................. 27.0 30.0 35.0 38.6
2003 and thereafter.... 25.0% 28.0% 33.0% 35.0%
--------------------------------------
(3) Adjustment of tables
The Secretary shall adjust the tables prescribed under
subsection (f) to carry out this subsection.
Sources
(Aug. 16, 1954, ch. 736, 68A Stat. 5; Pub. L. 88-272, title I, Sec.
111, Feb. 26, 1964, 78 Stat. 19; Pub. L. 89-809, title I, Sec.
103(a)(2), Nov. 13, 1966, 80 Stat. 1550; Pub. L. 91-172, title
VIII, Sec. 803(a), Dec. 30, 1969, 83 Stat. 678; Pub. L. 95-30,
title I, Sec. 101(a), May 23, 1977, 91 Stat. 127; Pub. L. 95-600,
title I, Sec. 101(a), Nov. 6, 1978, 92 Stat. 2767; Pub. L. 97-34,
title I, Sec. 101(a), 104(a), Aug. 13, 1981, 95 Stat. 176, 188;
Pub. L. 97-448, title I, Sec. 101(a)(3), Jan. 12, 1983, 96 Stat.
2366; Pub. L. 99-514, title I, Sec. 101(a), title III, Sec. 302(a),
title XIV, Sec. 1411(a), Oct. 22, 1986, 100 Stat. 2096, 2218, 2714;
Pub. L. 100-647, title I, Sec. 1001(a)(3), 1014(e)(1)-(3), (6),
(7), title VI, Sec. 6006(a), Nov. 10, 1988, 102 Stat. 3349, 3561,
3562, 3686; Pub. L. 101-239, title VII, Sec. 7811(j)(1), 7816(b),
7831(a), Dec. 19, 1989, 103 Stat. 2411, 2420, 2425; Pub. L.
101-508, title XI, Sec. 11101(a)-(c), (d)(1)(A), (2), 11103(c),
11104(b), Nov. 5, 1990, 104 Stat. 1388-403 to 1388-406, 1388-408;
Pub. L. 103-66, title XIII, Sec. 13201(a), (b)(3)(A), (B),
13202(a), 13206(d)(2), Aug. 10, 1993, 107 Stat. 457, 459, 461, 467;
Pub. L. 104-188, title I, Sec. 1704(m)(1), (2), Aug. 20, 1996, 110
Stat. 1882, 1883; Pub. L. 105-34, title III, Sec. 311(a), Aug. 5,
1997, 111 Stat. 831; Pub. L. 105-206, title V, Sec. 5001(a)(1)-(4),
title VI, Sec. 6005(d)(1), 6007(f)(1), July 22, 1998, 112 Stat.
787, 788, 800, 810; Pub. L. 105-277, div. J, title IV, Sec.
4002(i)(1), (3), Oct. 21, 1998, 112 Stat. 2681-907, 2681-908; Pub.
L. 106-554, Sec. 1(a)(7) (title I, Sec. 117(b)(1)), Dec. 21, 2000,
114 Stat. 2763, 2763A-604; Pub. L. 107-16, title I, Sec. 101(a),
(c)(1), (2), title III, Sec. 301(c)(1), 302(a), (b), June 7, 2001,
115 Stat. 41, 43, 54.)
Amendment of Section
AMENDMENT OF SECTION
2004 - Pub. L. 108-311 Sec. 101(c)and(d) amends Subsec. (f)(8)
and Subsec. (i)(1)(B)(i) for elimination of marriage penalty.
Effective Date.--The amendments made to these sections shall apply
to taxable years beginning after December 31, 2003.
2003 - Subsec.301(c), Pub. L. 108-27, provides for transitional
rules as follows:
For Taxable Years Which Include May 6, 2003.--For purposes
of applying section 1(h) of the Internal Revenue Code of 1986
in the case of a taxable year which includes May 6, 2003--
(1) The amount of tax determined under subparagraph (B) of
section 1(h)(1) of such Code shall be the sum of--
(A) 5 percent of the lesser of--
(i) the net capital gain determined by taking
into account only gain or loss properly taken into
account for the portion of the taxable year on or
after May 6, 2003 (determined without regard to
collectibles gain or loss, gain described in
section 1(h)(6)(A)(i) of such Code, and section
1202 gain), or
(ii) the amount on which a tax is determined
under such subparagraph (without regard to this
subsection),
(B) 8 percent of the lesser of--
(i) the qualified 5-year gain (as defined in
section 1(h)(9) of the Internal Revenue Code of
1986, as in effect on the day before the date of
the enactment of this Act) properly taken into
account for the portion of the taxable year before
May 6, 2003, or
(ii) the excess (if any) of--
(I) the amount on which a tax is
determined under such subparagraph
(without regard to this subsection),
over
(II) the amount on which a tax is
determined under subparagraph (A), plus
(C) 10 percent of the excess (if any) of--
(i) the amount on which a tax is determined
under such subparagraph (without regard to this
subsection), over
(ii) the sum of the amounts on which a tax is
determined under subparagraphs (A) and (B).
(2) The amount of tax determined under subparagraph (C) of
section (1)(h)(1) of such Code shall be the sum of--
(A) 15 percent of the lesser of--
(i) the excess (if any) of the amount of net
capital gain determined under subparagraph (A)(i)
of paragraph (1) of this subsection over the
amount on which a tax is determined under
subparagraph (A) of paragraph (1) of this
subsection, or
(ii) the amount on which a tax is determined
under such subparagraph (C) (without regard to
this subsection), plus
(B) 20 percent of the excess (if any) of--
(i) the amount on which a tax is determined
under such subparagraph (C) (without regard to
this subsection), over
(ii) the amount on which a tax is determined
under subparagraph (A) of this paragraph.
(3) For <<NOTE: Applicability.>> purposes of applying
section 55(b)(3) of such Code, rules similar to the rules of
paragraphs (1) and (2) of this subsection shall apply
(4) In applying this subsection with respect to any pass-
thru entity, the determination of when gains and losses are
properly taken into account shall be made at the entity level.
(5) For purposes of applying section 1(h)(11) of such Code,
as added by section 302 of this Act, to this subsection,
dividends which are qualified dividend income shall be treated
as gain properly taken into account for the portion of the
taxable year on or after May 6, 2003.
(6) Terms used in this subsection which are also used in
section 1(h) of such Code shall have the respective meanings
that such terms have in such section.
Effective Dates.--
(1) In general.--Except as otherwise provided by this
subsection, the amendments made by this section shall apply to
taxable years ending on or after May 6, 2003.
(2) Withholding.--The amendment made by subsection (a)(2)(C)
shall apply to amounts paid after the date of the enactment of
this Act.
(3) Small business stock.--The amendments made by subsection
(b)(3) shall apply to dispositions on or after May 6, 2003.
2003 - Subsec.301(b)(1)(A)(B)(C), Pub L. 108-27 amended 1(h)
paragraphs (1) through (10) and Subsec. 302(a) added a new
paragraph (11)
For termination of amendment by section 901 of Pub. L. 107-16,
see Effective and Termination Dates of 2001 Amendment note below.
Pub. L. 107-16, title III, Sec. 302, title IX, Sec. 901, June
7, 2001, 115 Stat. 54, 150, provided that, applicable to taxable
years beginning after Dec. 31, 2004, subsection (f) of this
section is temporarily amended as follows:
(1) in heading, by inserting ''Phaseout of Marriage Penalty in
15-Percent Bracket;'' before ''Adjustments'';
(2) in paragraph (2)(A), by inserting ''except as provided in
paragraph (8),'' before ''by increasing''; and
(3) by adding at the end the following new paragraph:
(8) Phaseout of marriage penalty in 15-percent bracket
(A) In general
With respect to taxable years beginning after December 31,
2004, in prescribing the tables under paragraph (1) -
(i) the maximum taxable income in the 15-percent rate
bracket in the table contained in subsection (a) (and the
minimum taxable income in the next higher taxable income
bracket in such table) shall be the applicable percentage of
the maximum taxable income in the 15-percent rate bracket in
the table contained in subsection (c) (after any other
adjustment under this subsection), and
(ii) the comparable taxable income amounts in the table
contained in subsection (d) shall be 1/2 of the amounts
determined under clause (i).
(B) Applicable percentage
For purposes of subparagraph (A), the applicable percentage
shall be determined in accordance with the following table:
For taxable years beginning The applicable
in calendar year - percentage is -
2005 180
2006 187
2007 193
2008 and thereafter 200.
(C) Rounding
If any amount determined under subparagraph (A)(i) is not a
multiple of $50, such amount shall be rounded to the next
lowest multiple of $50.
Pub. L. 107-16, title III, Sec. 301(c)(1), (d), title IX, Sec.
901, June 7, 2001, 115 Stat. 54, 150, provided that, applicable
to taxable years beginning Dec. 31, 2004, subsection (f)(6)(B) of
this section is temporarily amended by substituting ''(other than
with respect to sections 63(c)(4) and 151(d)(4)(A)) shall be
applied'' for ''(other than with'' and all that follows through
''shall be applied''.
TAX TABLES FOR TAXABLE YEARS BEGINNING IN 2002
Revenue Procedure 2001-59 provided:
Section 1. Purpose
This revenue procedure sets forth inflation adjusted items for
2002.
Section 2. Changes
.01 Section 201 of the Economic Growth and Tax Relief
Reconciliation Act of 2001 (EGTRRA) amended Sec. 24 to increase the
amount of credit under Sec. 24 that may be refundable. The value
in Sec. 24(d)(1)(B)(i) used in determining the new potentially
refundable amount is adjusted for inflation.
.02 The amounts in Sec. 25A(b)(1) which are used in determining
the Hope Scholarship Credit and the amounts in Sec.
25A(d)(2)(A)(ii) which are used in determining the reduction in the
amount of the Hope Scholarship and Lifetime Learning Credits
otherwise allowable under Sec. 25A(a) are adjusted for inflation.
Section 3. 2002 Adjusted Items
.01 Tax Rate Tables. For tax years beginning in 2002, the tax
rate tables under Sec. 1 are as follows:
Miscellaneous
Table 1 - Section 1(a). - Married Individuals Filing Joint Returns
and Surviving Spouses
---------------------------------------------------------------------
If Taxable Income Is: The Tax Is:
---------------------------------------------------------------------
Not Over $12,000 10% of the taxable income
Over $12,000 but not over $46,700 $1,200 plus 15% of excess over
$12,000
Over $46,700 but not over $6,405 plus 27% of excess over
$112,850 $46,700
Over $112,850 but not over $24,265.50 plus 30% of excess
$171,950 over $112,850
Over $171,950 but not over $41,995.50 plus 35% of excess
$307,050 over $171,950
Over $307,050 $89,280.50 plus 38.6% of excess
over $307,050
-------------------------------
Table 2 - Section 1(b). - Heads of Households
---------------------------------------------------------------------
If Taxable Income Is: The Tax Is:
---------------------------------------------------------------------
Not Over $10,000 10% of the taxable income
Over $10,000 but not over $37,450 $1,000 plus 15% of excess over
$10,000
Over $37,450 but not over $96,700 $5,117.50 plus 27% of the excess
over $37,450
Over $96,700 but not over $21,115 plus 30% of the excess
$156,600 over $96,700
Over $156,600 but not over $39,085 plus 35% of the excess
$307,050 over $156,600
Over $307,050 $91,742.50 plus 38.6% of the
excess over $307,050
-------------------------------
Table 3 - Section 1(c). - Unmarried Individuals (Other Than
Surviving Spouses and Heads of Households)
---------------------------------------------------------------------
If Taxable Income Is: The Tax Is:
---------------------------------------------------------------------
Not Over $6,000 10% of the taxable income
Over $6,000 but not over $27,950 $600 plus 15% of the excess over
$6,000
Over $27,950 but not over $67,770 $3,892.50 plus 27% of the excess
over $27,950
Over $67,700 but not over $14,625 plus 30% of the excess
$141,250 over $67,700
Over $141,250 but not over $36,690 plus 35% of the excess
$307,050 over $141,250
Over $307,050 $94,720 plus 38.6% of the excess
over $307,050
-------------------------------
Table 4 - Section 1(d). - Married Individuals Filing Separate
Returns
---------------------------------------------------------------------
If Taxable Income Is: The Tax Is:
---------------------------------------------------------------------
Not Over $6,000 10% of the taxable income
Over $6,000 but not over $23,350 $600.00 plus 15% of the excess
over $6,000
Over $23,350 but not over $56,425 $3,202.50 plus 27% of the excess
over $23,350
Over $56,425 but not over $85,975 $12,132.75 plus 30% of the excess
over $56,425
Over $85,975 but not over $20,997.75 plus 35% of the excess
$153,525 over $85,975
Over $153,525 $44,640.25 plus 38.6% of the
excess over $153,525
-------------------------------
Table 5 - Section 1(e). - Estates and Trusts
---------------------------------------------------------------------
If Taxable Income Is: The Tax Is:
---------------------------------------------------------------------
Not Over $1,850 15% of the taxable income
Over $1,850 but not over $4,400 $277.50 plus 27% of the excess
over $1,850
Over $4,400 but not over $6,750 $966.00 plus 30% of the excess
over $4,400
Over $6,750 but not over $9,200 $1,671.00 plus 35% of the excess
over $6,750
Over $9,200 $2,528.50 plus 38.6% of the
excess over $9,200
-------------------------------
.02 Unearned Income of Minor Children Taxed as if Parent's Income
(the ''Kiddie Tax''). For tax years beginning in 2002, the amount
in Sec. 1(g)(4)(A)(ii)(I), which is used to reduce the net unearned
income reported on the child's return that is subject to the
''kiddie tax,'' is $750. (This amount is the same as the $750
standard deduction amount provided in section 3.07(2) of this
revenue procedure.) The same $750 amount is also used for purposes
of Sec. 1(g)(7) (that is, determining whether a parent may elect to
include a child's gross income in the parent's gross income and for
calculating the ''kiddie tax''). For example, one of the
requirements for such a parental election is that a child's gross
income be more than the amount referenced in Sec. 1(g)(4)(A)(ii)(I)
but less than 10 times such amount; thus, a child's gross income
for 2002 must be more than $750 but less than $7,500 to satisfy
that requirement.
.03 Child Tax Credit. Section 201 of the Economic Growth and Tax
Relief Reconciliation Act of 2001 (EGTRRA) amended Sec. 24 to
increase the amount of credit under Sec. 24 that may be
refundable. The value in Sec. 24(d)(1)(B)(i) used in determining
the new potentially refundable amount is adjusted for inflation.
For tax years beginning in 2002, that value is $10,350.
.04 Hope and Lifetime Learning Credits.
(1) For taxable years beginning in 2002, 100 percent of qualified
tuition and related expenses not in excess of $1,000 and 50 percent
of such expenses in excess of $1,000 are taken into account in
determining the amount of the Hope Scholarship Credit under Sec.
25A(b)(1).
(2) For tax years beginning in 2002, a taxpayer's modified gross
income in excess of $41,000 ($82,000 in the case of a joint return)
is taken into account in determining the reduction under Sec.
25A(d)(2)(A)(ii) in the amount of the Hope Scholarship and Lifetime
Learning Credits otherwise allowable under Sec. 25A(a).
.05 Earned Income Tax Credit.
(1) In general. For tax years beginning in 2002, the following
amounts are used to determine the earned income tax credit under
Sec. 32(b). The ''earned income amount'' is the amount of earned
income at or above which the maximum amount of the earned income
tax credit is allowed. The ''threshold phaseout amount'' is the
amount of adjusted gross income (or, if greater, earned income)
above which the maximum amount of the credit begins to phase out.
The ''completed phaseout amount'' is the amount of adjusted gross
income (or if greater, earned income) at or above which no credit
is allowed.
---------------------------------------------------------------------
Item Item
----------------
----------------
Number of Qualifying Children
----------------
Item
----------------
----------------
Number of Qualifying Children
----------------
----------------
Item
----------------
: :One :Two or More
: : :None
---------------------------------------------------------------------
Earned Income :$ 7,370 :$10,350 :$ 4,910
Amount : : :
Maximum Amount :$ 2,506 :$ 4,140 :$ 376
of Credit : : :
Threshold :$13,520 :$13,520 :$ 6,150
Phaseout : : :
Amount : : :
Completed :$29,201 :$33,178 :$11,060
Phaseout : : :
Amount : : :
Threshold :$14,520 :$14,520 :$ 7,150
Phaseout : : :
Amount : : :
(Married : : :
Filing : : :
Jointly) : : :
Completed :$30,201 :$34,178 :$12,060
Phaseout : : :
Amount : : :
(Married : : :
Filing : : :
Jointly) : : :
-------------------------------
The Internal Revenue Service, in the instructions for the Form
1040 series, provides tables showing the amount of the earned
income tax credit for each type of taxpayer.
(2) Excessive investment income. For tax years beginning in
2002, the earned income tax credit is denied under Sec. 32(i) if
the aggregate amount of certain investment income exceeds $2,550.
.06 Alternative Minimum Tax Exemption for a Child Subject to the
''Kiddie Tax.'' For tax years beginning in 2002, in the case of a
child to whom the Sec. 1(g) ''kiddie tax'' applies, the exemption
amount under Sec. 55 and Sec. 59(j) for purposes of the alternative
minimum tax under Sec. 55 may not exceed the sum of (A) such
child's earned income for the taxable year, plus (B) $5,500.
.07 Standard Deduction.
