Home > 106th Congressional Bills > H.R. 3081 (ih) To increase the Federal minimum wage and to amend the Internal Revenue Code of 1986 to provide tax benefits for small businesses, and for other purposes. ``Calendar Year Per Capita Limit Aggregate Limit [Introduced in House] ...H.R. 3081 (ih) To increase the Federal minimum wage and to amend the Internal Revenue Code of 1986 to provide tax benefits for small businesses, and for other purposes. ``Calendar Year Per Capita Limit Aggregate Limit [Introduced in House] ...
106th CONGRESS
2d Session
H. R. 3081
_______________________________________________________________________
AN ACT
To amend the Internal Revenue Code of 1986 to provide tax benefits for
small businesses, to amend the Fair Labor Standards Act of 1938 to
increase the minimum wage, and for other purposes.
106th CONGRESS
2d Session
H. R. 3081
_______________________________________________________________________
AN ACT
To amend the Internal Revenue Code of 1986 to provide tax benefits for
small businesses, to amend the Fair Labor Standards Act of 1938 to
increase the minimum wage, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE; REFERENCES; TABLE OF CONTENTS.
(a) Short Title.--This Act may be cited as the ``Small Business Tax
Fairness Act of 2000''.
(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) Table of Contents.--The table of contents of this Act is as
follows:
Sec. 1. Short title; references; table of contents.
TITLE I--SMALL BUSINESS PROVISIONS
Sec. 101. Deduction for 100 percent of health insurance costs of self-
employed individuals.
Sec. 102. Increase in expense treatment for small businesses.
Sec. 103. Increased deduction for meal expenses.
Sec. 104. Increased deductibility of business meal expenses for
individuals subject to Federal limitations
on hours of service.
Sec. 105. Income averaging for farmers and fishermen not to increase
alternative minimum tax liability.
Sec. 106. Repeal of occupational taxes relating to distilled spirits,
wine, and beer.
Sec. 107. Repeal of modification of installment method.
TITLE II--PENSION PROVISIONS
Subtitle A--Expanding Coverage
Sec. 201. Increase in benefit and contribution limits.
Sec. 202. Plan loans for subchapter S owners, partners, and sole
proprietors.
Sec. 203. Modification of top-heavy rules.
Sec. 204. Elective deferrals not taken into account for purposes of
deduction limits.
Sec. 205. Repeal of coordination requirements for deferred compensation
plans of State and local governments and
tax-exempt organizations.
Sec. 206. Elimination of user fee for requests to IRS regarding pension
plans.
Sec. 207. Deduction limits.
Sec. 208. Option to treat elective deferrals as after-tax
contributions.
Subtitle B--Enhancing Fairness for Women
Sec. 221. Catchup contributions for individuals age 50 or over.
Sec. 222. Equitable treatment for contributions of employees to defined
contribution plans.
Sec. 223. Faster vesting of certain employer matching contributions.
Sec. 224. Simplify and update the minimum distribution rules.
Sec. 225. Clarification of tax treatment of division of section 457
plan benefits upon divorce.
Sec. 226. Modification of safe harbor relief for hardship withdrawals
from cash or deferred arrangements.
Subtitle C--Increasing Portability for Participants
Sec. 231. Rollovers allowed among various types of plans.
Sec. 232. Rollovers of IRAs into workplace retirement plans.
Sec. 233. Rollovers of after-tax contributions.
Sec. 234. Hardship exception to 60-day rule.
Sec. 235. Treatment of forms of distribution.
Sec. 236. Rationalization of restrictions on distributions.
Sec. 237. Purchase of service credit in governmental defined benefit
plans.
Sec. 238. Employers may disregard rollovers for purposes of cash-out
amounts.
Sec. 239. Minimum distribution and inclusion requirements for section
457 plans.
Subtitle D--Strengthening Pension Security and Enforcement
Sec. 241. Repeal of 150 percent of current liability funding limit.
Sec. 242. Maximum contribution deduction rules modified and applied to
all defined benefit plans.
Sec. 243. Excise tax relief for sound pension funding.
Sec. 244. Excise tax on failure to provide notice by defined benefit
plans significantly reducing future benefit
accruals.
Sec. 245. Treatment of multiemployer plans under section 415.
Subtitle E--Reducing Regulatory Burdens
Sec. 261. Modification of timing of plan valuations.
Sec. 262. ESOP dividends may be reinvested without loss of dividend
deduction.
Sec. 263. Repeal of transition rule relating to certain highly
compensated employees.
Sec. 264. Employees of tax-exempt entities.
Sec. 265. Clarification of treatment of employer-provided retirement
advice.
Sec. 266. Reporting simplification.
Sec. 267. Improvement of employee plans compliance resolution system.
Sec. 268. Modification of exclusion for employer provided transit
passes.
Sec. 269. Repeal of the multiple use test.
Sec. 270. Flexibility in nondiscrimination, coverage, and line of
business rules.
Sec. 271. Extension to international organizations of moratorium on
application of certain nondiscrimination
rules applicable to State and local plans.
Sec. 272. Notice and consent period regarding distributions.
Subtitle F--Plan Amendments
Sec. 281. Provisions relating to plan amendments.
TITLE III--ESTATE TAX RELIEF
Subtitle A--Reductions of Estate and Gift Tax Rates
Sec. 301. Reductions of estate and gift tax rates.
Sec. 302. Sense of the Congress concerning repeal of the death tax.
Subtitle B--Unified Credit Replaced With Unified Exemption Amount
Sec. 311. Unified credit against estate and gift taxes replaced with
unified exemption amount.
