Home > 106th Congressional Bills > H.R. 5543 (ih) To amend titles XVIII, XIX, and XXI of the Social Security Act to [Introduced in House] ...H.R. 5543 (ih) To amend titles XVIII, XIX, and XXI of the Social Security Act to [Introduced in House] ...
106th CONGRESS
2d Session
H. R. 5542
To amend the Internal Revenue Code of 1986 to provide tax relief.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
October 25, 2000
Mr. Armey introduced the following bill; which was referred to the
Committee on Ways and Means, and in addition to the Committees on
Education and the Workforce, Banking and Financial Services, and the
Budget, for a period to be subsequently determined by the Speaker, in
each case for consideration of such provisions as fall within the
jurisdiction of the committee concerned
_______________________________________________________________________
A BILL
To amend the Internal Revenue Code of 1986 to provide tax relief.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE; AMENDMENT OF 1986 CODE.
(a) Short Title.--This Act may be cited as the ``Taxpayer Relief
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.--
Sec. 1. Short title; amendment of 1986 Code.
TITLE I--FSC REPEAL AND EXTRATERRITORIAL INCOME EXCLUSION
Sec. 101. Repeal of foreign sales corporation rules.
Sec. 102. Treatment of extraterritorial income.
Sec. 103. Technical and conforming amendments.
Sec. 104. Effective date.
TITLE II--SMALL BUSINESS TAX RELIEF
Sec. 201. Extension of work opportunity tax credit.
Sec. 202. Increase in amortizable reforestation expenditures, etc.
Sec. 203. Increase in expense treatment for small businesses.
Sec. 204. Increased deduction for meal expenses.
Sec. 205. Increased deductibility of business meal expenses for
individuals subject to Federal limitations
on hours of service.
Sec. 206. Repeal of modification of installment method.
Sec. 207. Income averaging not to increase alternative minimum tax
liability; income averaging for fishermen.
Sec. 208. Repeal of occupational taxes relating to distilled spirits,
wine, and beer.
Sec. 209. Exclusion from gross income for certain forgiven mortgage
obligations.
Sec. 210. Clarification of cash accounting rules for small business.
Sec. 211. Amendments relating to demand deposit accounts at depository
institutions.
TITLE III--HEALTH INSURANCE AND LONG-TERM CARE INSURANCE PROVISIONS
Sec. 301. Deduction for 100 percent of health insurance costs of self-
employed individuals.
Sec. 302. Deduction for health and long-term care insurance costs of
individuals not participating in employer-
subsidized health plans.
Sec. 303. 2-year extension of availability of medical savings accounts.
Sec. 304. Additional consumer protections for long-term care insurance.
Sec. 305. Deduction for providing long-term care in the home to
household members.
TITLE IV--PENSION AND INDIVIDUAL RETIREMENT ARRANGEMENT PROVISIONS
Sec. 400. Short title.
Subtitle A--Individual Retirement Accounts
Sec. 401. Modification of IRA contribution limits.
Sec. 402. Deemed IRAs under employer plans.
Sec. 403. Tax-free distributions from individual retirement accounts
for charitable purposes.
Sec. 404. Modification of AGI limits for Roth IRAs.
Subtitle B--Expanding Coverage
Sec. 411. Increase in benefit and contribution limits.
Sec. 412. Plan loans for subchapter S owners, partners, and sole
proprietors.
Sec. 413. Modification of top-heavy rules.
Sec. 414. Elective deferrals not taken into account for purposes of
deduction limits.
Sec. 415. Repeal of coordination requirements for deferred compensation
plans of State and local governments and
tax-exempt organizations.
Sec. 416. Elimination of user fee for requests to IRS regarding pension
plans.
Sec. 417. Deduction limits.
Sec. 418. Option to treat elective deferrals as after-tax Roth
contributions.
Subtitle C--Enhancing Fairness for Women
Sec. 421. Catch-up contributions for individuals age 50 or over.
Sec. 422. Equitable treatment for contributions of employees to defined
contribution plans.