(1) In general. For tax years beginning in 2002, the standard
deduction amounts under Sec. 63(c)(2) are as follows:
---------------------------------------------------------------------
Filing Status Standard Deduction
---------------------------------------------------------------------
Married Individuals Filing Joint $7,850
Returns and Surviving Spouses
(Sec. 1(a))
Heads of Households (Sec. 1(b)) $6,900
Unmarried Individuals (Other Than $4,700
Surviving Spouses and Heads of
Households) (Sec. 1(c))
Married Individuals Filing $3,925
Separate Returns (Sec. 1(d))
-------------------------------
(2) Dependent. For tax years beginning in 2002, the standard
deduction amount under Sec. 63(c)(5) for an individual who may be
claimed as a dependent by another taxpayer may not exceed the
greater of $750, or the sum of $250 and the individual's earned
income.
(3) Aged and blind. For tax years beginning in 2002, the
additional standard deduction amounts under Sec. 63(f) for the aged
and for the blind are $900 for each. These amounts are increased
to $1,150 if the individual is also unmarried and not a surviving
spouse.
.08 Overall Limitation on Itemized Deductions. For tax years
beginning in 2002, the ''applicable amount'' of adjusted gross
income under Sec. 68(b), above which the amount of otherwise
allowable itemized deductions is reduced under Sec. 68, is $137,300
(or $68,650 for a separate return filed by a married individual).
.09 Qualified Transportation Fringe. For tax years beginning in
2002, the monthly limitation under Sec. 132(f)(2)(A), regarding the
aggregate fringe benefit exclusion amount for transportation in a
commuter highway vehicle and any transit pass, is $100. The monthly
limitation under Sec. 132(f)(2)(B) regarding the fringe benefit
exclusion amount for qualified parking is $185.
.10 Income from United States Savings Bonds for Taxpayers Who Pay
Qualified Higher Education Expenses. For tax years beginning in
2002, the exclusion under Sec. 135, regarding income from United
States savings bonds for taxpayers who pay qualified higher
education expenses, begins to phase out for modified adjusted gross
income above $86,400 for joint returns and $57,600 for other
returns. This exclusion completely phases out for modified
adjusted gross income of $116,400 or more for joint returns and
$72,600 or more for other returns.
.11 Personal Exemption.
(1) Exemption amount. For tax years beginning in 2002, the
personal exemption amount under Sec. 151(d) is $3,000.
(2) Phaseout. For tax years beginning in 2002, the personal
exemption amount begins to phase out at, and is completely phased
out after, the following adjusted gross income amounts:
---------------------------------------------------------------------
Filing Status AGI - Beginning AGI Above Which
Phaseout Exemption Fully
Phased Out
---------------------------------------------------------------------
Code Sec. 1(a) $206,000 $328,500
Code Sec. 1(b) $171,650 $294,150
Code Sec. 1(c) $137,300 $259,800
Code Sec. 1(d) $103,000 $164,250
-------------------------------
.12 Eligible Long-Term Care Premiums. For tax years beginning in
2002, the limitations under Sec. 213(d), regarding eligible
long-term care premiums includible in the term ''medical care,''
are as follows:
---------------------------------------------------------------------
Attained age before the close of Limitation on premiums:
the taxable year:
---------------------------------------------------------------------
40 or less $ 240
More than 40 but not more than 50 $ 450
More than 50 but not more than 60 $ 900
More than 60 but not more than 70 $2,390
More than 70 $2,990
-------------------------------
.13 Medical Savings Accounts.
(1) Self-only coverage. For tax years beginning in 2002, the
term ''high deductible health plan'' as defined in Sec.
220(c)(2)(A) means, in the case of self-only coverage, a health
plan which has an annual deductible that is not less than $1,650
and not more than $2,500, and under which the annual out-of-pocket
expenses required to be paid (other than for premiums) for covered
benefits does not exceed $3,300.
(2) Family coverage. For tax years beginning in 2002, the term
''high deductible health plan'' means, in the case of family
coverage, a health plan which has an annual deductible that is not
less than $3,300 and not more than $4,950, and under which the
annual out-of-pocket expenses required to be paid (other than for
premiums) for covered benefits does not exceed $6,050.
.14 Treatment of Dues Paid to Agricultural or Horticultural
Organizations. For tax years beginning in 2002, the limitation
under Sec. 512(d)(1), regarding the exemption of annual dues
required to be paid by a member to an agricultural or horticultural
organization, is $120.
.15 Insubstantial Benefit Limitations for Contributions
Associated with Charitable Fund-Raising Campaigns.
(1) Low cost article. For tax years beginning in 2002, the
unrelated business income of certain exempt organizations under
Sec. 513(h)(2) does not include a ''low cost article'' of $7.90 or
less.
(2) Other insubstantial benefits. For tax years beginning in
2002, the $5, $25, and $50 guidelines in section 3 of Rev. Proc.
90-12 (1990-1 C.B. 471) (as amplified and modified), for
disregarding the value of insubstantial benefits received by a
donor in return for a fully deductible charitable contribution
under Sec. 170, are $7.90, $39.50 and $79.00, respectively.
.16 Funeral Trusts. For a contract entered into during calendar
year 2002 for a ''qualified funeral trust,'' as defined in Sec.
685, the trust may not accept aggregate contributions by or for the
benefit of an individual in excess of $7,700.
.17 Expatriation to Avoid Tax. For calendar year 2002, the
thresholds used under Sec. 877(a)(2), regarding whether an
individual's loss of United States citizenship had the avoidance of
United States taxes as one of its principal purposes, are more than
$120,000 for ''average annual net income tax'' and $599,000 or more
for ''net worth.''
.18 Valuation of Qualified Real Property in Decedent's Gross
Estate. For an estate of a decedent dying in calendar year 2002, if
the executor elects to use the special use valuation method under
Sec. 2032A for qualified real property, the aggregate decrease in
the value of qualified real property resulting from electing to use
Sec. 2032A that is taken into account for purposes of the estate
tax may not exceed $820,000.
.19 Annual Exclusion for Gifts.
(1) For calendar year 2002, the first $11,000 of gifts to any
person (other than gifts of future interests in property) are not
included in the total amount of taxable gifts under Sec. 2503 made
during that year.
(2) For calendar year 2002, the first $110,000 of gifts to a
spouse who is not a citizen of the United States (other than gifts
of future interests in property) are not included in the total
amount of taxable gifts under Sec. 2503 and 2523(i)(2) made during
that year.
.20 Generation-Skipping Transfer Tax Exemption. For calendar year
2002, the generation-skipping transfer tax exemption under Sec.
2631, which is allowed in determining the ''inclusion ratio''
defined in Sec. 2642, is $1,100,000.
.21 Luxury Automobile Excise Tax. For calendar year 2002, the
excise tax under Sec. 4001 and 4003 is imposed on the first retail
sale of a passenger vehicle (including certain parts or accessories
installed within six months of the date after the vehicle was first
placed in service), to the extent the price exceeds $40,000.
.22 Passenger Air Transportation Excise Tax. For calendar year
2002, the tax under Sec. 4261(c) on any amount paid (whether within
or without the United States) for any transportation of any person
by air, if such transportation begins or ends in the United States,
generally is $13.20. However, in the case of a domestic segment
beginning or ending in Alaska or Hawaii as described in Sec.
4261(c)(3), the tax only applies to departures and is at the rate
of $6.60.
.23 Reporting Exception for Certain Exempt Organizations with
Nondeductible Lobbying Expenditures. For tax years beginning in
2002, the annual per person, family, or entity dues limitation to
qualify for the reporting exception under Sec. 6033(e)(3) (and
section 5.05 of Rev. Proc. 98-19, 1998-1 C.B. 547), regarding
certain exempt organizations with nondeductible lobbying
expenditures, is $83 or less.
.24 Notice of Large Gifts Received from Foreign Persons. For tax
years beginning in 2002, recipients of gifts from certain foreign
persons may have to report these gifts under Sec. 6039F if the
aggregate value of gifts received in a taxable year exceeds
$11,642.
.25 Persons against Which a Federal Tax Lien is Not Valid. For
calendar year 2002, a federal tax lien is not valid against (1)
certain purchasers under Sec. 6323(b)(4) that purchased personal
property in a casual sale for less than $1,130 or (2) a mechanic's
lienor under Sec. 6323(b)(7) that repaired or improved certain
residential property if the contract price with the owner is not
more than $5,660.
.26 Property Exempt from Levy. For calendar year 2002, the value
of property exempt from levy under Sec. 6334(a)(2) (fuel,
provisions, furniture, and other household personal effects, as
well as arms for personal use, livestock, and poultry) may not
exceed $6,780. The value of property exempt from levy under Sec.
6334(a)(3) (books and tools necessary for the trade, business, or
profession of the taxpayer) may not exceed $3,390.
.27 Interest on a Certain Portion of the Estate Tax Payable in
Installments. For an estate of a decedent dying in calendar year
2002, the dollar amount used to determine the ''2-percent portion''
(for purposes of calculating interest under Sec. 6601(j)) of the
estate tax extended as provided in Sec. 6166 is $1,100,000.
.28 Attorney Fee Awards. For fees incurred in calendar year 2002,
the attorney fee award limitation under Sec. 7430(c)(1)(B)(iii) is
$150 per hour.
.29 Periodic Payments Received under Qualified Long-Term Care
Insurance Contracts or under Certain Life Insurance Contracts. For
calendar year 2002, the stated dollar amount of the per diem
limitation under Sec. 7702B(d)(4), regarding periodic payments
received under a qualified long-term care insurance contract or
periodic payments received under a life insurance contract that are
treated as paid by reason of the death of a chronically ill
individual, is $210.
Section 4. Effective Date
.01 General Rule. Except as provided in section 4.02, this
revenue procedure applies to tax years beginning in 2002.
.02 Calendar Year Rule. This revenue procedure applies to
transactions or events occurring in calendar year 2002 for purposes
of section 3.16 (funeral trusts), section 3.17 (expatriation to
avoid tax), section 3.18 (valuation of qualified real property in
decedent's gross estate), section 3.19 (annual exclusion for
gifts), section 3.20 (generation-skipping transfer tax exemption),
section 3.21 (luxury automobile excise tax), section 3.22
(passenger air transportation excise tax), section 3.25 (persons
against which a federal tax lien is not valid), section 3.26
(property exempt from levy), section 3.27 (interest on a certain
portion of the estate tax payable in installments), section 3.28
(attorney fee awards), and section 3.29 (periodic payments received
under qualified long-term care insurance contracts or under certain
life insurance contracts).
TAX TABLES FOR PRIOR TAX YEARS
Inflation adjusted items for certain prior tax years were
contained in the following:
Revenue Procedure 2001-13 provided inflation adjusted items for
tax years beginning in 2001.
Revenue Procedure 99-42 provided inflation adjusted items for tax
years beginning in 2000.
Revenue Procedure 98-61 provided inflation adjusted items for tax
years beginning in 1999.
Revenue Procedure 97-57 provided inflation adjusted items for tax
years beginning in 1998.
Revenue Procedure 96-59 provided inflation adjusted items for tax
years beginning in 1997.
Revenue Procedure 95-53 provided inflation adjusted items for tax
years beginning in 1996.
Revenue Procedure 94-72 provided inflation adjusted items for tax
years beginning in 1995.
Revenue Procedure 93-49 provided inflation adjusted items for tax
years beginning in 1994.
Revenue Procedure 92-102 provided inflation adjusted items for
tax years beginning in 1993.
Revenue Procedure 91-65 provided inflation adjusted items for tax
years beginning in 1992.
Revenue Procedure 90-64 provided inflation adjusted items for tax
years beginning in 1991.
Revenue Procedure 90-7 provided inflation adjusted items for tax
years beginning in 1990.
Revenue Procedure 88-56 provided inflation adjusted items for tax
years beginning in 1989.
Revenue Procedure 85-55 provided income tax cost-of-living
adjustment (indexing) factor with respect to taxable years
beginning in 1986.
Revenue Procedure 84-79 provided income tax cost-of-living
adjustment (indexing) factor with respect to taxable years
beginning in 1985.
References in Text
REFERENCES IN TEXT
The enactment of this clause, referred to in subsec.
(h)(13)(A)(iii), means the date of enactment of Pub. L. 105-206,
which was approved July 22, 1998.
Miscellaneous
AMENDMENTS
2007 - PL 110-28
SEC. 8241. INCREASE IN AGE OF CHILDREN WHOSE UNEARNED INCOME IS TAXED AS
IF PARENT'S INCOME.
(a) In General.--Subparagraph (A) of section 1(g)(2) (relating to
child to whom subsection applies) is amended to read as follows:
``(A) such child--
``(i) has not attained age 18 before the close
of the taxable year, or
``(ii)(I) has attained age 18 before the close
of the taxable year and meets the age requirements
of section 152(c)(3) (determined without regard to
subparagraph (B) thereof), and
``(II) whose earned income (as defined in
section 911(d)(2)) for such taxable year does not
exceed one-half of the amount of the individual's
support (within the meaning of section
152(c)(1)(D) after the application of section
152(f)(5) (without regard to subparagraph (A)
thereof)) for such taxable year,''.
(b) Conforming Amendment.--Subsection (g) of section 1 is amended by
striking ``Minor'' in the heading thereof.
2006 - Pension Protection Act of 2006 (P.L. 109-280)
SEC. 1304. <<NOTE: 26 USC 1 note.>> QUALIFIED TUITION PROGRAMS.
(a) Permanent Extension of Modifications.--Section 901 of the
Economic Growth and Tax Relief Reconciliation Act of 2001 (relating to
sunset provisions) shall not apply to section 402 of such Act (relating
to modifications to qualified tuition programs).
2006 - P.L. 109-222
SEC. 510. INCREASE IN AGE OF MINOR CHILDREN WHOSE UNEARNED INCOME IS
TAXED AS IF PARENT'S INCOME.
(a) In General.--Section <<NOTE: 26 USC 1.>> 1(g)(2)(A) (relating to
child to whom subsection applies) is amended by striking ``age 14'' and
inserting ``age 18''.
(b) Treatment of Distributions From Qualified Disability Trusts.--
Section 1(g)(4) (relating to net unearned income) is amended by adding
at the end the following new subparagraph:
``(C) Treatment of distributions from qualified
disability trusts.--For purposes of this subsection, in
the case of any child who is a beneficiary of a
qualified disability trust (as defined in section
642(b)(2)(C)(ii)), any amount included in the income of
such child under sections 652 and 662 during a taxable
year shall be considered earned income of such child for
such taxable year.''.
(c) Conforming Amendment.--Section 1(g)(2) is amended by striking
``and'' at the end of subparagraph (A), by striking the period at the
end of subparagraph (B) and inserting ``, and'', and by inserting after
subparagraph (B) the following new subparagraph:
``(C) such child does not file a joint return for
the taxable year.''.
(d) Effective Date.--The <<NOTE: 26 USC 1 note.>> amendments made by
this section shall apply to taxable years beginning after December 31,
2005.
2006 - P.L. 109-222:
SEC. 102. CAPITAL GAINS AND DIVIDENDS RATES.
Section 303 of the Jobs and Growth Tax Relief Reconciliation Act of
2003 is <<NOTE: 26 USC 1 note.>> amended by striking ``December 31,
2008'' and inserting ``December 31, 2010''.
2004 - Pub. L. 108-357, Sec. 413(c)(1). Section 1(h) is amended in
paragraph (10), by inserting ``and'' at the end of subparagraph (F),
by striking subparagraph (G), and by redesignating subparagraph (H)
as subparagraph (G), and by striking ``a foreign personal holding
company (as defined in section 552), a foreign investment company
(as defined in section 1246(b)), or'' in paragraph (11)(C)(iii).
2004 - Pub.L. 108-311, Sec 105. APPLICATION OF EGTRRA SUNSET TO
THIS TITLE.
Each amendment made by this title shall be subject to title IX of
the Economic Growth and Tax Relief Reconciliation Act of 2001 to the
same extent and in the same manner as the provision of such Act to which
such amendment relates.
2004 - Subsec.408(a)(2),Pub.L.108-311, made clerical
amendments to Sec.1(h)(6)(A)(ii)(I) and (II) by striking
"(5)(A)" and "(5)(B)" and inserting "(4)(A)" and "(4)(B)".
2004 - Pub. L. 108-311, Sec. 402. Section 1(h)(1)(D) is
amended by inserting ``(determined without regard to paragraph (11))''
after ``net capital gain''; Subclause (I) of section 1(h)(11)(B)(iii)
is amended: by striking ``section 246(c)(1)'' and inserting
``section 246(c)'',and by striking ``120-day period'' and inserting
``121-day period'', and by striking ``90-day period'' and inserting
``91-day period''; Clause (ii) of section 1(h)(11)(D) is amended by
striking ``an individual'' and inserting ``a taxpayer to whom
this section applies''.
2003 - Subsec. 301(a)(1), Pub L. 108-27 amends Sec 1(h)(1)(B)
as follows: striking ``10 percent'' and inserting ``5 percent
(0 percent in the case of taxable years beginning after 2007)''.
Sec.1(h)(1)(C) is also amended to change 20% to 15%.
2003 - Subsec. (i)(2). Pub. L. 108-027 amends the tax rate
table in subsec. (i)(2). Amendment effective for taxable
years beginning after December 31, 2002.
2003 - Subsec.303, Pub. L. 108-27, Sunset Title -
All provisions of, and amendments made by, this title
shall not apply to taxable years beginning after December 31,
2010, and the Internal Revenue Code of 1986 shall be applied
and administered to such years as if such provisions and
amendments had never been enacted
2003 - Subsec.302(f), Pub. L. 108-27, states that--
Effective Date.--
(1) In general.--Except as provided in paragraph (2), the
amendments made by this section (Sec. 302) shall apply to
taxable years beginning after December 31, 2002.
(2) Regulated investment companies and real estate
investment trusts.--In the case of a regulated investment
company or a real estate investment trust, the amendments made
by this section shall apply to taxable years ending after
December 31, 2002; except that dividends received by such a
company or trust on or before such date shall not be treated as
qualified dividend income (as defined in section 1(h)(11)(B) of
the Internal Revenue Code of 1986, as added by this Act).
