| Home > 107th Congressional Public Laws > Pub.L. 107-017 To extend for 4 additional months the period for which chapter 12 of title 11 of the United States Code is reenacted. <> ...
Pub.L. 107-017 To extend for 4 additional months the period for which chapter 12 of title 11 of the United States Code is reenacted. <> ...
ECONOMIC GROWTH AND TAX RELIEF RECONCILIATION ACT OF 2001
[[Page 115 STAT. 38]]
Public Law 107-16
To provide for reconciliation pursuant to section 104 of the concurrent
resolution on the budget for fiscal year 2002. <<NOTE: June 7,
2001 - [H.R. 1836]>>
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled, <<NOTE: Economic Growth
and Tax Relief Reconciliation Act of 2001.>>
SECTION 1. SHORT TITLE; REFERENCES; TABLE OF CONTENTS.
(a) <<NOTE: 26 USC 1 note.>> Short Title.--This Act may be cited as
the ``Economic Growth and Tax Relief Reconciliation Act of 2001''.
(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
Sec. 1. Short title; references; table of contents.
TITLE I--INDIVIDUAL INCOME TAX RATE REDUCTIONS
Sec. 101. Reduction in income tax rates for individuals.
Sec. 102. Repeal of phaseout of personal exemptions.
Sec. 103. Phaseout of overall limitation on itemized deductions.
TITLE II--TAX BENEFITS RELATING TO CHILDREN
Sec. 201. Modifications to child tax credit.
Sec. 202. Expansion of adoption credit and adoption assistance programs.
Sec. 203. Refunds disregarded in the administration of Federal programs
and federally assisted programs.
Sec. 204. Dependent care credit.
Sec. 205. Allowance of credit for employer expenses for child care
TITLE III--MARRIAGE PENALTY RELIEF
Sec. 301. Elimination of marriage penalty in standard deduction.
Sec. 302. Phaseout of marriage penalty in 15-percent bracket.
Sec. 303. Marriage penalty relief for earned income credit; earned
income to include only amounts includible in gross income;
simplification of earned income credit.
TITLE IV--AFFORDABLE EDUCATION PROVISIONS
Subtitle A--Education Savings Incentives
Sec. 401. Modifications to education individual retirement accounts.
Sec. 402. Modifications to qualified tuition programs.
Subtitle B--Educational Assistance
Sec. 411. Extension of exclusion for employer-provided educational
Sec. 412. Elimination of 60-month limit and increase in income
student loan interest deduction.
Sec. 413. Exclusion of certain amounts received under the National
Health Service Corps Scholarship Program and the F. Edward
Hebert Armed Forces Health Professions Scholarship and
Financial Assistance Program.
[[Page 115 STAT. 39]]
Subtitle C--Liberalization of Tax-Exempt Financing Rules for Public
Sec. 421. Additional increase in arbitrage rebate exception for
governmental bonds used to finance educational facilities.
Sec. 422. Treatment of qualified public educational facility bonds as
exempt facility bonds.
Subtitle D--Other Provisions
Sec. 431. Deduction for higher education expenses.
TITLE V--ESTATE, GIFT, AND GENERATION-SKIPPING TRANSFER TAX PROVISIONS
Subtitle A--Repeal of Estate and Generation-Skipping Transfer Taxes
Sec. 501. Repeal of estate and generation-skipping transfer taxes.
Subtitle B--Reductions of Estate and Gift Tax Rates
Sec. 511. Additional reductions of estate and gift tax rates.
Subtitle C--Increase in Exemption Amounts
Sec. 521. Increase in exemption equivalent of unified credit, lifetime
gifts exemption, and GST exemption amounts.
Subtitle D--Credit for State Death Taxes
Sec. 531. Reduction of credit for State death taxes.
Sec. 532. Credit for State death taxes replaced with deduction for such
Subtitle E--Carryover Basis at Death; Other Changes Taking Effect With
Sec. 541. Termination of step-up in basis at death.
Sec. 542. Treatment of property acquired from a decedent dying after
December 31, 2009.
Subtitle F--Conservation Easements
Sec. 551. Expansion of estate tax rule for conservation easements.
Subtitle G--Modifications of Generation-Skipping Transfer Tax
Sec. 561. Deemed allocation of GST exemption to lifetime transfers to
trusts; retroactive allocations.
Sec. 562. Severing of trusts.
Sec. 563. Modification of certain valuation rules.
Sec. 564. Relief provisions.
Subtitle H--Extension of Time for Payment of Estate Tax
Sec. 571. Increase in number of allowable partners and shareholders in
closely held businesses.
Sec. 572. Expansion of availability of installment payment for estates
with interests qualifying lending and finance businesses.
Sec. 573. Clarification of availability of installment payment.
Subtitle I--Other Provisions
Sec. 581. Waiver of statute of limitation for taxes on certain farm
TITLE VI--PENSION AND INDIVIDUAL RETIREMENT ARRANGEMENT PROVISIONS
Subtitle A--Individual Retirement Accounts
Sec. 601. Modification of IRA contribution limits.
