Home > 106th Congressional Bills > H.R. 2488 (ih) To amend the Internal Revenue Code of 1986 to reduce individual income [Introduced in House] ...H.R. 2488 (ih) To amend the Internal Revenue Code of 1986 to reduce individual income [Introduced in House] ...
106th CONGRESS
1st Session
H. R. 2488
_______________________________________________________________________
AN ACT
To provide for reconciliation pursuant to sections 105 and 211 of the
concurrent resolution on the budget for fiscal year 2000.
106th CONGRESS
1st Session
H. R. 2488
_______________________________________________________________________
AN ACT
To provide for reconciliation pursuant to sections 105 and 211 of the
concurrent resolution on the budget for fiscal year 2000.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE; ETC.
(a) Short Title.--This Act may be cited as the ``Financial Freedom
Act of 1999''.
(b) Amendment of 1986 Code.--Except as otherwise expressly
provided, whenever in this Act an amendment or repeal is expressed in
terms of an amendment to, or repeal of, a section or other provision,
the reference shall be considered to be made to a section or other
provision of the Internal Revenue Code of 1986.
(c) Section 15 Not To Apply.--No amendment made by this Act shall
be treated as a change in a rate of tax for purposes of section 15 of
the Internal Revenue Code of 1986.
(d) Table of Contents.--The table of contents for this Act is as
follows:
Sec. 1. Short title; etc.
TITLE I--BROAD-BASED TAX RELIEF
Subtitle A--10-Percent Reduction in Individual Income Tax Rates
Sec. 101. 10-percent reduction in individual income tax rates.
Subtitle B--Marriage Penalty Tax Relief
Sec. 111. Elimination of marriage penalty in standard deduction.
Sec. 112. Elimination of marriage penalty in deduction for interest on
education loans.
Sec. 113. Rollover from regular IRA to Roth IRA.
Subtitle C--Repeal of Alternative Minimum Tax on Individuals
Sec. 121. Repeal of alternative minimum tax on individuals.
TITLE II--RELIEF FROM TAXATION ON SAVINGS AND INVESTMENTS
Sec. 201. Exemption of certain interest and dividend income from tax.
Sec. 202. Reduction in individual capital gain tax rates.
Sec. 203. Capital gains tax rates applied to capital gains of
designated settlement funds.
Sec. 204. Special rule for members of uniformed services and foreign
service, and other employees, in
determining exclusion of gain from sale of
principal residence.
Sec. 205. Treatment of certain dealer derivative financial instruments,
hedging transactions, and supplies as
ordinary assets.
Sec. 206. Worthless securities of financial institutions.
TITLE III--INCENTIVES FOR BUSINESS INVESTMENT AND JOB CREATION
Sec. 301. Reduction in corporate capital gain tax rate.
Sec. 302. Repeal of alternative minimum tax on corporations.
TITLE IV--EDUCATION SAVINGS INCENTIVES
Sec. 401. Modifications to education individual retirement accounts.
Sec. 402. Modifications to qualified tuition programs.
Sec. 403. Exclusion of certain amounts received under the National
Health Service Corps scholarship program,
the F. Edward Hebert Armed Forces Health
Professions Scholarship and Financial
Assistance Program, and certain other
programs.
Sec. 404. Additional increase in arbitrage rebate exception for
governmental bonds used to finance
educational facilities.
Sec. 405. Modification of arbitrage rebate rules applicable to public
school construction bonds.
Sec. 406. Repeal of 60-month limitation on deduction for interest on
education loans.
TITLE V--HEALTH CARE PROVISIONS
Sec. 501. Deduction for health and long-term care insurance costs of
individuals not participating in employer-
subsidized health plans.
Sec. 502. Long-term care insurance permitted to be offered under
cafeteria plans and flexible spending
arrangements.
Sec. 503. Expansion of availability of medical savings accounts.
Sec. 504. Additional personal exemption for taxpayer caring for elderly
family member in taxpayer's home.
Sec. 505. Expanded human clinical trials qualifying for orphan drug
credit.
Sec. 506. Inclusion of certain vaccines against streptococcus
pneumoniae to list of taxable vaccines.
Sec. 507. Above-the-line deduction for prescription drug insurance
coverage of medicare beneficiaries if
certain medicare and low-income assistance
provisions in effect.
TITLE VI--ESTATE TAX RELIEF
Subtitle A--Repeal of Estate, Gift, and Generation-Skipping Taxes;
Repeal of Step Up in Basis At Death
Sec. 601. Repeal of estate, gift, and generation-skipping taxes.
Sec. 602. Termination of step up in basis at death.
Sec. 603. Carryover basis at death.
Subtitle B--Reductions of Estate and Gift Tax Rates Prior to Repeal
Sec. 611. Additional reductions of estate and gift tax rates.
Subtitle C--Unified Credit Replaced With Unified Exemption Amount
Sec. 621. Unified credit against estate and gift taxes replaced with
unified exemption amount.
Subtitle D--Modifications of Generation-Skipping Transfer Tax
Sec. 631. Deemed allocation of GST exemption to lifetime transfers to
trusts; retroactive allocations.
Sec. 632. Severing of trusts.
Sec. 633. Modification of certain valuation rules.
Sec. 634. Relief provisions.
TITLE VII--TAX RELIEF FOR DISTRESSED COMMUNITIES AND INDUSTRIES
Subtitle A--American Community Renewal Act of 1999
Sec. 701. Short title.