2003 - Subsec. (i)(1)(B) and (C). Pub. L. 108-27, Sec. 104(a) & (b), Amends
for taxable years beginning after December 31, 2004.
2003 - Subsec. (f)(7)(B). Pub. L. 108-27, Sec. 102(a)&(b), amends
applicable percentage for years 2003 and 2004, and is effective for
taxable years beginning after December 31, 2002.
2002 - Subsec.414((b), Pub. L. 107-147, states that amendments
by Sec. 414 related to and amending the Taxpayer Relief Act of
1997 shall take effect as if included in section 311 of the
Taxypayer Relief Act of 1997--
Amendments Related to Section 311 of the Act.--Section 311(e) of
the Taxpayer Relief Act of 1997 (Public Law 105-34; 111 Stat.
836) <<NOTE: 26 USC 1 note.>> is amended--
(1) in paragraph (2)(A), by striking ``recognized'' and
inserting ``included in gross income'', and
(2) by adding at the end the following new paragraph:
``(5) Disposition of interest in passive activity.--Section
469(g)(1)(A) of the Internal Revenue Code of 1986 shall not
apply by reason of an election made under paragraph (1).''.
2001 - Subsec. (g)(7)(B)(ii)(II). Pub. L. 107-16, Sec. 101(c)(1),
901, which directed amendment of subcl. (II) by temporarily
substituting ''10 percent.'' for ''15 percent'', was executed by
temporarily substituting ''10 percent'' for ''15 percent'', to
reflect the probable intent of Congress. See Effective and
Termination Dates of 2001 Amendment note below.
Subsec. (h)(1)(A)(ii)(I), (B)(i). Pub. L. 107-16, Sec.
101(c)(2)(A), 901, temporarily substituted ''25 percent'' for ''28
percent''. See Effective and Termination Dates of 2001 Amendment
note below.
Subsec. (h)(13). Pub. L. 107-16, Sec. 101(c)(2)(B), 901,
temporarily struck out par. (13), which set out special rules for
determination of 28-percent rate gain, unrecaptured section 1250
gain, pass-thru entities, and charitable remainder trusts. See
Effective and Termination Dates of 2001 Amendment note below.
Subsec. (i). Pub. L. 107-16, Sec. 101(a), 901, temporarily added
subsec. (i). See Effective and Termination Dates of 2001 Amendment
note below.
2000 - Subsec.(h)(8). Pub. L. 106-554 substituted ''means the
excess of - '' and subpars. (A) and (B) for ''means an amount equal
to the gain excluded from gross income under section 1202(a).''
1998 - Subsec. (g)(3)(C), (D). Pub. L. 105-206, Sec. 6007(f)(1),
redesignated subpar. (D) as (C) and struck out heading and text of
former subpar. (C). Text read as follows: ''If tax is imposed under
section 644(a)(1) with respect to the sale or exchange of any
property of which the parent was the transferor, for purposes of
applying subparagraph (A) to the taxable year of the parent in
which such sale or exchange occurs -
''(i) taxable income of the parent shall be increased by the
amount treated as included in gross income under section
644(a)(2)(A)(i), and
''(ii) the amount described in subparagraph (A)(ii) shall be
increased by the amount of the excess referred to in section
644(a)(2)(A).''
Subsec. (h). Pub. L. 105-206, Sec. 6005(d)(1), reenacted subsec.
heading without change and amended text of subsec. (h) generally,
substituting present provisions comprising pars. (1) to (13) for
former similar provisions comprising pars. (1) to (11).
Subsec. (h)(5). Pub. L. 105-206, Sec. 5001(a)(1), amended par.
(5) generally. Prior to amendment, par. (5) read as follows:
''(5) 28-percent rate gain. - For purposes of this subsection -
''(A) In general. - The term '28-percent rate gain' means the
excess (if any) of -
''(i) the sum of -
''(I) the aggregate long-term capital gain from property
held for more than 1 year but not more than 18 months;
''(II) collectibles gain; and
''(III) section 1202 gain, over
''(ii) the sum of -
''(I) the aggregate long-term capital loss (not described
in subclause (IV)) from property referred to in clause
(i)(I);
''(II) collectibles loss;
''(III) the net short-term capital loss; and
''(IV) the amount of long-term capital loss carried under
section 1212(b)(1)(B) to the taxable year.
''(B) Special rules. -
''(i) Short sale gains and holding periods. - Rules similar
to the rules of section 1233(b) shall apply where the
substantially identical property has been held more than 1 year
but not more than 18 months; except that, for purposes of such
rules -
''(I) section 1233(b)(1) shall be applied by substituting
'18 months' for '1 year' each place it appears; and
''(II) the holding period of such property shall be treated
as being 1 year on the day before the earlier of the date of
the closing of the short sale or the date such property is
disposed of.
''(ii) Long-term losses. - Section 1233(d) shall be applied
separately by substituting '18 months' for '1 year' each place
it appears.
''(iii) Options. - A rule similar to the rule of section
1092(f) shall apply where the stock was held for more than 18
months.
''(iv) Section 1256 contracts. - Amounts treated as long-term
capital gain or loss under section 1256(a)(3) shall be treated
as attributable to property held for more than 18 months.''
Subsec. (h)(6)(A). Pub. L. 105-206, Sec. 5001(a)(2), substituted
''1 year'' for ''18 months''.
Subsec. (h)(7)(A)(i), (ii). Pub. L. 105-206, Sec. 5001(a)(3),
amended cls. (i) and (ii) generally. Prior to amendment, cls. (i)
and (ii) read as follows:
''(i) the amount of long-term capital gain (not otherwise treated
as ordinary income) which would be treated as ordinary income if -
''(I) section 1250(b)(1) included all depreciation and the
applicable percentage under section 1250(a) were 100 percent, and
''(II) only gain from property held for more than 18 months
were taken into account, over
''(ii) the excess (if any) of -
''(I) the amount described in paragraph (5)(A)(ii), over
''(II) the amount described in paragraph (5)(A)(i).''
Subsec. (h)(13). Pub. L. 105-206, Sec. 5001(a)(4), struck out
''for periods during 1997'' after ''Special rules'' in par. heading
and amended headings and text of subpars. (A) and (B) generally.
Prior to amendment, subpars. (A) and (B) read as follows:
''(A) Determination of 28-percent rate gain. - In applying
paragraph (5) -
''(i) the amount determined under subclause (I) of paragraph
(5)(A)(i) shall include long-term capital gain (not otherwise
described in paragraph (5)(A)(i)) which is properly taken into
account for the portion of the taxable year before May 7, 1997;
''(ii) the amounts determined under subclause (I) of paragraph
(5)(A)(ii) shall include long-term capital loss (not otherwise
described in paragraph (5)(A)(ii)) which is properly taken into
account for the portion of the taxable year before May 7, 1997;
and
''(iii) clauses (i)(I) and (ii)(I) of paragraph (5)(A) shall be
applied by not taking into account any gain and loss on property
held for more than 1 year but not more than 18 months which is
properly taken into account for the portion of the taxable year
after May 6, 1997, and before July 29, 1997.
''(B) Other special rules. -
''(i) Determination of unrecaptured section 1250 gain not to
include pre-may 7, 1997 gain. - The amount determined under
paragraph (7)(A)(i) shall not include gain properly taken into
account for the portion of the taxable year before May 7, 1997.
''(ii) Other transitional rules for 18-month holding period. -
Paragraphs (6)(A) and (7)(A)(i)(II) shall be applied by
substituting '1 year' for '18 months' with respect to gain
properly taken into account for the portion of the taxable year
after May 6, 1997, and before July 29, 1997.''
Subsec. (h)(13)(B). Pub. L. 105-277, Sec. 4002(i)(1), substituted
''paragraph (7)(A)(i)'' for ''paragraph (7)(A)'' in introductory
provisions.
Subsec. (h)(13)(D). Pub. L. 105-277, Sec. 4002(i)(3), added
subpar. (D).
1997 - Subsec. (h). Pub. L. 105-34 amended heading and text of
subsec. (h) generally. Prior to amendment, text read as follows:
''If a taxpayer has a net capital gain for any taxable year, then
the tax imposed by this section shall not exceed the sum of -
''(1) a tax computed at the rates and in the same manner as if
this subsection had not been enacted on the greater of -
''(A) taxable income reduced by the amount of the net capital
gain, or
''(B) the amount of taxable income taxed at a rate below 28
percent, plus
''(2) a tax of 28 percent of the amount of taxable income in
excess of the amount determined under paragraph (1).
For purposes of the preceding sentence, the net capital gain for
any taxable year shall be reduced (but not below zero) by the
amount which the taxpayer elects to take into account as investment
income for the taxable year under section 163(d)(4)(B)(iii).''
1996 - Subsec. (g)(7)(A)(ii). Pub. L. 104-188, Sec. 1704(m)(1),
amended cl. (ii) generally. Prior to amendment, cl. (ii) read as
follows: ''such gross income is more than $500 and less than
$5,000,''.
Subsec. (g)(7)(B)(i). Pub. L. 104-188, Sec. 1704(m)(2)(A),
substituted ''twice the amount described in paragraph
(4)(A)(ii)(I)'' for ''$1,000''.
Subsec. (g)(7)(B)(ii)(II). Pub. L. 104-188, Sec. 1704(m)(2)(B),
amended subcl. (II) generally. Prior to amendment, subcl. (II)
read as follows: ''for each such child, the lesser of $75 or 15
percent of the excess of the gross income of such child over $500,
and''.
1993 - Subsecs. (a) to (e). Pub. L. 103-66, Sec. 13201(a),
13202(a), amended subsecs. (a) to (e) generally, substituting
five-tiered tax tables for all categories applicable to tax years
after December 31, 1992, for prior three-tiered tax tables.
Subsec. (f)(1). Pub. L. 103-66, Sec. 13201(b)(3)(A)(i),
substituted ''1993'' for ''1990''.
Subsec. (f)(3)(B). Pub. L. 103-66, Sec. 13201(b)(3)(A)(ii),
substituted ''1992'' for ''1989''.
Subsec. (f)(7). Pub. L. 103-66, Sec. 13201(b)(3)(B), added par.
(7).
Subsec. (h). Pub. L. 103-66, Sec. 13206(d)(2), inserted as
concluding provision at end ''For purposes of the preceding
sentence, the net capital gain for any taxable year shall be
reduced (but not below zero) by the amount which the taxpayer
elects to take into account as investment income for the taxable
year under section 163(d)(4)(B)(iii).''
1990 - Subsecs. (a) to (e). Pub. L. 101-508, Sec. 11101(a),
amended subsecs. (a) to (e) generally, substituting three-tiered
tax tables for all categories applicable to tax years after Dec.
31, 1990, for prior two-tiered tax tables.
Subsec. (f)(1). Pub. L. 101-508, Sec. 11101(d)(1)(A)(i),
substituted ''1990'' for ''1988''.
Subsec. (f)(3)(B). Pub. L. 101-508, Sec. 11101(d)(1)(A)(ii),
substituted ''1989'' for ''1987''.
Subsec. (f)(6)(A). Pub. L. 101-508, Sec. 11104(b)(1), substituted
''section 151(d)(4)'' for ''section 151(d)(3)''.
Pub. L. 101-508, Sec. 11103(c), inserted reference to section
68(b)(2).
Pub. L. 101-508, Sec. 11101(b)(2), struck out ''subsection
(g)(4),'' after ''paragraph (2)(A),''.
Subsec. (f)(6)(B). Pub. L. 101-508, Sec. 11104(b)(2), substituted
''section 151(d)(4)(A)'' for ''section 151(d)(3)''.
Subsec. (g). Pub. L. 101-508, Sec. 11101(d)(2), redesignated
subsec. (i) as (g).
Pub. L. 101-508, Sec. 11101(b)(1), struck out subsec. (g) which
provided for phaseout of 15-percent rate and personal exemptions.
Subsec. (h). Pub. L. 101-508, Sec. 11101(d)(2), redesignated
subsec. (j) as (h) and struck out former subsec. (h) which provided
tax schedules for taxable years beginning in 1987.
Subsec. (i). Pub. L. 101-508, Sec. 11101(d)(2), redesignated
subsec. (i) as (g).
Subsec. (j). Pub. L. 101-508, Sec. 11101(d)(2), redesignated
subsec. (j) as (h).
Pub. L. 101-508, Sec. 11101(c), amended subsec. (j) generally.
Prior to amendment, subsec. (j) read as follows:
''(1) In general. - If a taxpayer has a net capital gain for any
taxable year to which this subsection applies, then the tax imposed
by this section shall not exceed the sum of -
''(A) a tax computed at the rates and in the same manner as if
this subsection had not been enacted on the greater of -
''(i) the taxable income reduced by the amount of net capital
gain, or
''(ii) the amount of taxable income taxed at a rate below 28
percent, plus
''(B) a tax of 28 percent of the amount of taxable income in
excess of the amount determined under subparagraph (A), plus
''(C) the amount of increase determined under subsection (g).
''(2) Years to which subsection applies. - This subsection shall
apply to -
''(A) any taxable year beginning in 1987, and
''(B) any taxable year beginning after 1987 if the highest rate
of tax set forth in subsection (a), (b), (c), (d), or (e)
(whichever applies) for such taxable year exceeds 28 percent.''
1989 - Subsec. (f)(6)(B). Pub. L. 101-239, Sec. 7831(a),
substituted ''subsection (c)(4) of section 63 (as it applies to
subsections (c)(5)(A) and (f) of such section) and section
151(d)(3)'' for ''section 63(c)(4)''.
Subsec. (i)(3)(C), (D). Pub. L. 101-239, Sec. 7811(j)(1),
redesignated subpar. (C), relating to special rule where parent has
different taxable year, as (D).
Subsec. (i)(7)(A). Pub. L. 101-239, Sec. 7816(b), inserted
''(other than for purposes of this paragraph)'' after ''shall be
treated'' in concluding provisions.
1988 - Subsec. (g)(2). Pub. L. 100-647, Sec. 1001(a)(3), inserted
provision relating to application of subpar. (B) at end of last
sentence.
Subsec. (i)(3)(A). Pub. L. 100-647, Sec. 1014(e)(2), substituted
''any exclusion, deduction, or credit'' for ''any deduction or
credit''.
Subsec. (i)(3)(C). Pub. L. 100-647, Sec. 1014(e)(7), added
subpar. (C) relating to special rule where parent has different
taxable year.
Pub. L. 100-647, Sec. 1014(e)(1), added subpar. (C) relating to
coordination with section 644.
Subsec. (i)(4)(A)(i). Pub. L. 100-647, Sec. 1014(e)(3)(A),
substituted ''adjusted gross income'' for ''gross income'' and
inserted ''attributable to'' after ''which is not''.
Subsec. (i)(4)(A)(ii)(II). Pub. L. 100-647, Sec.
1014(e)(3)(B)-(D), substituted ''his deductions'' for ''his
deduction'', ''the itemized deductions allowed'' for ''the
deductions allowed'', and ''adjusted gross income'' for ''gross
income''.
Subsec. (i)(5)(A). Pub. L. 100-647, Sec. 1014(e)(6), substituted
''custodial parent (within the meaning of section 152(e))'' for
''custodial parent''.
Subsec. (i)(7). Pub. L. 100-647, Sec. 6006(a), added par. (7).
1986 - Subsecs. (a) to (e). Pub. L. 99-514, Sec. 101(a), in
amending subsecs. (a) to (e) generally, substituted a general tax
table for tax tables (1), (2), and (3) in each subsec. applicable
to taxable years beginning in 1982, 1983, and after 1983,
respectively.
Subsec. (f). Pub. L. 99-514, Sec. 101(a), in amending subsec. (f)
generally, in par. (1) substituted ''1988,'' for ''1984'' and
struck out ''paragraph (3) of'' before ''subsections'', in par. (2)
struck out ''paragraph (3) of'' before ''subsection'' in
introductory provisions, substituted subpars. (A) to (C) for former
subpars. (A) to (C) which read as follows:
''(A) by increasing -
''(i) the maximum dollar amount on which no tax is imposed
under such table, and
''(ii) the minimum and maximum dollar amounts for each rate
bracket for which a tax is imposed under such table,
by the cost-of-living adjustment for such calendar year,
''(B) by not changing the rate applicable to any rate bracket
as adjusted under subparagraph (A)(ii), and
''(C) by adjusting the amounts setting forth the tax to the
extent necessary to reflect the adjustments in the rate
brackets.'',
and struck out concluding provisions which read as follows: ''If
any increase determined under subparagraph (A) is not a multiple of
$10, such increase shall be rounded to the nearest multiple of $10
(or if such increase is a multiple of $5, such increase shall be
increased to the next highest multiple of $10).'', in par. (3)(B)
substituted ''1987'' for ''1983'', in par. (4) substituted ''August
31'' for ''September 30'', in par. (5) inserted requirement that
the Consumer Price Index most consistent with such Index for
calendar year 1986 be used, and added par. (6).
Subsecs. (g), (h). Pub. L. 99-514, Sec. 101(a), in amending
section generally, added subsecs. (g) and (h).
Subsec. (i). Pub. L. 99-514, Sec. 1411(a), added subsec. (i).
Subsec. (j). Pub. L. 99-514, Sec. 302(a), added subsec. (j).
1982 - Subsecs. (d), (e). Pub. L. 97-448, Sec. 101(a)(3), set out
as a note below, provided for amendment of the tables applying to
married individuals filing separately or to estates and trusts so
as to correct any figure differing by not more than 50 cents from
the correct amount under the formula used in constructing such
table. Corrections to the tables in subsecs. (d) and (e) appeared
in Announcement 83-50 contained in Internal Revenue Bulletin No.