Sec. 602. Deemed IRAs under employer plans.
Subtitle B--Expanding Coverage
Sec. 611. Increase in benefit and contribution limits.
Sec. 612. Plan loans for subchapter S owners, partners, and sole
Sec. 613. Modification of top-heavy rules.
Sec. 614. Elective deferrals not taken into account for purposes of
Sec. 615. Repeal of coordination requirements for deferred compensation
plans of State and local governments and tax-exempt
Sec. 616. Deduction limits.
Sec. 617. Option to treat elective deferrals as after-tax Roth
[[Page 115 STAT. 40]]
Sec. 618. Nonrefundable credit to certain individuals for elective
deferrals and IRA contributions.
Sec. 619. Credit for pension plan startup costs of small employers.
Sec. 620. Elimination of user fee for requests to IRS regarding pension
Sec. 621. Treatment of nonresident aliens engaged in international
Subtitle C--Enhancing Fairness for Women
Sec. 631. Catch-up contributions for individuals age 50 or over.
Sec. 632. Equitable treatment for contributions of employees to defined
Sec. 633. Faster vesting of certain employer matching contributions.
Sec. 634. Modification to minimum distribution rules.
Sec. 635. Clarification of tax treatment of division of section 457 plan
benefits upon divorce.
Sec. 636. Provisions relating to hardship distributions.
Sec. 637. Waiver of tax on nondeductible contributions for domestic or
Subtitle D--Increasing Portability for Participants
Sec. 641. Rollovers allowed among various types of plans.
Sec. 642. Rollovers of IRAs into workplace retirement plans.
Sec. 643. Rollovers of after-tax contributions.
Sec. 644. Hardship exception to 60-day rule.
Sec. 645. Treatment of forms of distribution.
Sec. 646. Rationalization of restrictions on distributions.
Sec. 647. Purchase of service credit in governmental defined benefit
Sec. 648. Employers may disregard rollovers for purposes of cash-out
Sec. 649. Minimum distribution and inclusion requirements for section
Subtitle E--Strengthening Pension Security and Enforcement
Part I--General Provisions
Sec. 651. Repeal of 160 percent of current liability funding limit.
Sec. 652. Maximum contribution deduction rules modified and applied to
defined benefit plans.
Sec. 653. Excise tax relief for sound pension funding.
Sec. 654. Treatment of multiemployer plans under section 415.
Sec. 655. Protection of investment of employee contributions to 401(k)
Sec. 656. Prohibited allocations of stock in S corporation ESOP.
Sec. 657. Automatic rollovers of certain mandatory distributions.
Sec. 658. Clarification of treatment of contributions to multiemployer
Part II--Treatment of Plan Amendments Reducing Future Benefit Accruals
Sec. 659. Excise tax on failure to provide notice by defined benefit
plans significantly reducing future benefit accruals.
Subtitle F--Reducing Regulatory Burdens
Sec. 661. Modification of timing of plan valuations.
Sec. 662. ESOP dividends may be reinvested without loss of dividend
Sec. 663. Repeal of transition rule relating to certain highly
Sec. 664. Employees of tax-exempt entities.
Sec. 665. Clarification of treatment of employer-provided retirement
Sec. 666. Repeal of the multiple use test.
Subtitle G--Miscellaneous Provisions
Sec. 671. Tax treatment and information requirements of Alaska Native
TITLE VII--ALTERNATIVE MINIMUM TAX
Sec. 701. Increase in alternative minimum tax exemption.
TITLE VIII--OTHER PROVISIONS
Sec. 801. Time for payment of corporate estimated taxes.
Sec. 802. Expansion of authority to postpone certain tax-related
deadlines by reason of Presidentially declared disaster.
Sec. 803. No Federal income tax on restitution received by victims of
regime or their heirs or estates.
TITLE IX--COMPLIANCE WITH CONGRESSIONAL BUDGET ACT
Sec. 901. Sunset of provisions of Act.
[[Page 115 STAT. 41]]
TITLE I--INDIVIDUAL INCOME TAX RATE REDUCTIONS
SEC. 101. REDUCTION IN INCOME TAX RATES FOR INDIVIDUALS.
(a) In General.--Section 1 <<NOTE: 26 USC 1.>> (relating to tax
imposed) is amended by adding at the end the following new subsection:
``(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 ($12,000 in the case of taxable
years beginning before January 1, 2008) in the
case of subsection (a),
``(ii) $10,000 in the case of subsection (b),
``(iii) \1/2\ the amount applicable under
clause (i) (after adjustment, if any, under
subparagraph (C)) in the case of subsections (c)
``(C) <<NOTE: Applicability.>> Inflation
adjustment.--In prescribing the tables under subsection
(f ) which apply with respect to taxable years beginning
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