Sec. 423. Faster vesting of certain employer matching contributions.
Sec. 424. Simplify and update the minimum distribution rules.
Sec. 425. Clarification of tax treatment of division of section 457
plan benefits upon divorce.
Sec. 426. Provisions relating to hardship distributions.
Sec. 427. Waiver of tax on nondeductible contributions for domestic or
similar workers.
Subtitle D--Increasing Portability for Participants
Sec. 431. Rollovers allowed among various types of plans.
Sec. 432. Rollovers of IRAs into workplace retirement plans.
Sec. 433. Rollovers of after-tax contributions.
Sec. 434. Hardship exception to 60-day rule.
Sec. 435. Treatment of forms of distribution.
Sec. 436. Rationalization of restrictions on distributions.
Sec. 437. Purchase of service credit in governmental defined benefit
plans.
Sec. 438. Employers may disregard rollovers for purposes of cash-out
amounts.
Sec. 439. Minimum distribution and inclusion requirements for section
457 plans.
Subtitle E--Strengthening Pension Security and Enforcement
Sec. 441. Repeal of 155 percent of current liability funding limit.
Sec. 442. Maximum contribution deduction rules modified and applied to
all defined benefit plans.
Sec. 443. Excise tax relief for sound pension funding.
Sec. 444. Excise tax on failure to provide notice by defined benefit
plans significantly reducing future benefit
accruals.
Sec. 445. Treatment of multiemployer plans under section 415.
Sec. 446. Protection of investment of employee contributions to 401(k)
plans.
Sec. 447. Periodic pension benefits statements.
Sec. 448. Prohibited allocations of stock in S corporation ESOP.
Subtitle F--Reducing Regulatory Burdens
Sec. 451. Modification of timing of plan valuations.
Sec. 452. ESOP dividends may be reinvested without loss of dividend
deduction.
Sec. 453. Repeal of transition rule relating to certain highly
compensated employees.
Sec. 454. Employees of tax-exempt entities.
Sec. 455. Clarification of treatment of employer-provided retirement
advice.
Sec. 456. Reporting simplification.
Sec. 457. Improvement of employee plans compliance resolution system.
Sec. 458. Repeal of the multiple use test.
Sec. 459. Flexibility in nondiscrimination, coverage, and line of
business rules.
Sec. 460. Extension to all governmental plans of moratorium on
application of certain nondiscrimination
rules applicable to State and local plans.
Sec. 461. Notice and consent period regarding distributions.
Sec. 462. Annual report dissemination.
Sec. 463. Technical corrections to SAVER Act.
Sec. 464. Study of pension coverage.
Subtitle G--Other ERISA Provisions
Sec. 471. Missing participants.
Sec. 472. Reduced PBGC premium for new plans of small employers.
Sec. 473. Reduction of additional PBGC premium for new and small plans.
Sec. 474. Authorization for PBGC to pay interest on premium overpayment
refunds.
Sec. 475. Substantial owner benefits in terminated plans.
Sec. 476. Multiemployer plan benefits guarantee.
Sec. 477. Civil penalties for breach of fiduciary responsibility.
Sec. 478. Benefit suspension notice.
Subtitle H--Plan Amendments
Sec. 481. Provisions relating to plan amendments.
TITLE V--SCHOOL CONSTRUCTION PROVISIONS
Sec. 501. Additional increase in arbitrage rebate exception for
governmental bonds used to finance
educational facilities.
Sec. 502. Modification of arbitrage rebate rules applicable to public
school construction bonds.
Sec. 503. Modification of special arbitrage rule for certain funds.
Sec. 504. Treatment of qualified public educational facility bonds as
exempt facility bonds.
Sec. 505. Expansion of qualified zone academy bond program.
TITLE VI--COMMUNITY REVITALIZATION
Subtitle A--Tax Incentives for Renewal Communities
Sec. 601. Designation of and tax incentives for renewal communities.
Sec. 602. Work opportunity credit for hiring youth residing in renewal
communities.