1983-12 of Mar. 21, 1983.
1981 - Subsecs. (a) to (e). Pub. L. 97-34, Sec. 101(a), generally
revised tax tables downward providing for cumulative
across-the-board reductions of 23 percent on a three phase schedule
under which different new rates were set for taxable years
beginning in 1982, for taxable years beginning in 1983, and for
taxable years beginning after 1983.
Subsec. (f). Pub. L. 97-34, Sec. 104(a), added subsec. (f).
1978 - Subsec. (a). Pub. L. 95-600 generally made a downward
revision of tax table for married individuals filing joint returns
and surviving spouses resulting in a table under which, among other
changes, a bottom bracket imposing no tax on taxable income of
$3,400 or less was substituted for a bottom bracket imposing no tax
on taxable income of $3,200 or less.
Subsec. (b). Pub. L. 95-600 generally made a downward revision of
tax table for heads of household resulting in a table under which,
among other changes, a bottom bracket imposing no tax on taxable
income of $2,300 or less was substituted for a bottom bracket
imposing no tax on taxable income of $2,200 or less.
Subsec. (c). Pub. L. 95-600 generally made a downward revision of
tax table for unmarried individuals other than surviving spouses
and heads of households resulting in a table under which, among
other changes, a bottom bracket imposing no tax on taxable income
of $2,300 or less was substituted for a bottom bracket imposing no
tax on taxable income of $2,200 or less.
Subsec. (d). Pub. L. 95-600 generally made a downward revision of
tax tables for married individuals filing separate returns
resulting in a table under which, among other changes, a bottom
bracket imposing no tax on taxable income of $1,700 or less was
substituted for a bottom bracket imposing no tax on taxable income
of $1,600 or less.
Subsec. (e). Pub. L. 95-600 generally made a downward revision of
tax tables for estates and trusts resulting in a table under which,
among other changes, a bottom bracket under which a tax of 14% is
imposed on taxable income of $1,050 for a bottom bracket under
which a tax of 14% was imposed on taxable income of $500 or less.
1977 - Subsec. (a). Pub. L. 95-30 generally made a downward
revision of tax table for married individuals filing joint returns
and surviving spouses resulting in a table under which, among other
changes, a bottom bracket imposing no tax on taxable income of
$3,200 or less was substituted for a bottom bracket under which a
tax of 14% had been imposed on a taxable income of $1,000 or less.
Subsec. (b). Pub. L. 95-30 generally made a downward revision of
tax table for heads of households resulting in a table under which,
among other changes, a bottom bracket imposing no tax on taxable
income of $2,200 or less was substituted for a bottom bracket under
which a tax of 14% had been imposed on a taxable income of $1,000
or less.
Subsec. (c). Pub. L. 95-30 generally made a downward revision of
tax table for unmarried individuals other than surviving spouses
and heads of households resulting in a table under which, among
other changes, a bottom bracket imposing no tax on taxable income
of $2,200 or less was substituted for a bottom bracket under which
a tax of 14% had been imposed on a taxable income of $500 or less.
Subsec. (d). Pub. L. 95-30 generally made a downward revision of
tax table for married individuals filing separate returns resulting
in a table under which, among other changes, a bottom bracket
imposing no tax on taxable income of $1,600 or less was substituted
for a bottom bracket under which a tax of 14% had been imposed on a
taxable income of $500 or less. Provisions making table applicable
to estates and trusts were struck out. See subsec. (e).
Subsec. (e). Pub. L. 95-30 added subsec. (e) consisting of table
formerly contained in subsec. (d) but without any downward revision
and limited so as to apply only to estates and trusts.
1969 - Subsec. (a). Pub. L. 91-172 substituted a table of rates
of tax for married individuals filing joint returns and surviving
spouses for the tables of rates of tax on individuals. For rates
of taxes on unmarried individuals and married persons filing
separate returns, see subsecs. (c) and (d) of this section.
Subsec. (b). Pub. L. 91-172 generally revised rates of tax of
heads of household downwards and struck out provisions defining
head of household, determination of status, and limitations. For
definition of head of household, determination of status, and
limitations, see section 2(b) of this title.
Subsec. (c). Pub. L. 91-172 substituted rates of tax on unmarried
individuals (other than surviving spouses and heads of household)
for special rules explaining the rates of tax imposed under former
subsecs. (a) and (b)(1) and prescribing a maximum limit of 87
percent of the taxable year.
Subsec. (d). Pub. L. 91-172 substituted a table of rates of tax
for married individuals filing separate returns for provision
prescribing the applicability of the rates to non-resident aliens.
For applicability of rates of tax to non-resident aliens, see
section 2(d) of this title.
Subsec. (e). Pub. L. 91-172 struck out cross reference to section
63. See section 2(e) of this title.
1966 - Subsecs. (d), (e). Pub. L. 89-809 added subsec. (d) and
redesignated former subsec. (d) as (e).
1964 - Pub. L. 88-272 amended section generally by splitting the
former first bracket which started at $2,000 into four new
brackets, the 14 percent bracket representing a 30 percent
reduction, the 15 percent bracket a 25 percent cut, and the 16
percent bracket a 20 percent cut, and reducing all other brackets
by cuts averaging about 20 percent and effectuated these cuts in
two steps, one in 1964, and one in 1965.
EFFECTIVE DATE OF 2007 AMENDMENT
2007 - PL 110-28
SEC. 8241. INCREASE IN AGE OF CHILDREN WHOSE UNEARNED INCOME IS TAXED AS
IF PARENT'S INCOME.
(c) <<NOTE: 26 USC 1 note.>> Effective Date.--The amendment made by
this section shall apply to taxable years beginning after the date of
the enactment of this Act.
EFFECTIVE DATE OF 2006 AMENDMENT
2006 - P.L. 109-222
SEC. 510. INCREASE IN AGE OF MINOR CHILDREN WHOSE UNEARNED INCOME IS
TAXED AS IF PARENT'S INCOME.
(d) Effective Date.--The <<NOTE: 26 USC 1 note.>> amendments made by
this section shall apply to taxable years beginning after December 31,
2005.
EFFECTIVE AND TERMINATION DATES OF 2001 AMENDMENT
Pub. L. 107-16, title I, Sec. 101(d), June 7, 2001, 115 Stat. 44,
provided that:
''(1) In general. - Except as provided in paragraph (2), the
amendments made by this section (enacting section 6428 of this
title and amending this section and sections 15, 531, 541, 3402,
and 3406 of this title) shall apply to taxable years beginning
after December 31, 2000.
''(2) Amendments to withholding provisions. - The amendments made
by paragraphs (6), (7), (8), (9), (10), and (11) of subsection (c)
(amending sections 3402 and 3406 of this title) shall apply to
amounts paid after the 60th day after the date of the enactment of
this Act (June 7, 2001). References to income brackets and rates of
tax in such paragraphs shall be applied without regard to section
1(i)(1)(D) of the Internal Revenue Code of 1986.''
Pub. L. 107-16, title III, Sec. 301(d), June 7, 2001, 115 Stat.
54, provided that: ''The amendments made by this section (amending
this section and section 63 of this title) shall apply to taxable
years beginning after December 31, 2004.''
Pub. L. 107-16, title III, Sec. 302(c), June 7, 2001, 115 Stat.
54, provided that: ''The amendments made by this section (amending
this section) shall apply to taxable years beginning after December
31, 2004.''
Pub. L. 107-16, title IX, Sec. 901, June 7, 2001, 115 Stat. 150,
provided that:
''(a) In General. - All provisions of, and amendments made by,
this Act (see Tables for classification) shall not apply -
''(1) to taxable, plan, or limitation years beginning after
December 31, 2010, or
''(2) in the case of title V (see Tables for classification),
to estates of decedents dying, gifts made, or generation skipping
transfers, after December 31, 2010.
''(b) Application of Certain Laws. - The Internal Revenue Code of
1986 and the Employee Retirement Income Security Act of 1974 (29
U.S.C. 1001 et seq.) shall be applied and administered to years,
estates, gifts, and transfers described in subsection (a) as if the
provisions and amendments described in subsection (a) had never
been enacted.''
Pub. L. 107-358 amended PL 107-16, Sec. 901, by inserting the
following new subsection:
"(c) Exception.--Subsection (a) shall not apply to section 803
(relating to no federal income tax on restitution received by
victims of the Nazi regime or their heirs or estates)."
EFFECTIVE DATE OF 2000 AMENDMENT
Pub. L. 106-554, Sec. 1(a)(7) (title I, Sec. 117(c)), Dec. 21,
2000, 114 Stat. 2763, 2763A-605, provided that: ''The amendments
made by this section (amending this section and section 1202 of
this title) shall apply to stock acquired after the date of the
enactment of this Act (Dec. 21, 2000).''
EFFECTIVE DATE OF 1998 AMENDMENTS
Pub. L. 105-277, div. J, title IV, Sec. 4002(k), Oct. 21, 1998,
112 Stat. 2681-908, provided that: ''The amendments made by this
section (amending this section and sections 408A, 6015, 6103, 6159,
7421, 7443A, and 7491 of this title and amending provisions set out
as a note under section 6601 of this title) shall take effect as if
included in the provisions of the 1998 Act (Pub. L. 105-206) to
which they relate.''
Pub. L. 105-206, title V, Sec. 5001(b), July 22, 1998, 112 Stat.
788, provided that:
''(1) In general. - Except as provided in paragraph (2), the
amendments made by this section (amending this section and sections
1223 and 1235 of this title) shall apply to taxable years ending
after December 31, 1997.
''(2) Subsection (a)(5). - The amendments made by subsection
(a)(5) (amending sections 1223 and 1235 of this title) shall take
effect on January 1, 1998.''
Pub. L. 105-206, title VI, Sec. 6024, July 22, 1998, 112 Stat.
826, provided that: ''Except as otherwise provided in this title
(see Tables for classification), the amendments made by this title
shall take effect as if included in the provisions of the Taxpayer
Relief Act of 1997 (Pub. L. 105-34) to which they relate.''
EFFECTIVE DATE OF 1997 AMENDMENT
Section 311(d) of Pub. L. 105-34 provided that:
''(1) In general. - Except as provided in paragraph (2), the
amendments made by this section (amending this section, sections
55, 57, 904, 1445, and 7518 of this title, and section 1177 of
Title 46, Appendix, Shipping) shall apply to taxable years ending
after May 6, 1997.
''(2) Withholding. - The amendment made by subsection (c)(1)
(amending section 1445 of this title) shall apply only to amounts
paid after the date of the enactment of this Act (Aug. 5, 1997).''
EFFECTIVE DATE OF 1996 AMENDMENT
Section 1704(m)(4) of Pub. L. 104-188 provided that: ''The
amendments made by this subsection (amending this section and
section 59 of this title) shall apply to taxable years beginning
after December 31, 1995.''
EFFECTIVE DATE OF 1993 AMENDMENT
Section 13201(c) of Pub. L. 103-66 provided that: ''The
amendments made by this section (amending this section and sections
41, 63, 68, 132, 151, 453A, 513, 531, and 541 of this title) shall
apply to taxable years beginning after December 31, 1992.''
Section 13202(c) of Pub. L. 103-66 provided that: ''The
amendments made by this section (amending this section and sections
531 and 541 of this title) shall apply to taxable years beginning
after December 31, 1992.''
Section 13206(d)(3) of Pub. L. 103-66 provided that: ''The
amendments made by this subsection (amending this section and
section 163 of this title) shall apply to taxable years beginning
after December 31, 1992.''
EFFECTIVE DATE OF 1990 AMENDMENT
Section 11101(e) of Pub. L. 101-508 provided that: ''The
amendments made by this section (amending this section, sections
32, 41, 59, 63, 135, 151, 513, 691, 904, 6103, and 7518 of this
title, and section 1177 of Title 46, Appendix, Shipping) shall
apply to taxable years beginning after December 31, 1990.''
Section 11103(e) of Pub. L. 101-508 provided that: ''The
amendments made by this section (enacting section 68 of this title
and amending this section and section 56 of this title) shall apply
to taxable years beginning after December 31, 1990.''
Section 11104(c) of Pub. L. 101-508 provided that: ''The
amendments made by this section (amending this section and section
151 of this title) shall apply to taxable years beginning after
December 31, 1990.''
EFFECTIVE DATE OF 1989 AMENDMENT
Section 7817 of Pub. L. 101-239 provided that: ''Except as
otherwise provided in this part (part I (Sec. 7811-7817) of
subtitle H of title VII of Pub. L. 101-239, see Tables for
classification), any amendment made by this part shall take effect
as if included in the provision of the 1988 Act (Pub. L. 100-647)
to which such amendment relates.''
Section 7831(g) of Pub. L. 101-239 provided that: ''Any amendment
made by this section (amending this section and sections 42, 406,
407, and 1250 of this title and provisions set out as notes under
sections 141 and 263A of this title) shall take effect as if
included in the provision of the Tax Reform Act of 1986 (Pub. L.
99-514) to which such amendment relates.''
EFFECTIVE DATE OF 1988 AMENDMENT
Section 1019 of title I of Pub. L. 100-647 provided that:
''(a) General Rule. - Except as otherwise provided in this title,
any amendment made by this title (see Tables for classification),
shall take effect as if included in the provision of the Reform Act
(Pub. L. 99-514) to which such amendment relates.
''(b) Waiver of Estimated Tax Penalties. - No addition to tax
shall be made under section 6654 or 6655 of the 1986 Code for any
period before April 16, 1989 (March 16, 1989 in the case of a
taxpayer subject to section 6655 of the 1986 Code) with respect to
any underpayment to the extent such underpayment was created or
increased by any provision of this title or title II (see Tables
for classification).''
Section 6006(b) of Pub. L. 100-647 provided that: ''The amendment
made by this section (amending this section) shall apply to taxable
years beginning after December 31, 1988.''
EFFECTIVE DATE OF 1986 AMENDMENT
Section 151 of title I of Pub. L. 99-514 provided that:
''(a) General Rule. - Except as otherwise provided in this
section, the amendments made by this title (enacting section 67 of
this title, amending this section, sections 3, 5, 15, 21, 32, 62,
63, 74, 85, 86, 102, 108, 117, 129, 151, 152, 164, 170, 172, 183,
213, 265, 274, 280A, 402, 441, 443, 527, 541, 613A, 642, 667, 861,
862, 901, 904, 1398, 1441, 2032A, 3121, 3231, 3306, 3401, 3402,
3507, 4941, 4945, 6012 to 6014, 6212, 6504, 6511, and 7871 of this
title, and section 409 of Title 42, The Public Health and Welfare,
renumbering section 223 of this title as section 220 of this title,
repealing sections 24, 221, 222, and 1301 to 1305 of this title,
and enacting provisions set out as a note under section 32 of this
title) shall apply to taxable years beginning after December 31,
1986.
''(b) Unemployment Compensation. - The amendment made by section
121 (amending section 85 of this title) shall apply to amounts
received after December 31, 1986, in taxable years ending after
such date.
''(c) Prizes and Awards. - The amendments made by section 122
(amending sections 74, 102, 274, 3121, 3231, 3306, 3401, 4941, and
4945 of this title and section 409 of Title 42, The Public Health
and Welfare) shall apply to prizes and awards granted after
December 31, 1986.
''(d) Scholarships. - The amendments made by section 123
(amending sections 74, 117, 1441, and 7871 of this title) shall
apply to taxable years beginning after December 31, 1986, but only
in the case of scholarships and fellowships granted after August
16, 1986.
''(e) Parsonage and Military Housing Allowances. - The amendment
made by section 144 (amending section 265 of this title) shall
apply to taxable years beginning before, on, or after, December 31,
1986.''
Section 302(b) of Pub. L. 99-514 provided that: ''The amendment
made by this section (amending this section) shall apply to taxable
years beginning after December 31, 1986.''
Section 1411(c) of Pub. L. 99-514 provided that: ''The amendments
made by this section (amending this section and section 6103 of
this title) shall apply to taxable years beginning after December
31, 1986.''
EFFECTIVE DATE OF 1983 AMENDMENT
Section 109 of title I of Pub. L. 97-448 provided that: ''Except
as otherwise provided in this title, any amendment made by this
title (see Tables for classification) shall take effect as if it
had been included in the provision of the Economic Recovery Tax Act
of 1981 (Pub. L. 97-34, Aug. 13, 1981, 95 Stat. 172) to which such
amendment relates.''
EFFECTIVE DATE OF 1981 AMENDMENT
Section 101(f)(1) of Pub. L. 97-34, as amended by Pub. L. 97-448,
title I, Sec. 101(a)(1), Jan. 12, 1983, 96 Stat. 2365, provided
that: ''The amendments made by subsections (a), (c), and (d)
(amending this section and sections 3, 21, 55, 541, and 1304 of
this title and repealing section 1348 of this title) shall apply to
taxable years beginning after December 31, 1981; except that the
amendment made by paragraph (3) of subsection (d) (amending section
21 of this title) shall apply to taxable years ending after
December 31, 1981.''
Section 104(e) of Pub. L. 97-34 provided that: ''The amendments
made by this section (amending this section and sections 63, 151,
6012, and 6013 of this title) shall apply to taxable years
beginning after December 31, 1984.''
EFFECTIVE DATE OF 1978 AMENDMENT
Section 101(f)(1) of Pub. L. 95-600 provided that: ''The
amendments made by subsections (a), (b), (c), and (d) (amending
sections 63, 402, 1302, and 6012 of this title) shall apply to
taxable years beginning after December 31, 1978.''
EFFECTIVE DATE OF 1977 AMENDMENT
Section 106(a) of Pub. L. 95-30 provided that: ''The amendments
made by sections 101, 102, and 104 (amending this section and
sections 3, 21, 42, 57, 63, 143, 161, 172, 211, 402, 441, 443, 511,
584, 613A, 641, 642, 667, 703, 861, 862, 873, 904, 911, 931, 1034,
1211, 1302, 6012, 6014, 6212, 6504, and 6654 of this title and
repealing sections 36, 141, 142, 144, and 145 of this title) shall
apply to taxable years beginning after December 31, 1976.''