Sec. 702. Designation of and tax incentives for renewal communities.
Sec. 703. Extension of expensing of environmental remediation costs to
renewal communities.
Sec. 704. Extension of work opportunity tax credit for renewal
communities
Sec. 705. Conforming and clerical amendments.
Sec. 706. Evaluation and reporting requirements.
Subtitle B--Farming Incentive
Sec. 711. Production flexibility contract payments.
Subtitle C--Oil and Gas Incentives
Sec. 721. 5-year net operating loss carryback for losses attributable
to operating mineral interests of
independent oil and gas producers.
Sec. 722. Deduction for delay rental payments.
Sec. 723. Election to expense geological and geophysical expenditures.
Sec. 724. Temporary suspension of limitation based on 65 percent of
taxable income.
Sec. 725. Determination of small refiner exception to oil depletion
deduction.
Subtitle D--Timber Incentives
Sec. 731. Temporary suspension of maximum amount of amortizable
reforestation expenditures.
Sec. 732. Capital gain treatment under section 631(b) to apply to
outright sales by land owner.
Subtitle E--Steel Industry Incentive
Sec. 741. Minimum tax relief for steel industry.
TITLE VIII--RELIEF FOR SMALL BUSINESSES
Sec. 801. Deduction for 100 percent of health insurance costs of self-
employed individuals.
Sec. 802. Increase in expense treatment for small businesses.
Sec. 803. Repeal of Federal unemployment surtax.
Sec. 804. Restoration of 80 percent deduction for meal expenses.
TITLE IX--INTERNATIONAL TAX RELIEF
Sec. 901. Interest allocation rules.
Sec. 902. Look-thru rules to apply to dividends from noncontrolled
section 902 corporations.
Sec. 903. Clarification of treatment of pipeline transportation income.
Sec. 904. Subpart F treatment of income from transmission of high
voltage electricity.
Sec. 905. Recharacterization of overall domestic loss.
Sec. 906. Treatment of military property of foreign sales corporations.
Sec. 907. Treatment of certain dividends of regulated investment
companies.
Sec. 908. Repeal of special rules for applying foreign tax credit in
case of foreign oil and gas income.
Sec. 909. Study of proper treatment of European Union under same
country exceptions.
Sec. 910. Application of denial of foreign tax credit with respect to
certain foreign countries.
Sec. 911. Advance pricing agreements treated as confidential taxpayer
information.
Sec. 912. Increase in dollar limitation on section 911 exclusion.
TITLE X--PROVISIONS RELATING TO TAX-EXEMPT ORGANIZATIONS
Sec. 1001. Exemption from income tax for State-created organizations
providing property and casualty insurance
for property for which such coverage is
otherwise unavailable.
Sec. 1002. Modification of special arbitrage rule for certain funds.
Sec. 1003. Charitable split-dollar life insurance, annuity, and
endowment contracts.
Sec. 1004. Exemption procedure from taxes on self-dealing.
Sec. 1005. Expansion of declaratory judgment remedy to tax-exempt
organizations.
Sec. 1006. Modifications to section 512(b)(13).
TITLE XI--REAL ESTATE PROVISIONS
Subtitle A--Provisions Relating to Real Estate Investment Trusts
Part I--Treatment of Income and Services Provided by Taxable REIT
Subsidiaries
Sec. 1101. Modifications to asset diversification test.
Sec. 1102. Treatment of income and services provided by taxable REIT
subsidiaries.
Sec. 1103. Taxable REIT subsidiary.
Sec. 1104. Limitation on earnings stripping.
Sec. 1105. 100 percent tax on improperly allocated amounts.
Sec. 1106. Effective date.
Part II--Health Care REITs
Sec. 1111. Health care REITs.
Part III--Conformity With Regulated Investment Company Rules
Sec. 1121. Conformity with regulated investment company rules.
Part IV--Clarification of Exception From Impermissible Tenant Service
Income
Sec. 1131. Clarification of exception for independent operators.
Part V--Modification of Earnings and Profits Rules
Sec. 1141. Modification of earnings and profits rules.
Part VI--Study Relating to Taxable REIT Subsidiaries
Sec. 1151. Study relating to taxable REIT subsidiaries.
Subtitle B--Modification of At-Risk Rules for Publicly Traded
Nonrecourse Debt
Sec. 1161. Treatment under at-risk rules of publicly traded nonrecourse
debt.
Subtitle C--Treatment of Construction Allowances and Certain
Contributions to Capital of Retailers
Sec. 1171. Exclusion from gross income of qualified lessee construction
allowances not limited for certain
retailers to short-term leases.
Sec. 1172. Exclusion from gross income for certain contributions to the
capital of certain retailers.
TITLE XII--PROVISIONS RELATING TO PENSIONS
Subtitle A--Expanding Coverage
Sec. 1201. Increase in benefit and contribution limits.
Sec. 1202. Plan loans for subchapter S owners, partners, and sole
proprietors.
Sec. 1203. Modification of top-heavy rules.
Sec. 1204. Elective deferrals not taken into account for purposes of
deduction limits.
Sec. 1205. Repeal of coordination requirements for deferred
compensation plans of State and local
governments and tax-exempt organizations.
Sec. 1206. Elimination of user fee for requests to IRS regarding
pension plans.
Sec. 1207. Deduction limits.
Sec. 1208. Option to treat elective deferrals as after-tax
contributions.
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