Subtitle C--Modifications of Generation-Skipping Transfer Tax
Sec. 321. Deemed allocation of GST exemption to lifetime transfers to
trusts; retroactive allocations.
Sec. 322. Severing of trusts.
Sec. 323. Modification of certain valuation rules.
Sec. 324. Relief provisions.
Subtitle D--Conservation Easements
Sec. 331. Expansion of estate tax rule for conservation easements.
TITLE IV--TAX RELIEF FOR DISTRESSED COMMUNITIES AND INDUSTRIES
Subtitle A--American Community Renewal Act of 2000
Sec. 401. Short title.
Sec. 402. Designation of and tax incentives for renewal communities.
Sec. 403. Extension of expensing of environmental remediation costs to
renewal communities.
Sec. 404. Extension of work opportunity tax credit for renewal
communities.
Sec. 405. Conforming and clerical amendments.
Subtitle B--Timber Incentives
Sec. 411. Temporary suspension of maximum amount of amortizable
reforestation expenditures.
TITLE V--REAL ESTATE PROVISIONS
Subtitle A--Improvements in Low-Income Housing Credit
Sec. 501. Modification of State ceiling on low-income housing credit.
Sec. 502. Modification of criteria for allocating housing credits among
projects.
Sec. 503. Additional responsibilities of housing credit agencies.
Sec. 504. Modifications to rules relating to basis of building which is
eligible for credit.
Sec. 505. Other modifications.
Sec. 506. Carryforward rules.
Sec. 507. Effective date.
Subtitle B--Private Activity Bond Volume Cap
Sec. 511. Acceleration of phase-in of increase in volume cap on private
activity bonds.
Subtitle C--Exclusion From Gross Income for Certain Forgiven Mortgage
Obligations
Sec. 512. Exclusion from gross income for certain forgiven mortgage
obligations.
TITLE VI--AMENDMENTS TO THE FAIR LABOR STANDARDS ACT OF 1938
Sec. 601. Short title.
Sec. 602. Minimum Wage.
Sec. 603. Exemption for computer professionals.
Sec. 604. Exemption for certain sales employees.
Sec. 605. Exemption for funeral directors.
TITLE I--SMALL BUSINESS PROVISIONS
SEC. 101. DEDUCTION FOR 100 PERCENT OF HEALTH INSURANCE COSTS OF SELF-
EMPLOYED INDIVIDUALS.
(a) In General.--Paragraph (1) of section 162(l) is amended to read
as follows:
``(1) Allowance of deduction.--In the case of an individual
who is an employee within the meaning of section 401(c)(1),
there shall be allowed as a deduction under this section an
amount equal to 100 percent of the amount paid during the
taxable year for insurance which constitutes medical care for
the taxpayer and the taxpayer's spouse and dependents.''.
(b) Clarification of Limitations on Other Coverage.--The first
sentence of section 162(l)(2)(B) is amended to read as follows:
``Paragraph (1) shall not apply to any taxpayer for any calendar month
for which the taxpayer participates in any subsidized health plan
maintained by any employer (other than an employer described in section
401(c)(4)) of the taxpayer or the spouse of the taxpayer.''.
(c) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after December 31, 2000.
SEC. 102. INCREASE IN EXPENSE TREATMENT FOR SMALL BUSINESSES.
(a) In General.--Paragraph (1) of section 179(b) (relating to
dollar limitation) is amended to read as follows:
``(1) Dollar limitation.--The aggregate cost which may be
taken into account under subsection (a) for any taxable year
shall not exceed $30,000.''.
(b) Effective Date.--The amendment made by this section shall apply
to taxable years beginning after December 31, 2000.
SEC. 103. INCREASED DEDUCTION FOR MEAL EXPENSES.
(a) In General.--Paragraph (1) of section 274(n) (relating to only
50 percent of meal and entertainment expenses allowed as deduction) is
amended by striking ``50 percent'' in the text and inserting ``the
allowable percentage''.
(b) Allowable Percentages.--Subsection (n) of section 274 is
amended by redesignating paragraphs (2) and (3) as paragraphs (3) and
(4), respectively, and by inserting after paragraph (1) the following
new paragraph:
``(2) Allowable percentage.--For purposes of paragraph (1),
the allowable percentage is--
``(A) in the case of amounts for items described in
paragraph (1)(B), 50 percent, and
``(B) in the case of expenses for food or
beverages, 60 percent (55 percent for taxable years
beginning during 2001).''.
(c) Conforming Amendment.--The heading for subsection (n) of
section 274 is amended by striking ``50 Percent'' and inserting
``Limited Percentages''.
(d) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after December 31, 2000.
SEC. 104. INCREASED DEDUCTIBILITY OF BUSINESS MEAL EXPENSES FOR
INDIVIDUALS SUBJECT TO FEDERAL LIMITATIONS ON HOURS OF
SERVICE.
(a) In General.--Paragraph (4) of section 274(n) (relating to
limited percentages of meal and entertainment expenses allowed as
deduction), as redesignated by section 103, is amended to read as
follows:
``(4) Special rule for individuals subject to federal hours
of service.--In the case of any expenses for food or beverages
consumed while away from home (within the meaning of section
162(a)(2)) by an individual during, or incident to, the period
of duty subject to the hours of service limitations of the
Department of Transportation, paragraph (2)(B) shall be applied
by substituting `80 percent' for the percentage otherwise
applicable under paragraph (2)(B).''.
(b) Effective Date.--The amendment made by subsection (a) shall
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