EFFECTIVE DATE OF 1969 AMENDMENT
Section 803(f) of Pub. L. 91-172, as amended by Pub. L. 99-514,
Sec. 2, Oct. 22, 1986, 100 Stat. 2095, provided that: ''The
amendments made by subsections (a) (amending this section), (b)
(amending section 2 of this title), and (d) (other than paragraphs
(1) and (8)) (amending sections 5, 511, 632, 641, 1347, and 6015 of
this title) shall apply to taxable years beginning after December
31, 1970, except that section 2(c) of the Internal Revenue Code of
1986 (formerly I.R.C. 1954) (section 2(c) of this title), as
amended by subsection (b), shall also apply to taxable years
beginning after December 31, 1969. The amendments made by
subsections (c) (amending section 3 of this title), (d)(1)
(amending section 6014 of this title), and (d)(8) (amending section
1304 of this title) shall apply to taxable years beginning after
December 31, 1969''.
EFFECTIVE DATE OF 1966 AMENDMENT
Section 103(n) of Pub. L. 89-809 provided that:
''(1) The amendments made by this section (other than the
amendments made by subsections (h), (i), and (k)) (enacting
section 877 of this title, amending this section and sections
116, 154, 871, 872, 873, 874, 875, 932, 6015, and 7701 of this
title, renumbering section 877 as 878, and repealing section 1493
of this title) shall apply with respect to taxable years
beginning after December 31, 1966.
''(2) The amendments made by subsection (h) (amending section
1441 of this title) shall apply with respect to payments made in
taxable years of recipients beginning after December 31, 1966.
''(3) The amendments made by subsection (i) (amending section
1461 of this title) shall apply with respect to payments
occurring after December 31, 1966.
''(4) The amendments made by subsection (k) (amending section
3401 of this title) shall apply with respect to remuneration paid
after December 31, 1966.''
EFFECTIVE DATE OF 1964 AMENDMENT
Section 131 of Pub. L. 88-272, as amended by Pub. L. 99-514, Sec.
2, Oct. 22, 1986, 100 Stat. 2095, provided that: ''Except for
purposes of section 21 of the Internal Revenue Code of 1986
(formerly I.R.C. 1954) (relating to effect of changes in rates
during a taxable year), the amendments made by parts I and II of
this title (amending this section and sections 2, 11, 37, 141, 144,
242, 821, 871, 963, 6016, 6074, 6154, 6212, 6504, and 6655 of this
title) shall apply with respect to taxable years beginning after
December 31, 1963.''
SHORT TITLE OF 2002 AMENDMENT
Pub. L. 107-134, Sec. 1(a), Jan. 23, 2002, 115 Stat. 2427,
provided that: This Act (enacting sections 139 and 5891 of this
title and section 1148 of Title 29, Labor, amending sections 5,
101, 104, 140, 642, 692, 2011, 2053, 2201, 6013, 6081, 6103, 6105,
6161, 6404, 7213, 7508, and 7508A of this title and section 1302 of
Title 29, enacting provisions set out as notes under sections 101,
108, 139, 501, 642, 692, 2011, 5891, 6081, and 6103 of this title,
section 401 of Title 42, The Public Health and Welfare, and section
40101 of Title 49, Transportation, and amending provisions set out
as a note under section 40101 of Title 49) may be cited as the
'Victims of Terrorism Tax Relief Act of 2001'.''
SHORT TITLE OF 2001 AMENDMENTS
Pub. L. 107-16, Sec. 1(a), June 7, 2001, 115 Stat. 38, provided
that: ''This Act (see Tables for classification) may be cited as
the 'Economic Growth and Tax Relief Reconciliation Act of 2001'.''
Pub. L. 107-15, Sec. 1, June 5, 2001, 115 Stat. 37, provided
that: ''This Act (amending provisions set out as a note under
section 101 of this title) may be cited as the 'Fallen Hero
Survivor Benefit Fairness Act of 2001'.''
SHORT TITLE OF 2000 AMENDMENTS
Pub. L. 106-573, Sec. 1, Dec. 28, 2000, 114 Stat. 3061, provided
that: ''This Act (amending section 453 of this title and enacting
provisions set out as a note under section 453 of this title) may
be cited as the 'Installment Tax Correction Act of 2000'.''
Pub. L. 106-554, Sec. 1(a)(7) (Sec. 1(a)), Dec. 21, 2000, 114
Stat. 2763, 2763A-587, provided that: ''This Act (H.R. 5662, as
enacted by section 1(a)(7) of Pub. L. 106-554, see Tables for
classification) may be cited as the 'Community Renewal Tax Relief
Act of 2000'.''
Pub. L. 106-519, Sec. 1(a), Nov. 15, 2000, 114 Stat. 2423,
provided that: ''This Act (enacting sections 114 and 941 to 943 of
this title, amending sections 56, 275, 864, 903 and 999 of this
title, and repealing sections 921 to 927 of this title) may be
cited as the 'FSC Repeal and Extraterritorial Income Exclusion Act
of 2000'.''
Pub. L. 106-476, title IV, Sec. 4001, Nov. 9, 2000, 114 Stat.
2176, provided that: ''This title (enacting sections 1681 to 1681b
of Title 19, Customs Duties, amending sections 5704, 5754, and 5761
of this title, and enacting provisions set out as notes under
sections 5704 and 5761 of this title and section 1681 of Title 19)
may be cited as the 'Imported Cigarette Compliance Act of 2000'.''
SHORT TITLE OF 1999 AMENDMENT
Pub. L. 106-170, title V, Sec. 500, Dec. 17, 1999, 113 Stat.
1918, provided that: ''This title (see Tables for classification)
may be cited as the 'Tax Relief Extension Act of 1999'.''
SHORT TITLE OF 1998 AMENDMENTS
Pub. L. 105-277, div. J, Sec. 1000(a), Oct. 21, 1998, 112 Stat.
2681-886, provided that: ''This division (Sec. 1000-5301, see
Tables for classification) may be cited as the 'Tax and Trade
Relief Extension Act of 1998'.''
Pub. L. 105-277, div. C, title XV, Sec. 1501, Oct. 21, 1998, 112
Stat. 2681-741, provided that: ''This title (amending sections 4132
and 9510 of this title and section 300aa-11 of Title 42, The Public
Health and Welfare, and enacting provisions set out as notes under
sections 4132 and 9510 of this title) may be cited as the 'Vaccine
Injury Compensation Program Modification Act'.''
Pub. L. 105-206, Sec. 1(a), July 22, 1998, 112 Stat. 685,
provided that: ''This Act (see Tables for classification) may be
cited as the 'Internal Revenue Service Restructuring and Reform Act
of 1998'.''
Pub. L. 105-206, title III, Sec. 3000, July 22, 1998, 112 Stat.
726, provided that: ''This title (see Tables for classification)
may be cited as the 'Taxpayer Bill of Rights 3'.''
Pub. L. 105-206, title VI, Sec. 6001(a), July 22, 1998, 112 Stat.
790, provided that: ''This title (see Tables for classification)
may be cited as the 'Tax Technical Corrections Act of 1998'.''
Pub. L. 105-178, title IX, Sec. 9001(a), June 9, 1998, 112 Stat.
499, provided that: ''This title (amending sections 40, 132, 4041,
4051, 4071, 4081, 4091, 4221, 4481 to 4483, 6156, 6412, 6421, 6427,
9503, and 9504 of this title and section 460l-11 of Title 16,
Conservation, repealing section 9511 of this title, enacting
provisions set out as notes under sections 40, 132, 172, 4041,
6421, and 9503 of this title, and amending provisions set out as a
note under section 172 of this title) may be cited as the 'Surface
Transportation Revenue Act of 1998'.''
SHORT TITLE OF 1997 AMENDMENTS
Pub. L. 105-35, Sec. 1, Aug. 5, 1997, 111 Stat. 1104, provided
that: ''This Act (enacting section 7213A of this title, amending
sections 7213 and 7431 of this title, and enacting provisions set
out as notes under sections 7213 and 7431 of this title) may be
cited as the 'Taxpayer Browsing Protection Act'.''
Section 1(a) of Pub. L. 105-34 provided that: ''This Act (see
Tables for classification) may be cited as the 'Taxpayer Relief Act
of 1997'.''
Pub. L. 105-2, Sec. 1(a), Feb. 28, 1997, 111 Stat. 4, provided
that: ''This Act (amending sections 4041, 4081, 4091, 4261, 4271,
and 9502 of this title and enacting provisions set out as notes
under sections 4041, 4081, and 4261 of this title) may be cited as
the 'Airport and Airway Trust Fund Tax Reinstatement Act of
1997'.''
SHORT TITLE OF 1996 AMENDMENTS
Section 1(a) of Pub. L. 104-188 provided that: ''This Act (see
Tables for classification) may be cited as the 'Small Business Job
Protection Act of 1996'.''
Pub. L. 104-168, Sec. 1(a), July 30, 1996, 110 Stat. 1452,
provided that: ''This Act (enacting sections 4958, 7434, 7435, and
7524 of this title, amending sections 501, 4955, 4963, 6013, 6033,
6041 to 6042, 6044, 6045, 6049, 6050B, 6050H to 6050K, 6050N, 6103,
6104, 6159, 6201, 6213, 6323, 6334, 6343, 6404, 6503, 6601, 6651,
6652, 6656, 6672, 6685, 7122, 7213, 7422, 7430, 7433, 7454, 7502,
7608, 7609, 7623, 7802, 7805, and 7811 of this title, renumbering
sections 7434 and 7435 as sections 7435 and 7436 of this title,
enacting provisions set out as notes under sections 501, 4955,
6013, 6033, 6041, 6103, 6104, 6159, 6201, 6311, 6323, 6334, 6404,
6503, 6601, 6651, 6652, 6656, 6672, 7122, 7430, 7433 to 7435, 7524,
7608, 7609, 7623, 7802, 7803, 7805, and 7811 of this title, and
amending provisions set out as a note under section 7608 of this
title) may be cited as the 'Taxpayer Bill of Rights 2'.''
SHORT TITLE OF 1994 AMENDMENTS
Pub. L. 103-465, title VII, Sec. 750, Dec. 8, 1994, 108 Stat.
5012, provided that: ''This subtitle (subtitle F (Sec. 750-781) of
title VII of Pub. L. 103-465, enacting sections 1310, 1311, and
1350 of Title 29, Labor, amending sections 401, 404, 411, 412, 415,
417, 4971, and 4972 of this title and sections 1053 to 1056, 1082,
1132, 1301, 1303, 1305, 1306, 1322, 1341, 1342, and 1343 of Title
29, and enacting provisions set out as notes under sections 401,
411, 412, and 4972 of this title and sections 1056, 1082, 1303,
1306, 1310, 1311, 1322, 1341, and 1342 of Title 29) may be cited as
the 'Retirement Protection Act of 1994'.''
Pub. L. 103-387, Sec. 1, Oct. 22, 1994, 108 Stat. 4071, provided
that: ''This Act (enacting section 3510 of this title, amending
sections 3102 and 3121 of this title, section 3701 of Title 31,
Money and Finance, and sections 401, 402, 404, 409, 410, and 1383
of Title 42, The Public Health and Welfare, and enacting provisions
set out as notes under sections 3102 and 3510 of this title,
section 3701 of Title 31, and sections 401, 402, and 1383 of Title
42) may be cited as the 'Social Security Domestic Employment Reform
Act of 1994'.''
SHORT TITLE OF 1993 AMENDMENTS
Pub. L. 103-152, Sec. 1, Nov. 24, 1993, 107 Stat. 1516, provided
that: ''This Act (amending sections 503, 504, 1105, 1108, and 1382j
of Title 42, The Public Health and Welfare, enacting provisions set
out as notes under section 3304 of this title and sections 503 and
1382j of Title 42, amending provisions set out as notes under
section 3304 of this title and section 352 of Title 45, Railroads,
and repealing provisions set out as a note under section 3304 of
this title) may be cited as the 'Unemployment Compensation
Amendments of 1993'.''
Section 13001(a) of title XIII of Pub. L. 103-66 provided that:
''This chapter (chapter 1 (Sec. 13001-13444) of title XIII of Pub.
L. 103-66, see Tables for classification) may be cited as the
'Revenue Reconciliation Act of 1993'.''
Pub. L. 103-6, Sec. 1, Mar. 4, 1993, 107 Stat. 33, provided that:
''This Act (enacting provisions set out as notes under section 3304
of this title, section 31 of Title 2, The Congress, and section 352
of Title 45, Railroads, and amending provisions set out as notes
under section 3304 of this title and section 352 of Title 45) may
be cited as the 'Emergency Unemployment Compensation Amendments of
1993'.''
SHORT TITLE OF 1992 AMENDMENTS
Pub. L. 102-486, title XIX, Sec. 19141, Oct. 24, 1992, 106 Stat.
3036, provided that: ''This subtitle (subtitle C (Sec. 19141-19143)
of title XIX of Pub. L. 102-486, enacting sections 9701 to 9722 of
this title, amending sections 1231 and 1232 of Title 30, Mineral
Lands and Mining, and enacting provisions set out as a note under
section 9701 of this title) may be cited as the 'Coal Industry
Retiree Health Benefit Act of 1992'.''
Pub. L. 102-318, Sec. 1, July 3, 1992, 106 Stat. 290, provided
that: ''This Act (enacting section 1110 of Title 42, The Public
Health and Welfare, amending sections 55, 62, 72, 151, 219, 401 to
404, 406 to 408, 411, 414, 415, 457, 691, 871, 877, 1441, 3121,
3304, 3306, 3402, 3405, 4973, 4980A, 6047, 6652, 6655, and 7701 of
this title, section 8509 of Title 5, Government Organization and
Employees, section 2291 of Title 19, Customs Duties, and sections
502, 503, 1101, 1102, 1104, and 1105 of Title 42, enacting
provisions set out as notes under sections 401, 402, 3302, 3304,
and 6655 of this title, section 8509 of Title 5, section 2291 of
Title 19, and sections 502, 666, 1102, and 1108 of Title 42, and
amending provisions set out as notes under section 3304 of this
title, sections 502 and 666 of Title 42, and section 352 of Title
45, Railroads) may be cited as the 'Unemployment Compensation
Amendments of 1992'.''
SHORT TITLE OF 1991 AMENDMENTS
Pub. L. 102-240, title VIII, Sec. 8001(a), Dec. 18, 1991, 105
Stat. 2203, provided that: ''This title (enacting section 9511 of
this title, amending sections 4041, 4051, 4071, 4081, 4091, 4221,
4481, 4482, 4483, 6156, 6412, 6420, 6421, 6427, 9503, and 9504 of
this title and section 460l-11 of Title 16, Conservation, and
enacting provisions set out as notes under section 9503 of this
title, section 101 of Title 23, Highways, and section 1601 of
former Title 49, Transportation) may be cited as the 'Surface
Transportation Revenue Act of 1991'.''
Pub. L. 102-227, Sec. 1(a), Dec. 11, 1991, 105 Stat. 1686,
provided that: ''This Act (amending sections 25, 28, 41, 42, 48,
51, 57, 120, 127, 143, 144, 162, 864, and 6655 of this title and
enacting provisions set out as notes under sections 25, 28, 42, 51,
120, 127, 143, 144, 162, 864, and 6655 of this title) may be cited
as the 'Tax Extension Act of 1991'.''
SHORT TITLE OF 1990 AMENDMENT
Section 11001(a) of title XI of Pub. L. 101-508 provided that:
''This title (see Tables for classification) may be cited as the
'Revenue Reconciliation Act of 1990'.''
SHORT TITLE OF 1989 AMENDMENT
Section 7001(a) of title VII of Pub. L. 101-239 provided that:
''This title (see Tables for classification) may be cited as the
'Revenue Reconciliation Act of 1989'.''
Section 7701 of title VII of Pub. L. 101-239 provided that:
''This subtitle (subtitle G (Sec. 7701-7743) of title VII of Pub.
L. 101-239, see Tables for classification) may be cited as the
'Improved Penalty Administration and Compliance Tax Act'.''
SHORT TITLE OF 1988 AMENDMENT
Section 1(a) of Pub. L. 100-647 provided that: ''This Act (see
Tables for classification) may be cited as the 'Technical and
Miscellaneous Revenue Act of 1988'.''
Section 6226 of Pub. L. 100-647 provided that: ''This subtitle
(subtitle J (Sec. 6226-6247) of title VI of Pub. L. 100-647,
enacting sections 6159, 6326, 6712, 7430, 7432, 7433, 7520, 7521,
and 7811 of this title, amending sections 6213, 6214, 6331, 6332,
6334, 6335, 6343, 6404, 6512, 6601, 6673, 6863, 7216, 7429, 7481,
7482, 7802, and 7805 of this title and section 504 of Title 5,
Government Organization and Employees, renumbering section 6326 as
6327, 7432 as 7433, and 7433 as 7434 of this title, and enacting
provisions set out as notes under this section and sections 6159,
6213, 6214, 6326, 6331, 6404, 6512, 6673, 6712, 6863, 7429, 7430,
7432, 7520, 7521, 7605, 7801 to 7803, 7805, and 7811 of this title)
may be cited as the 'Omnibus Taxpayer Bill of Rights'.''
SHORT TITLE OF 1987 AMENDMENTS
Pub. L. 100-223, title IV, Sec. 401, Dec. 30, 1987, 101 Stat.