Subtitle B--Extension and Expansion of Empowerment Zone Incentives
Sec. 611. Authority to designate 9 additional empowerment zones.
Sec. 612. Extension of empowerment zone treatment through 2009.
Sec. 613. 20 percent employment credit for all empowerment zones
Sec. 614. Increased expensing under section 179.
Sec. 615. Higher limits on tax-exempt empowerment zone facility bonds.
Sec. 616. Nonrecognition of gain on rollover of empowerment zone
investments.
Sec. 617. Increased exclusion of gain on sale of empowerment zone
stock.
Subtitle C--New Markets Tax Credit
Sec. 621. New markets tax credit.
Subtitle D--Improvements in Low-Income Housing Credit
Sec. 631. Modification of State ceiling on low-income housing credit.
Sec. 632. Modification of criteria for allocating housing credits among
projects.
Sec. 633. Additional responsibilities of housing credit agencies.
Sec. 634. Modifications to rules relating to basis of building which is
eligible for credit.
Sec. 635. Other modifications.
Sec. 636. Carryforward rules.
Sec. 637. Effective date.
Subtitle E--Other Community Renewal and New Markets Assistance
Sec. 641. Transfer of unoccupied and substandard HUD-held housing to
local governments and community development
corporations.
Sec. 642. Transfer of HUD assets in revitalization areas.
Sec. 643. Risk-sharing demonstration.
Sec. 644. Prevention and treatment of substance abuse; services
provided through religious organizations.
Subtitle F--Other Provisions
Sec. 651. Acceleration of phase-in of increase in volume cap on private
activity bonds.
Sec. 652. Modifications to expensing of environmental remediation
costs.
Sec. 653. Extension of DC homebuyer tax credit.
TITLE VII--ADMINISTRATIVE, MISCELLANEOUS, AND TECHNICAL PROVISIONS
Subtitle A--Administrative Provisions
Sec. 701. Exemption of certain reporting requirements.
Sec. 702. Extension of deadlines for IRS compliance with certain notice
requirements.
Sec. 703. Extension of authority for undercover operations.
Sec. 704. Confidentiality of certain documents relating to closing and
similar agreements and to agreements with
foreign governments.
Sec. 705. Increase in threshold for Joint Committee reports on refunds
and credits.
Sec. 706. Treatment of missing children with respect to certain tax
benefits.
Sec. 707. Amendments to statutes referencing yield on 52-week Treasury
bills.
Sec. 708. Adjustments for Consumer Price Index error.
Sec. 709. Prevention of duplication of loss through assumption of
liabilities giving rise to a deduction.
Subtitle B--Miscellaneous Provisions
Sec. 710. Repeal of 4.3-cent motor fuel excise taxes on railroads and
inland waterway transportation which remain
in general fund.
Sec. 711. Repeal of reduction of deductions for mutual life insurance
companies.
Sec. 712. Repeal of policyholders surplus account provisions.
Sec. 713. Credit to holders of qualified Amtrak bonds.
Sec. 714. Farm, fishing, and ranch risk management accounts.
Sec. 715. Extension of enhanced deduction for corporate donations of
computer technology.
Sec. 716. Relief from Federal tax liability arising with respect to
certain claims against the Department of
Agriculture for discrimination in farm
credit and benefit programs.
Sec. 717. Expansion of credit for adoption expenses.
Sec. 718. Study concerning United States insurance companies with
certain offshore reinsurance affiliates.
Sec. 719. Treatment of Indian tribal governments under Federal
Unemployment Tax Act.
Subtitle C--Technical Corrections
Sec. 721. Amendments related to Ticket to Work and Work Incentives
Improvement Act of 1999.
Sec. 722. Amendments related to Tax and Trade Relief Extension Act of
1998.
Sec. 723. Amendments related to Internal Revenue Service Restructuring
and Reform Act of 1998.
Sec. 724. Amendments related to Taxpayer Relief Act of 1997.
Sec. 725. Amendments related to Balanced Budget Act of 1997.
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