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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. <> ...


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[[Page 37]]

        ECONOMIC GROWTH AND TAX RELIEF RECONCILIATION ACT OF 2001

[[Page 115 STAT. 38]]

Public Law 107-16
107th Congress

                                 An Act


 
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 
follows:

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 
           assistance.

                   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 
           assistance.
Sec. 412. Elimination of 60-month limit and increase in income 
           limitation on 
           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 
                           School Construction

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 
           taxes.

 Subtitle E--Carryover Basis at Death; Other Changes Taking Effect With 
                                 Repeal

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 
           valuations.

   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 
           proprietors.
Sec. 613. Modification of top-heavy rules.
Sec. 614. Elective deferrals not taken into account for purposes of 
           deduction limits.
Sec. 615. Repeal of coordination requirements for deferred compensation 
           plans of State and local governments and tax-exempt 
           organizations.
Sec. 616. Deduction limits.
Sec. 617. Option to treat elective deferrals as after-tax Roth 
           contributions.

[[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 
           plans.
Sec. 621. Treatment of nonresident aliens engaged in international 
           transportation services.

                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 
           contribution plans.
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 
           similar workers.

           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 
           plans.
Sec. 648. Employers may disregard rollovers for purposes of cash-out 
           amounts.
Sec. 649. Minimum distribution and inclusion requirements for section 
           457 plans.

       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 
           all 
           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) 
           plans.
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 
           plan.

 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 
           deduction.
Sec. 663. Repeal of transition rule relating to certain highly 
           compensated employees.
Sec. 664. Employees of tax-exempt entities.
Sec. 665. Clarification of treatment of employer-provided retirement 
           advice.
Sec. 666. Repeal of the multiple use test.

                  Subtitle G--Miscellaneous Provisions

Sec. 671. Tax treatment and information requirements of Alaska Native 
           Settlement Trusts.

                   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 
           the Nazi 
           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), 
                      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) <<NOTE: Applicability.>>  Inflation 
                adjustment.--In prescribing the tables under subsection 
                (f ) which apply with respect to taxable years beginning 

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