1532, provided that: ''This title (enacting section 4283 of this
title, amending sections 4041, 4261, 4271, 6427, and 9502 of this
title, and enacting provisions set out as notes under sections 4041
and 4261 of this title) may be cited as the 'Airport and Airway
Revenue Act of 1987'.''
Pub. L. 100-203, title IX, Sec. 9302(a), Dec. 22, 1987, 101 Stat.
1330-333, provided that: ''This part (part II (Sec. 9302-9346) of
subtitle D of part II of Pub. L. 100-203, enacting sections 1085b
and 1371 of Title 29, Labor, amending sections 401, 404, 411, 412,
414, and 4971 of this title and sections 1021, 1023, 1024, 1054,
1082 to 1084, 1085a, 1086, 1103, 1107, 1113, 1132, 1201, 1301, 1305
to 1307, 1322, 1341, 1342, 1344, 1349, 1362, 1364, 1367, and 1368
of Title 29, repealing section 1349 of Title 29, and enacting
provisions set out as notes under sections 401, 404, 412, and 4971
of this title and sections 1054, 1107, 1132, 1301, 1305, 1322, and
1344 of Title 29) may be cited as the 'Pension Protection Act'.''
Pub. L. 100-203, title X, Sec. 10000(a), Dec. 22, 1987, 101 Stat.
1330-382, provided that: ''This title (see Tables for
classification) may be cited as the 'Revenue Act of 1987'.''
Pub. L. 100-17, title V, Sec. 501, Apr. 2, 1987, 101 Stat. 256,
provided that: ''This title (amending sections 4041, 4051, 4052,
4071, 4081, 4221, 4481, 4482, 4483, 6156, 6412, 6420, 6421, 6427,
and 9503 of this title and section 460l-11 of Title 16,
Conservation, and enacting provisions set out as notes under
sections 4052 and 4481 of this title) may be cited as the 'Highway
Revenue Act of 1987'.''
SHORT TITLE OF 1986 AMENDMENTS
Pub. L. 99-662, title XIV, Sec. 1401, Nov. 17, 1986, 100 Stat.
4266, provided that: ''This title (enacting sections 4461, 4462,
9505, and 9506 of this title and section 988a of Title 33,
Navigation and Navigable Waters, amending section 4042 of this
title and sections 984 and 1804 of Title 33, repealing sections
1801 and 1802 of Title 33, and enacting provisions set out as notes
under sections 4042, 4461, 9505, and 9506 of this title and
sections 984 and 988 of Title 33) may be cited as the 'Harbor
Maintenance Revenue Act of 1986'.''
Section 1(a) of Pub. L. 99-514 provided that: ''This Act (see
Tables for classification) may be cited as the 'Tax Reform Act of
1986'.''
Pub. L. 99-499, title V, Sec. 501, Oct. 17, 1986, 100 Stat. 1760,
provided that: ''This title (enacting sections 59A, 4671, 4672,
9507, and 9508 of this title, amending sections 26, 164, 275, 936,
1561, 4041, 4042, 4081, 4221, 4611, 4612, 4661, 4662, 6154, 6416,
6420, 6421, 6425, 6427, 6655, 9502, 9503, and 9506 of this title
and section 9601 of Title 42, The Public Health and Welfare,
repealing sections 4681 and 4682 of this title and sections 9631 to
9633, 9641, and 9653 of Title 42, and enacting provisions set out
as notes under this section and sections 26, 4041, 4611, 4661,
4671, 4681, 9507, and 9508 of this title) may be cited as the
'Superfund Revenue Act of 1986'.''
SHORT TITLE OF 1984 AMENDMENT
Pub. L. 98-369, Sec. 1(a), July 18, 1984, 98 Stat. 494, provided
that: ''This Act (see Tables for classification) may be cited as
the 'Deficit Reduction Act of 1984'.''
Pub. L. 98-369, div. A (Sec. 5-1082), Sec. 5(a), July 18, 1984,
98 Stat. 494, provided that: ''This division (see Tables for
classification) may be cited as the 'Tax Reform Act of 1984'.''
SHORT TITLE OF 1983 AMENDMENTS
Pub. L. 98-76, title II, Sec. 201, Aug. 12, 1983, 97 Stat. 419,
provided that: ''This title (enacting sections 3321 to 3323 and
6050G of this title, amending sections 72, 86, 105, 3201, 3202,
3211, 3221, 3231, 6157, 6201, 6317, 6513, and 6601 of this title
and section 430 of Title 42, The Public Health and Welfare, and
enacting provisions set out as notes under sections 72, 105, 3201,
3321, and 6302 of this title and section 231n of Title 45,
Railroads) may be cited as the 'Railroad Retirement Revenue Act of
1983'.''
Pub. L. 98-67, title I, Sec. 101(a), Aug. 5, 1983, 97 Stat. 369,
provided that: ''This title (enacting sections 3406 and 6705 of
this title, amending sections 31, 274, 275, 643, 661, 3402, 3403,
3502, 3507, 6011, 6013, 6015, 6042, 6044, 6049, 6051, 6365, 6401,
6413, 6652, 6653, 6654, 6676, 6678, 6682, 7205, 7215, 7431, 7654,
and 7701 of this title, repealing sections 3451 to 3456 of this
title, enacting provisions set out as notes under sections 31,
3451, and 6011 of this title, and repealing provisions set out as a
note under section 3451 of this title) may be cited as the
'Interest and Dividend Tax Compliance Act of 1983'.''
Pub. L. 97-473, title II, Sec. 201, Jan. 14, 1983, 96 Stat. 2607,
provided that: ''This title (enacting section 7871 of this title,
amending sections 41, 103, 164, 170, 2055, 2106, 2522, 4227, 4484,
6420, 6421, 6424, 6427, and 7701 of this title, and enacting
provisions set out as a note under section 7871 of this title) may
be cited as the 'Indian Tribal Governmental Tax Status Act of
1982'.''
Section 1(a) of Pub. L. 97-448 provided that: ''This Act (see
Tables for classification) may be cited as the 'Technical
Corrections Act of 1982'.''
Pub. L. 97-424, title V, Sec. 501(a), Jan. 6, 1983, 96 Stat.
2168, provided that: ''This title (see Tables for classification)
may be cited as the 'Highway Revenue Act of 1982'.''
SHORT TITLE OF 1982 AMENDMENTS
Pub. L. 97-362, Sec. 1(a), Oct. 25, 1982, 96 Stat. 1726, provided
that: ''This Act (amending sections 8509 and 8521 of Title 5,
Government Organization and Employees, sections 48, 172, 4401,
4411, 6051, 7447, 7448, 7456, 7459, and 7463 of this title, and
section 601 of former Title 46, Shipping, enacting provisions set
out as notes under sections 8509 and 8521 of Title 5 and sections
48, 172, 336, 4401, 4411, 6051, 7448, and 7463 of this title, and
amending provisions set out as notes under section 2291 of Title
19, Customs Duties, and section 3306 of this title) may be cited as
the 'Miscellaneous Revenue Act of 1982'.''
Pub. L. 97-354, Sec. 1(a), Oct. 19, 1982, 96 Stat. 1669, provided
that: ''This Act (enacting sections 1361 to 1363, 1366 to 1368,
1371 to 1375, 1377 to 1379, and 6241 to 6245 of this title,
amending sections 29, 31, 40, 41, 46, 48, 50A, 50B, 52, 53, 55, 57,
58, 62, 108, 163, 168, 170, 172, 179, 183, 189, 194, 267, 280,
280A, 291, 447, 464, 465, 613A, 992, 1016, 1101, 1212, 1251, 1254,
1256, 3453, 3454, 4992, 4996, 6037, 6042, 6362, and 6661 of this
title and section 1108 of Title 29, Labor, omitting section 1376 of
this title, and enacting provisions set out as a note under section
1361 of this title) may be cited as the 'Subchapter S Revision Act
of 1982'.''
Pub. L. 97-248, Sec. 1(a), Sept. 3, 1982, 96 Stat. 324, provided
that: ''This Act (see Tables for classification) may be cited as
the 'Tax Equity and Fiscal Responsibility Act of 1982'.''
Section 401 of title IV of Pub. L. 97-248 provided that: ''This
title (enacting sections 6046A and 6221 to 6232 of this title and
section 1508 of Title 28, Judiciary and Judicial Procedure,
amending sections 702, 6031, 6213, 6216, 6422, 6501, 6504, 6511,
6512, 6515, 6679, 7422, 7451, 7456, 7459, 7482, and 7485 of this
title and section 1346 of Title 28, and enacting provisions set out
as notes under sections 6031, 6046A, 6221, and 6231 of this title)
may be cited as the 'Tax Treatment of Partnership Items Act of
1982'.''
SHORT TITLE OF 1981 AMENDMENTS
Pub. L. 97-119, title I, Sec. 101(a), Dec. 29, 1981, 95 Stat.
1635, provided that: ''This subtitle (subtitle A (Sec. 101-104) of
title I of Pub. L. 97-119, enacting sections 9500, 9501, 9601, and
9602 of this title, amending sections 501 and 4121 of this title
and sections 902, 925, 932, and 934 of Title 30, Mineral Lands and
Mining, repealing section 934a of Title 30, and enacting provisions
set out as notes under sections 4121 and 9501 of this title and
section 934 of Title 30) may be cited as the 'Black Lung Benefits
Revenue Act of 1981'.''
Section 1(a) of Pub. L. 97-34 provided that: ''This Act (see
Tables for classification) may be cited as the 'Economic Recovery
Tax Act of 1981'.''
SHORT TITLE OF 1980 AMENDMENTS
Pub. L. 96-605, Sec. 1(a), Dec. 28, 1980, 94 Stat. 3521, provided
that: ''This Act (enacting sections 66 and 195 of this title,
amending sections 48, 105, 125, 274, 401, 408, 409A, 410, 414, 415,
501, 513, 514, 528, 861, 871, and 2055 of this title, and enacting
provisions set out as notes under sections 48, 66, 119, 125, 195,
274, 401, 409A, 414, 415, 501, 513, 514, 528, 861, 871, 2055, 3121,
and 7701 of this title) may be cited as the 'Miscellaneous Revenue
Act of 1980'.''
Pub. L. 96-589, Sec. 1(a), Dec. 24, 1980, 94 Stat. 3389, provided
that: ''This Act (enacting sections 370, 1398, 1399, 6658, and 7464
of this title, redesignating former section 7464 of this title as
7465, amending sections 108, 111, 118, 128, 302, 312, 337, 351,
354, 355, 357, 368, 381, 382, 422, 443, 542, 703, 1017, 1023, 1371,
3302, 6012, 6036, 6103, 6155, 6161, 6212, 6213, 6216, 6326, 6404,
6503, 6512, 6532, 6871, 6872, 6873, 7430, and 7508 of this title,
repealing section 1018 of this title, and enacting provisions set
out as a note under section 108 of this title) may be cited as the
'Bankruptcy Tax Act of 1980'.''
Pub. L. 96-510, title II, Sec. 201(a), Dec. 11, 1980, 94 Stat.
2796, provided that: ''This title (enacting chapter 38 of this
title, sections 9631 to 9641 of Title 42, The Public Health and
Welfare, and provisions set out as a note under section 4611 of
this title) may be cited as the 'Hazardous Substance Response
Revenue Act of 1980'.''
Pub. L. 96-499, title XI, Sec. 1100, Dec. 5, 1980, 94 Stat. 2660,
provided: ''This title (enacting sections 103A, 280D, 897, 6039C,
and 6429 of this title, amending sections 103, 861, 871, 882, 3121,
3306, 4251, 6652, and 6655 of this title and section 409 of Title
42, The Public Health and Welfare, and enacting provisions set out
as notes under sections 1, 103A, 280D, 897, 3121, and 6655 of this
title) may be cited as the 'Revenue Adjustments Act of 1980'.''
Pub. L. 96-499, title XI, subtitle A (Sec. 1101-1104), Sec. 1101,
Dec. 5, 1980, 94 Stat. 2660, provided: ''This subtitle (enacting
section 103A of this title, amending section 103 of this title, and
enacting provisions set out as a note under section 103A of this
title) may be cited as the 'Mortgage Subsidy Bond Tax Act of
1980'.''
Pub. L. 96-499, title XI, Sec. 1121, Dec. 5, 1980, 94 Stat. 2682,
provided: ''This subtitle (subtitle C (Sec. 1121-1125) of title XI
of Pub. L. 96-499, enacting sections 897 and 6039C of this title,
amending sections 861, 871, 882, and 6652 of this title, and
enacting provisions set out as notes under section 897 of this
title) may be cited as the 'Foreign Investment in Real Property Tax
Act of 1980'.''
Pub. L. 96-471, Sec. 1(a), Oct. 19, 1980, 94 Stat. 2247,
provided: ''This Act (enacting sections 453 to 453B of this title,
amending sections 311, 336, 337, 381, former section 453, sections
453B, 481, 644, 691, 1038, 1239, and 1255 of this title, and
enacting provisions set out as notes under sections 453, 691, and
1038 of this title) may be cited as the 'Installment Sales Revision
Act of 1980'.''
Pub. L. 96-283, title IV, Sec. 401, June 28, 1980, 94 Stat. 582,
provided that: ''This title (enacting sections 4495 to 4498 of this
title and sections 1472, 1473 of Title 30, Mineral Lands and
Mining, and enacting provision set out as a note under section 4495
of this title) may be cited as the 'Deep Seabed Hard Mineral
Removal Tax Act of 1979'.''
Pub. L. 96-223, Sec. 1(a) Apr. 2, 1980, 94 Stat. 229, provided
that: ''This Act (see Tables for classification) may be cited as
the 'Crude Oil Windfall Profit Tax Act of 1980'.''
Pub. L. 96-222, Sec. 1(a), Apr. 1, 1980, 94 Stat. 194, provided
that: ''This Act (see Tables for classification) may be cited as
the 'Technical Corrections Act of 1979'.''
SHORT TITLE OF 1979 AMENDMENT
Pub. L. 96-39, title VIII, Sec. 801(a), July 26, 1979, 93 Stat.
273, provided that: ''This subtitle (subtitle A (Sec. 801-810) of
title VIII of Pub. L. 96-39, amending sections 5001, 5002 to 5008,
5043, 5061, 5064, 5066, 5116, 5171 to 5173, 5175 to 5178, 5180,
5181, 5201 to 5205, 5207, 5211 to 5215, 5221 to 5223, 5231, 5232,
5235, 5241, 5273, 5291, 5301, 5352, 5361 to 5363, 5365, 5381, 5391,
5551, 5601, 5604, 5610, 5612, 5615, 5663, 5681, 5682, and 5691 of
this title, repealing sections 5009, 5021 to 5026, 5081 to 5084,
5174, 5233, 5234, 5251, 5252, 5364, and 5521 to 5523 of this title,
and enacting provisions set out as notes under sections 5001, 5061,
5171, and 5173 of this title) may be cited as the 'Distilled
Spirits Tax Revision Act of 1979'.''
SHORT TITLE OF 1978 AMENDMENTS
Section 1(a) of Pub. L. 95-618, Nov. 9, 1978, 92 Stat. 3174,
provided that: ''This Act (enacting sections 44C, 124, and 4064 of
this title, amending sections 39, 46 to 48, 56, 57, 167, 263, 465,
613, 613A, 614, 751, 1016, 1254, 4041, 4063, 4081, 4092, 4093,
4217, 4221, 4222, 4293, 4483, 6096, 6401, 6412, 6416, 6421, 6424,
6427, 6504, and 6675 of this title, redesignating section 124 of
this title as section 125, enacting provisions set out as notes
under sections 39, 44C, 48, 124, 167, 263, 613, 613A, 4041, 4063,
4064, 4081, 4093, and 4221 of this title, and amending provisions
set out as notes under section 57 of this title and section 120 of
Title 23, Highways) may be cited as the 'Energy Tax Act of 1978'.''
Pub. L. 95-615, Sec. 1, Nov. 8, 1978, 92 Stat. 3097, provided
that: ''This Act (probably meaning sections 1 to 8 of Pub. L.
95-615, amending section 167 of this title, enacting provisions set
out as notes under sections 61, 62, and 911 of this title, and
amending provisions set out as notes under sections 117, 167, 382,
401, and 911 of this title) may be cited as the 'Tax Treatment
Extension Act of 1977'.''
Pub. L. 95-615, Sec. 201(a), Nov. 8, 1978, 92 Stat. 3098,
provided that: ''This Act (probably meaning sections 201 to 210 of
Pub. L. 95-615, enacting section 913 of this title, amending
sections 43, 62, 119, 217, 911, 1034, 1302, 1304, 1402, 3401, 6011,
6012, and 6091 of this title, and enacting provisions set out as
notes under sections 61, 401, and 911 of this title) may be cited
as the 'Foreign Earned Income Act of 1978'.''
Section 1(a) of Pub. L. 95-600 provided that: ''This Act (see
Tables for classification) may be cited as the 'Revenue Act of
1978'.''
Pub. L. 95-502, title II, Sec. 201, Oct. 21, 1978, 92 Stat. 1696,
provided that: ''This title (enacting section 4042 of this title
and sections 1801 to 1804 of Title 33, Navigation and Navigable
Waters, amending section 4293 of this title, and enacting
provisions set out as notes under section 4042 of this title) may
be cited as the 'Inland Waterways Revenue Act of 1978'.''
Pub. L. 95-227, Sec. 1, Feb. 10, 1978, 92 Stat. 11, provided
that: ''This Act (enacting sections 192, 4121, and 4951 to 4953 of
this title and section 934a of Title 30, Mineral Lands and Mining,
amended sections 501, 4218, 4221, 4293, 4946, 6104, 6213, 6405,
6416, 6501, 6503, and 7454 of this title and section 934 of Title
30 and enacted provisions set out as notes under sections 192 and
4121 of this title and section 934 of Title 30) may be cited as the
'Black Lung Benefits Revenue Act of 1977'.''
SHORT TITLE OF 1977 AMENDMENTS
Section 1(a) of Pub. L. 95-30 provided that: ''This Act (see
Tables for classification) may be cited as the 'Tax Reduction and
Simplification Act of 1977'.''
Pub. L. 95-19, Sec. 1, Apr. 12, 1977, 91 Stat. 39, provided that:
''This Act (amending section 3304 of this title, enacting
provisions set out as notes under sections 3302, 3304, and 3309 of
this title, and amending provisions set out as notes under sections
3302, 3304, and 3309 of this title and sections 359 and 360 of
Title 2, The Congress) may be cited as the 'Emergency Unemployment
Compensation Extension Act of 1977'.''
SHORT TITLE OF 1976 AMENDMENTS
Pub. L. 94-455, title I, Sec. 101, Oct. 4, 1976, 90 Stat. 1525,
provided that: ''This Act (see Tables for classification) may be
cited as the 'Tax Reform Act of 1976'.''
Section 1 of Pub. L. 94-452 provided that: ''This Act (enacting
section 6158 of this title, amending sections 311, 1101, 1102,
1103, 6151, 6503, and 6601 of this title, and enacting provisions
set out as notes under sections 311, 1101, and 6158 of this title)
may be cited as the 'Bank Holding Company Tax Act of 1976'.''
SHORT TITLE OF 1975 AMENDMENTS
Pub. L. 94-164, Sec. 1, Dec. 23, 1975, 89 Stat. 970, provided
that: ''This Act (amending sections 11, 21, 42, 43, 103, 141, 883,
962, 1561, 3402, 6012, 6153, and 6154 of this title and provisions
set out as notes under sections 42, 43, and 3402 of this title, and
enacting provisions set out as notes under this section and
sections 3, 11, 43, 103, and 883 of this title) may be cited as the
'Revenue Adjustment Act of 1975'.''
Pub. L. 94-12, Sec. 1(a), Mar. 29, 1975, 89 Stat. 26, provided
that: ''This Act (enacting sections, 42, 43, 44, 613A, 907, 955,
and 6428 of this title, amending sections 3, 11, 12, 21, 46, 47,
48, 50A, 50B, 56, 141, 214, 535, 613, 703, 851, 901, 902, 951, 954,
962, 993, 1034, 1561, 3304 note, 3402, 6012, 6096, 6201, and 6401
of this title, repealing sections 955 and 963 of this title, and
enacting provisions set out as notes under sections 3, 11, 43, 44,
46, 48, 50A, 214, 410, 535, 613A, 907, 955, 993, 3304, 3402, 6428,
and 6611 of this title and section 402 of Title 42, The Public
Health and Welfare) may be cited as the 'Tax Reduction Act of
1975'.''
SHORT TITLE OF 1973 AMENDMENTS
Pub. L. 93-69, title I, Sec. 110, July 10, 1973, 87 Stat. 166,
provided that: ''This title (amending sections 3201, 3202, 3211,
and 3221 of this title and sections 228b, 228c, and 228e of Title
45, Railroads, enacting provisions set out as notes under section
3201 of this title and sections 228b, 228c, 228f, and 228o of Title
45, and amending provisions set out as notes under section 228c of
Title 45) may be cited as the 'Railroad Retirement Amendments of
1973'.''
For short title of Pub. L. 93-17 as the ''Interest Equalization
Tax Extension Act of 1973'', see section 1(a) of Pub. L. 93-17, set
out as a note under section 2104 of this title.
SHORT TITLE OF 1972 AMENDMENT
Pub. L. 92-512, title II, Sec. 201, Oct. 20, 1972, 86 Stat. 936,
provided that: ''This title (enacting sections 6361 to 6363 of this
title, amending sections 6405 and 7463 of this title, and enacting
provisions set out as a note under section 7463 of this title) may
be cited as the 'Federal-State Tax Collection Act of 1972'.''
SHORT TITLE OF 1971 AMENDMENTS
Pub. L. 92-178, Sec. 1(a), Dec. 10, 1971, 85 Stat. 497, provided
that: ''This Act (see Tables for classification) may be cited as
the 'Revenue Act of 1971'.''
For short title of Pub. L. 92-9 as the ''Interest Equalization
Tax Extension Act of 1971'', see section 1(a) of Pub. L. 92-9, set
out as a note under section 861 of this title.
SHORT TITLE OF 1970 AMENDMENT
For short title of Pub. L. 91-614 as the ''Excise, Estate, and
Gift Tax Adjustment Act of 1970'', see section 1 of Pub. L. 91-614,
set out as a Short Title note under section 2001 of this title.
SHORT TITLE OF 1969 AMENDMENTS
Pub. L. 91-172, Sec. 1(a), Dec. 30, 1969, 83 Stat. 487, provided
that: ''This Act (see Tables for classification) may be cited as
the 'Tax Reform Act of 1969'.''
For short title of Pub. L. 91-128 as the ''Interest Equalization
Tax Extension Act of 1969'', see section 1(a) of Pub. L. 91-128,
set out as a note under section 4182 of this title.
SHORT TITLE OF 1968 AMENDMENT
Pub. L. 90-364, Sec. 1(a), June 28, 1968, 82 Stat. 251, provided
that: ''This Act (enacting sections 51 and 6425 of this title,
amending sections 103, 243, 276, 501, 963, 3402, 4061, 4251, 6020,
6154, 6412, 6651, 6655, 7203, 7502, and 7701 of this title and
sections 603, 607, and 1396b of Title 42, The Public Health and
Welfare, repealing sections 6016, 6074, and 4251 to 4254 of this
title, enacting provisions set out as notes under sections 51, 103,
276, 501, 4061, 6154, and 7502 of this title, section 3101 of Title
5, Government Organization and Employees, sections 11 and 757b of
former Title 31, Money and Finance, and section 1396b of Title 42,
and amending notes under section 1396b of Title 42,) may be cited
as the 'Revenue and Expenditure Control Act of 1968'.''
SHORT TITLE OF 1967 AMENDMENT
For short title of Pub. L. 90-59 as the ''Interest Equalization
Tax Extension Act of 1967'', see section 1(a) of Pub. L. 90-59, set
out as a note under section 6011 of this title.
SHORT TITLE OF 1966 AMENDMENTS
For short title of title I of Pub. L. 89-809 as the ''Foreign
Investors Tax Act of 1966'', see section 101 of Pub. L. 89-809, set
out as a note under section 861 of this title.
For short title of title III of Pub. L. 89-809 as the
''Presidential Election Campaign Fund Act of 1966'', see section
301 of Pub. L. 89-809, set out as a Short Title note under section
6096 of this title.
For short title of Pub. L. 89-719 as the ''Federal Tax Lien Act
of 1966'', see section 1(a) of Pub. L. 89-719, set out as a Short
Title note under section 6321 of this title.
SHORT TITLE OF 1965 AMENDMENT
Pub. L. 89-44, Sec. 1(a), June 21, 1965, 79 Stat. 136, provided
that: ''This Act (see Tables for classification) may be cited as
the 'Excise Tax Reduction Act of 1965'.''
SHORT TITLE OF 1964 AMENDMENTS
Section 1 of Pub. L. 88-348 provided: ''That this Act (amending
sections 165, 4061, 4251, 4261, 5001, 5022, 5041, 5051, 5063, 5701,
5707, and 6412 of this title, and provisions set out as notes under
sections 165, 4261, and 5701 of this title) may be cited as the
'Excise-Tax Rate Extension Act of 1964'.''
Pub. L. 88-272, Sec. 2(a), Feb. 26, 1964, 78 Stat 19, provided
that: ''This Act (see Tables for classification) may be cited as
the 'Revenue Act of 1964'.''
SHORT TITLE OF 1963 AMENDMENT
Pub. L. 88-52, Sec. 1, June 29, 1963, 77 Stat. 72, provided:
''That this Act (amending sections 11, 821, 4061, 4251, 4261, 5001,
5022, 5041, 5051, 5063, 5701, 5707, 6412 of this title and
provisions set out as notes under sections 4261 and 5701 of this
title) may be cited as the 'Tax Rate Extension Act of 1963'.''
SHORT TITLE OF 1962 AMENDMENTS
Pub. L. 87-834, Sec. 1(a), Oct. 16, 1962, 76 Stat. 960, provided
that: ''This Act (see Tables for classification) may be cited as
the 'Revenue Act of 1962'.''
For short title of Pub. L. 87-792 as the ''Self-Employed
Individuals Tax Retirement Act of 1962'', see section 1 of Pub. L.
87-792, set out as a note under section 401 of this title.
Pub. L. 87-508, Sec. 1, June 28, 1962, 76 Stat. 114, provided:
''That this Act (amending sections 11, 821, 4061, 4251 to 4253,
4261 to 4264, 5001, 5002, 5041, 5051, 5063, 5701, 6707, 6412, 6416,
and 6421 of this title, enacting provisions set out as notes under
section 4261, 6416, and 6421 of this title, and amending provisions
set out as a note under section 5701 of this title) may be cited as
the 'Tax Rate Extension Act of 1962'.''
SHORT TITLE OF 1961 AMENDMENT
Pub. L. 87-72, Sec. 1, June 30, 1961, 75 Stat. 193, provided:
''That this Act (amending sections 11, 821, 4061, 4251, 4261, 5001,
5022, 5041, 5051, 5063, 5701, 5707, and 6412 of this title and
provisions set out as a note under section 5701 of this title) may
be cited as the 'Tax Rate Extension Act of 1961'.''
SHORT TITLE OF 1959 AMENDMENTS
Pub. L. 86-75, Sec. 1, June 30, 1959, 73 Stat. 157, provided:
''That this Act (amending sections 11, 821, 4061, 4251, 4261, 5001,
5022, 5041, 5051, 5063, 5701, 5707 and 6412 of this title and
provisions set out as a note under section 5701 of this title) may
be cited as the 'Tax Rate Extension Act of 1959'.''
Section 1 of Pub. L. 86-69 provided that: ''This Act (amending
former part I of subchapter L of this chapter and sections 116,
381, 841, 842, 891, 1016, 1201, 1232, 1504, 4371, and 6501 of this
title and enacting provisions set out as notes under sections 801,
6072, and 6655 of this title) may be cited as the 'Life Insurance
Company Income Tax Act of 1959'.''
SHORT TITLE OF 1958 AMENDMENTS
Pub. L. 85-866, title I, Sec. 1(a), Sept. 2, 1958, 72 Stat. 1606,
provided that: ''This title (see Tables for classification) may be
cited as the 'Technical Amendments Act of 1958'.''
Pub. L. 85-866, title II, Sec. 201, Sept. 2, 1958, 72 Stat. 1676,
provided that: ''This title (amending sections 165, 172, 179, 535,
1244, 1551, 6161, 6166, 6503, and 6601 of this title and enacting
provisions set out as notes under sections 172, 179, 535, 6161 of
this title) may be cited as the 'Small Business Tax Revision Act of
1958'.''
For short title of Pub. L. 85-859 as the ''Excise Tax Technical
Changes Act of 1958'', see section 1(a) of Pub. L. 85-859, set out
as a Short Title note under section 5001 of this title.
Pub. L. 85-475, Sec. 1, June 30, 1958, 72 Stat. 259, provided:
''That this Act (amending sections 11, 821, 4061, 4292, 5001, 5022,
5041, 5051, 5063, 5134, 5701, 5707, 6412, 6415, 6416, 7012, and
7272 of this title and repealing sections 4271 to 4273 and 4281 to
4283 of this title) may be cited as the 'Tax Rate Extension Act of
1958'.''
SHORT TITLE OF 1957 AMENDMENT
Section 1 of Pub. L. 85-12 provided: ''That this Act (amending
sections 11, 821, 4061, 5001, 5022, 5041, 5051, 5063, 5134, 5701,
5707, and 6412 of this title) may be cited as the 'Tax Rate
Extension Act of 1957'.''
SHORT TITLE OF 1956 AMENDMENTS
For short title of title II of act June 29, 1956 as the ''Highway
Revenue Act of 1956'', see section 201(a) of act June 29, 1956, set
out as a note under section 4041 of this title.
For short title of act Mar. 29, 1956 as the ''Tax Rate Extension
Act of 1956'', see section 1 of act Mar. 29, 1956, set out as a
note under section 4041 of this title.
Section 1 of act Mar. 13, 1956, provided: ''That this Act
(enacting section 843 of this title and amending sections 316, 501,
594, 801 to 805, 811 to 813, 816 to 818, 821, 822, 832, 841, 842,
891, 1201, 1504, and 4371 of this title) be cited as the 'Life
Insurance Company Tax Act for 1955'.''
SHORT TITLE OF 1955 AMENDMENT
For short title of act Mar. 30, 1955 as the ''Tax Rate Extension
Act of 1955'', see section 1 of act Mar. 30, 1955, set out as a
note under section 4041 of this title.
COORDINATION OF PROVISIONS IN AMENDATORY ACTS
Pub. L. 105-277, div. J, title IV, Sec. 4001(b), Oct. 21, 1998,
112 Stat. 2681-906, provided that: ''For purposes of applying the
amendments made by any title of this division (Sec. 1000-5301, see
Tables for classification) other than this title (see Definitions
note set out below for classification), the provisions of this
title shall be treated as having been enacted immediately before
the provisions of such other titles.''
Pub. L. 105-206, title VI, Sec. 6001(b), July 22, 1998, 112 Stat.
790, provided that: ''For purposes of applying the amendments made
by any title of this Act other than this title, the provisions of
this title (see Tables for classification) shall be treated as
having been enacted immediately before the provisions of such other
titles.''
Section 1600 of title XVI of Pub. L. 105-34 provided that: ''For
purposes of applying the amendments made by any title of this Act
other than this title, the provisions of this title (see Tables for
classification) shall be treated as having been enacted immediately
before the provisions of such other titles.''
Section 1701 of Pub. L. 104-188 provided that: ''For purposes of
applying the amendments made by any subtitle (subtitle A to F (Sec.
1111-1621) and H to J (Sec. 1801-1954) of title I of Pub. L.
104-188, see Tables for classification) of this title other than
this subtitle (subtitle G (Sec. 1701-1704) of title I of Pub. L.
104-188, see Tables for classification), the provisions of this
subtitle shall be treated as having been enacted immediately before
the provisions of such other subtitles.''
Section 11700 of Pub. L. 101-508 provided that: ''For purposes of
applying the amendments made by any subtitle (subtitles A to F
(Sec. 11101-11622) and H and I (Sec. 11801-11901) of title XI of
Pub. L. 101-508, see Tables for classification) of this title other
than this subtitle (subtitle G (Sec. 11700-11704) of title XI of
Pub. L. 101-508, see Tables for classification), the provisions of
this subtitle shall be treated as having been enacted immediately
before the provisions of such other subtitles.''
Section 7801(b) of Pub. L. 101-239 provided that: ''For purposes
of applying the amendments made by any subtitle (subtitles A to G
(Sec. 7101-7743) of title VII of Pub. L. 101-239, see Tables for
classification) of this title other than this subtitle (subtitle H
(Sec. 7801-7894) of title VII of Pub. L. 101-239, see Tables for
classification), the provisions of this subtitle shall be treated
as having been enacted immediately before the provisions of such
other subtitles.''
Section 1800 of title XVIII of Pub. L. 99-514 provided that:
''For purposes of applying the amendments made by any title of this
Act other than this title, the provisions of this title (see Tables
for classification) shall be treated as having been enacted
immediately before the provisions of such other titles.''
ADJUSTMENTS FOR CONSUMER PRICE INDEX ERROR
Pub. L. 106-554, Sec. 1(a)(7) (title III, Sec. 308), Dec. 21,
2000, 114 Stat. 2763, 2763A-636, provided that:
''(a) Determinations by OMB. - As soon as practicable after the
date of the enactment of this Act (Dec. 21, 2000), the Director of
the Office of Management and Budget shall determine with respect to
each applicable Federal benefit program whether the CPI computation
error for 1999 has or will result in a shortfall in payments to
beneficiaries under such program (as compared to payments that
would have been made if the error had not occurred). As soon as
practicable after the date of the enactment of this Act, but not
later than 60 days after such date, the Director shall direct the
head of the Federal agency which administers such program to make a
payment or payments that, insofar as the Director finds practicable
and feasible -
''(1) are targeted to the amount of the shortfall experienced
by individual beneficiaries, and
''(2) compensate for the shortfall.
''(b) Coordination with Federal Agencies. - As soon as
practicable after the date of the enactment of this Act (Dec. 21,
2000), each Federal agency that administers an applicable Federal
benefit program shall, in accordance with such guidelines as are
issued by the Director pursuant to this section, make an initial
determination of whether, and the extent to which, the CPI
computation error for 1999 has or will result in a shortfall in
payments to beneficiaries of an applicable Federal benefit program
administered by such agency. Not later than 30 days after such
date, the head of such agency shall submit a report to the Director
and to each House of the Congress of such determination, together
with a complete description of the nature of the shortfall.
''(c) Implementation Pursuant to Agency Reports. - Upon receipt
of the report submitted by a Federal agency pursuant to subsection
(b), the Director shall review the initial determination of the
agency, the agency's description of the nature of the shortfall,
and the compensation payments proposed by the agency. Prior to
directing payment of such payments pursuant to subsection (a), the
Director shall make appropriate adjustments (if any) in the
compensation payments proposed by the agency that the Director
determines are necessary to comply with the requirements of
subsection (a) and transmit to the agency a summary report of the
review, indicating any adjustments made by the Director. The agency
shall make the compensation payments as directed by the Director
pursuant to subsection (a) in accordance with the Director's
summary report.
''(d) Income Disregard Under Federal Means-Tested Benefit
Programs. - A payment made under this section to compensate for a
shortfall in benefits shall, in accordance with guidelines issued
by the Director pursuant to this section, be disregarded in
determining income under title VIII of the Social Security Act (42
U.S.C. 1001 et seq.) or any applicable Federal benefit program that
is means-tested.
''(e) Funding. - Funds otherwise available under each applicable
Federal benefit program for making benefit payments under such
program are hereby made available for making compensation payments
under this section in connection with such program.
''(f) No Judicial Review. - No action taken pursuant to this
section shall be subject to judicial review.
''(g) Director's Report. - Not later than April 1, 2001, the
Director shall submit to each House of the Congress a report on the
activities performed by the Director pursuant to this section.
''(h) Definitions. - For purposes of this section:
''(1) Applicable federal benefit program. - The term
'applicable Federal benefit program' means any program of the
Government of the United States providing for regular or periodic
payments or cash assistance paid directly to individual
beneficiaries, as determined by the Director of the Office of
Management and Budget.
''(2) Federal agency. - The term 'Federal agency' means a
department, agency, or instrumentality of the Government of the
United States.
''(3) CPI computation error for 1999. - The term 'CPI
computation error for 1999' means the error in the computation of
the Consumer Price Index announced by the Bureau of Labor
Statistics on September 28, 2000.
''(i) Tax Provisions. - In the case of taxable years (and other
periods) beginning after December 31, 2000, if any Consumer Price
Index (as defined in section 1(f)(5) of the Internal Revenue Code
of 1986) reflects the CPI computation error for 1999 -
''(1) the correct amount of such Index shall (in such manner
and to such extent as the Secretary of the Treasury determines to
be appropriate) be taken into account for purposes of such Code,
and
''(2) tables prescribed under section 1(f) of such Code to
reflect such correct amount shall apply in lieu of any tables
that were prescribed based on the erroneous amount.''
APPLICATION OF SPECIAL RULES FOR MAXIMUM CAPITAL GAINS RATE
Pub. L. 105-277, div. J, title IV, Sec. 4002(i)(2), Oct. 21,
1998, 112 Stat. 2681-907, provided that:
''(2)(A) Subparagraphs (A)(i)(II), (A)(ii)(II), and (B)(ii) of
section 1(h)(13) of the 1986 Code shall not apply to any
distribution after December 31, 1997, by a regulated investment
company or a real estate investment trust with respect to -
''(i) gains and losses recognized directly by such company or
trust, and
''(ii) amounts properly taken into account by such company or
trust by reason of holding (directly or indirectly) an interest
in another such company or trust to the extent that such
subparagraphs did not apply to such other company or trust with
respect to such amounts.
''(B) Subparagraph (A) shall not apply to any distribution which
is treated under section 852(b)(7) or 857(b)(8) of the 1986 Code as
received on December 31, 1997.
''(C) For purposes of subparagraph (A), any amount which is
includible in gross income of its shareholders under section
852(b)(3)(D) or 857(b)(3)(D) of the 1986 Code after December 31,
1997, shall be treated as distributed after such date.
''(D)(i) For purposes of subparagraph (A), in the case of a
qualified partnership with respect to which a regulated investment
company meets the holding requirement of clause (iii) -
''(I) the subparagraphs referred to in subparagraph (A) shall
not apply to gains and losses recognized directly by such
partnership for purposes of determining such company's
distributive share of such gains and losses, and
''(II) such company's distributive share of such gains and
losses (as so determined) shall be treated as recognized directly
by such company.
The preceding sentence shall apply only if the qualified
partnership provides the company with written documentation of such
distributive share as so determined.
''(ii) For purposes of clause (i), the term 'qualified
partnership' means, with respect to a regulated investment company,
any partnership if -
''(I) the partnership is an investment company registered under
the Investment Company Act of 1940 (15 U.S.C. 80a-1 et seq.),
''(II) the regulated investment company is permitted to invest
in such partnership by reason of section 12(d)(1)(E) of such Act
(15 U.S.C. 80a-12(d)(1)(E)) or an exemptive order of the
Securities and Exchange Commission under such section, and
''(III) the regulated investment company and the partnership
have the same taxable year.
''(iii) A regulated investment company meets the holding
requirement of this clause with respect to a qualified partnership
if (as of January 1, 1998) -
''(I) the value of the interests of the regulated investment
company in such partnership is 35 percent or more of the value of
such company's total assets, or
''(II) the value of the interests of the regulated investment
company in such partnership and all other qualified partnerships
is 90 percent or more of the value of such company's total
assets.''
CAPITAL GAIN DISTRIBUTION BY TRUST
Pub. L. 105-277, div. J, title IV, Sec. 4003(b), Oct. 21, 1998,
112 Stat. 2681-909, as amended by Pub. L. 106-554, Sec. 1(a)(7)
(title III, Sec. 312(b)), Dec. 21, 2000, 114 Stat. 2763, 2763A-640,
provided that: ''In the case of any capital gain distribution made
after 1997 by a trust to which section 664 of the 1986 Code applies
with respect to amounts properly taken into account by such trust
during 1997, paragraphs (5)(A)(i)(I), (5)(A)(ii)(I), (7)(A)(i)(II),
and (13)(A) of section 1(h) of the 1986 Code (as in effect for
taxable years ending on December 31, 1997) shall not apply.''
ELECTION TO RECOGNIZE GAIN ON ASSETS HELD ON JANUARY 1, 2001
Section 311(e) of Pub. L. 105-34, as amended by Pub. L. 106-554,
Sec. 1(a)(7) (title III, Sec. 314(c)), Dec. 21, 2000, 114 Stat.
2763, 2763A-643, provided that: ''For purposes of the Internal
Revenue Code of 1986 -
''(1) In general. - A taxpayer other than a corporation may
elect to treat -
''(A) any readily tradable stock (which is a capital asset)
held by such taxpayer on January 1, 2001, and not sold before
the next business day after such date, as having been sold on
such next business day for an amount equal to its closing
market price on such next business day (and as having been
reacquired on such next business day for an amount equal to
such closing market price), and
''(B) any other capital asset or property used in the trade
or business (as defined in section 1231(b) of the Internal
Revenue Code of 1986) held by the taxpayer on January 1, 2001,
as having been sold on such date for an amount equal to its
fair market value on such date (and as having been reacquired
on such date for an amount equal to such fair market value).
''(2) Treatment of gain or loss. -
''(A) Any gain resulting from an election under paragraph (1)
shall be treated as received or accrued on the date the asset
is treated as sold under paragraph (1) and shall be recognized
notwithstanding any provision of the Internal Revenue Code of
1986.
''(B) Any loss resulting from an election under paragraph (1)
shall not be allowed for any taxable year.
''(3) Election. - An election under paragraph (1) shall be made
in such manner as the Secretary of the Treasury or his delegate
may prescribe and shall specify the assets for which such
election is made. Such an election, once made with respect to
any asset, shall be irrevocable. Such an election shall not
apply to any asset which is disposed of (in a transaction in
which gain or loss is recognized in whole or in part) before the
close of the 1-year period beginning on the date that the asset
would have been treated as sold under such election.
''(4) Readily tradable stock. - For purposes of this
subsection, the term 'readily tradable stock' means any stock
which, as of January 1, 2001, is readily tradable on an
established securities market or otherwise.''
ELECTION TO PAY ADDITIONAL 1993 TAXES IN INSTALLMENTS
Section 13201(d) of Pub. L. 103-66 provided that:
''(1) In general. - At the election of the taxpayer, the
additional 1993 taxes may be paid in 3 equal installments.
''(2) Dates for paying installments. - In the case of any tax
payable in installments by reason of paragraph (1) -
''(A) the first installment shall be paid on or before the due
date for the taxpayer's taxable year beginning in calendar year
1993,
''(B) the second installment shall be paid on or before the
date 1 year after the date determined under subparagraph (A), and
''(C) the third installment shall be paid on or before the date
2 years after the date determined under subparagraph (A).
For purposes of the preceding sentence, the term 'due date' means
the date prescribed for filing the taxpayer's return determined
without regard to extensions.
''(3) Extension without interest. - For purposes of section 6601
of the Internal Revenue Code of 1986, the date prescribed for the
payment of any tax payable in installments under paragraph (1)
shall be determined with regard to the extension under paragraph
(1).
''(4) Additional 1993 taxes. -
''(A) In general. - For purposes of this subsection, the term
'additional 1993 taxes' means the excess of -
''(i) the taxpayer's net chapter 1 liability as shown on the
taxpayer's return for the taxpayer's taxable year beginning in
calendar year 1993, over
''(ii) the amount which would have been the taxpayer's net
chapter 1 liability for such taxable year if such liability had
been determined using the rates which would have been in effect
under section 1 of the Internal Revenue Code of 1986 for
taxable years beginning in calendar year 1993 but for the
amendments made by this section (amending this section and
sections 41, 63, 68, 132, 151, 453A, 513, 531, and 541 of this
title) and section 13202 (amending this section and sections
531 and 541 of this title) and such liability had otherwise
been determined on the basis of the amounts shown on the
taxpayer's return.
''(B) Net chapter 1 liability. - For purposes of subparagraph
(A), the term 'net chapter 1 liability' means the liability for
tax under chapter 1 of the Internal Revenue Code of 1986
determined -
''(i) after the application of any credit against such tax
other than the credits under sections 31 and 34, and
''(ii) before crediting any payment of estimated tax for the
taxable year.
''(5) Acceleration of payments. - If the taxpayer does not pay
any installment under this section on or before the date prescribed
for its payment or if the Secretary of the Treasury or his delegate
believes that the collection of any amount payable in installments
under this section is in jeopardy, the Secretary shall immediately
terminate the extension under paragraph (1) and the whole of the
unpaid tax shall be paid on notice and demand from the Secretary.
''(6) Election on return. - An election under paragraph (1) shall
be made on the taxpayer's return for the taxpayer's taxable year
beginning in calendar year 1993.
''(7) Exception for estates and trusts. - This subsection shall
not apply in the case of an estate or trust.''
TRANSITIONAL RULE FOR MAXIMUM CAPITAL GAINS RATE
Section 302(c) of Pub. L. 99-514, which related to long-term
capital gain on rights to royalties paid under particular leases
and assignments, was repealed by Pub. L. 100-647, title I, Sec.
1003(b)(1), Nov. 10, 1988, 102 Stat. 3382.
COORDINATION WITH OTHER PROVISIONS
Pub. L. 99-509, title VIII, Sec. 8081, Oct. 21, 1986, 100 Stat.
1965, provided that: ''Nothing in any provision of this Act (see
Tables for classifications) (other than this title) shall be
construed as -
''(1) imposing any tax (or exempting any person or property
from any tax),
''(2) establishing any trust fund, or
''(3) authorizing amounts to be expended from any trust fund.''
(S.Con.Res. 174, agreed to Oct. 18, 1986, provided: ''That, in
the enrollment of the bill (H.R. 5300) to provide for
reconciliation pursuant to section 2 of the concurrent resolution
on the budget for fiscal year 1987, the Clerk of the House of
Representatives shall insert at the end of section 8081 of the bill
the following: Paragraph (3) shall not apply to any authorization
made by title IX of this Act.'' As a result of clerical error, the
sentence was inserted at the end of section 8101 of the bill, and
appears at the end of section 8101 of Pub. L. 99-509, 100 Stat.
1967.)
Pub. L. 99-499, title V, Sec. 531, Oct. 17, 1986, 100 Stat. 1782,
provided that: ''Notwithstanding any provision of this Act (see
Tables for classifications) not contained in this title (see Short
Title of 1986 Amendment note above), any provision of this Act (not
contained in this title) which -
''(1) imposes any tax, premium, or fee,
''(2) establishes any trust fund, or
''(3) authorizes amounts to be expended from any trust fund,
shall have no force or effect.''
ELIMINATION OF 50-CENT ROUNDING ERRORS
Section 101(a)(3) of Pub. L. 97-448, as amended by Pub. L.
99-514, Sec. 2, Oct. 22, 1986, 100 Stat. 2095, provided that: ''If
any figure in any table -
''(A) which is set forth in section 1 of the Internal Revenue
Code of 1986 (formerly I.R.C. 1954) (as amended by section 101 of
the Economic Recovery Tax Act of 1981 (Pub. L. 97-34, title I,
Sec. 101, Aug. 13, 1981, 95 Stat. 176), and
''(B) which applies to married individuals filing separately or
to estates and trusts,
differs by not more than 50 cents from the correct amount under the
formula used in constructing such table, such figure is hereby
corrected to the correct amount.'' (See 1982 Amendment note above.)
POLICY WITH RESPECT TO ADDITIONAL TAX REDUCTIONS
Section 3 of Pub. L. 95-600 provided that: ''As a matter of
national policy the rate of growth in Federal outlays, adjusted for
inflation, should not exceed 1 percent per year between fiscal year
1979 and fiscal year 1983; Federal outlays as a percentage of gross
national product should decline to below 21 percent in fiscal year
1980, 20.5 percent in fiscal year 1981, 20 percent in fiscal year
1982 and 19.5 percent in fiscal year 1983; and the Federal budget
should be balanced in fiscal years 1982 and 1983. If these
conditions are met, it is the intention that the tax-writing
committees of Congress will report legislation providing
significant tax reductions for individuals to the extent that these
tax reductions are justified in the light of prevailing and
expected economic conditions.''
EFFECTIVE DATE OF CERTAIN DEFINITIONS AND DESIGNATIONS
Pub. L. 94-455, title XIX, Sec. 1908, Oct. 4, 1976, 90 Stat.
1836, provided that: ''For purposes of any amendment made by any
provision of this Act (see Tables for classification) (other than
this title) -
''(1) which contains a term the meaning of which is defined in
or modified by any provision of this title, and
''(2) which has an effective date earlier than the effective
date of the provision of this title defining or modifying such
term,
that definition or modification shall be considered to take effect
as of such earlier effective date.''
CONGRESSIONAL DECLARATION RELATING TO 1975 AMENDMENT
Pub. L. 94-164, Sec. 1A, Dec. 23, 1975, 89 Stat. 970, provided
that:
''(a) Congress is determined to continue the tax reduction for
the first 6 months of 1976 in order to assure continued economic
recovery.
''(b) Congress is also determined to continue to control spending
levels in order to reduce the national deficit.
''(c) Congress reaffirms its commitments to the procedures
established by the Congressional Budget and Impoundment Control Act
of 1974 (see Tables for classification of Pub. L. 93-344, July 12,
1974, 88 Stat. 297) under which it has already established a
binding spending ceiling for the fiscal year 1976.
''(d) If the Congress adopts a continuation of the tax reduction
provided by this Act (see Short Title of 1975 Amendment note above)
beyond June 30, 1976, and if economic conditions warrant doing so,
Congress shall provide, through the procedures in the Budget Act
(Pub. L. 93-344), for reductions in the level of spending in the
fiscal year 1977 below what would otherwise occur, equal to any
additional reduction in taxes (from the 1974 tax rate levels)
provided for the fiscal year 1977: Provided, however, That nothing
shall preclude the right of the Congress to pass a budget
resolution containing a higher or lower expenditure figure if the
Congress concludes that this is warranted by economic conditions or
unforeseen circumstances.''
CONGRESSIONAL DECLARATION RELATING TO 1964 AMENDMENT
Pub. L. 88-272, Sec. 1, Feb. 26, 1964, 78 Stat. 19, provided
that: ''It is the sense of Congress that the tax reduction provided
by this Act (see Short Title of 1964 Amendment note above) through
stimulation of the economy, will, after a brief transitional
period, raise (rather than lower) revenues and that such revenue
increases should first be used to eliminate the deficits in the
administrative budgets and then to reduce the public debt. To
further the objective of obtaining balanced budgets in the near
future, Congress by this action, recognizes the importance of
taking all reasonable means to restrain Government spending and
urges the President to declare his accord with this objective.''
Definitions
DEFINITIONS
Pub. L. 105-277, div. J, title IV, Sec. 4001(a), Oct. 21, 1998,
112 Stat. 2681-906, provided that: ''For purposes of this title
(amending this section, sections 51, 56, 67, 68, 86, 135, 137, 163,
172, 219, 221, 264, 351, 368, 408A, 469, 873, 954, 2001, 2031,
6015, 6103, 6159, 6311, 6404, 6693, 7421, 7443A, 7491, 9503, and
9510 of this title, and sections 401 and 407 of Title 42, The
Public Health and Welfare, enacting provisions set out as notes
under this section, sections 51, 67, 68, 86, 172, 833, 6103, and
9503 of this title, and section 401 of Title 42, and amending
provisions set out as notes under sections 6601 and 7508A of this
title) -
''(1) 1986 code. - The term '1986 Code' means the Internal
Revenue Code of 1986.
''(2) 1998 act. - The term '1998 Act' means the Internal
Revenue Service Restructuring and Reform Act of 1998 (Public Law
105-206) (see Tables for classification).
''(3) 1997 act. - The term '1997 Act' means the Taxpayer Relief
Act of 1997 (Public Law 105-34) (see Tables for
classification).''
References
SECTION REFERRED TO IN OTHER SECTIONS
This section is referred to in sections 2, 3, 15, 23, 24, 25A,
32, 41, 42, 55, 59, 63, 68, 132, 135, 137, 146, 162, 213, 219, 220,
221, 453A, 460, 468B, 511, 512, 513, 531, 541, 641, 646, 685, 691,
774, 871, 876, 877, 891, 904, 911, 936, 962, 1022, 1260, 1291,
1301, 1398, 1446, 2032A, 2503, 2631, 3402, 3406, 4001, 4261, 6014,
6015, 6039F, 6103, 6242, 6323, 6334, 6428, 6601, 6652, 6655, 6867,
7430, 7518, 7519 of this title; title 7 section 940d; title 46 App.
section 1177.
